Business – Page 880 – NewzIntel.com

MIL-OSI: HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025

Source: GlobeNewswire (MIL-OSI)

Shreveport, Louisiana, May 01, 2025 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended March 31, 2025, of $748,000 compared to net income of $732,000 reported for the three months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.24 for the three months ended March 31, 2025 and for the three months ended March 31, 2024. The Company reported net income of $2.7 million for the nine months ended March 31, 2025, compared to $3.0 million for the nine months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.88 for the nine months ended March 31, 2025 compared to $0.97 and $0.95, respectively, for the nine months ended March 31, 2024.

The Company reported the following highlights during the nine months ended March 31, 2025:

	●	Book value per share increased to $17.55 at March 31, 2025 from $16.80 at June 30, 2024.
	●	There were no advances from the FHLB at March 31, 2025 or June 30, 2024.
	●	Other borrowings totaled $4.0 million at March 31, 2025 compared to $7.0 million at June 30, 2024.

The increase in net income for the three months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from an increase of $270,000, or 6.1%, in net interest income, an increase of $32,000, or 6.3%, in non-interest income, and a decrease of $5,000, or 45.5%, in the provision for credit losses, partially offset by an increase of $260,000, or 6.5%, in non-interest expense and an increase of $31,000, or 17.6%, in the provision for income taxes. The increase in net interest income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $735,000, or 21.1%, in total interest expense, partially offset by a decrease of $465,000, or 5.9%, in total interest income. The Company’s average interest rate spread was 2.66% for the three months ended March 31, 2025, compared to 2.16% for the three months ended March 31, 2024. The Company’s net interest margin was 3.33% for the three months ended March 31, 2025, compared to 2.89% for the three months ended March 31, 2024.

The decrease in net income for the nine months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from a decrease of $891,000, or 6.1%, in net interest income and an increase of $102,000, or 35.2%, in the provision for income taxes, partially offset by a decrease of $331,000, or 2.7%, in non-interest expense, an increase of $248,000, or 23.0%, in non-interest income, and an increase of $167,000 in the recovery of credit losses. The decrease in net interest income for the nine months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $1.2 million, or 5.1%, in total interest income, partially offset by a decrease of $329,000, or 3.5%, in total interest expense. The Company’s average interest rate spread was 2.44% for the nine months ended March 31, 2025, compared to 2.46% for the nine months ended March 31, 2024. The Company’s net interest margin was 3.14% for the nine months ended March 31, 2025, and the nine months ended March 31, 2024.

The following tables set forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

	For the Three Months Ended March 31,
	2025					2024
	Average Balance		Average Yield/Rate			Average Balance		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable	$	459,828		5.94	%	$	504,918		5.80	%
Investment securities		95,706		2.44			104,646		2.21	%
Interest-earning deposits		14,513		3.05			3,607		3.79	%
Total interest-earning assets	$	570,047		5.28	%	$	613,171		5.18	%

Interest-bearing liabilities:
Savings accounts	$	94,375		1.75	%	$	69,178		0.62	%
NOW accounts		69,562		1.15			68,170		0.58	%
Money market accounts		75,882		2.01			89,313		2.60	%
Certificates of deposit		182,721		3.76			222,534		4.36	%
Total interest-bearing deposits		422,540		2.57			449,195		2.86	%
Other bank borrowings		4,000		7.71			9,448		8.73	%
FHLB advances		–		–			5,956		5.87	%
Total interest-bearing liabilities	$	426,540		2.62	%	$	464,599		3.02	%

	For the Nine months ended March 31,
	2025					2024
	Average Balance		Average Yield/Rate			Average Balance		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable	$	460,972		5.90	%	$	503,664		5.80	%
Investment securities		96,395		2.24			109,255		2.38	%
Interest-earning deposits		23,326		4.45			5,060		3.55
Total interest-earning assets	$	580,693		5.24	%	$	617,979		5.18	%

Interest-bearing liabilities:
Savings accounts	$	89,171		1.69	%	$	73,676		0.46	%
NOW accounts		71,022		1.17			67,145		0.47	%
Money market accounts		76,828		2.20			98,021		2.44	%
Certificates of deposit		191,936		4.04			209,985		4.05	%
Total interest-bearing deposits		428,957		2.75			448,827		2.58	%
Other bank borrowings		4,832		7.55			9,100		8.57	%
FHLB advances		–		–			4,151		5.77	%
Total interest-bearing liabilities	$	433,789		2.80	%	$	462,078		2.72	%

The $32,000 increase in non-interest income for the three months ended March 31, 2025, compared to the prior year quarterly period, was primarily due to an increase of $27,000 in other non-interest income, an increase of $19,000 in service charges on deposit accounts, an increase of $11,000 in gain on sale of loans, and an increase of $1,000 in income on bank owned life insurance, partially offset by a decrease of $26,000 in gain on sale of securities. The $248,000 increase in non-interest income for the nine months ended March 31, 2025 compared to the prior year nine-month period was primarily due to a decrease of $149,000 in loss on sale of real estate, an increase of $115,000 in other non-interest income, an increase of $14,000 in service charges on deposit accounts, and an increase of $5,000 in income from bank owned life insurance, partially offset by an increase of $32,000 in loss on sale of securities, and a decrease of $3,000 in gain on sale of loans.

The $260,000 increase in non-interest expense for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributable to increases of $414,000 in data processing expense, $77,000 in occupancy and equipment expense, $67,000 in audit and examination fees, $49,000 in professional fees, $40,000 in other non-interest expense, $15,000 in loan and collection expense, and $12,000 in deposit insurance premium expense. The increases were partially offset by decreases of $317,000 in compensation and benefits expense, $55,000 in advertising expense, $33,000 in franchise and bank shares tax expense, and $9,000 in amortization of core deposit intangible expense. The $331,000 decrease in non-interest expense for the nine months ended March 31, 2025, compared to the same nine-month period in 2024, is primarily attributable to decreases of $470,000 in compensation and benefits expense, $184,000 in franchise and bank shares tax expense, $179,000 in advertising expense, $65,000 in other non-interest expense, $47,000 in professional fees, $42,000 in amortization of core deposit intangible expense, $22,000 in deposit insurance premium expense, and $19,000 in loan and collection expense. The decreases were partially offset by increases of $594,000 in data processing expense, $86,000 in occupancy and equipment expense, and $17,000 in audit and examination fees. The increase in data processing expense resulted from a billing discrepancy with our core processor, which had failed to issue invoices for certain services dating back to December 2022. Upon discovery of the issue, we negotiated a discounted settlement to resolve the outstanding invoices.

Total assets decreased $17.9 million, or 2.8%, from $637.5 million at June 30, 2024 to $619.6 million at March 31, 2025. The decrease in assets was comprised of decreases in net loans receivable of $12.6 million, or 2.7%, from $470.9 million at June 30, 2024 to $458.3 million at March 31, 2025, cash and cash equivalents of $4.5 million, or 12.9%, from $34.9 million at June 30, 2024 to $30.4 million at March 31, 2025, premises and equipment of $736,000, or 4.0%, from $18.3 million at June 30, 2024 to $17.6 million at March 31, 2025, loans-held-for-sale of $734,000, or 42.4%, from $1.7 million at June 30, 2024 to $999,000 at March 31, 2025, core deposit intangible of $216,000, or 18.0%, from $1.2 million at June 30, 2024 to $983,000 at March 31, 2025, investment securities of $102,000, or 0.1%, from $96.0 million at June 30, 2024 to $95.9 million at March 31, 2025, and partially offset by increases in real estate owned of $482,000, or 115.3% from $418,000 at June 30, 2024 to $900,000 at March 31, 2025, deferred tax asset of $186,000, or 15.7%, from $1.2 million at June 30, 2024 to $1.4 million at March 31, 2025, other assets of $178,000, or 13.2%, from $1.3 million at June 30, 2024 to $1.5 million at March 31, 2025, bank owned life insurance of $87,000, or 1.3%, from $6.8 million at June 30, 2024 to $6.9 million at March 31, 2025, and accrued interest receivable of $27,000, or 1.5%, from $1.78 million at June 30, 2024 to $1.8 million at March 31, 2025.

Total liabilities decreased $19.8 million, or 3.4%, from $584.7 million at June 30, 2024 to $564.9 million at March 31, 2025. The decrease in liabilities was comprised of decreases in total deposits of $17.2 million, or 3.0%, from $574.0 million at June 30, 2024 to $556.8 million at March 31, 2025, other borrowings of $3.0 million, or 42.9%, from $7.0 million at June 30, 2024 to $4.0 million at March 31, 2025, advances from borrowers for taxes and insurance of $137,000, or 26.3%, from $521,000 at June 30, 2024 to $384,000 at March 31, 2025, and partially offset by an increase in other accrued expenses and liabilities of $577,000, or 18.1%, from $3.2 million at June 30, 2024 to $3.8 million at March 31, 2025. The decrease in deposits resulted from decreases in certificates of deposit of $32.5 million, or 15.1%, from $214.9 million at June 30, 2024 to $182.4 million at March 31, 2025, money market deposits of $5.7 million, or 6.6%, from $85.5 million at June 30, 2024 to $79.9 million at March 31, 2025, and non-interest deposits of $535,000, or 0.4%, from $130.3 million at June 30, 2024 to $129.8 million at March 31, 2025, partially offset by increases in savings deposits of $19.3 million, or 25.2%, from $76.6 million at June 30, 2024 to $96.0 million at March 31, 2025, and NOW accounts of $2.1 million, or 3.1%, from $66.6 million at June 30, 2024 to $68.7 million at March 31, 2025. The Company had no balances in brokered deposits at March 31, 2025 or June 30, 2024.

At March 31, 2025, the Company had $3.0 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $1.9 million of non-performing assets at June 30, 2024, consisting of six one-to-four family residential loans, six home equity loans, two commercial non-real estate loans, two commercial real-estate loans, and one consumer loan at March 31, 2025, compared to five one-to-four family residential loans, four home equity loans, three commercial non-real estate loans, and three single-family residences in other real estate owned at June 30, 2024. At March 31, 2025 the Company had nine one-to-four family residential loans, six home equity loans, five commercial non-real-estate loans, two commercial real-estate loans, and two consumer loans classified as substandard, compared to six one-to-four family residential loans, five commercial non-real-estate loans, four home equity loans and one consumer loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at March 31, 2025 or June 30, 2024.

Shareholders’ equity increased $1.9 million, or 3.6%, from $52.8 million at June 30, 2024 to $54.7 million at March 31, 2025. The increase in shareholders’ equity was comprised of net income for the nine-month period of $2.7 million, a decrease in the Company’s accumulated other comprehensive loss of $559,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $370,000, and proceeds from the issuance of common stock from the exercise of stock options of $19,000, partially offset by dividends paid totaling $1.2 million, and stock repurchases of $517,000.

Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend”, or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. We undertake no obligation to update any forward-looking statements.

In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loans, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

HOME FEDERAL BANCORP, INC. OF LOUISIANA CONSOLIDATED BALANCE SHEETS (In thousands except share and per share data)

	March 31, 2025			June 30, 2024
	(Unaudited)
ASSETS

Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $22,197 and $25,505 at March 31, 2025 and June 30, 2024, Respectively)	$	30,439		$	34,948
Securities Available-for-Sale (amortized cost March 31, 2025: $34,751; June 30, 2024: $30,348, Respectively)		32,149			27,037
Securities Held-to-Maturity (fair value March 31, 2025: $52,428; June 30, 2024: $54,450, Respectively)		63,066			67,302
Other Securities		636			1,614
Loans Held-for-Sale		999			1,733
Loans Receivable, Net of Allowance for Credit Losses (March 31, 2025: $4,632; June 30, 2024: $4,574, Respectively)		458,301			470,852
Accrued Interest Receivable		1,802			1,775
Premises and Equipment, Net		17,567			18,303
Bank Owned Life Insurance		6,897			6,810
Goodwill		2,990			2,990
Core Deposit Intangible		983			1,199
Deferred Tax Asset		1,367			1,181
Real Estate Owned		900			418
Other Assets		1,528			1,350

Total Assets	$	619,624		$	637,512

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Deposits:
Non-interest bearing	$	129,799		$	130,334
Interest-bearing		426,964			443,673
Total Deposits		556,763			574,007
Advances from Borrowers for Taxes and Insurance		384			521
Other Borrowings		4,000			7,000
Other Accrued Expenses and Liabilities		3,758			3,181

Total Liabilities		564,905			584,709

SHAREHOLDERS’ EQUITY

Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding		–			–
Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,118,764 and 3,142,168 Shares Issued and Outstanding at March 31, 2025 and June 30, 2024, Respectively		32			32
Additional Paid-in Capital		42,055			41,739
Unearned ESOP Stock		(336	)		(408	)
Retained Earnings		15,024			14,055
Accumulated Other Comprehensive Loss		(2,056	)		(2,615	)

Total Shareholders’ Equity		54,719			52,803

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	619,624		$	637,512

HOME FEDERAL BANCORP, INC. OF LOUISIANA
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

(Unaudited)

	Three Months Ended				Nine months ended
	March 31,				March 31,
	2025		2024		2025			2024
Interest income
Loans, including fees	$	6,740	$	7,281	$	20,426		$	21,952
Investment securities		83		124		213			573
Mortgage-backed securities		493		451		1,406			1,384
Other interest-earning assets		109		34		779			135
Total interest income		7,425		7,890		22,824			24,044
Interest expense
Deposits		2,675		3,194		8,851			8,688
Federal Home Loan Bank borrowings		–		87		–			180
Other bank borrowings		76		205		274			586
Total interest expense		2,751		3,486		9,125			9,454
Net interest income		4,674		4,404		13,699			14,590

Provision for (recovery of) credit losses		6		11		(172	)		(5	)
Net interest income after provision for credit losses		4,668		4,393		13,871			14,595

Non-interest income
Gain on sale of loans		80		69		181			184
Loss on sale of real estate		–		–		(266	)		(415	)
Gain(Loss) on sale of securities		–		26		(6	)		26
Income on Bank-Owned Life Insurance		29		28		87			82
Service charges on deposit accounts		382		363		1,165			1,151
Other income		47		20		165			50
Total non-interest income		538		506		1,326			1,078


Non-interest expense
Compensation and benefits		2,136		2,453		6,667			7,137
Occupancy and equipment		610		533		1,711			1,625
Data processing		553		139		1,107			513
Audit and examination fees		150		83		473			456
Franchise and bank shares tax		135		168		304			488
Advertising		22		77		123			302
Professional fees		145		96		396			443
Loan and collection		46		31		104			123
Amortization Core Deposit Intangible		70		79		216			258
Deposit insurance premium		102		90		267			289
Other expenses		282		242		729			794
Total non-interest expense		4,251		3,991		12,097			12,428
Income before income taxes		955		908		3,100			3,245
Provision for income tax expense		207		176		392			290

NET INCOME	$	748	$	732	$	2,708		$	2,955

EARNINGS PER SHARE
Basic	$	0.24	$	0.24	$	0.88		$	0.97
Diluted	$	0.24	$	0.24	$	0.88		$	0.95

	Three Months Ended						Nine months ended
	March 31,						March 31,
	2025			2024			2025			2024

Selected Operating Ratios⁽¹⁾:
Average interest rate spread		2.66	%		2.16	%		2.44	%		2.46	%
Net interest margin		3.33	%		2.89	%		3.14	%		3.14	%
Return on average assets		0.50	%		0.45	%		0.58	%		0.60	%
Return on average equity		5.59	%		5.62	%		6.85	%		7.64	%

Asset Quality Ratios⁽²⁾:
Non-performing assets as a percent of total assets		0.49	%		0.37	%		0.49	%		0.37	%
Allowance for credit losses as a percent of non-performing loans		215.44	%		203.11	%		215.44	%		203.11	%
Allowance for credit losses as a percent of total loans receivable		1.00	%		0.97	%		1.00	%		0.97	%

Per Share Data:
Shares outstanding at period end		3,118,764			3,145,236			3,118,764			3,145,236
Weighted average shares outstanding:
Basic		3,061,928			3,047,335			3,062,511			3,039,907
Diluted		3,087,624			3,091,011			3,081,233			3,095,817
Book value per share at period end	$	17.55		$	16.71		$	17.55		$	16.71

______________

(1) Ratios for the three and nine month periods are annualized.

(2) Asset quality ratios are end of period ratios.

The MIL Network –

May 2, 2025

MIL-OSI: Glacier Bancorp Completes Acquisition of Bank of Idaho Holding Co. in Idaho Falls, Idaho

Source: GlobeNewswire (MIL-OSI)

KALISPELL, Mont., May 01, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (“Glacier”) (NYSE: GBCI), today announced the completion of its acquisition of Bank of Idaho Holding Co. (“BOID”) (OTCQX: BOID), the bank holding company for Bank of Idaho, a community bank headquartered in Idaho Falls, Idaho. The Bank of Idaho operations will join three existing Glacier Bank divisions: the Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank, and the Eastern Washington operations will join Wheatland Bank. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Visit Glacier’s website at www.glacierbancorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “estimate,” “anticipate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the potential benefits of the business combination transaction involving Glacier and BOID, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Glacier and BOID operate; uncertainties regarding the ability of Glacier Bank and Bank of Idaho to promptly and effectively integrate their businesses, including into Glacier Bank’s existing division structure; uncertainties regarding the reaction to the transaction of the companies’ respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Glacier undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report. For more information, see the risk factors described in Glacier’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the SEC.

CONTACT: Randall M. Chesler
(406) 751-4722

Ron J. Copher
(406) 751-7706

The MIL Network –

May 2, 2025

MIL-OSI: Fold To Release First Quarter 2025 Results May 15th

Source: GlobeNewswire (MIL-OSI)

PHOENIX, May 01, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), the first publicly traded bitcoin financial services company, today announced that it will hold its earnings conference call and webcast for the first quarter ended March 31, 2025 on Thursday, May 15, 2025 at 5:00 PM Eastern Time. A press release detailing these results will be issued prior to the call on the same day.

Conference Call Information:
To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: May 15, 2025
Time: 5:00 PM EST
Participant Call Links:
- Live Webcast: Link
- Dial-in Registration Link: Link

Participants wishing to join the conference call by phone should register using the Dial-in Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN.

A live and archived webcast of the conference call will be available on the Investors section of Fold’s website at https://investor.foldapp.com.

About Fold
Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. With over 1,485 BTC in its treasury, Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App and Fold Card, the company is building the bridge between traditional finance and the bitcoin-powered future.

For investor and media inquiries, please contact:
Orange Group
Samir Jain, CFA
FoldIR@orangegroupadvisors.com

The MIL Network –

May 2, 2025

MIL-OSI: Altai Announces Initiation of Strategic Review

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Altai Resources Inc. (TSXV: ATI) (“Altai” or the “Company”) announced today that the Board of Directors (the “Board”) has initiated a strategic review process to identify, evaluate, and pursue a range of potential strategic alternatives with the goal of maximizing shareholder value and liquidity (the “Strategic Review”). As part of the Strategic Review, the potential strategic alternatives could include, amongst other things, either individually or in combination, the sale of part, or all, of the assets of the Company, the sale of the Company, a merger or other business combination with another party, a special cash distribution, a wind-up, or any other strategic transaction.

Kursat Kacira, Altai’s Chairman & CEO/President and the Company’s largest shareholder, with a combined direct and indirect ownership of 10,726,157 common shares, representing approximately 19.1% of the total issued and outstanding common shares of the Company, will lead the Strategic Review.

The Company has not established a definitive timeline to complete the Strategic Review, or any transaction, and no decisions have been reached at this time. As such, the process is subject to unknown variables including the costs, structure, terms, timing, and outcome. There can be no assurance that the Strategic Review will result in any transaction or initiative or, if a transaction or initiative is undertaken, as to the terms or timing of such a transaction or initiative and its impact on the financial condition, liquidity, and results of operations of the Company. The Company does not intend to disclose further developments in connection with the Strategic Review until it is determined that disclosure is appropriate or necessary.

ABOUT ALTAI
Altai Resources Inc. is a Toronto, Ontario based resource company with a producing oil property in Alberta, an exploration gold property in Quebec, and a Canadian investment portfolio comprised of cash, cash equivalents, and marketable securities. Additional information about Altai is available on SEDAR+ at www.sedarplus.ca and on Altai’s website at www.altairesources.com.

For further information, please contact:
Kursat Kacira, Chairman & CEO/President
T: (647) 282-8324, E: kursatkacira@altairesources.ca

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

The MIL Network –

May 2, 2025

MIL-OSI USA: Mfume Joins Bicameral Letter on Cuts to Medicaid in District of Columbia

Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region.

“It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

“Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

“As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.”

“Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

The full text of the letter is included below:

Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

###

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: North Dakota Achieves Top Scores in 2025 American Consumer Satisfaction Index Report

Source: US State of North Dakota

The North Dakota Department of Commerce is pleased to announce that its Community Services Block Grant (CSBG) program has received outstanding results in the 2025 American Consumer Satisfaction Index (ACSI) report. This survey, conducted by the federal Office of Community Services (OCS), was sent to all the state’s Community Action Agencies to gauge the performance of the state office across multiple customer service dimensions. The average score across the nation is 73, but North Dakota achieved an impressive score of 93.

The report highlights that North Dakota received a top score across all states in the following categories:

Distribution of Funds: Ensuring there is no interruption and maintaining the quality of the process.
Use of Discretionary Funds: Responsiveness to the needs of the network.
Monitoring and Corrective Action: Consistency of monitoring.
Linkages: Awareness of efforts and effectiveness of partnerships.

“I am incredibly proud of the collaborative efforts and dedication of our team and partners,” said Community Services Block Grant Administrator Ben Faul. “Achieving such high scores across multiple dimensions is a testament to our commitment to provide exceptional service and support to our community.”

The survey was conducted by CFI Group, an independent consulting and market research firm, on behalf of the Administration for Children and Families (ACF), a division of OCS. The survey was fielded via email from December 3, 2024, to February 6, 2025. A total of 1,016 surveys were sent, and 546 were completed nationally resulting in an excellent response rate of 54%.

Commerce is incredibly proud of these achievements and looks forward to continuing its efforts to provide exceptional service to its Community Action Partners and the residents of North Dakota.

For more information about the Community Services Block Grant Program, visit https://www.commerce.nd.gov/community-services/low-income-programs/community-services-block-grant-csbg.

MIL OSI USA News –

May 2, 2025

MIL-OSI: OptimizeRx Releases 2025 Environmental, Social, and Governance (ESG) Report

Source: GlobeNewswire (MIL-OSI)

WALTHAM, Mass., May 01, 2025 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, has published its Environmental, Social and Governance (ESG) report for 2025.

As a company focused on optimizing meaningful engagement opportunities at critical junctures of the healthcare journey, we remain dedicated to aligning our mission with our responsibilities as a corporate citizen.

“Our stakeholders continue to expect us to transparently disclose our commitment to environmental, social, and governance responsibilities,” stated Marion Odence-Ford, Chief Legal Officer & Chief Human Resources Officer. “During calendar year 2024, we enhanced our disclosures on a wide range of ESG topics. We improved our Institutional Shareholder Services (ISS) ESG rating, moving from the seventh decile to the first decile and earning prime status. We are proud of our achievements and look forward to realizing more progress in the years to come.”

ESG Report Highlights:

Governance:

The pursuit of responsible governance is a top-down endeavor, and the Company’s Board of Directors and the Nominating & Governance Committee have worked closely with the Executive Team to ensure our business strategies and practices align with our corporate governance policies.
Our annual double-materiality survey has identified a clear three-year trend in the topics our stakeholders care about most. These topics are clustered in three main areas:
- Data Protection: Customer Privacy and Data & Cybersecurity;
- Ethics and Governance: Business Ethics, Responsible Marketing & Advertising, Corporate Governance, and Anti-Competitive Behavior; and
- Human Capital: Human Capital & Resources, Labor Practices & Management, and Talent Acquisition & Retention.

Planet:

This year’s ESG Report continues to build on past successes, adding additional detail in the form of a methodology appendix, more comprehensive data on Scope 1 emissions, and reporting on additional individual greenhouse gases.

People:

OptimizeRx continues to believe that impartiality in employment practices is an essential part of our business and is necessary to contribute to a culture of respect. We provide merit-based opportunities to all individuals without regard to age, race, color, national origin, ancestry, citizenship, religion, gender, sexual orientation or gender identity.
We prioritize recruiting, retaining, and incentivizing a highly qualified workforce as the success of OptimizeRx is dependent on the skills, experience, and efforts of our employees. We also believe that contributions stemming from each employee’s cultural, economic and social background, experience, and thought are essential in making our Company stronger. Collaboration drawn from a range of perspectives enhances decision-making, sparks innovation, and drives better business outcomes. An inclusive culture boosts employee engagement, attracts top talent, and reduces turnover which furthers long-term success.
This year, the Company introduced the SPARK employee recognition program to recognize and celebrate Sustained Excellence, Positive Impact, Accountability, Resilience and Kindness.
Another recent initiative includes a Competency Model to clearly define competency levels and expectations for skills, knowledge and experience, and to provide department-specific career progression visuals, to guide each employee’s growth and success.

Prosperity:

We remain vigilant in our quest to turn healthcare challenges into opportunities. Not only do these opportunities present us with new ways to grow and learn, but also to do better for our customers, employees, and the patients we impact, because increasing stakeholder value also drives shareholder value.
The Company has seen strong adoption of its Dynamic Audience Activation Platform (DAAP), an AI-enabled platform that delivers predictive and privacy-safe marketing solutions that connects life sciences, HCPs and patients across the most robust network of personal and clinical platforms.
The 2024 integration of the consumer-focused solutions of Healthy Offers, Inc. (dba Medicx Health), strengthens our ability to deliver on our mission across expanded stakeholder groups with our increased data and analytics capabilities.

To read OptimizeRx’s full ESG report, please visit the Company’s governance page on its website or click here.

About OptimizeRx
OptimizeRx is a leading healthcare technology company that’s redefining how life science brands connect with patients and healthcare providers. Our platform combines innovative AI-driven tools like the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to deliver timely, relevant, and hyper-local engagement. By bridging the gap between HCP and DTC strategies, we empower brands to create synchronized marketing solutions that drive faster treatment decisions and improved patient outcomes.

Our commitment to privacy-safe, patient-centric technology ensures that every interaction is designed to make a meaningful impact, delivering life-changing therapies to the right patients at the right time. Headquartered in Waltham, Massachusetts, OptimizeRx partners with some of the world’s leading pharmaceutical and life sciences companies to transform the healthcare landscape and create a healthier future for all.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans, future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

OptimizeRx Contact
Andy D’Silva, SVP Corporate Finance  
adsilva@optimizerx.com  
 
Investor Relations Contact
Steven Halper
LifeSci Advisors, LLC
shalper@lifesciadvisors.com

The MIL Network –

May 2, 2025

MIL-OSI: Zoom to Release Financial Results for the First Quarter of Fiscal Year 2026

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM) today announced it will release its financial results for the first quarter of fiscal year 2026 on Wednesday, May 21, 2025, after the market closes.

A live Zoom Webinar of the event can be accessed at 2:00 pm PT / 5:00 pm ET through Zoom’s investor relations website at https://investors.zoom.com. A replay will be available approximately two hours after the conclusion of the live event.

About Zoom
Zoom’s mission is to provide an AI-first work platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

Public Relations
Colleen Rodriguez
Head of Global PR for Zoom
press@zoom.us

Investor Relations
Charles Eveslage
Head of Investor Relations for Zoom
investors@zoom.us

The MIL Network –

May 2, 2025

MIL-OSI: Draganfly Announces Proposed Public Offering of Common Shares & Warrants

Source: GlobeNewswire (MIL-OSI)

Saskatoon, SK., May 01, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced it has commenced an underwritten public offering in the United States (the “Offering”). The Offering consists of units of common shares (or pre-funded warrants in lieu thereof) and warrants to purchase common shares and is subject to market conditions.

Maxim Group LLC is acting as sole book-running manager for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development.

The Offering is subject to customary closing conditions including the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange and notification to The Nasdaq Stock Market. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or the actual size or terms of the Offering.

The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

A preliminary prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof will be filed with the applicable securities commissions in Canada and with the SEC in the United States and will be available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained, when available, by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

Media Contact
media@draganfly.com

Company Contact
Email: info@draganfly.com

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the timing, size and expected gross proceeds of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the intended use of proceeds, and Draganfly’s ability to complete the Offering. Closing of the Offering is subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, the failure of the parties to satisfy certain closing conditions, and other important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

The MIL Network –

May 2, 2025

MIL-OSI: iRhythm Technologies Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue of $158.7 million, a 20.3% increase compared to first quarter 2024
Gross margin of 68.8%, a 250-basis point increase compared to first quarter 2024
Unrestricted cash, cash equivalents, and marketable securities of $520.6 million as of March 31, 2025
Increased fiscal year 2025 guidance for revenue and adjusted EBITDA margin

Recent Operational Highlights

Strong quarterly revenue unit volume driven by momentum from innovative value-based care accounts as well as demand from Zio AT in the United States and record demand in the United Kingdom
Expanded global reach with commercial launch of Zio monitor in Japan, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
As presented at ACC.25, two large real-world studies in over one million patients revealed that short-term, Holter-duration monitoring frequently misses actionable arrhythmias – 64% of daily-symptom patients with actionable arrhythmias went undetected in the first 48 hours – and that patient-reported symptoms are an unreliable predictor of arrhythmic events^1,2
AVALON study recently presented at Heart Rhythm Society found that the Zio^® long-term continuous monitor (LTCM) associated with higher adjusted odds of arrhythmia detection, fewer repeat tests, and reduced likelihood of cardiovascular events compared to other modalities and LTCM brands in the follow-up year³

“The first quarter of 2025 demonstrated continued commercial momentum, with revenue growth exceeding 20% year-over-year, driven by upstream expansion in the patient care pathway and strength in our Zio AT business,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “We’ve seen increasing demand from recently opened accounts while also driving penetration within innovative, value-based care and risk-bearing entities. With our recent commercial launch in Japan, we are now actively driving physician and health system awareness of Zio in six markets outside the U.S., contributing to our milestone of 10 million patient reports posted since iRhythm’s inception. With strong execution across multiple growth levers and additional catalysts on the horizon, we are more excited than ever as we continue to enable the earlier diagnosis of cardiac arrhythmias, opening the potential to reduce costs and deliver meaningful value for patients, our customers, healthcare systems, and shareholders.”

First Quarter Financial Results
Revenue for the first quarter of 2025 was $158.7 million, up 20.3% from $131.9 million during the same period in 2024. The increase was driven by growth in demand for Zio services.

Gross profit for the first quarter of 2025 was $109.2 million, up 24.8% from $87.5 million during the same period in 2024, while gross margin was 68.8%, up from 66.3% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.

Operating expenses for the first quarter of 2025 were $141.8 million, compared to $125.7 million for the same period in 2024. Adjusted operating expenses for the first quarter of 2025 were $140.4 million, compared to $125.7 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of innovation and incremental costs to serve a growing volume of patients globally.

Net loss for the first quarter of 2025 was $30.7 million, or a diluted loss of $0.97 per share, compared with net loss of $45.7 million, or a diluted loss of $1.47 per share, for the same period in 2024. Adjusted net loss for the first quarter of 2025 was $30.3 million, or a diluted loss of $0.95 per share, compared with an adjusted net loss of $38.1 million, or a diluted loss of $1.23 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.

Unrestricted cash, cash equivalents, and marketable securities were $520.6 million as of March 31, 2025.

2025 Annual Guidance
iRhythm projects revenue for the full year 2025 between $690 million to $700 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 7.5% to 8.5% of revenues.

Webcast and Conference Call Information
iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

Use of Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

Beginning in the first quarter of 2025, we have excluded third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc. Factors we considered in arriving at this determination to exclude these patent litigation costs from our non-GAAP financial measures include frequency and complexity of the patent litigation, the counterparty involved, and the expected magnitude of patent litigation costs for this matter.

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, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

Battisti, T, Pinkerton, R, Fokin, V. et al. “Arrhythmias in patietns with daily vs non-daily symptoms undergoing long-term continuous patch ECG monitoring.” JACC. 2025 Apr, 85 (12_Supplement) 221.
Battisti, T, Pinkerton, R, Fokin, V. et al.“Symptom-Rhythm Correlation Patterns in Patients Undergoing Ambulatory ECG Monitoring: Analysis of Over 1 Million Patients.” JACC. 2025 Apr, 85 (12_Supplement) 37.
Russo, Pierantonio et al. “Assessment of Variation in AmbuLatory Cardiac MONitoring: Real-World Evidence of Commercially Insured Beneficiaries.” Heart Rhythm, Volume 22, Issue 4, S547.

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) (unaudited)

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	375,278		$	419,597
Marketable securities		145,311			115,956
Accounts receivable, net		80,639			79,941
Inventory		14,336			14,039
Prepaid expenses and other current assets		20,449			16,286
Total current assets		636,013			645,819
Property and equipment, net		130,850			125,092
Operating lease right-of-use assets		46,171			47,564
Restricted cash		8,358			8,358
Goodwill		862			862
Long-term strategic investments		62,745			61,902
Other assets		41,099			41,852
Total assets	$	926,098		$	931,449
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	11,946		$	7,221
Accrued liabilities		79,976			84,900
Deferred revenue		3,282			2,932
Operating lease liabilities, current portion		16,140			15,867
Total current liabilities		111,344			110,920
Long-term senior convertible notes		647,237			646,443
Other noncurrent liabilities		8,727			8,579
Operating lease liabilities, noncurrent portion		72,125			74,599
Total liabilities		839,433			840,541
Stockholders’ equity:
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024		—			—
Common stock, $0.001 par value – 100,000 shares authorized; 32,144 shares issued and 31,915 shares outstanding at March 31, 2025, respectively; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively		32			31
Additional paid-in capital		901,085			874,607
Accumulated other comprehensive loss		143			165
Accumulated deficit		(789,595	)		(758,895	)
Treasury stock, at cost; 229 shares at March 31, 2025 and December 31, 2024		(25,000	)		(25,000	)
Total stockholders’ equity		86,665			90,908
Total liabilities and stockholders’ equity	$	926,098		$	931,449

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited)

	Three Months Ended March 31,
		2025			2024
Revenue, net	$	158,677		$	131,929
Cost of revenue		49,461			44,413
Gross profit		109,216			87,516
Operating expenses:
Research and development		21,519			16,994
Acquired in-process research and development		296			—
Selling, general and administrative		119,957			108,660
Total operating expenses		141,772			125,654
Loss from operations		(32,556	)		(38,138	)
Interest and other income (expense), net:
Interest income		4,919			3,057
Interest expense		(3,273	)		(2,860	)
Loss on extinguishment of debt		—			(7,589	)
Other income (expense), net		875			(105	)
Total interest and other income (expense), net		2,521			(7,497	)
Loss before income taxes		(30,035	)		(45,635	)
Income tax provision		665			32
Net loss	$	(30,700	)	$	(45,667	)
Net loss per common share, basic and diluted	$	(0.97	)	$	(1.47	)
Weighted-average shares, basic and diluted		31,590			31,033

IRHYTHM TECHNOLOGIES, INC. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share data) (unaudited)

	Three Months Ended March 31,
		2025			2024
Adjusted EBITDA reconciliation*
Net loss, as reported¹	$	(30,700	)	$	(45,667	)
Interest expense		3,273			2,860
Interest income		(4,919	)		(3,057	)
Changes in fair value of strategic investments		(843	)		—
Income tax provision		665			32
Depreciation and amortization		5,210			5,131
Stock-based compensation		23,344			20,991
Business transformation costs		503			—
Intellectual property litigation costs²		832			—
Loss on extinguishment of debt		—			7,589
Adjusted EBITDA	$	(2,635	)	$	(12,121	)

Adjusted net loss reconciliation*
Net loss, as reported¹	$	(30,700	)	$	(45,667	)
Business transformation costs		503			—
Intellectual property litigation costs²		832			—
Changes in fair value of strategic investments		(843	)		—
Loss on extinguishment of debt		—			7,589
Tax effect of adjustments³		(91	)		—
Adjusted net loss	$	(30,299	)	$	(38,078	)

Adjusted net loss per share reconciliation*
Net loss per share, as reported¹	$	(0.97	)	$	(1.47	)
Business transformation costs per share		0.02			—
Intellectual property litigation costs per share²		0.03			—
Changes in fair value of strategic investments per share		(0.03	)		—
Loss on extinguishment of debt per share		—			0.24
Tax effect of adjustments per share³		—			—
Adjusted net loss per share	$	(0.95	)	$	(1.23	)
Weighted-average shares, basic and diluted		31,590			31,033

Adjusted operating expense reconciliation*
Operating expense, as reported	$	141,772		$	125,654
Business transformation costs		(503	)		—
Intellectual property litigation costs²		(832	)		—
Adjusted operating expense	$	140,437		$	125,654

*Certain numbers expressed may not sum due to rounding.
¹ Net loss for the three months ended March 31, 2025 includes $0.3 million of acquired in-process research and development expense.
² Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.
³ Income tax impact of Non-GAAP adjustments listed.

The MIL Network –

May 2, 2025

MIL-OSI: Nutanix Announces Date and Conference Call Information for Third Quarter Fiscal Year 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced that it will report its financial results for the third quarter of fiscal year 2025, which ended April 30, 2025, after U.S. markets close on Wednesday, May 28, 2025.

Nutanix will host a conference call and earnings webcast beginning at 4:30 p.m. EDT / 1:30 p.m. PDT on the same day to discuss the company’s financial results. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com.

An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

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

© 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release contains links to external websites that are not part of Nutanix.com. Nutanix does not control these sites and disclaims all responsibility for the content or accuracy of any external site. Our decision to link to an external site should not be considered an endorsement of any content on such a site.

Investor Contact
Richard Valera
ir@nutanix.com

The MIL Network –

May 2, 2025

MIL-OSI: Trupanion Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, May 01, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the first quarter ended March 31, 2025.

“Q1 was a strong start to the year, with performance ahead of plan across key metrics,” said Margi Tooth, Chief Executive Officer and President of Trupanion. “We saw early momentum in both retention and pet acquisition, and with expanded margins in our subscription business, we’re well-positioned to continue to invest in growth.”

First Quarter 2025 Financial and Business Highlights

Total revenue was $342.0 million, an increase of 12% compared to the first quarter of 2024.
Total enrolled pets (including pets from our other business segment) was 1,667,637 at March 31, 2025, a decrease of 2% over March 31, 2024.
Subscription business revenue was $233.1 million, an increase of 16% compared to the first quarter of 2024.
Subscription enrolled pets was 1,052,845 at March 31, 2025, an increase of 5% over March 31, 2024.
Net loss was $(1.5) million, or $(0.03) per basic and diluted share, compared to a net loss of $(6.9) million, or $(0.16) per basic and diluted share, in the first quarter of 2024.
Adjusted EBITDA was $12.2 million, compared to adjusted EBITDA of $4.8 million in the first quarter of 2024.
Operating cash flow was $16.0 million and free cash flow was $14.0 million in the first quarter of 2025. This compared to operating cash flow of $2.4 million and free cash flow of $(0.6) million in the first quarter of 2024.
At March 31, 2025, the Company held $321.8 million in cash and short-term investments, including $48.8 million held outside the insurance entities, with an additional $15.0 million available under its credit facility.

Conference Call
Trupanion’s management will host a conference call today to review its first quarter 2025 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/ and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-866-250-8117 (United States) or 1-412-317-6011 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10197710.

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, and certain countries in Continental Europe with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including to remediate material weaknesses in internal controls over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; our ability to retain key personnel; and deliberations and determinations by the Trupanion board based on the future performance of the company or otherwise.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

Non-GAAP Financial Measures
Trupanion’s stated results may include certain non-GAAP financial measures. These 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 or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets new pet acquisition expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s new pet acquisition expense. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

Trupanion, Inc. Condensed Consolidated Statements of Operations (in thousands, except share data)
		Three Months Ended March 31,
			2025			2024
	(unaudited)
Revenue:
Subscription business		$	233,064		$	201,134
Other business			108,911			104,987
Total revenue			341,975			306,121
Cost of revenue:
Subscription business			189,845			172,132
Other business			101,027			97,762
Total cost of revenue⁽¹⁾^,(²⁾			290,872			269,894
Operating expenses:
Technology and development⁽¹⁾			8,072			6,960
General and administrative⁽¹⁾			19,892			14,673
New pet acquisition expense⁽¹⁾			20,516			16,843
Depreciation and amortization			3,791			3,785
Total operating expenses			52,271			42,261
Loss from investment in joint venture			(305	)		(103	)
Operating loss			(1,473	)		(6,137	)
Interest expense			3,211			3,596
Other (income), net			(3,240	)		(2,843	)
Loss before income taxes			(1,444	)		(6,890	)
Income tax (benefit) expense			39			(38	)
Net loss		$	(1,483	)	$	(6,852	)

Net loss per share:
Basic and diluted		$	(0.03	)	$	(0.16	)
Weighted average shares of common stock outstanding:
Basic and diluted			42,775,955			41,917,094

⁽¹⁾Includes stock-based compensation expense as follows:
		Three Months Ended March 31,
			2025			2024
Cost of revenue		$	1,259		$	1,390
Technology and development			1,151			1,254
General and administrative			4,528			3,449
New pet acquisition expense			2,892			2,059
Total stock-based compensation expense		$	9,830		$	8,152

⁽²⁾The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
		Three Months Ended March 31,
			2025			2024
Veterinary invoice expense		$	247,450		$	233,569
Other cost of revenue			43,422			36,325
Total cost of revenue		$	290,872		$	269,894

Trupanion, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data)
	March 31, 2025			December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	166,308		$	160,295
Short-term investments		155,508			147,089
Accounts and other receivables, net of allowance for credit losses of $1,046 at March 31, 2025 and $1,117 at December 31, 2024		290,104			274,031
Prepaid expenses and other assets		16,417			15,912
Total current assets		628,337			597,327
Restricted cash		39,702			39,235
Long-term investments		376			373
Property, equipment and internal-use software, net		101,938			102,191
Intangible assets, net		12,130			13,177
Other long-term assets		16,356			17,579
Goodwill		38,323			36,971
Total assets	$	837,162		$	806,853
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	9,681		$	11,532
Accrued liabilities and other current liabilities		36,907			33,469
Reserve for veterinary invoices		54,042			51,635
Deferred revenue		267,357			251,640
Long-term debt – current portion		1,350			1,350
Total current liabilities		369,337			349,626
Long-term debt		127,526			127,537
Deferred tax liabilities		1,884			1,946
Other liabilities		4,742			4,476
Total liabilities		503,489			483,585
Stockholders’ equity:
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,804,141 and 42,775,955 issued and outstanding at March 31, 2025; 43,516,631 and 42,488,445 shares issued and outstanding at December 31, 2024		—			—
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding		—			—
Additional paid-in capital		578,293			568,302
Accumulated other comprehensive loss		(715	)		(2,612	)
Accumulated deficit		(227,371	)		(225,888	)
Treasury stock, at cost: 1,028,186 shares at March 31, 2025 and December 31, 2024		(16,534	)		(16,534	)
Total stockholders’ equity		333,673			323,268
Total liabilities and stockholders’ equity	$	837,162		$	806,853

Trupanion, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)
	Three Months Ended March 31,
		2025			2024
	(unaudited)
Operating activities
Net loss	$	(1,483	)	$	(6,852	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization		3,791			3,785
Stock-based compensation expense		9,830			8,152
Other, net		349			(202	)
Changes in operating assets and liabilities:
Accounts and other receivables		(15,965	)		(10,718	)
Prepaid expenses and other assets		(204	)		287
Accounts payable, accrued liabilities, and other liabilities		1,527			(5,131	)
Reserve for veterinary invoices		2,407			(885	)
Deferred revenue		15,712			13,998
Net cash provided by operating activities		15,964			2,434
Investing activities
Purchases of investment securities		(40,875	)		(19,193	)
Maturities and sales of investment securities		33,242			19,005
Purchases of property, equipment, and internal-use software		(1,928	)		(3,065	)
Other		588			516
Net cash used in investing activities		(8,973	)		(2,737	)
Financing activities
Repayment of debt financing		(338	)		(338	)
Proceeds from exercise of stock options		1,024			372
Shares withheld to satisfy tax withholding		(915	)		(245	)
Other		(230	)		(75	)
Net cash used in financing activities		(459	)		(286	)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net		(52	)		(313	)
Net change in cash, cash equivalents, and restricted cash		6,480			(902	)
Cash, cash equivalents, and restricted cash at beginning of period		199,530			170,464
Cash, cash equivalents, and restricted cash at end of period	$	206,010		$	169,562

The following tables set forth our key operating metrics.

	Three Months Ended March 31,
		2025			2024
Total Business:
Total pets enrolled (at period end)		1,667,637			1,708,017
Subscription Business:
Total subscription pets enrolled (at period end)		1,052,845			1,006,168
Monthly average revenue per pet	$	77.53		$	69.79
Average pet acquisition cost (PAC)	$	267		$	207
Average monthly retention		98.28	%		98.41	%


	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Total Business:
Total pets enrolled (at period end)		1,667,637			1,677,570			1,688,903			1,699,643			1,708,017			1,714,473			1,712,177			1,679,659
Subscription Business:
Total subscription pets enrolled (at period end)		1,052,845			1,041,212			1,032,042			1,020,934			1,006,168			991,426			969,322			943,958
Monthly average revenue per pet	$	77.53		$	76.02		$	74.27		$	71.72		$	69.79		$	67.07		$	65.82		$	64.41
Average pet acquisition cost (PAC)	$	267		$	261		$	243		$	231		$	207		$	217		$	212		$	236
Average monthly retention		98.28	%		98.25	%		98.29	%		98.34	%		98.41	%		98.49	%		98.55	%		98.61	%

The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):

	Three Months Ended March 31,
		2025			2024
Net cash provided by operating activities	$	15,964		$	2,434
Purchases of property, equipment, and internal-use software		(1,928	)		(3,065	)
Free cash flow	$	14,036		$	(631	)

The following tables reflect the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
	Three Months Ended March 31,
		2024			2023
Veterinary invoice expense	$	247,450		$	233,569
Less:
Stock-based compensation expense⁽¹⁾		(763	)		(862	)
Other business cost of paying veterinary invoices⁽³⁾		(79,269	)		(81,213	)
Subscription cost of paying veterinary invoices (non-GAAP)	$	167,418		$	151,494
% of subscription revenue		71.8	%		75.3	%

Other cost of revenue	$	43,422		$	36,325
Less:
Stock-based compensation expense⁽¹⁾		(482	)		(420	)
Other business variable expenses⁽³⁾		(21,736	)		(16,498	)
Subscription variable expenses (non-GAAP)	$	21,204		$	19,407
% of subscription revenue		9.1	%		9.6	%

Technology and development expense	$	8,072		$	6,960
General and administrative expense		19,892			14,673
Less:
Stock-based compensation expense⁽¹⁾		(5,396	)		(4,258	)
Development expenses⁽²⁾		(1,406	)		(1,178	)
Fixed expenses (non-GAAP)	$	21,162		$	16,197
% of total revenue		6.2	%		5.3	%

New pet acquisition expense	$	20,516		$	16,843
Less:
Stock-based compensation expense⁽¹⁾		(2,873	)		(1,857	)
Other business pet acquisition expense⁽³⁾		(3	)		(13	)
Subscription acquisition cost (non-GAAP)	$	17,640		$	14,973
% of subscription revenue		7.6	%		7.4	%

⁽¹⁾ Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
⁽²⁾ Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
⁽³⁾ Excluding the portion of stock-based compensation expense attributable to the other business segment.

The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
	Three Months Ended March 31,
		2025			2024
Operating Loss	$	(1,473	)	$	(6,138	)
Non-GAAP expense adjustments
Acquisition cost		17,643			14,985
Stock-based compensation expense⁽¹⁾		9,514			7,397
Development expenses⁽²⁾		1,406			1,179
Depreciation and amortization		3,791			3,785
Gain (loss) from investment in joint venture		(305	)		(103	)
Total adjusted operating income (non-GAAP)	$	31,186		$	21,312

Subscription Business:
Subscription operating income (loss)	$	1,065		$	(4,525	)
Non-GAAP expense adjustments
Acquisition cost		17,640			14,973
Stock-based compensation expense⁽¹⁾		7,772			5,882
Development expenses⁽²⁾		958			774
Depreciation and amortization		2,584			2,487
Subscription adjusted operating income (non-GAAP)	$	30,019		$	19,591

Other Business:
Other business operating loss	$	(2,233	)	$	(1,510	)
Non-GAAP expense adjustments
Acquisition cost		3			12
Stock-based compensation expense⁽¹⁾		1,742			1,516
Development expenses⁽²⁾		448			404
Depreciation and amortization		1,207			1,298
Other business adjusted operating income (non-GAAP)	$	1,167		$	1,720

⁽¹⁾ Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
⁽²⁾ Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.

The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):

	Three Months Ended March 31,
		2025			2024
Subscription revenue	$	233,064		$	201,134
Subscription cost of paying veterinary invoices		167,418			151,493
Subscription variable expenses		21,204			19,407
Subscription fixed expenses*		14,423			10,642
Subscription adjusted operating income (non-GAAP)	$	30,019		$	19,591
Other business revenue		108,911			104,987
Other business cost of paying veterinary invoices		79,269			81,213
Other business variable expenses		21,736			16,498
Other business fixed expenses*		6,739			5,555
Other business adjusted operating income (non-GAAP)	$	1,167		$	1,721
Revenue		341,975			306,121
Cost of paying veterinary invoices		246,687			232,707
Variable expenses		42,940			35,905
Fixed expenses*		21,162			16,197
Total business adjusted operating income (non-GAAP)	$	31,186		$	21,312

As a percentage of revenue:	Three Months Ended March 31,
		2024			2023
Subscription revenue		100.0	%		100.0	%
Subscription cost of paying veterinary invoices		71.8	%		75.3	%
Subscription variable expenses		9.1	%		9.6	%
Subscription fixed expenses*		6.2	%		5.3	%
Subscription adjusted operating income (non-GAAP)		12.9	%		9.7	%

Other business revenue		100.0	%		100.0	%
Other business cost of paying veterinary invoices		72.8	%		77.4	%
Other business variable expenses		20.0	%		15.7	%
Other business fixed expenses*		6.2	%		5.3	%
Other business adjusted operating income (non-GAAP)		1.1	%		1.6	%

Revenue		100.0	%		100.0	%
Cost of paying veterinary invoices		72.1	%		76.0	%
Variable expenses		12.6	%		11.7	%
Fixed expenses*		6.2	%		5.3	%
Total business adjusted operating income (non-GAAP)		9.1	%		7.0	%

*Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.

Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.

The following tables reflect the reconciliation of adjusted EBITDA to net loss (in thousands):

	Three Months Ended March 31,
		2025			2024
Net loss	$	(1,483	)	$	(6,852	)
Excluding:
Stock-based compensation expense		9,514			7,398
Depreciation and amortization expense		3,791			3,785
Interest income		(2,835	)		(3,045	)
Interest expense		3,211			3,596
Income tax expense (benefit)		39			(38	)
Adjusted EBITDA	$	12,237		$	4,844

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Net (loss) income	$	(1,483	)	$	1,656		$	1,425		$	(5,862	)	$	(6,852	)	$	(2,163	)	$	(4,036	)	$	(13,714	)
Excluding:
Stock-based compensation expense		9,514			8,036			8,127			8,381			7,398			6,636			6,585			6,503
Depreciation and amortization expense		3,791			3,924			4,381			4,376			3,785			3,029			2,990			3,253
Interest income		(2,835	)		(2,999	)		(3,232	)		(3,135	)		(3,045	)		(2,842	)		(2,389	)		(2,051	)
Interest expense		3,211			3,427			3,820			3,655			3,596			3,697			3,053			2,940
Income tax expense (benefit)		39			38			39			(44	)		(38	)		130			(43	)		(238	)
Goodwill impairment charges		—			5,299			—			—			—			—			—			—
Non-recurring transaction or restructuring expenses		—			—			—			—			—			—			8			65
(Gain) loss from equity method investment		—			—			(33	)		—			—			—			(110	)		—
Adjusted EBITDA	$	12,237		$	19,381		$	14,527		$	7,371		$	4,844		$	8,487		$	6,058		$	(3,242	)

Contacts:

Investors:
Laura Bainbridge, Senior Vice President, Corporate Communications
Gil Melchior, Director, Investor Relations
Investor.Relations@trupanion.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af9a2ab5-2802-4ca8-8a90-199e1c54b91a

The MIL Network –

May 2, 2025

MIL-OSI: Archrock Completes Acquisition of Natural Gas Compression Systems, Inc.

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today announced it has completed its previously announced acquisition of Natural Gas Compression Systems, Inc. (“NGCSI”) and NGCSE, Inc. (“NGCSE”) (collectively, “NGCS”).

“We are pleased to complete our acquisition of NGCS and welcome its highly talented team of employees to Archrock,” said Brad Childers, President and Chief Executive Officer of Archrock. “This accretive transaction is expected to increase our scale, expand our customer relationships, deepen our operations in key regions and strengthen our position as a premier provider of natural gas compression services in the United States. We are confident Archrock is poised for continued growth and value creation as we power a cleaner America.”

At closing, Archrock issued approximately 2.251 million new Archrock common shares to NGCSE. In addition, Archrock funded the $299 million cash portion of the total consideration with available capacity under its ABL credit facility. Archrock remains committed to its stated target leverage ratio range of between 3.0 times and 3.5 times. The transaction is expected to be immediately accretive to Archrock’s 2025 earnings per share and cash available for dividend per share.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA™, visit www.archrock.com.

Forward-Looking Statements

This press release contains forward-looking statements, which include statements about the expected benefits of the acquisition of Natural Gas Compression Systems, Inc. and NGCSE, Inc. These statements are not guarantees of future performance or actions. Forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available online at www.sec.gov and at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

For information, contact:

Archrock, Inc.
INVESTORS
Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com

MEDIA
Andrew Siegel / Jed Repko / Kara Grimaldi
Joele Frank
212-355-4449

The MIL Network –

May 2, 2025

MIL-OSI: Trisura Group Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the first quarter of 2025.

David Clare, President and CEO of Trisura, stated,

“In Q1 Trisura reported a strong Operating ROE of 18.4% driven by Operating net income of $34.2 million or $0.70 per share. Growth, profitable underwriting, and higher Net investment income demonstrates consistent execution of our strategy.

Profitable underwriting resulted in a quarterly Combined ratio of 82.7%, alongside strong growth of 28.1% in our Primary lines. We continued expanding US Surety, reaching 33 state licenses in our Treasury-listed entity while broadening rate filings and building relationships with key distribution partners.

Growth and strong earnings lifted book value to a new record of $820 million, with a conservative 10.7% debt-to-capital underscoring flexibility and capacity for growth.”

Highlights

Operating ROE⁽¹⁾ of 18.4% was strong, reflecting profitability from core operations, while ROE⁽¹⁾ was 15.0% in the quarter.
BVPS⁽²⁾ of $17.16 increased 23.5% over Q1 2024 demonstrating consistent expansion in book value.
Operating net income⁽³⁾ was $34.2 million in the quarter, which increased over the prior year as a result of growth in the business. Net income of $29.0 million was lower than Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
Operating EPS⁽¹⁾ of $0.70 in the quarter increased by 2.9% demonstrating the strength of core operations⁽⁴⁾ through continued growth and profitability. EPS of $0.60 in the quarter decreased from Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
Combined ratio⁽¹⁾ for the quarter was 82.7%, reflecting a strong underwriting performance across the portfolio.
GPW⁽²⁾ of $711.7 million, decreased by 1.6% compared to Q1 2024, primarily as a result of non-renewed programs in US Programs during 2024, offset by growth in our Primary lines⁽⁵⁾. Trisura’s Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income⁽³⁾.
Net investment income growth of 8.6% in the quarter was driven by a larger investment portfolio.

	Q1 2025	Q1 2024	$ variance		% variance
GPW	711,671	723,130	(11,458	)	(1.6%	)
Net insurance revenue⁽³⁾	172,711	153,054	19,657		12.8%

Underwriting income	29,862	29,359	503		1.7%
Net investment income	18,197	16,753	1,444		8.6%

Operating net income	34,170	33,188	982		3.0%
Net income	28,990	36,433	(7,443	)	(20.4%	)

Loss ratio⁽¹⁾	31.5%	31.6%	n/a		(0.1pts)
Expense ratio⁽¹⁾	51.2%	49.2%	n/a		2.0pts
Combined ratio	82.7%	80.8%	n/a		1.9pts

OEPS – diluted – in dollars	0.70	0.68	0.02		2.9%
EPS – diluted – in dollars	0.60	0.75	(0.15	)	(20.0%	)
BVPS – in dollars	17.16	13.89	3.27		23.5%
Debt-to-capital ratio⁽²⁾	10.7%	10.2%	n/a		0.5pts
Operating ROE	18.4%	20.0%	n/a		(1.6pts)
ROE	15.0%	15.3%	n/a		(0.3pts)

Insurance Operations

Net insurance revenue of $172.7 million, increased by 12.8% compared to Q1 2024, reflecting growth in the business, driven by growth in our Primary Lines.
Underwriting income of $29.9 million, increased by 1.7% compared to Q1 2024 due to growth in the business and foreign exchange movement, offset by a higher Combined ratio.
The consolidated Combined ratio was 82.7% for the quarter reflecting a higher Loss ratio at Trisura Specialty offset by a shift in the business mix to Trisura Specialty which typically has a higher Expense ratio but a lower Loss ratio.

Investments

Net investment income rose 8.6% in the quarter compared to Q1 2024. The portfolio benefited from growth in the business.

Capital

The Minimum Capital Test ratio⁽⁶⁾ of our regulated Canadian subsidiary was 273% as at March 31, 2025 (276% as at December 31, 2024), which comfortably exceeded regulatory requirements⁽⁷⁾ of 150%.
As at December 31, 2024, the Risk-Based Capital⁽⁸⁾ of the regulated US insurance companies were in excess of the various company action levels of the states in which they are licensed.
Consolidated debt-to-capital ratio of 10.7% as at March 31, 2025 is below our long-term target of 20.0%.

Earnings Conference Call

Trisura will host its First Quarter Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, May 2^nd, 2025.

To listen to the call via live audio webcast, please follow the link below:

https://edge.media-server.com/mmc/p/tzhsg4ir

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

For more information, please contact:

Name: Bryan Sinclair

Tel: 416 607 2135

Email: bryan.sinclair@trisura.com

Non-IFRS Financial Measures and other Financial Measures

We report certain financial information using non-IFRS financial measures, non-IFRS ratios and supplementary financial measures that we use to measure and evaluate the performance of our business. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. They are used by management and financial analysts to assess our performance.

Further, they provide users with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business.

These metrics are operating performance measures that highlight trends in our core business or are required ratios used to measure compliance with OSFI and other regulatory standards. Our Company also believes that securities analysts, investors and other interested parties use these operating metrics to compare our Company’s performance against others in the specialty insurance industry. Our Company’s management also uses these operating metrics and other financial measures in order to facilitate operating performance comparisons from period to period. Such operating metrics and other financial measures should not be considered as the sole indicators of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For more information about these supplementary financial measures, Non-IFRS financial measures, and Non-IFRS ratios, including definitions and explanations of how these measures provide useful information, refer to Section 8 – Accounting and Disclosure matters in our Q1 2025 MD&A , which is available on our website at http://www.trisura.com and on SEDAR+ at www.sedarplus.ca.

Table 1 – Reconciliation of Operating net income to reported Net income and OEPS: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

	Q1 2025		Q1 2024
Operating net income	34,170		33,188
Impact of Exited lines	111		–
Loss from run-off program	–		(3,714	)
Impact of movement in yield curve in Net insurance finance income (expenses)	(3,569	)	437
Impact of SBC	1,199		(2,923	)
Net (gains) losses	(4,547	)	10,446
Tax impact of above items	1,626		(1,001	)
Non-operating results, net of tax	(5,180	)	3,245
Net income	28,990		36,433

Operating net income	34,170		33,188
Weighted-average number of common shares outstanding – diluted (in thousands of shares)	48,472		48,456
Operating EPS – diluted (in dollars)	0.70		0.68

Table 2 – Reconciliation of Insurance service result to Underwriting income – Consolidated

Financial statements line item			1		2	3		4		5		6		7	MD&A line item
For the three months ended March 31, 2025
Insurance revenue	779,606		(601,048	)	–	–		–		(5,847	)	–		–	172,711		Net insurance revenue
Insurance service expenses	(585,213	)	444,725		5,461	(10,649	)	(6,478	)	5,736		3,569		–	(142,849	)	Sum of Net claims ($54,345) and Net expenses ($88,504)
Net income (expenses) from reinsurance contracts assets	(156,323	)	156,323		–	–		–		–		–		–	–		n/a
Insurance service result	38,070		–		5,461	(10,649	)	(6,478	)	(111	)	3,569		–	29,862		Underwriting income
For the three months ended March 31, 2024
Insurance revenue	744,266		(594,773	)	–	–		–		–		–		3,561	153,054		Net insurance revenue
Insurance service expenses	(580,940	)	466,895		5,345	(10,853	)	(3,858	)	–		(437	)	153	(123,695	)	Sum of Net claims ($48,406) and Net expenses ($75,289)
Net income (expenses) from reinsurance contracts assets	(127,878	)	127,878		–	–		–		–		–		–	–		n/a
Insurance service result	35,448		–		5,345	(10,853	)	(3,858	)	–		(437	)	3,714	29,359		Underwriting income

Reconciling items in the table above:
1	Net of reinsurance impact
2	Other income
3	Other operating expenses related to Trisura Specialty and Trisura US Programs
4	Net insurance finance income (expenses)
5	Impact of Exited lines
6	Movement in yield curve in Net insurance finance income (expenses)
7	Loss from run-off program

Table 3 – ROE and Operating LTM ROE: a measure of the Company’s use of equity.

	Q1 2025	Q1 2024
LTM net income	111,472	89,398
LTM average equity	742,056	583,798
ROE	15.0%	15.3%
Operating LTM net income	136,831	116,819
Operating LTM ROE	18.4%	20.0%

Table 4 – Reconciliation of Average equity⁽⁹⁾to LTM average equity: LTM average equity is used in calculating Operating ROE.

	Q1 2025	Q1 2024
Average equity	741,016	587,336
Adjustments: days in quarter proration	1,040	(3,538	)
LTM average equity	742,056	583,798

Table 5 – Combined ratio – Consolidated: Combined ratio is used to evaluate underlying profitability relative to Net insurance revenue in a given period.

	Q1 2025		Q1 2024
Net insurance revenue, as presented in Table 2	172,711		153,054
Net claims, as presented in Table 2	(54,345	)	(48,406	)
Net expenses, as presented in Table 2	(88,504	)	(75,289	)
Underwriting income	29,862		29,359

Loss ratio	31.5%		31.6%
Expense ratio	51.2%		49.2%
Combined ratio	82.7%		80.8%

Footnotes

(1) These are non-IFRS ratios. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of the ratio, and an explanation of how it provides useful information to an investor.

(2) This is a supplementary financial measure. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

(3) These are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

(4) See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

(5) Primary lines are lines of insurance business such as Surety, Corporate Insurance, and Warranty.

(6) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

(7) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

(8) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

(9) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Non-IFRS and Other Financial Measures

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three months ended March 31, 2025. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

The MIL Network –

May 2, 2025

MIL-OSI: iRhythm Launches Zio® Long-Term Continuous Monitoring Service in Japan as the Zio® ECG Recording and Analysis System, Advancing AI-Powered Arrhythmia Detection

Source: GlobeNewswire (MIL-OSI)

iRhythm Zio^®Long-Term Continuous Monitoring (LTCM) system — commercially introduced in Japan as the Zio^®ECG Recording and Analysis System — brings AI-powered, continuous, uninterrupted ECG monitoring for up to 14 days to Japan
Launch is timely amid a growing demand for early, accurate detection of arrhythmias in Japan, the second largest ambulatory cardiac monitoring market in the world, where the prevalence is expected to rise alongside an aging population^1-3

SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC) today announced the commercial launch in Japan of its Zio^® long-term continuous ECG monitoring (LTCM) system, commercially introduced in this market as the Zio^® ECG Recording and Analysis System. The system provides up to 14 days of continuous, uninterrupted ECG monitoring and leverages a deep-learned artificial intelligence (AI) algorithm approved by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) – and represents a significant advancement over other ambulatory cardiac monitoring options in Japan, including commonly used wired Holter monitors, which capture only 24 to 48 hours of data and other patch-based services that monitor only up to 7 days.

“We are honored to introduce our AI-powered Zio ECG Recording and Analysis System that provides up to 14 days of continuous, uninterrupted cardiac monitoring to Japan, where we see a meaningful opportunity to help advance arrhythmia detection,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Together with our trusted distribution partner, Senko Medical Instrument, we are committed to expanding access to advanced cardiac monitoring that supports clinical excellence and aligns with Japan’s dedication to high-quality, patient-centered care.”

Advancing Arrhythmia Detection in Japan

The Zio ECG Recording and Analysis System consists of a prescription-only, patch-based ECG monitoring device (Zio monitor, iRhythm’s latest-generation ECG patch), worn for up to 14 days, and the ZEUS (Zio ECG Utilization Software) system.

The unique attributes of the Zio ECG Recording and Analysis System offer meaningful advantages for patients and clinicians:

Zio monitor (Patch ECG Device): Improving Patient Monitoring Experience

The latest-generation patch ECG is thinner, lighter, and smaller—designed for comfortable, discreet wear, ease of use,⁴ and patient satisfaction^5,6
Enables up to 14 days of continuous, uninterrupted ECG monitoring
Demonstrates 99% patient compliance with prescribed wear time⁶^-8 and 99% analyzable data, delivering high-quality, actionable data^6,10,11

Zio Service (End-to-End Monitoring System): Combining Advanced AI with Human Expertise

PMDA-approved, deep-learned AI algorithm detects 13 arrhythmia types, as well as sinus rhythm and artifact, and is clinically proven to perform at the level of cardiologists^11-14
End-of-wear reports are reviewed and validated by certified cardiographic technicians (CCTs), with 99% physician agreement^6,8
Zio ECG Recording and Analysis System is associated with the highest diagnostic yield and lowest likelihood of retesting compared to other monitoring services, including other LTCMs and 24- to 48-hour duration Holter monitoring services^6,^8,^15-²⁰
In clinical settings, the Zio LTCM service may help reduce misinterpretation of ECG data and improve clinical efficiency¹²

Zio^® monitor by iRhythm Technologies,
part of the Zio^®ECG Recording and Analysis System

“The Zio service represents a new step forward in how we monitor for arrhythmias in Japan,” said Dr. Kohei Yamashiro, Vice President and Director of the Heart Rhythm Center at Takatsuki General Hospital (Osaka Prefecture), the first hospital in Japan to introduce the Zio ECG Recording and Analysis System. “Its ease of use, extended monitoring period, and clear reporting provide important benefits for both patients and clinicians.”

Clinically Proven Performance

The clinical value of the Zio LTCM service has been demonstrated in a robust, growing body of clinical evidence. The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Time to Events (CAMELOT) study, published in the American Heart Journal, found that Zio LTCM service was associated with the highest yield of specified arrhythmia diagnosis and the lowest likelihood of repeat testing compared to all other monitoring services.

iRhythm’s comprehensive clinical evidence, encompassing more than 125 original research manuscripts²¹ and insights derived from over 2 billion hours of curated heartbeat data⁹ and more than 10 million patient reports posted since the company’s inception, underscore the company’s ongoing commitment to expanding evidence that supports improved patient outcomes.

“The Zio long-term continuous monitoring service offers a clinically validated approach to arrhythmia detection by combining advanced AI with expert clinical review to support accurate and timely diagnoses,” said Dr. Mintu Turakhia, iRhythm Chief Medical Officer, Chief Scientific Officer, and EVP of Product Innovation. “As the need for effective long-term monitoring grows, we believe the introduction of Zio LTCM in Japan presents an opportunity to enhance patient care and support evolving clinical needs in cardiac monitoring—an impact also recognized by the Japanese Heart Rhythm Society.”

Cardiac Arrhythmias and Prevalence in Japan

A cardiac arrhythmia is a condition in which the heart beats too quickly, too slowly, or irregularly due to abnormal electrical impulses. If undetected and untreated, some arrhythmias can damage the heart, brain, or other organs and lead to an increased risk of stroke and death.^22-24

These potential complications make accurate, timely arrhythmia detection and diagnosis critical to improving patient outcomes and quality of life.

The prevalence of cardiac arrhythmias continues to rise globally, and Japan is the second largest ambulatory cardiac monitoring market in the world with an estimated 1.6 million tests prescribed annually. This number is expected to continue to increase based on stroke and cardiovascular disease burden in Japan’s aging population.^1-3

Availability in Japan
Zio^® ECG Recording and Analysis System will be available to healthcare customers beginning May 2025, with nationwide availability anticipated by July 2025, through Senko Medical Instrument, iRhythm’s exclusive distribution partner in Japan.

Outside of Japan, iRhythm offers its Zio^® portfolio of cardiac monitoring solutions in Austria, the Netherlands, Spain, Switzerland, the United States, and the UK – and remains dedicated to bringing access to its advanced cardiac monitoring to even more patients, clinicians and healthcare systems around the world.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm and the Zio^® LTCM service in Japan, please visit irhythmtech.com/jp/ja. For additional information about iRhythm, please visit its corporate website at i rhythmtech.com.

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, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these include statements regarding the Japanese market opportunity, our ability to penetrate the Japanese market, and expansion of patient access to our products and services in Japan. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

Media Contact
Kassandra Perry
irhythm@highwirepr.com

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

—-
Footnotes

Irie S, Tada H. The Relationship between Holter Electrocardiography and Atrial Fibrillation Diagnosis Using Real-World Data in Japan. Int Heart J. 2023;64(2):178-187.
Matsuda S. Health Policy in Japan – Current Situation and Future Challenges. JMA Journal, 2019.
Annual Pharmaceutical Production Statistics, Ministry of Health, Labour, and Welfare (“MHLW”).
Data on file. iRhythm Technologies, 2023.
Zio monitor Instructions for Use. iRhythm Technologies, 2023.
Based on US data.
Data on file. iRhythm Technologies, 2022.
Zio service provides continuous, uninterrupted recording and a comprehensive end-of-wear report.
Data on file. iRhythm Technologies, 2024.
Analyzable time is based off median values for a 14-day prescription
Data on file. iRhythm Technologies, 2020.
Hannun et al. Cardiologist-level arrhythmia detection and classification in ambulatory electrocardiograms using a deep neural network. Nat Med. 2019;25:65-69. https://doi.org/10.1038/s41591-018-0268-3
Deep learned algorithm is only available in the United States, European Union, Switzerland, United Kingdom, and Japan.
FDA 510K clearance, CE mark, UKCA mark, and PMDA-approval.
Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. https://doi.org/10.1016/j.ahj.2023.12.002
Diagnostic yield was assessed based upon the evaluation of specified arrhythmias, which refer to an arrhythmia encounter diagnosis as per Hierarchical Condition Categories (HCC) 96.
Based on previous generation Zio XT device data. Zio monitor utilizes the same operating principles and ECG algorithm. Additional data on file.
Zio LTCM service refers to Zio XT and Zio monitor service.
Contraindications: Do not use the Zio monitor for critical care patients or for patients with symptomatic episodes where instance variations in cardiac performance could result in immediate danger to the patients or when real-time or in-patient monitoring should be prescribed. (Refer to the Zio monitor Instructions for Use for the full list of contraindications)
Zio monitor and ZEUS are Japan PMDA approved.
Data on file. iRhythm Technologies, 2025.
Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology. 2013;112(8):1263-1270. doi:10.1016/j.amjcard.2013.05.065
Lin et al. Long-term outcome of non-sustained ventricular tachycardia in structurally normal hearts. PLOS ONE. 2016;11(8). doi:10.1371/journal.pone.0160181
Wolf et al. Atrial fibrillation as an independent risk factor for stroke: The Framingham Study. Stroke. 1991;22(8):983-988. doi:10.1161/01.str.22.8.983

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ffe8ed2-1063-4455-8784-d0278fd46373

The MIL Network –

May 2, 2025

MIL-OSI: Sprott Announces Date for 2025 First Quarter Results Webcast

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE:SII) (TSX:SII) (“Sprott”) announced today that it plans to release its 2025 first quarter results at 7:00 a.m. on May 7, 2025. Sprott will host an earnings webcast that morning at 10:00 a.m. to discuss the results. Sprott CEO, Whitney George, together with Sprott CFO, Kevin Hibbert and Sprott Asset Management CEO, John Ciampaglia, will host the webcast, which can be accessed as outlined below.

PLEASE NOTE: Research analysts who cover the company should register at: https://register-conf.media-server.com/register/BIa4daf41d0475486f809eb3c63ce3096d

Pre-registration is now open.

About Sprott
Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California. The company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information: (416) 943-4394 or ir@sprott.com.

The MIL Network –

May 2, 2025

MIL-OSI: Codere Online Files 2023 Annual Report on Form 20-F and to Release Q1-25 Earnings on May 16th

Source: GlobeNewswire (MIL-OSI)

Luxembourg, Grand Duchy of Luxembourg, May 1, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that it has filed with the U.S. Securities and Exchange Commission (“SEC”) its annual report on form 20-F for the year ended December 31, 2023 (the “2023 20-F”) within the extension period granted by the Nasdaq Hearings Panel.

Following this positive development, the Company expects to release its first quarter 2025 results prior to 8:30AM US Eastern Time on May 16, 2025. At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.

The Company’s earnings press release and related materials will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible in the Events & Presentations section of the same website. A recording of the webcast will be available following the conference call.

A copy of the 2023 20-F is available in the SEC Filings section of the Company’s website: www.codereonline.com/financials-and-filings.

In order to minimize the environmental impact of its annual report by reducing paper consumption, the Company encourages its shareholders to read it in digital format. However, Company shareholders willing to receive a hard copy of this document, which contains the Company’s audited financial statements, may do so, free of charge, upon request addressed to ir@codereonline.com.

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s statements related to the Company’s ability to regain compliance with the Rule.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

The MIL Network –

May 2, 2025

MIL-OSI: Employers Holdings, Inc. Reports First Quarter 2025 Results and Declares Increase in Regular Quarterly Dividend to $0.32 per Share and New Share Repurchase Authorization of $125 Million

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., May 01, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its first quarter ended March 31, 2025.

Financial Highlights:
(All comparisons vs. the first quarter of 2024).

Net income per diluted share decreased by 53%, from $1.11 to $0.52;
Adjusted net income per diluted share increased 30%, from $0.67 to $0.87;
Gross premiums written increased 1%, from $210.9 million to $212.1 million;
Net premiums earned decreased 1%, from $184.9 million to $183.0 million;
Underwriting expense ratio improved from 25.0% to 23.4%;
Net investment income increased 20%, from $26.8 million to $32.1 million;
Record number of ending policies in-force of 133,121, a 4% increase; and
Returned $27.5 million to stockholders through a combination of share repurchases and regular quarterly dividends.

Management Commentary

Chief Executive Officer Katherine Antonello commented: “First quarter net premiums earned were flat compared to 2024, driven by higher renewal premiums offset by lower new business and a reduction in audit premiums. Rate increases and underwriting actions taken to maintain our underwriting profitability targets in certain states impacted new business premiums, while final audit premiums decreased in-line with the moderation of employment and wage growth. We have identified several refinements in our underwriting and pricing approach that we believe will allow us to maintain our underwriting discipline but also return to moderate new business growth. Our appetite expansion effort continues to identify areas of profitable growth, and our success has given us the confidence to accelerate this effort. We again ended the period with another record number of policies in-force, which were up 4% year-over-year.

We recorded our current accident year loss and LAE ratio on voluntary business at 66.0%, slightly above the 64.0% we maintained throughout 2024. As was the case in the first quarter of 2024, a full actuarial study was not performed, and the amount of indicated net prior year loss reserve development was consistent with our expectations. We will evaluate our prior year reserves in more detail at mid-year when we routinely perform a full reserve study.

Our commission expense ratio was 12.6%, versus 13.6% a year ago. We continue to see improvement in our underwriting expense ratio, which decreased to 23.4%, from 25.0% a year ago.

Our net investment income was $32.1 million, up 20% from a year ago. The increase was primarily due to returns from our investments in limited partnerships.

Lastly, we raised our regular quarterly dividend to $0.32 per share, an increase of 7%, and announced a new $125.0 million share repurchase plan after exhausting the former plan prior to its scheduled expiration. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

Summary of First Quarter 2025 Results

(All comparisons vs. the first quarter of 2024, unless otherwise noted).

Gross premiums written were $212.1 million, an increase of 1%. The increase was due to strong retention in renewal business writings partially offset by a decline in new business writings and lower final audit premiums. Net premiums earned were $183.0 million, a decrease of 1%.

Losses and loss adjustment expenses were $120.7 million, an increase of 4%. The increase was primarily due to a higher current accident year loss and loss adjustment expense estimate. The Company’s loss and loss adjustment expense ratio was 66.0% (66.8% excluding LPT), versus 63.0% (64.1% excluding LPT).

Commission expense was $23.0 million, a decrease of 8%. The Company’s commission expense ratio was 12.6%, versus 13.6% a year ago. The decrease was primarily due to a release of commissions payable associated with non-performing policies sent to collections.

Underwriting expenses were $42.9 million, a decrease of 7%. The Company’s underwriting expense ratio was 23.4%, versus 25.0% a year ago. The decrease primarily related to lower bad debt expense and compensation-related expenses.

Net investment income was $32.1 million, an increase of 20%. The increase was primarily due to returns from our investments in private equity limited partnerships, along with higher book yields on our fixed maturity securities.

Net realized and unrealized (losses) gains on investments reflected on the income statement were $(12.8) million, versus $11.4 million.

Income tax expense was $3.1 million (19.5% effective rate), versus $7.0 million (19.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

The Company’s book value per share including the deferred gain of $48.25 increased 12.3% year-over-year and 2.5% during the first quarter of 2025, computed after considering dividends declared. During the first quarter this measure was favorably impacted by $21.1 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) partially offset by $9.2 million of net after tax unrealized losses arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share of $50.75 increased by 8.5% year-over-year and 1.0% during the first quarter of 2025, computed after considering dividends declared.

Second Quarter 2025 Dividend Declaration

On April 30, 2025, the Company’s Board of Directors declared an increase in our regular quarterly dividend to $0.32. The dividend is payable on May 28, 2025 to stockholders of record as of May 14, 2025.

Stock Repurchases and New Stock Repurchase Authorization

During the first quarter of 2025, the Company repurchased 406,101 shares of its common stock at an average price of $49.69 per share. During the period from April 1, 2025 through April 29, 2025, the Company repurchased a further 170,000 shares of its common stock at an average price of $48.35 per share.

On April 30, 2025, the Company’s Board of Directors authorized a new stock repurchase program to allow for repurchases of up to $125.0 million of our common stock from May 6, 2025 through December 31, 2026. The new program replaces a similar program that was scheduled to expire on July 31, 2025, but its repurchase authorization has been exhausted.

Earnings Conference Call and Webcast

The Company will host a conference call on Friday, May 2, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

Reconciliation of Non-GAAP Financial Measures to GAAP

The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

Forward-Looking Statements

In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Filings with the SEC

The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

About Employers Holdings, Inc.

Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

Contact Information

Michael Pedraja (775) 327-2706 or mpedraja@employers.com


EMPLOYERS HOLDINGS, INC. Table of Contents

Page

1		Consolidated Financial Highlights

2		Summary Consolidated Balance Sheets

3		Summary Consolidated Income Statements

4		Return on Equity

5		Combined Ratios

6		Roll-forward of Unpaid Losses and LAE

7		Consolidated Investment Portfolio

8		Book Value Per Share

9		Earnings Per Share

10		Non-GAAP Financial Measures


EMPLOYERS HOLDINGS, INC. Consolidated Financial Highlights (unaudited) $ in millions, except per share amounts

	Three Months Ended
	March 31,
		2025			2024		% change
*Selected financial highlights:*
Gross premiums written	$	212.1		$	210.9		1	%
Net premiums written		210.3			209.1		1
Net premiums earned		183.0			184.9		(1	)
Net investment income		32.1			26.8		20
Net income excluding LPT⁽¹⁾		11.2			26.2		(57	)
Adjusted net income⁽¹⁾		21.3			17.2		24
Net Income before income taxes		15.9			35.3		(55	)
Net Income		12.8			28.3		(55	)
Comprehensive income		34.6			17.4		99
Total assets		3,556.9			3,562.8		—
Stockholders’ equity		1,075.7			1,018.9		6
Stockholders’ equity including the Deferred Gain⁽²⁾		1,168.1			1,116.1		5
Adjusted stockholders’ equity⁽²⁾		1,228.8			1,213.0		1
Annualized adjusted return on stockholders’ equity⁽³⁾		6.9	%		5.7	%	21	%
*Amounts per share:*
Cash dividends declared per share	$	0.30		$	0.28		7	%
Earnings per diluted share⁽⁴⁾		0.52			1.11		(53	)
Earnings per diluted share excluding LPT⁽⁴⁾		0.46			1.03		(55	)
Adjusted earnings per diluted share⁽⁴⁾		0.87			0.67		30
Book value per share⁽²⁾		44.43			40.20		11
Book value per share including the Deferred Gain⁽²⁾		48.25			44.04		10
Adjusted book value per share⁽²⁾		50.75			47.86		6
Combined ratio excluding LPT:⁽⁵⁾:
Loss and loss adjustment expense ratio:
Current Year		66.1	%		64.2	%
Prior Year		0.7			(0.1	)
Loss and loss adjustment expense ratio		66.8	%		64.1	%
Commission expense ratio		12.6	%		13.6	%
Underwriting expense ratio		23.4	%		25.0	%
Combined ratio excluding LPT		102.8	%		102.7	%

(1)	See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2)	See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(3)	See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(4)	See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(5)	See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Summary Consolidated Balance Sheets (unaudited) $ in millions, except per share amounts

	March 31, 2025			December 31, 2024
ASSETS
Investments, cash and cash equivalents	$	2,537.6		$	2,532.4
Accrued investment income		14.6			15.7
Premiums receivable, net		377.0			361.3
Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE		412.9			417.8
Deferred policy acquisition costs		63.8			59.6
Deferred income tax asset, net		35.0			38.3
Other assets		116.0			116.2
Total assets	$	3,556.9		$	3,541.3

LIABILITIES
Unpaid losses and LAE	$	1,792.6		$	1,808.2
Unearned premiums		428.0			402.2
Commissions and premium taxes payable		60.3			65.8
Deferred Gain		92.4			94.0
Other liabilities		107.9			102.4
Total liabilities	$	2,481.2		$	2,472.6

STOCKHOLDERS’ EQUITY
Common stock and additional paid-in capital	$	424.7		$	424.8
Retained earnings		1,478.5			1,472.9
Accumulated other comprehensive loss		(60.7	)		(82.5	)
Treasury stock, at cost		(766.8	)		(746.5	)
Total stockholders’ equity		1,075.7			1,068.7
Total liabilities and stockholders’ equity	$	3,556.9		$	3,541.3

Stockholders’ equity including the Deferred Gain ⁽¹⁾	$	1,168.1		$	1,162.7
Adjusted stockholders’ equity ⁽¹⁾		1,228.8			1,245.2
Book value per share ⁽¹⁾	$	44.43		$	43.52
Book value per share including the Deferred Gain⁽¹⁾		48.25			47.35
Adjusted book value per share ⁽¹⁾		50.75			50.71

(1)	See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Summary Consolidated Income Statements (unaudited) $ in millions

	Three Months Ended
	March 31,
		2025			2024
Revenues:
Net premiums earned	$	183.0		$	184.9
Net investment income		32.1			26.8
Net realized and unrealized (losses) gains on investments⁽¹⁾		(12.8	)		11.4
Other income		0.3			—
Total revenues		202.6			223.1
Expenses:
Losses and LAE incurred		(120.7	)		(116.5	)
Commission expense		(23.0	)		(25.1	)
Underwriting expenses		(42.9	)		(46.2	)
Interest and financing expenses		(0.1	)		—
Total expenses		(186.7	)		(187.8	)
Net income before income taxes		15.9			35.3
Income tax expense		(3.1	)		(7.0	)
Net Income		12.8			28.3
Unrealized AFS investment gains (losses) arising during the period, net of tax⁽²⁾		21.1			(11.6	)
Reclassification adjustment for net realized AFS investment losses in net income, net of tax⁽²⁾		0.7			0.7
Total comprehensive income	$	34.6		$	17.4
Net Income	$	12.8		$	28.3
Amortization of the Deferred Gain – losses		(1.6	)		(1.5	)
Amortization of the Deferred Gain – contingent commission		—			(0.4	)
LPT contingent commission adjustments		—			(0.2	)
Net income excluding LPT Agreement ⁽³⁾		11.2			26.2
Net realized and unrealized losses (gains) on investments		12.8			(11.4	)
Income tax (benefit) expense related to items excluded from Net income		(2.7	)		2.4
Adjusted net income	$	21.3		$	17.2

(1)	Includes unrealized (losses) gains on equity securities and other investments of $(11.7) million and $12.7 million for the three months ended March 31, 2025 and 2024, respectively.
(2)	AFS = Available for Sale securities.
(3)	See Page 10 regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Return on Equity (unaudited) $ in millions

		Three Months Ended
		March 31,
			2025			2024

Net income	A	$	12.8		$	28.3
Impact of the LPT Agreement			(1.6	)		(2.1	)
Net realized and unrealized losses (gains) on investments			12.8			(11.4	)
Income tax (benefit) expense related to items excluded from Net income			(2.7	)		2.4
Adjusted net income ⁽¹⁾	B		21.3			17.2

Stockholders’ equity – end of period		$	1,075.7		$	1,018.9
Stockholders’ equity – beginning of period			1,068.7			1,013.9
Average stockholders’ equity	C		1,072.2			1,016.4

Stockholders’ equity – end of period		$	1,075.7		$	1,018.9
Deferred Gain – end of period			92.4			97.2
Accumulated other comprehensive loss – end of period			76.8			122.6
Income taxes related to accumulated other comprehensive loss – end of period			(16.1	)		(25.7	)
Adjusted stockholders’ equity – end of period			1,228.8			1,213.0
Adjusted stockholders’ equity – beginning of period			1,245.2			1,199.1
Average adjusted stockholders’ equity ⁽¹⁾	D		1,237.0			1,206.1

Return on stockholders’ equity	A / C		1.2	%		2.8	%
Annualized return on stockholders’ equity			4.8			11.1

Adjusted return on stockholders’ equity ⁽¹⁾	B / D		1.7	%		1.4	%
Annualized adjusted return on stockholders’ equity ⁽¹⁾			6.9			5.7

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Combined Ratios (unaudited) $ in millions, except per share amounts

		Three Months Ended
		March 31,
			2025			2024

Net premiums earned	A	$	183.0		$	184.9
Losses and LAE incurred	B		120.7			116.5
Amortization of deferred reinsurance gain – losses			1.6			1.5
Amortization of deferred reinsurance gain – contingent commission			—			0.4
LPT contingent commission adjustments			—			0.2
Losses and LAE excluding LPT⁽¹⁾	C		122.3			118.6
Prior year loss reserve development			1.3			(0.1	)
Losses and LAE excluding LPT – current accident year	D	$	121.0		$	118.7
Commission expense	E	$	23.0		$	25.1
Underwriting expenses	F	$	42.9		$	46.2
GAAP combined ratio:
Loss and LAE ratio	B/A		66.0	%		63.0	%
Commission expense ratio	E/A		12.6			13.6
Underwriting expense ratio	F/A		23.4			25.0
GAAP combined ratio			102.0	%		101.6	%
Combined ratio excluding LPT:⁽¹⁾
Loss and LAE ratio excluding LPT	C/A		66.8	%		64.1	%
Commission expense ratio	E/A		12.6			13.6
Underwriting expense ratio	F/A		23.4			25.0
Combined ratio excluding LPT			102.8	%		102.7	%
Combined ratio excluding LPT: current accident year:⁽¹⁾
Loss and LAE ratio excluding LPT	D/A		66.1	%		64.2	%
Commission expense ratio	E/A		12.6			13.6
Underwriting expense ratio	F/A		23.4			25.0
Combined ratio excluding LPT: current accident year			102.1	%		102.8	%

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Roll-forward of Unpaid Losses and LAE (unaudited) $ in millions

	Three Months Ended
	March 31,
		2025		2024

Unpaid losses and LAE at beginning of period	$	1,808.2	$	1,884.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		412.4		428.4
Net unpaid losses and LAE at beginning of period		1,395.8		1,456.1
Losses and LAE incurred:
Current year losses		121.0		118.7
Prior year losses		1.3		(0.1	)
Total losses incurred		122.3		118.6
Losses and LAE paid:
Current year losses		8.0		6.8
Prior year losses		124.6		117.4
Total paid losses		132.6		124.2
Net unpaid losses and LAE at end of period		1,385.5		1,450.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		407.1		424.0
Unpaid losses and LAE at end of period	$	1,792.6	$	1,874.5

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.6 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.


EMPLOYERS HOLDINGS, INC. Consolidated Investment Portfolio (unaudited) $ in millions

	March 31, 2025									December 31, 2024
Investment Positions:	Cost or Amortized Cost ⁽¹⁾		Net Unrealized Gain (Loss)			Fair Value		%		Fair Value		%
Fixed maturity securities	$	2,165.7	$	(76.9	)	$	2,087.4	82	%	$	2,097.4	83	%
Equity securities		151.4		102.7			254.2	10			259.8	10
Short-term investments		—		—			—	—			0.1	—
Other invested assets		85.0		10.4			95.4	4			106.6	4
Cash and cash equivalents		100.4		—			100.4	4			68.3	3
Restricted cash and cash equivalents		0.2		—			0.2	—			0.2	—
Total investments and cash	$	2,502.7	$	36.2		$	2,537.6	100	%	$	2,532.4	100	%

Breakout of Fixed Maturity Securities:
U.S. Treasuries and agencies	$	68.0	$	(0.9	)	$	67.1	3	%	$	59.3	3	%
States and municipalities		161.3		(1.6	)		159.7	8			159.3	8
Corporate securities		821.8		(33.6	)		788.0	38			803.0	38
Mortgage-backed securities		727.1		(36.8	)		689.9	33			684.9	33
Asset-backed securities		212.3		—			212.3	10			214.0	10
Collateralized loan obligations		26.4		(0.2	)		26.2	1			35.3	2
Bank loans and other		148.8		(3.8	)		144.2	7			141.6	7
Total fixed maturity securities	$	2,165.7	$	(76.9	)	$	2,087.4	100	%	$	2,097.4	100	%

Weighted average book yield	4.5%	4.5%
Average credit quality (S&P)	A+	A+
Duration	4.3	4.5

(1)	Amortized cost excludes allowance for current expected credit losses of $1.4 million.


EMPLOYERS HOLDINGS, INC. Book Value Per Share (unaudited) $ in millions, except per share amounts

		March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2023
Numerators:
Stockholders’ equity	A	$	1,075.7		$	1,068.7		$	1,018.9		$	1,013.9
Plus: Deferred Gain			92.4			94.0			97.2			99.2
Stockholders’ equity including the Deferred Gain ⁽¹⁾	B		1,168.1			1,162.7			1,116.1			1,113.1
Accumulated other comprehensive loss			76.8			104.5			122.6			108.9
Income taxes related to accumulated other comprehensive loss			(16.1	)		(22.0	)		(25.7	)		(22.9	)
Adjusted stockholders’ equity ⁽¹⁾	C	$	1,228.8		$	1,245.2		$	1,213.0		$	1,199.1

Denominator (shares outstanding)	D		24,210,602			24,556,706			25,343,504			25,369,753

Book value per share ⁽¹⁾	A / D	$	44.43		$	43.52		$	40.20		$	39.96
Book value per share including the Deferred Gain⁽¹⁾	B / D		48.25			47.35			44.04			43.88
Adjusted book value per share ⁽¹⁾	C / D		50.75			50.71			47.86			47.26

Year-over-year change in: ⁽²⁾
Book value per share			13.5	%		11.9	%		14.5	%		18.1	%
Book value per share including the Deferred Gain			12.3			10.6			13.1			16.3
Adjusted book value per share			8.5			9.8			10.8			10.5

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2)	Reflects the twelve month change in book value per share after taking into account dividends declared of $1.20, $1.18, $1.12 and $1.10 for the twelve month periods ended March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.


EMPLOYERS HOLDINGS, INC. Earnings Per Share (unaudited) $ in millions, except per share amounts

		Three Months Ended
		March 31,
			2025			2024
Numerators:
Net income	A	$	12.8		$	28.3
Impact of the LPT Agreement			(1.6	)		(2.1	)
Net income excluding LPT ⁽¹⁾	B		11.2			26.2
Net realized and unrealized losses (gains) on investments			12.8			(11.4	)
Income tax (benefit) expense related to items excluded from Net income			(2.7	)		2.4
Adjusted net income ⁽¹⁾	C	$	21.3		$	17.2

Denominators:
Average common shares outstanding (basic)	D		24,398,610			25,345,942
Average common shares outstanding (diluted)	E		24,606,572			25,535,971

Earnings per share:
Basic	A / D	$	0.52		$	1.12
Diluted	A / E		0.52			1.11

Earnings per share excluding LPT: ⁽¹⁾
Basic	B / D	$	0.46		$	1.03
Diluted	B / E		0.46			1.03

Adjusted earnings per share: ⁽¹⁾
Basic	C / D	$	0.87		$	0.68
Diluted	C / E		0.87			0.67

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.

Non-GAAP Financial Measures

Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

The MIL Network –

May 2, 2025

MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.

Earnings Highlights	Three Months Ended
($ in thousands, except per share & ratios)	Mar. 2025			Mar. 2024		% Change
Operating revenue	$	15,386		$	13,131	17.2	%
Interest income		17,372			15,300	13.5	%
Interest expense		6,093			6,120	-0.4	%
Net interest income		11,279			9,180	22.9	%
Provision for credit losses		387			–	N/M
Noninterest income		4,107			3,951	3.9	%
Noninterest expense		12,410			10,282	20.7	%
Net income		2,158			2,368	-8.9	%
Merger adjusted Earnings per diluted share		0.42			0.33	27.3	%
Earnings per diluted share		0.33			0.35	-5.7	%
Merger adjusted Return on Avg. Assets		0.76	%		0.67%	13.4	%
Return on average assets		0.60	%		0.71%	-15.5	%
Merger adjusted Return on Avg. Equity		8.35	%		7.26%	15.0	%
Return on average equity		6.63	%		7.72%	-14.1	%

“Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

RESULTS OF OPERATIONS

Consolidated Revenue

In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

Mortgage Loan Business

Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.


Mortgage Banking
($ in thousands)	Mar. 2025			Dec. 2024			Sep. 2024			Jun. 2024			Mar. 2024			Prior Year Growth
Mortgage originations	$	39,775		$	72,534		$	70,715		$	75,110		$	42,912		$	(3,137	)
Mortgage sales		39,279			62,301			61,271			55,835			36,623			2,656
Mortgage servicing portfolio		1,432,184			1,427,318			1,406,273			1,389,805			1,371,713			60,471
Mortgage servicing rights		14,965			14,868			14,357			14,548			14,191			774


Revenue
Loan servicing fees		894			886			874			862			855			39
OMSR amortization		(294	)		(358	)		(370	)		(335	)		(273	)		(21	)
Net administrative fees		600			528			504			527			582			18
OMSR valuation adjustment		11			288			(465	)		38			181			(170	)
Net loan servicing fees		611			816			39			565			763			(152	)
Gain on sale of mortgages		849			1,196			1,311			1,277			781			68
Mortgage banking revenue, net	$	1,460		$	2,012		$	1,350		$	1,842		$	1,544		$	(84	)

Noninterest Income and Noninterest Expense

“Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.


Noninterest Income/Noninterest Expense
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Prior Year Growth
Noninterest Income (NII)	$	4,107	$	4,557	$	4,123	$	4,386	$	3,951	$	156
NII / Total Revenue		26.7%		29.5%		28.8%		31.5%		30.1%		-3.4%
NII / Average Assets		1.1%		1.3%		1.2%		1.3%		1.2%		-0.1%
Total Revenue Growth		17.2%		2.2%		4.5%		-0.6%		-6.1%		23.3%

Noninterest Expense (NIE)	$	12,410	$	11,003	$	11,003	$	10,671	$	10,282	$	2,128
Efficiency Ratio		80.0%		71.1%		76.8%		75.9%		78.2%		1.8%
NIE / Average Assets		3.4%		3.2%		3.2%		3.2%		3.1%		0.3%
Net Noninterest Expense/Avg. Assets		-2.3%		-1.9%		-2.0%		-1.9%		-1.9%		-0.4%
Total Expense Growth		20.7%		6.1%		5.0%		3.2%		-4.6%		25.3%

Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

“Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

Balance Sheet

As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

“As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”


Loan Balances
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Annual Growth
Commercial	$	125,878	$	124,764	$	123,821	$	123,287	$	120,016	$	5,862
% of Total		11.6%		11.9%		12.0%		12.3%		12.1%		4.9%
Commercial RE		509,518		479,573		459,449		434,967		429,362		80,156
% of Total		46.8%		45.8%		44.6%		43.3%		43.3%		18.7%
Agriculture		61,443		64,680		64,887		64,329		62,365		(922	)
% of Total		5.6%		6.2%		6.3%		6.4%		6.3%		-1.5%
Residential RE		319,307		308,378		314,010		316,233		314,668		4,639
% of Total		29.3%		29.5%		30.5%		31.5%		31.7%		1.5%
Consumer & Other		72,128		69,340		67,788		66,574		65,141		6,987
% of Total		6.6%		6.6%		6.6%		6.6%		6.6%		10.7%
Total Loans	$	1,088,274	$	1,046,735	$	1,029,955	$	1,005,390	$	991,552	$	96,722
Total Growth Percentage												9.8%


Deposit Balances
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Annual Growth
Non-Int DDA	$	240,446	$	232,155	$	222,425	$	208,244	$	219,395	$	21,051
% of Total		18.9%		20.1%		19.2%		18.7%		19.7%		9.6%
Interest DDA		208,583		201,085		202,097		190,857		169,171		39,412
% of Total		16.4%		17.4%		17.4%		17.1%		15.2%		23.3%
Savings		285,902		237,987		241,761		231,855		244,157		41,745
% of Total		22.5%		20.6%		20.8%		20.8%		21.9%		17.1%
Money Market		257,013		222,161		228,182		225,650		221,362		35,651
% of Total		20.2%		19.3%		19.7%		20.2%		19.9%		16.1%
Time Deposits		279,276		259,217		265,068		258,582		258,257		21,019
% of Total		22.0%		22.5%		22.9%		23.2%		23.2%		8.1%
Total Deposits	$	1,271,220	$	1,152,605	$	1,159,533	$	1,115,188	$	1,112,342	$	158,878
Total Growth Percentage												14.3%

Asset Quality

As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

“Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”


Nonperforming Assets
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024			Annual Change
Commercial & Agriculture	$	3,418	$	2,927	$	2,899	$	2,781	$	897	$	2,521
% of Total Com./Ag. loans		1.82%		1.55%		1.54%		1.48%		0.49%		281.0%
Commercial RE		798		807		813		475		49		749
% of Total CRE loans		0.16%		0.17%		0.18%		0.11%		0.01%		1528.6%
Residential RE		1,608		1,539		1,536		1,247		1,295		313
% of Total Res. RE loans		0.50%		0.50%		0.49%		0.39%		0.41%		24.2%
Consumer & Other		227		243		270		231		193		34
% of Total Con./Oth. loans		0.31%		0.35%		0.40%		0.35%		0.30%		17.6%
Total Nonaccruing Loans		6,051		5,516		5,518		4,734		2,434		3,617
% of Total loans		0.56%		0.53%		0.54%		0.47%		0.25%		148.6%
Foreclosed Assets and Other Assets		73		–		–		510		510		(437	)
Total Change (%)												-85.7%
Total Nonperforming Assets	$	6,124	$	5,516	$	5,518	$	5,244	$	2,944	$	3,180
% of Total assets		0.41%		0.40%		0.40%		0.39%		0.22%		108.02%

Webcast and Conference Call

The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Investor Contact Information:

Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com

Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com

		SB FINANCIAL GROUP, INC.
		CONSOLIDATED BALANCE SHEETS – (Unaudited)

				March			December			September			June			March
			($ in thousands)		2025			2024			2024			2024			2024

ASSETS
	Cash and due from banks			$	105,145		$	25,928		$	49,348		$	21,983		$	26,602
	Interest bearing time deposits				1,565			1,565			1,706			2,417			2,417
	Available-for-sale securities				199,721			201,587			211,511			207,856			213,239
	Loans held for sale				4,286			6,770			8,927			7,864			4,730
	Loans, net of unearned income				1,088,274			1,046,735			1,029,955			1,005,390			991,552
	Allowance for credit losses				(15,391	)		(15,096	)		(15,278	)		(15,612	)		(15,643	)
	Premises and equipment, net				21,875			20,456			20,715			20,860			20,985
	Federal Reserve and FHLB Stock, at cost				5,340			5,223			5,223			5,204			6,512
	Foreclosed assets and other assets				73			–			–			510			510
	Interest receivable				5,072			4,908			4,842			4,818			3,706
	Goodwill				27,158			23,239			23,239			23,239			23,239
	Cash value of life insurance				30,871			30,685			30,488			30,294			30,103
	Mortgage servicing rights				14,965			14,868			14,357			14,548			14,191
	Other assets				12,048			12,649			8,916			12,815			13,869

			Total assets	$	1,501,002		$	1,379,517		$	1,393,949		$	1,342,186		$	1,336,012



LIABILITIES AND SHAREHOLDERS’ EQUITY
	Deposits
		Non interest bearing demand		$	240,446		$	232,155		$	222,425		$	208,244		$	219,395
		Interest bearing demand			208,583			201,085			202,097			190,857			169,171
		Savings			285,902			237,987			241,761			231,855			244,157
		Money market			257,013			222,161			228,182			225,650			221,362
		Time deposits			279,276			259,217			265,068			258,582			258,257

			Total deposits		1,271,220			1,152,605			1,159,533			1,115,188			1,112,342

	Short-term borrowings				11,058			10,585			15,240			15,178			12,916
	Federal Home Loan Bank advances				35,000			35,000			35,000			35,000			35,000
	Trust preferred securities				10,310			10,310			10,310			10,310			10,310
	Subordinated debt net of issuance costs				19,702			19,690			19,678			19,666			19,654
	Interest payable				2,634			2,351			3,374			2,944			2,772
	Other liabilities				19,552			21,468			17,973			18,421			19,295

			Total liabilities		1,369,476			1,252,009			1,261,108			1,216,707			1,212,289

	Shareholders’ Equity
		Common stock			61,319			61,319			61,319			61,319			61,319
		Additional paid-in capital			14,955			15,194			15,090			15,195			14,978
		Retained earnings			117,397			116,186			113,515			112,104			109,938
		Accumulated other comprehensive loss			(26,872	)		(30,234	)		(24,870	)		(31,801	)		(31,547	)
		Treasury stock			(35,273	)		(34,957	)		(32,213	)		(31,338	)		(30,965	)

			Total shareholders’ equity		131,526			127,508			132,841			125,479			123,723

			Total liabilities and shareholders’ equity	$	1,501,002		$	1,379,517		$	1,393,949		$	1,342,186		$	1,336,012

SB FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)

($ in thousands, except per share & ratios)			At and for the Three Months Ended

			March		December			September		June		March
Interest income				2025		2024			2024		2024		2024
	Loans
	Taxable		$	15,244	$	14,920		$	14,513	$	13,883	$	13,547
	Tax exempt			115		122			127		124		123
	Securities
	Taxable			1,169		1,178			1,192		1,226		1,274
	Tax exempt			38		35			37		37		37
	Other interest income			806		592			679		384		319

		Total interest income		17,372		16,847			16,548		15,654		15,300

Interest expense
	Deposits			5,352		5,169			5,568		5,208		5,090
	Repurchase agreements & other			24		41			43		36		34
	Federal Home Loan Bank advances			362		369			369		370		613
	Trust preferred securities			160		177			187		187		188
	Subordinated debt			195		194			195		194		195

		Total interest expense		6,093		5,950			6,362		5,995		6,120


Net interest income				11,279		10,897			10,186		9,659		9,180

	Provision for credit losses			387		(76	)		200		–		–

Net interest income after provision
for loan losses				10,892		10,973			9,986		9,659		9,180

Noninterest income
	Wealth management fees			864		916			882		848		865
	Customer service fees			879		842			870		875		880
	Gain on sale of mtg. loans & OMSR			849		1,196			1,311		1,277		781
	Mortgage loan servicing fees, net			611		816			39		565		763
	Gain on sale of non-mortgage loans			15		10			20		105		10
	Title insurance revenue			397		478			485		406		266
	Net gain on sales of securities			–		–			–		–		–
	Gain (loss) on sale of assets			–		–			200		–		–
	Other			492		299			316		310		386

		Total noninterest income		4,107		4,557			4,123		4,386		3,951

Noninterest expense
	Salaries and employee benefits			6,237		6,185			6,057		6,009		5,352
	Net occupancy expense			893		702			706		707		769
	Equipment expense			1,072		1,127			1,069		1,060		1,077
	Data processing fees			1,439		821			758		727		769
	Professional fees			1,034		895			659		615		758
	Marketing expense			165		207			241		176		197
	Telephone and communication expense			139		136			128		156		105
	Postage and delivery expense			137		116			145		89		97
	State, local and other taxes			224		224			208		230		245
	Employee expense			174		168			228		159		178
	Other expenses			896		422			804		743		735

		Total noninterest expense		12,410		11,003			11,003		10,671		10,282


Income before income tax expense				2,589		4,527			3,106		3,374		2,849

	Income tax expense			431		892			752		261		481

Net income			$	2,158	$	3,635		$	2,354	$	3,113	$	2,368

Common share data:
	Basic earnings per common share		$	0.33	$	0.55		$	0.35	$	0.47	$	0.35
	Diluted earnings per common share		$	0.33	$	0.55		$	0.35	$	0.47	$	0.35

Average shares outstanding (in thousands):
	Basic:			6,481		6,575			6,660		6,692		6,715
	Diluted:			6,502		6,599			6,675		6,700		6,723

SB FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)

($ in thousands, except per share & ratios)	At and for the Three Months Ended

	March			December			September			June			March
SUMMARY OF OPERATIONS		2025			2024			2024			2024			2024

Net interest income	$	11,279		$	10,897		$	10,186		$	9,659		$	9,180
Tax-equivalent adjustment		41			42			44			43			43
Tax-equivalent net interest income		11,320			10,939			10,230			9,702			9,223
Provision for credit loss		387			(76	)		200			–			–
Noninterest income		4,107			4,557			4,123			4,386			3,951
Total operating revenue		15,386			15,454			14,309			14,045			13,131
Noninterest expense		12,410			11,003			11,003			10,671			10,282
Pre-tax pre-provision income		2,976			4,451			3,306			3,374			2,849
Net income		2,158			3,635			2,354			3,113			2,368

PER SHARE INFORMATION:
Basic earnings per share (EPS)		0.33			0.55			0.35			0.47			0.35
Diluted earnings per share		0.33			0.55			0.35			0.47			0.35
Common dividends		0.145			0.145			0.140			0.140			0.135
Book value per common share		20.29			19.64			20.05			18.80			18.46
Tangible book value per common share (TBV)		15.79			16.00			16.49			15.26			14.93
Market price per common share		20.82			20.91			20.56			14.00			13.78
Market price to TBV		131.8	%		130.7	%		124.7	%		91.8	%		92.3	%
Market price to trailing 12 month EPS		12.2			12.1			11.8			7.9			7.9

PERFORMANCE RATIOS:
Return on average assets (ROAA)		0.60	%		1.04	%		0.68	%		0.93	%		0.71	%
Pre-tax pre-provision ROAA		0.83	%		1.28	%		0.96	%		1.01	%		0.86	%
Return on average equity (ROE)		6.63	%		11.13	%		7.32	%		10.16	%		7.72	%
Return on average tangible equity		8.32	%		13.58	%		8.97	%		12.59	%		9.55	%
Efficiency ratio		80.00	%		71.09	%		76.78	%		75.86	%		78.17	%
Earning asset yield		5.23	%		5.18	%		5.16	%		5.02	%		4.97	%
Cost of interest bearing liabilities		2.32	%		2.36	%		2.53	%		2.47	%		2.55	%
Net interest margin		3.40	%		3.35	%		3.17	%		3.10	%		2.99	%
Tax equivalent effect		0.01	%		0.01	%		0.02	%		0.01	%		0.01	%
Net interest margin, tax equivalent		3.41	%		3.36	%		3.19	%		3.11	%		3.00	%
Non interest income/Average assets		1.14	%		1.31	%		1.20	%		1.31	%		1.19	%
Non interest expense/Average assets		3.45	%		3.15	%		3.20	%		3.18	%		3.08	%
Net noninterest expense/Average assets		-2.31	%		-1.85	%		-2.00	%		-1.87	%		-1.90	%

ASSET QUALITY RATIOS:
Gross charge-offs		87			195			29			–			66
Recoveries		2			13			2			16			9
Net charge-offs		85			182			27			(16	)		57
Nonperforming loans/Total loans		0.56	%		0.53	%		0.54	%		0.47	%		0.25	%
Nonperforming assets/Loans & OREO		0.56	%		0.53	%		0.54	%		0.52	%		0.30	%
Nonperforming assets/Total assets		0.41	%		0.40	%		0.40	%		0.39	%		0.22	%
Allowance for credit loss/Nonperforming loans		254.35	%		273.68	%		276.83	%		329.78	%		642.69	%
Allowance for credit loss/Total loans		1.41	%		1.44	%		1.48	%		1.55	%		1.58	%
Net loan charge-offs/Average loans (ann.)		0.03	%		0.07	%		0.01	%		(0.01	%)		0.02	%

CAPITAL & LIQUIDITY RATIOS:
Loans/ Deposits		85.61	%		90.81	%		88.82	%		90.15	%		89.14	%
Equity/ Assets		8.76	%		9.24	%		9.53	%		9.35	%		9.26	%
Tangible equity/Tangible assets		6.96	%		7.66	%		7.97	%		7.72	%		7.63	%
Common equity tier 1 ratio (Bank)		12.35	%		13.43	%		13.19	%		13.98	%		13.84	%

END OF PERIOD BALANCES
Total assets		1,501,002			1,379,517			1,393,949			1,342,186			1,336,012
Total loans		1,088,274			1,046,735			1,029,955			1,005,390			991,552
Deposits		1,271,220			1,152,605			1,159,533			1,115,188			1,112,342
Shareholders equity		131,526			127,508			132,841			125,479			123,723
Goodwill and intangibles		29,125			23,597			23,613			23,630			23,646
Tangible equity		102,401			103,911			109,228			101,849			100,077
Mortgage servicing portfolio		1,432,184			1,427,318			1,406,273			1,389,805			1,371,713
Wealth/Brokerage assets under care		519,158			547,697			557,724			525,713			525,517
Total assets under care		3,452,344			3,354,532			3,357,946			3,257,704			3,233,242
Full-time equivalent employees		262			252			248			249			245
Period end common shares outstanding		6,483			6,494			6,624			6,676			6,702
Market capitalization (all)		134,982			135,780			136,189			93,458			92,359

AVERAGE BALANCES
Total assets		1,459,896			1,395,473			1,376,849			1,342,847			1,333,236
Total earning assets		1,346,354			1,301,872			1,283,407			1,246,099			1,230,736
Total loans		1,076,328			1,040,580			1,018,262			1,005,018			993,310
Deposits		1,227,449			1,163,531			1,145,964			1,120,367			1,091,803
Shareholders equity		131,944			130,647			128,608			122,510			123,058
Goodwill and intangibles		26,714			23,605			23,621			23,638			23,654
Tangible equity		105,230			107,042			104,987			98,872			99,404
Average basic shares outstanding		6,481			6,575			6,660			6,692			6,715
Average diluted shares outstanding		6,502			6,599			6,675			6,700			6,723

SB FINANCIAL GROUP, INC.
	Rate Volume Analysis – (Unaudited)
	For the Three Months Ended Mar. 31, 2025 and 2024

	($ in thousands)	Three Months Ended Mar. 31, 2025							Three Months Ended Mar. 31, 2024
		Average					Average		Average					Average
Assets		Balance			Interest		Rate		Balance			Interest		Rate

	Taxable securities	$	196,880		$	1,276	2.63	%	$	210,252		$	1,413	2.70	%
	Overnight Cash		66,460			699	4.27	%		20,729			180	3.48	%
	Nontaxable securities		6,686			38	2.30	%		6,445			37	2.30	%
	Loans, net		1,076,328			15,359	5.79	%		993,310			13,670	5.52	%

	Total earning assets		1,346,354			17,372	5.23	%		1,230,736			15,300	4.99	%

	Cash and due from banks		10,339							4,512
	Allowance for loan losses		(15,238	)						(15,830	)
	Premises and equipment		21,082							21,281
	Other assets		97,359							92,537

	Total assets	$	1,459,896						$	1,333,236

Liabilities
	Savings, MMDA and interest bearing demand	$	709,324		$	2,959	1.69	%	$	605,243		$	2,525	1.67	%
	Time deposits		276,253			2,393	3.51	%		258,592			2,565	3.98	%
	Repurchase agreements & other		13,106			24	0.74	%		15,993			34	0.85	%
	Advances from Federal Home Loan Bank		35,044			362	4.19	%		51,030			613	4.82	%
	Trust preferred securities		10,310			160	6.29	%		10,310			188	7.31	%
	Subordinated debt		19,694			195	4.02	%		19,646			195	3.98	%

	Total interest bearing liabilities		1,063,731			6,093	2.32	%		960,814			6,120	2.55	%

	Non interest bearing demand		241,872			–				227,968			–

	Total funding		1,305,603				1.89	%		1,188,782				2.06	%
							44.20	%					1
	Other liabilities		22,349							21,396

	Total liabilities		1,327,952							1,210,178

	Equity		131,944							123,058

	Total liabilities and equity	$	1,459,896						$	1,333,236

	Net interest income				$	11,279						$	9,180

	Net interest income as a percent of average interest-earning assets – GAAP measure						3.40	%						2.99	%

	Net interest income as a percent of average interest-earning assets – non GAAP						3.41	%						3.00	%
	– Computed on a fully tax equivalent (FTE) basis

Non-GAAP reconciliation	Three Months Ended

($ in thousands, except per share & ratios)	Mar. 31, 2025			Mar. 31, 2024

Total Operating Revenue	$	15,386		$	13,131
Adjustment to (deduct)/add OMSR recapture/impairment *		(11	)		(181	)

Adjusted Total Operating Revenue		15,375			12,950


Total Operating Expense	$	12,410		$	10,282
Adjustment for merger expenses		(726	)		–

Adjusted Total Operating Expense		11,684			10,282


Income before Income Taxes		2,589			2,849
Adjustment for OMSR*/Merger Expenses		715			(181	)

Adjusted Income before Income Taxes		3,304			2,668


Provision for Income Taxes		431			481
Adjustment for OMSR/Merger Expenses **		150			(38	)

Adjusted Provision for Income Taxes		581			443


Net Income		2,158			2,368
Adjustment for OMSR*/Merger Expenses		565			(143	)

Adjusted Net Income		2,723			2,225


Diluted Earnings per Share		0.33			0.35
Adjustment for OMSR*/Merger Expenses		0.09			(0.02	)

Adjusted Diluted Earnings per Share	$	0.42		$	0.33


Return on Average Assets		0.60	%		0.71	%
Adjustment for OMSR*/Merger Expenses		0.15	%		-0.04	%

Adjusted Return on Average Assets		0.75	%		0.67	%

*valuation adjustment to the Company’s mortgage servicing rights

**tax effect is calculated using a 21% statutory federal corporate income tax rate

The MIL Network –

May 2, 2025

MIL-OSI: Mercury Acquires Star Lab to Advance Its Leadership Position in Secure Processing

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., May 01, 2025 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing to the edge, today announced the closure of an agreement that will further advance the company’s leadership position in secure processing capabilities for aerospace and defense applications.

Mercury has completed the acquisition of Star Lab, a subsidiary of Wind River Systems, Inc., that provides anti-tamper and cybersecurity software solutions designed to protect mission-critical processors from advanced attacks. Mercury has worked with Star Lab for more than a decade, leveraging its technology in deployed and awarded Common Processing Architecture and BuiltSECURE™ products, which mitigate reverse engineering and safeguard confidential data from adversarial threats even when a system has been compromised. This unique technology is required across many defense applications in order to deter, impede, detect, and respond to the exploitation of critical program information.

Star Lab software is readily and easily integrated with many other Mercury products to provide unique and valuable cybersecurity protection for customers. The acquisition will enhance a wide range of Mercury products and solutions, such as rugged servers, embedded processing cards, mixed signal cards, avionics, and integrated processing solutions. Star Lab will join Mercury’s Processing Technologies business unit.

“Mercury is a leader in secure processing technologies for aerospace and defense platforms, with unique expertise and IP related to advanced cryptography, secure boot, and physical protection technologies,” said Tom Smelker, Mercury’s Senior Vice President of Processing Technologies. “As holistic security becomes increasingly essential for government missions, the acquisition of Star Lab will allow Mercury to deliver an expanded portfolio of fully integrated security solutions to our customers and partners.”

Mercury Systems – Innovation that matters®
Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

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

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

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

The MIL Network –

May 2, 2025

MIL-OSI: Ready Capital Corporation Announces First Quarter 2025 Results and Webcast Call

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its first quarter 2025 financial results after the New York Stock Exchange closes on Thursday, May 8, 2025. Management will host a webcast and conference call on Friday, May 9, 2025 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended March 31, 2025.

Webcast:
The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

Dial-in:
The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

Replay:
A replay of the call will also be available on the Company’s website approximately two hours after the live call through May 23, 2025. To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13750797.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

The MIL Network –

May 2, 2025

MIL-OSI: Runway Growth Finance Corp. Reschedules Release of First Quarter 2025 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

MENLO PARK, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that it has rescheduled its previously announced release of first quarter 2025 financial results to after market close on Monday, May 12, 2025. Runway Growth will now host a conference call and simultaneous webcast to discuss its first quarter 2025 financial results on a conference call that day at 2:00 p.m. PT (5:00 p.m. ET).

To participate in the conference call or webcast, participants should register online at the Runway Growth Investor Relations website. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. The earnings call can also be accessed through the following links:

A replay of the webcast will be available two hours after the call and archived on the same web page for 90 days.

About Runway Growth Finance Corp.
Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

IR Contacts:
Taylor Donahue, Prosek Partners, rway@prosek.com
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

The MIL Network –

May 2, 2025

MIL-OSI: Gabelli Announces Partnership with Keeley’s Asset and Wealth Management Services

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn. and CHICAGO, May 01, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) announced today that it has reached an agreement with Teton Advisors, Inc. (OTC Pink: TETAA) for the investment management services business of Keeley – Teton Advisors, LLC (“Keeley”). Keeley consists of four mutual funds and approximately 500 separately managed accounts (SMAs) with assets under management (“AUM”) of close to $1.0 billion.

As part of the transaction, employees of Chicago-based Keeley — which include research, portfolio management, and client service professionals — will continue to operate under the Keeley name and service existing clients. Keeley is led by Kevin M. Keeley, son of founder, John L. Keeley, Jr..

“Our history with Keeley began in the mid-1960s when John L. Keeley, Jr. and I were both sell side analysts,” said Mario Gabelli, founder of Gabelli. “John and I were always of the mindset that clients come first, and that philosophy still holds true today. John L. Keeley, Jr. and I were among a handful that started firms in the mid-1970s. It is with great pleasure that we welcome Keeley clients and teammates to our firm and look forward to continue serving as trusted stewards to our customers.”

“Today’s announcement marks a pivotal milestone for Keeley and highlights our commitment to delivering long-term value for our customers and stakeholders,” said Kevin M. Keeley, CEO of Keeley. “While we have been a partner to Gabelli for many years, we are pleased to now be more closely aligned to such a highly regarded asset manager. We look forward to continuing to offer best in-class service to our clients.”

About Gabelli

Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst™). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:	Kieran Caterina
	SVP, Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

The MIL Network –

May 2, 2025

MIL-OSI: T1 Provides Update from G1 Dallas

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) provided an update on the Company’s progress at its G1 Dallas solar module manufacturing facility in Wilmer, Texas.

Highlights

On April 30^th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline
The conversion of the construction loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete
T1 produced 443 MW of PV solar modules at G1 Dallas during Q1 2025, equivalent to 96% of the Company’s production plan

On April 30, 2025, the construction loan of the G1 Dallas solar module manufacturing facility converted to a $235 million term loan in accordance with the terms set forth by T1’s banking consortium of commercial lenders. The term conversion occurred following T1’s satisfaction of certain conditions precedent, including:

A formal acknowledgement by each of T1’s solar module offtake customers that facility commissioning had occurred;
Confirmation by Gray Construction, Inc. that substantial completion of G1 construction had occurred; and
Certification by an independent engineer that G1 Dallas, with a total annual production capacity of 5 GW, has been installed, tested, and is ready and capable of being used for its intended purposes in a safe manner.

“The term conversion of the G1 Dallas construction loan is an important milestone for T1,” said Evan Calio, T1’s Chief Financial Officer. “With commissioning and third-party technical certification of the facility complete, G1 Dallas is now fully operational, and all production lines have been handed over to our operations team.”

G1 Operations Update

During Q1 2025, G1 Dallas produced 443 MW of PV solar modules while construction, commissioning, testing, and inspection of the production lines were ongoing, equating to 96% of T1’s Q1 production plan. In addition, T1 has elected to optimize the G1 product mix for prevailing market conditions by converting three production lines from PERC to TOPCon technology.

About T1 Energy

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

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

Investor contact:

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

Media contact:

Amy Jaick
SVP, Communications
amy.jaick@T1energy.com
Tel: +1 973 713-5585

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a689f8d-4c71-4a98-84c8-7f2d331544d3

The MIL Network –

May 2, 2025

MIL-OSI: Bimini Capital Management Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025.

First Quarter 2025 Highlights

Net income of $0.6 million, or $0.06 per common share
Book value per share of $0.74
Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET

Management Commentary

Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “While economic data and events generally are never uniformly stable or consistent, the first quarter of 2025 was relatively uneventful. Interest rates were generally range bound, and volatility was low for most of the quarter. These are ideal conditions for a levered investment strategy in Agency RMBS. Accordingly, the Company and the Agency RMBS market generated attractive returns for the period. Orchid Island Capital’s stock also traded well during the quarter – at least until the last week of the quarter. Orchid was able to take advantage of these conditions and the performance of its common stock price and raise additional capital, enhancing the Company’s advisory service revenues going forward.

“Although we did not add to the RMBS portfolio at our Royal Palm Capital subsidiary this quarter we did several times during 2024, and with funding costs down as a result of Fed rates cuts late in 2024, our net interest income, inclusive of dividends from our holdings of Orchid, increased substantially.

“While the first quarter market conditions were very supportive of our two operating segments, conditions so far in the second quarter have been challenging. At the moment, there remains considerable uncertainty about how the tariffs introduced by the new administration will ultimately impact the economy and markets. To the extent the economy slows, leading to potential additional rate cuts by the Fed, and/or longer-term interest rates rise as a result of the inflationary impacts of the tariffs, both the Company’s investment portfolio as well as Orchid’s could benefit from enhanced net interest margins resulting from the steeper interest rate curve.”

Details of First Quarter 2025 Results of Operations

Orchid reported net income for the first quarter 2025 of $17.1 million and generated a 2.60% return on its book value for the quarter – not annualized. Orchid also raised $205.4 million during the quarter and its shareholders equity increased from $668.5 million at December 31, 2024 to $855.9 million at March 31, 2025. As a result, Bimini’s advisory service revenues of approximately $3.6 million represented a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024.

Royal Palm did not add to the RMBS portfolio during the first quarter of 2025 but did so several times during 2024, and interest revenue increased 25% over the first quarter of 2024 and 4% over the fourth quarter of 2024. With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 64% over the first quarter of 2024 and by approximately 35% over the fourth quarter of 2024. Note these figures represent just the net interest income from the investment portfolio, and do not include interest charges on our trust preferred or other long-term debt.

Interest charges on the preferred trust and other long-term debt of $0.54 million were down 8% from the fourth quarter of 2024 and 12% from the first quarter of 2024. Expenses of $2.92 million increased 4% from the fourth quarter of 2024 and decreased 3% from the first quarter of 2024. Bimini recorded an income tax provision of $0.2 million for the first quarter of 2025.

Management of Orchid Island Capital, Inc.

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended March 31, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended March 31, 2025, Bimini recorded $3.6 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.7 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

Book Value Per Share

The Company’s book value per share on March 31, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At March 31, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

Capital Allocation and Return on Invested Capital

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

Portfolio Activity for the Quarter
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Market Value – December 31, 2024	$	120,055,716		$	2,285,605		$	6,849		$	2,292,454		$	122,348,170
Securities purchased		–			–			–			–			–
Return of investment		n/a			(77,876	)		(346	)		(78,222	)		(78,222	)
Pay-downs		(2,793,832	)		n/a			n/a			n/a			(2,793,832	)
Discount accreted due to pay-downs		19,415			n/a			n/a			n/a			19,415
Mark to market gains		1,423,056			45,169			1,368			46,537			1,469,593
Market Value – March 31, 2025	$	118,704,355		$	2,252,898		$	7,871		$	2,260,769		$	120,965,124

The tables below present the allocation of capital between the respective portfolios at March 31, 2025 and December 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended March 31, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

Capital Allocation
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
March 31, 2025
Market value	$	118,704,355		$	2,252,898		$	7,871		$	2,260,769		$	120,965,124
Cash equivalents and restricted cash		5,500,438			–			–			–			5,500,438
Repurchase agreement obligations		(115,510,999	)		–			–			–			(115,510,999	)
Total	$	8,693,794		$	2,252,898		$	7,871		$	2,260,769		$	10,954,563
% of Total		79.4	%		20.5	%		0.1	%		20.6	%		100.0	%
December 31, 2024
Market value	$	120,055,716		$	2,285,605		$	6,849		$	2,292,454		$	122,348,170
Cash equivalents and restricted cash		7,422,746			–			–			–			7,422,746
Repurchase agreement obligations		(117,180,999	)		–			–			–			(117,180,999	)
Total	$	10,297,463		$	2,285,605		$	6,849		$	2,292,454		$	12,589,917
% of Total		81.8	%		18.2	%		0.1	%		18.2	%		100.0	%

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 4.6% and 3.7%, respectively, for the three months ended March 31, 2025. The combined portfolio generated a return on invested capital of approximately 4.4%.

Returns for the Quarter Ended March 31, 2025
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Interest income (net of repo cost)	$	397,204		$	38,427		$	43		$	38,470		$	435,674
Realized and unrealized gains		1,442,471			45,169			1,368			46,537			1,489,008
Hedge losses		(1,368,795	)		n/a			n/a			n/a			(1,368,795	)
Total Return	$	470,880		$	83,596		$	1,411		$	85,007		$	555,887
Beginning capital allocation	$	10,297,463		$	2,285,605		$	6,849		$	2,292,454		$	12,589,917
Return on invested capital for the quarter⁽¹⁾		4.6	%		3.7	%		20.6	%		3.7	%		4.4	%

(1

)

Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

Prepayments

For the first quarter of 2025, the Company received approximately $2.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 7.3%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

	PT	Structured
	MBS Sub-	MBS Sub-	Total
Three Months Ended	Portfolio	Portfolio	Portfolio
March 31, 2025	7.5	6.2	7.3
December 31, 2024	10.9	12.5	11.1
September 30, 2024	6.3	6.7	6.3
June 30, 2024	10.9	5.5	10.0
March 31, 2024	18.0	9.2	16.5

Portfolio

The following tables summarize the MBS portfolio as of March 31, 2025 and December 31, 2024:

($ in thousands)
							Weighted
			Percentage				Average
			of		Weighted		Maturity
	Fair		Entire		Average		in	Longest
Asset Category	Value		Portfolio		Coupon		Months	Maturity
March 31, 2025
Fixed Rate MBS	$	118,704	98.1	%	5.60	%	338	1-Jan-55
Structured MBS		2,261	1.9	%	2.86	%	279	15-May-51
Total MBS Portfolio	$	120,965	100.0	%	5.27	%	337	1-Jan-55
December 31, 2024
Fixed Rate MBS	$	120,056	98.1	%	5.60	%	341	1-Jan-55
Structured MBS		2,292	1.9	%	2.85	%	281	15-May-51
Total MBS Portfolio	$	122,348	100.0	%	5.26	%	340	1-Jan-55

($ in thousands)
	March 31, 2025				December 31, 2024
			Percentage of				Percentage of
Agency	Fair Value		Entire Portfolio		Fair Value		Entire Portfolio
Fannie Mae	$	31,705	26.2	%	$	32,692	26.7	%
Freddie Mac		89,260	73.8	%		89,656	73.3	%
Total Portfolio	$	120,965	100.0	%	$	122,348	100.0	%

	March 31, 2025		December 31, 2024
Weighted Average Pass Through Purchase Price	$	102.72	$	102.72
Weighted Average Structured Purchase Price	$	4.48	$	4.48
Weighted Average Pass Through Current Price	$	100.85	$	99.63
Weighted Average Structured Current Price	$	14.02	$	13.71
Effective Duration ⁽¹⁾		3.257		3.622

(1

)

Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.257 indicates that an interest rate increase of 1.0% would be expected to cause a 3.257% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

Financing and Liquidity

As of March 31, 2025, the Company had outstanding repurchase obligations of approximately $115.5 million with a net weighted average borrowing rate of 4.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $121.4 million. At March 31, 2025, the Company’s liquidity was approximately $4.5 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at March 31, 2025.

($ in thousands)
Repurchase Agreement Obligations
					Weighted		Weighted
	Total				Average		Average
	Outstanding		% of		Borrowing		Maturity
Counterparty	Balances		Total		Rate		(in Days)
South Street Securities, LLC	$	25,952	22.5	%	4.46	%	21
Marex Capital Markets Inc.		24,040	20.8	%	4.45	%	39
DV Securities, LLC Repo		19,282	16.7	%	4.45	%	21
Mirae Asset Securities (USA) Inc.		18,870	16.3	%	4.51	%	51
Clear Street LLC		16,365	14.2	%	4.46	%	49
Mitsubishi UFJ Securities, Inc.		11,002	9.5	%	4.49	%	49
	$	115,511	100.0	%	4.47	%	36

Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the three months ended March 31, 2025 and 2024. Amounts presented are subject to change.

BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited – Amounts Subject to Change)

	March 31, 2025		December 31, 2024
ASSETS
Mortgage-backed securities	$	120,965,124	$	122,348,170
Cash equivalents and restricted cash		5,500,438		7,422,746
Orchid Island Capital, Inc. common stock, at fair value		4,279,414		4,427,372
Accrued interest receivable		587,536		601,640
Deferred tax assets, net		15,750,116		15,930,953
Other assets		4,356,674		4,122,776
Total Assets	$	151,439,302	$	154,853,657

LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase agreements	$	115,510,999	$	117,180,999
Long-term debt		27,362,762		27,368,158
Other liabilities		1,191,564		3,483,093
Total Liabilities		144,065,325		148,032,250
Stockholders’ equity		7,373,977		6,821,407
Total Liabilities and Stockholders’ Equity	$	151,439,302	$	154,853,657
Class A Common Shares outstanding		10,005,457		10,005,457
Book value per share	$	0.74	$	0.68

BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited – Amounts Subject to Change)

	Three Months Ended March 31,
	2025			2024
Advisory services	$	3,582,289		$	2,929,261
Interest and dividend income		1,947,040			1,598,965
Interest expense		(1,844,020	)		(1,815,678	)
Net revenues		3,685,309			2,712,548
Other (expense) income		(27,745	)		926,731
Expenses		2,924,157			3,029,395
Net income before income tax provision		733,407			609,884
Income tax provision		180,837			396,776
Net income	$	552,570		$	213,108

Basic and Diluted Net (Loss) Income Per Share of:
CLASS A COMMON STOCK	$	0.06		$	0.02
CLASS B COMMON STOCK	$	0.06		$	0.02

	Three Months Ended March 31,
Key Balance Sheet Metrics	2025			2024
Average MBS⁽¹⁾	$	121,656,646		$	90,697,087
Average repurchase agreements⁽¹⁾		116,345,999			85,752,999
Average stockholders’ equity⁽¹⁾		7,097,692			8,234,295

Key Performance Metrics
Average yield on MBS⁽²⁾		5.73	%		6.15	%
Average cost of funds⁽²⁾		4.49	%		5.63	%
Average economic cost of funds⁽³⁾		4.13	%		5.54	%
Average interest rate spread⁽⁴⁾		1.24	%		0.52	%
Average economic interest rate spread⁽⁵⁾		1.60	%		0.61	%

(1	)	Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
(2	)	Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
(3	)	Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
(4	)	Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
(5	)	Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

About Bimini Capital Management, Inc.

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

Forward Looking Statements

Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, May 2, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIa731c864bb5447568e7b00d74642ab23. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/cq5fazei or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

CONTACT:
Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
https://ir.biminicapital.com

The MIL Network –

May 2, 2025

MIL-OSI USA: Chairmen Guthrie and Griffith Along with Vice Chairman Joyce and Reps. James and Obernolte Issue Statement on Passage of Bills to Stop California EV Mandates

Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

WASHINGTON, D.C. – Today, Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, and Congressman Morgan Griffith (VA-09), Chairman of the Subcommittee on Environment, along with other members of the Committee applauded the passage of three resolutions of disapproval under the Congressional Review Act to repeal disastrous electric vehicle (EV) mandates.

“The passage of these resolutions is a victory for Americans who will not be forced into purchasing costly EVs because of California’s unworkable mandates,”said Chairmen Guthrie and Griffith. “If not repealed, the California waivers would lead to higher prices for both new and used vehicles, increase our reliance on China, and strain our electric grid. The passage of these three resolutions will help to protect Americans from some of the worst policies of the Biden-Harris Administration. Thank you to Vice Chairman Joyce, Congressman James, and Congressman Obernolte for your work to ensure that families and businesses can continue choosing the vehicles they need.”

“American consumers, not out-of-touch politicians, should decide what vehicle best fits their individual needs,”said Congressman John Joyce, M.D.“Since I arrived in Washington, I have led this fight to protect consumer freedom and save the American auto industry from dangerous environmental regulations. As this legislation takes its first step toward reaching President Trump’s desk, I urge my colleagues in the Senate to support this bill to save our auto industry and protect the freedom of the open road.”

“Michigan is not afraid of the future, but we demand to be a part of it. The Biden Administration left behind comply-or-die Green New Deal mandates that threaten to crush our trucking industry and drive-up costs for hardworking Americans,” said Congressman James. “I know — my family has a trucking company. Republicans are working hard to implement President Trump’s America First Agenda, and the first step is repealing the rules and waivers that fueled Bideninflation.”

“I’m proud that the House passed my resolution to stop California’s unworkable engine emission standards from becoming national policy,”said Congressman Obernolte. “These regulations would raise costs for consumers, crush small businesses, and threaten critical supply chains across the country. It is Congress’ job to ensure that one state’s overreach doesn’t dictate how all Americans live, work, or drive.”

Read an Op-ed from Chairman Guthrie, Vice Chairman Joyce, Congressman James, and Congressman Obernolte on these resolutions here.

Background:

The Clean Air Act generally preempts individual states from setting their own vehicle emission standards. However, section 209 of the Clean Air Act allows the Environmental Protection Agency to waive state preemption for California. This carveout was intended to allow California to implement stricter air vehicle emission standards to address “compelling and extraordinary circumstances” involving local air pollution – not to remake the auto industry and limit consumer choice nationwide.

The Biden EPA granted these waivers that have allowed California to ban sales of new gas, diesel, and hybrid vehicles, as well as heavy-duty trucks, while also mandating 100% electric vehicle sales by 2035. With approval of these resolutions, Congress is exercising its important oversight responsibilities and reining in the regulatory overreach of the previous administration.

H.J.Res. 88, led by Rep. John Joyce (PA-13), Vice Chairman of the House Committee on Energy and Commerce, will repeal California’s Advanced Clean Cars II (ACCII) waiver, allowing the State to ban the sale of gas-powered vehicles by 2035.
H.J.Res. 87, led by Rep. John James (MI-10), will repeal California’s Advanced Clean Trucks (ACT) waiver, which currently would allow the State to mandate the sale of zero-emission trucks.
H.J.Res. 89, led by Rep. Jay Obernolte (CA-23), will put an end to California’s implementation of its most recent nitrogen oxide (NOx) engine emission standards, which create burdensome and unworkable standards for heavy-duty on-road engines.

###

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: Trahan, Connolly Demand Answers on DOGE’s Alleged Privacy Act Violations and Data Risks at NLRB

Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

WASHINGTON, DC – Today, Congresswoman Lori Trahan (MA-03), who previously announced an effort to update the Privacy Act of 1974 to better protect Americans’ sensitive data, and House Oversight and Government Reform Ranking Member Gerald E. Connolly (VA-11) demanded information from the National Labor Relations Board regarding potential violations of federal privacy laws by Elon Musk’s Department of Government Efficiency (DOGE) staffers at the National Labor Relations Board (NLRB).
“We write with an urgent request for information related to the disclosure by a National Labor Relations Board whistleblower that agency officials possibly affiliated with the Department of Government Efficiency may have illegally exfiltrated multiple gigabytes of sensitive data, including the personal information of Americans who reported unfair labor practices,” the lawmakers wrote. “We are deeply concerned that these actions may constitute violations of the Privacy Act of 1974, which can carry criminal penalties, and the Federal Information Security Modernization Act, which requires agency heads to notify Congress of major data breaches.”
The request follows a whistleblower at NLRB sounding the alarm about DOGE representatives removing approximately ten gigabytes of sensitive data, including the personal information of Americans who have previously reported unfair labor practices, and then attempting to cover up their actions. The data removed from the agency could also include companies’ proprietary information.
In addition to concerns about Musk’s conflicts of interest with his company SpaceX currently fighting NLRB complaints, the unverified and unreported exfiltration of Americans’ personal data could constitute violations of both the Privacy Act of 1974, which regulates how the federal government stores and uses Americans’ sensitive data, and the Federal Information Security Modernization Act (FISMA), which requires that federal agencies notify Congress when Americans’ data is breached.
“Based on our understanding of the whistleblowers’ disclosure, we are concerned that NLRB officials, especially those affiliated with DOGE, may have violated both the Privacy Act and FISMA. With respect to the Privacy Act, it is overwhelmingly likely that one or more NLRB employees–and not foreign actors or criminals–perpetrated the massive data exfiltration on March 4th, violating the Act’s disclosure requirements. Moreover, it appears that these officials did so without obtaining written consent nor receiving agency approval for an ‘exception’ to the consent requirement, meaning they could be subject to criminal penalties,” the lawmakers concluded. “And with respect to FISMA, it appears that the whistleblower discovered a ‘major incident’ under any definition of the term proposed by OMB. NLRB subsequently failed to notify Congress, in apparent violation of its statutory requirements: as of writing, neither the House Oversight and Government Reform Committee nor House Education & the Workforce Committee have received notification with the required information about the incident.”
The lawmakers are requesting answers to the following questions by May 16, 2025:

All reports, communications, and written documentation produced during NLRB’s investigation into Mr. Berulis’s concerns that Tim Bearese, the NLRB’s acting press secretary, confirmed took place in a statement to National Public Radio (NPR).
A signed attestation that NLRB determined the events which Mr. Berulis discovered qualify as a “major incident” under the definitions proposed by OMB or, alternatively, an explanation of why the NLRB did not make such a determination.
Why has the NLRB failed to notify relevant Congressional committees as required by FISMA, including the House Oversight and Government Reform and House Education & the Workforce Committees?
For each official who holds, or has previously held since January 20th, 2025, access to NLRB information technology systems:

a.    What is the nature of that employee’s relationship with NLRB?
                                      i.        If the employee is full-time, to what other agencies are they detailed?
                                     ii.        If the employee is detailed to NLRB, from what agency are they detailed?
                                    iii.        If the employee is a contractor, what firm do they work for?
b.    For each NLRB system that the employee previously had access to, currently has access to, or will have access to:
                                      i.        What level of access to the system does the employee currently possess?
                                     ii.        Who provided such access to the system?
                                    iii.        What was the justification for providing such access to the system, especially if no other agency official had previously been granted the same level of access?
                                   iv.        When was access to the system provided?
                                     v.        What training, including security and privacy, were provided to the employee regarding their access to the system? Did this training take place before or after access was provided?
                                   vi.        To the extent that access to the system was provided under a Privacy Act exception, what exception was invoked?
                                  vii.        What security controls were implemented, if any, as a result of your granting the employee their access to the system?
                                 viii.        Did the NLRB official who granted access to the system consider the cyber, operational, or privacy risks before doing so?
                                   ix.        Has the employee modified, copied, shared, or removed any records from the system?
                                     x.        Has the employee modified the system in any way?
                                   xi.        Has the employee granted, revoked, or otherwise modified access to the system for any other users?
c.     Can you commit to preserving all system logs related to access, development, exfiltration consistent with the Federal Records Act?
d.    Can you commit to otherwise documenting all critical decisions related to information technology systems at NLRB?
A copy of the letter sent today can be accessed HERE.
This request for information follows an effort Trahan led last month requesting an independent investigation into DOGE’s alleged mishandling of Americans’ sensitive data housed in the Treasury Department’s payment system. In March, Trahan announced that she will be introducing legislation to rewrite the Privacy Act for the first time since its passage in 1974.
###

MIL OSI USA News –

May 2, 2025

MIL-OSI Security: Arizona Man Sentenced for COVID Loan Fraud and Tax Fraud

Source: Office of United States Attorneys

TUCSON, Ariz. – Roy Lane, 44, of St. David, Arizona, was sentenced on Tuesday by U.S. District Judge John C. Hinderaker to four years in prison, followed by three years of supervised release, for filing false tax returns and loan applications to obtain COVID-19 disaster relief. Layne previously pleaded guilty to two counts of Wire Fraud and one count of Filing a False Claim.

According to court documents, and evidence presented in court, to create the appearance that he was operating several businesses, Layne filed paperwork with the IRS, applied for a business license from the City of Tucson, opened business bank accounts, and filed false employment-related tax returns. In April 2020, he filed an application with the U.S. Small Business Administration, that claimed he operated a “wholesale” business with 17 employees that had revenue of more than a half million dollars a year. In 2021, he submitted a false application for a Paycheck Protection Act loan, claiming that same “wholesale” business had 31 employees and $1.2 million in revenue. Based on these and other false applications, Layne ultimately received over $300,000 in COVID-19 related loans to which he was not entitled.

Layne also used the personal identifying information and identities of other people to file false claims for refunds with the IRS. In total, Layne claimed over $7.4 million in false refunds, of which the IRS paid over $590,000.

In addition to the prison term, U.S. District Judge John C. Hinderaker ordered Layne to pay $856,692.91 in restitution to the United States.

IRS Criminal Investigation and the FBI investigated the case. Trial Attorney Matthew R. Hoffman of the Tax Division and Assistant U.S. Attorney Mary Sue Feldmeier, District of Arizona, Tucson, prosecuted the case.

CASE NUMBER: CR-24-04907-TUC-JCH
RELEASE NUMBER: 2025-070_Layne

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/

Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

MIL Security OSI –

May 2, 2025

MIL-OSI: Skyward Specialty Insurance Group Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported first quarter 2025 net income of $42.1 million, or $1.01 per diluted share, compared to $36.8 million, or $0.90 per diluted share, for the same 2024 period.

Adjusted operating income⁽¹⁾ for the first quarter of 2025 was $37.3 million, or $0.90 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period.

Highlights for the first quarter included:

Gross written premiums of $535.3 million, an increase of 16.7% compared to 2024;
Combined ratio of 90.5%;
Ex-Cat combined ratio of 88.3%;
Annualized return on equity of 20.5%; and,
Book value per share of $21.06, an increase of 6% compared to December 31, 2024.

⁽¹⁾See “Reconciliation of Non-GAAP Financial Measures”

Skyward Specialty Chairman and CEO Andrew Robinson commented, “We delivered outstanding first quarter results, including adjusted operating income⁽¹⁾ which increased over 20% to $37.3 million, which is the best in Company history, and we achieved annualized return on equity of 20.5%. We continued our consistent and strong record of growth in underwriting performance as gross written premiums increased by approximately 17%, and we delivered a 90.5% combined ratio inclusive of 2.2 points of catastrophe losses. Our strong growth this quarter highlights the strength of our diversified business portfolio, with our global agriculture unit and our accident & health division each having a breakout quarter; we have highlighted these two areas as part of our intentional strategy to grow in areas less exposed to the P&C market.”

“As we look out to the remainder of the year, we remain confident that the strength of our diversified business portfolio, the power of our Rule Our Niche strategy, our investment in technology and talent, and our track record for consistent execution, positions us to continue to deliver strong financial results that create long-term value for our shareholders.”

Results of Operations

Underwriting Results

Premiums
($ in thousands)	Three months ended March 31,
unaudited		2025			2024		% Change
Gross written premiums	$	535,326		$	458,620		16.7	%
Ceded written premiums	$	(192,055	)	$	(171,520	)	12.0	%
Net retention		64.1	%		62.6	%	NM	⁽¹⁾
Net written premiums	$	343,271		$	287,100		19.6	%
Net earned premiums	$	300,366		$	236,342		27.1	%
⁽¹⁾Not meaningful

The increase in gross written premiums for the first quarter of 2025, when compared to the same 2024 period, was driven by double-digit premium growth primarily from the agriculture and credit (re)insurance, accident & health and specialty programs divisions, partially offset by a decrease in gross written premiums in the global property division.

During the first quarter 2025, the Company updated its underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. The Company added a ninth division, Agriculture and Credit (Re)insurance, which includes the Global Agriculture unit, previously reported with Global Property, and the Mortgage and Credit units, and focuses on specialty classes for which reinsurance provides a more attractive market entry. The Industry Solutions division is now the Construction & Energy Solutions division and the Inland Marine unit is now included in the Transactional E&S division. Programs is now Specialty Programs. Prior reporting periods have been conformed to reflect the new presentation.

Combined Ratio	Three months ended March 31,
(unaudited)	2025		2024
Non-cat loss and LAE	60.2	%	60.6	%
Cat loss and LAE⁽¹⁾	2.2	%	0.4	%
Prior accident year development – LPT	0.0	%	(0.1)	%
Loss Ratio	62.4	%	60.9	%
Net policy acquisition costs	14.8	%	13.6	%
Other operating and general expenses	14.0	%	16.0	%
Commission and fee income	(0.7)	%	(0.9)	%
Expense ratio	28.1	%	28.7	%
Combined ratio	90.5	%	89.6	%
Ex-Cat Combined Ratio⁽²⁾	88.3	%	89.2	%

⁽¹⁾Current accident year
⁽²⁾Defined as the combined ratio excluding cat loss and LAE⁽¹⁾

The loss ratio for the first quarter of 2025 increased 1.5 points when compared to the same 2024 period, due to higher catastrophe losses, primarily from convective storms in the Midwest and the California wildfires. Partially offsetting the increase in the cat loss and LAE ratio was improvement in the non-cat loss and LAE ratio driven by the business mix shift.

The expense ratio for the first quarter improved 0.6 points when compared to the same 2024 period due to earnings leverage partially offset by higher acquisition costs due to the business mix shift.

The expense ratios for the first quarters of 2025 and 2024 exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

Investment Results

Net Investment Income
$ in thousands	Three months ended March 31,
(unaudited)		2025			2024
Short-term investments & cash and cash equivalents	$	4,041		$	5,088
Fixed income		16,730			12,478
Equities		657			627
Alternative & strategic investments		(2,097	)		104
Net investment income	$	19,331		$	18,297
Net unrealized gains on securities still held	$	5,491		$	8,991
Net realized gains (losses)		1,350			(688	)
Net investment gains	$	6,841		$	8,303

Net investment income for the first quarter of 2025 increased $1.0 million when compared to the same 2024 period, driven by increased income from our fixed income portfolio due to a higher yield and larger asset base. Partially offsetting the increase in income from our fixed income portfolio were (i) losses from the alternative and strategic investments portfolio due to the decline in the fair value of limited partnership investments, and (ii) less income from short-term investments driven by a lower yield.

Stockholders’ Equity

Stockholders’ equity was $850.7 million at March 31, 2025 which represented an increase of 7.1% when compared to stockholders’ equity of $794.0 million at December 31, 2024. The increase in stockholders’ equity was primarily due to an increase in the market value of our investment portfolio and net income.

Conference Call

At 9:30 a.m. eastern time tomorrow, May 2, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

Non-GAAP Financial Measures

This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

About Skyward Specialty Insurance Group, Inc.

Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

Forward-Looking Statements

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Skyward Specialty Insurance Group, Inc.

Investor contact:
Natalie Schoolcraft,
nschoolcraft@skywardinsurance.com
614-494-4988

or

Media contact:
Haley Doughty
hdoughty@skywardinsurance.com
713-935-4944

Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)	March 31, 2025			December 31, 2024
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,410,269 and $1,320,266, respectively)	$	1,397,508		$	1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $250 and $243, respectively)		37,519			39,153
Equity securities, at fair value		108,075			106,254
Mortgage loans, at fair value		16,012			26,490
Equity method investments		88,588			98,594
Other long-term investments		37,646			33,182
Short-term investments, at fair value		308,042			274,929
Total investments		1,993,390			1,870,820
Cash and cash equivalents		112,916			121,603
Restricted cash		40,590			35,922
Premiums receivable, net		417,542			321,641
Reinsurance recoverables, net		902,970			857,876
Ceded unearned premium		232,147			203,901
Deferred policy acquisition costs		126,439			113,183
Deferred income taxes		26,984			30,486
Goodwill and intangible assets, net		87,089			87,348
Other assets		90,566			86,698
Total assets	$	4,030,633		$	3,729,478
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$	1,871,491		$	1,782,383
Unearned premiums		708,347			637,185
Deferred ceding commission		45,544			40,434
Reinsurance and premium payables		243,083			177,070
Funds held for others		113,748			102,665
Accounts payable and accrued liabilities		78,154			76,206
Notes payable		100,000			100,000
Subordinated debt, net of debt issuance costs		19,545			19,536
Total liabilities		3,179,912			2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,402,879 and 40,127,908 shares issued and outstanding, respectively		404			401
Additional paid-in capital		721,186			718,598
Accumulated other comprehensive loss		(10,047	)		(22,120	)
Retained earnings		139,178			97,120
Total stockholders’ equity		850,721			793,999
Total liabilities and stockholders’ equity	$	4,030,633		$	3,729,478

Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)	Three months ended March 31,
(unaudited)		2025			2024

Revenues:
Net earned premiums	$	300,366		$	236,342
Commission and fee income		1,976			2,026
Net investment income		19,331			18,297
Net investment gains		6,841			8,303
Other income		13			—
Total revenues		328,527			264,968
Expenses:
Losses and loss adjustment expenses		187,309			143,914
Underwriting, acquisition and insurance expenses		86,551			69,774
Interest expense		1,834			2,727
Amortization expense		337			388
Other expenses		1,061			1,188
Total expenses		277,092			217,991
Income before income taxes		51,435			46,977
Income tax expense		9,377			10,193
Net income		42,058			36,784
Comprehensive income:
Net income	$	42,058		$	36,784
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax		12,255			(5,418	)
Reclassification adjustment for losses on securities no longer held, net of tax		(182	)		(908	)
Total other comprehensive income (loss)		12,073			(6,326	)
Comprehensive income	$	54,131		$	30,458

Share and Per Share Data
($ in thousands, except share and per share amounts)	Three months ended March 31,
(unaudited)		2025			2024

Weighted average basic shares		40,196,416			39,108,351
Weighted average diluted shares		41,680,595			41,085,136

Basic earnings per share	$	1.05		$	0.94
Diluted earnings per share	$	1.01		$	0.90
Basic adjusted operating earnings per share	$	0.93		$	0.79
Diluted adjusted operating earnings per share	$	0.90		$	0.75

Annualized ROE⁽¹⁾		20.5	%		21.7	%
Annualized adjusted ROE⁽²⁾		18.2	%		18.3	%
Annualized ROTE⁽³⁾		22.9	%		25.0	%
Annualized adjusted ROTE⁽⁴⁾		20.3	%		21.1	%

	March 31			December 31
		2025			2024

Shares outstanding		40,402,879			40,127,908
Fully diluted shares outstanding		42,234,957			42,059,182

Book value per share	$	21.06		$	19.79
Fully diluted book value per share	$	20.14		$	18.88
Fully diluted tangible book value per share	$	18.08		$	16.80

⁽¹⁾Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽²⁾Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽³⁾Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
⁽⁴⁾Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period

Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.

($ in thousands)	Three months ended March 31,
(unaudited)		2025						2024
	Pre-tax			After-tax			Pre-tax			After-tax
Income as reported	$	51,435		$	42,058		$	46,977		$	36,784
Less (add):
Net investment gains		6,841			5,594			8,303			6,501
Net impact of loss portfolio transfer		—			—			241			189
Other income		13			11			—			—
Other expenses		(1,061	)		(868	)		(1,188	)		(930	)
Adjusted operating income	$	45,642		$	37,321		$	39,621		$	31,024

Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

($ in thousands)	Three months ended March 31,
(unaudited)	2025		2024
Income before income taxes	$	51,435	$	46,977
Add:
Interest expense		1,834		2,727
Amortization expense		337		388
Other expenses		1,061		1,188
Less:
Net investment income		19,331		18,297
Net investment gains		6,841		8,303
Other income		13		—
Underwriting income	$	28,482	$	24,680

Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

($ in thousands)	March 31,				December 31,
(unaudited)	2025		2024		2024
Stockholders’ equity	$	850,721	$	692,272	$	793,999
Less: Goodwill and intangible assets		87,089		88,137		87,348
Tangible stockholders’ equity	$	763,632	$	604,135	$	706,651

	Three months ended March 31,
($ in thousands)	2025		2024		% Change
Accident & Health	$	63,169	$	40,901	54.4	%
Agriculture and Credit (Re)insurance		87,847		43,321	102.8	%
Captives		68,401		68,408	—	%
Construction & Energy Solutions		75,571		74,222	1.8	%
Global Property		46,686		57,312	(18.5)	%
Professional Lines		41,166		42,239	(2.5)	%
Specialty Programs		62,675		52,178	20.1	%
Surety		37,798		33,842	11.7	%
Transactional E&S		52,006		46,232	12.5	%
Total gross written premiums⁽¹⁾	$	535,319	$	458,655	16.7	%
⁽¹⁾Excludes exited business

The MIL Network –

May 2, 2025

MIL-OSI: Asure Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Reports First Quarter 2025 Total Revenues of $34.9 million

Recurring Revenues Grew 10% from Prior Year

AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue of $34.9 million, up 10% year over year, excluding ERTC revenue up 13% from the prior year first quarter
Recurring revenue of $33.2 million versus $30.3 million during the prior year first quarter
Net loss of $2.4 million versus a net loss of $0.3 million during the prior year first quarter
EBITDA⁽¹⁾ of $4.1 million versus $4.4 million during the prior year first quarter
Adjusted EBITDA⁽¹⁾ of $7.3 million versus $6.8 million during the prior year first quarter
Gross profit of $24.6 million versus $22.6 million during the prior year first quarter
Non-GAAP gross profit⁽¹⁾ of $26.3 million (Non-GAAP gross margin⁽¹⁾ of 75%) versus $23.8 million (and 75% in prior year first quarter)

Recent Business Highlights

New Payroll Tax Management solution launched which is designed specifically for large Canadian companies and global enterprises with employees in Canada. Our ability to serve enterprise clients with international workforces with this innovative solution creates further opportunities to grow our business and the seamless integration of payroll tax services into major platforms such as Workday, Oracle, and SAP is a key benefit. The Canadian payroll tax solution addresses critical compliance needs for organizations managing cross-border payroll processes, reducing complexity and ensuring accurate, timely filing.
In April 2025 we entered into a credit agreement primarily with MidCap Financial Trust, whereby the Company may borrow up to $60 million. At closing, which occurred on April 10, we received $20 million of gross proceeds.

⁽¹⁾This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

Management Commentary

“We are excited to be off to a great start to 2025 with healthy results for our first quarter of 2025 with our revenues increasing 10% from the prior year first quarter. Our results were driven by strong performance coming from our Payroll Tax Management and initial contribution from our recently acquired product offerings,” said Asure Chairman and CEO Pat Goepel.

“Our team is focused on continuing to execute our growth strategy. Our revenues are now more than 95% recurring, our contracted revenue backlog sits at an all-time high, and we believe that the investments we have made in the business will continue to drive greater adoption of our broadened product suite for the remainder of 2025.”

Second Quarter 2025 and Full Year 2025 Revenue Guidance Ranges

The Company is providing the following guidance for the second quarter of 2025 and the full year 2025 based on the Company’s year-to-date results and recent business trends. The guidance for our second quarter of 2025 and the full year 2025 excludes any contribution from future potential acquisitions.

Guidance for 2025

Guidance Range		Q2-2025		FY-2025
Revenue	$	30.0 M – 32.0 M	$	134.0 M -138.0 M
Adjusted EBITDA⁽¹⁾	$	5.0 M -6.0 M		23% -24%

Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does.

Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

Conference Call Details

Asure management will host a conference call on Thursday, May 1, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

About Asure Software, Inc.

Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

Non-GAAP and Adjusted Financial Measures

This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

Income Taxes. The Company excludes income taxes, both at the federal and state levels.

One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

Use of Forward-Looking Statements

This press release contains certain statements made by management that may constitute “forward- looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of the Company’s security measures; risks related to material weaknesses; possible fluctuations in the Company’s financial and operating results; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; risk of our software and solutions not functioning adequately; interruptions, delays or changes in the Company’s services or the Company’s Web hosting; may incur debt to meet future capital requirements; volatility and weakness in bank and capital markets; access to additional capital; significant costs as a result of operating as a public company; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims and the corresponding cash collections of existing receivables; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of the Company’s services and technological developments; customer’s nonrenewal of their agreements and other similar changes could negatively impact revenue, operating results and financial conditions; the exposure of market, interest, credit and liquidity risk on client funds held int rust; the Company’s operation in highlight competitive markets; risk that our clients could have insufficient funds that could result in limitations in the ability to transmit ACH transactions; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; various financial aspects of the Company’s Software-as-a-Service model; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to the Company; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet; factors affecting the Company’s deferred tax assets and ability to value and utilize them; the nature of the Company’s business model; inability to adopt new or correctly interpret existing money service and money transmitter business status; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; interruptions to supply chains and extended shut down of businesses; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; risks associate with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders.

Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025.

The forward-looking statements, including the financial guidance and 2025 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2025 Asure Software, Inc. All rights reserved


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)

	March 31, 2025			December 31, 2024

ASSETS
Current assets:
Cash and cash equivalents	$	14,076		$	21,425
Accounts receivable, net of allowance for credit losses of $6,545 and $6,328 at March 31, 2025 and December 31, 2024, respectively		15,800			18,154
Inventory		220			195
Prepaid expenses and other current assets		5,970			4,888
Total current assets before funds held for clients		36,066			44,662
Funds held for clients		257,019			192,615
Total current assets		293,085			237,277
Property and equipment, net		20,999			19,669
Goodwill		94,724			94,724
Intangible assets, net		73,003			69,114
Operating lease assets, net		4,403			4,041
Other assets, net		12,727			11,813
Total assets	$	498,941		$	436,638
LIABILITIES AND STOCKHOLDERS’EQUITY
Current liabilities:
Current portion of notes payable	$	7,948		$	7,008
Accounts payable		2,475			1,364
Accrued compensation and benefits		2,911			4,485
Operating lease liabilities, current		1,432			1,438
Other accrued liabilities		6,071			6,600
Deferred revenue		4,662			8,363
Total current liabilities before client fund obligations		25,499			29,258
Client fund obligations		258,586			194,378
Total current liabilities		284,085			223,636
Long-term liabilities:
Deferred revenue		3,321			3,430
Deferred tax liability		2,903			2,612
Notes payable, net of current portion		6,172			5,709
Operating lease liabilities, noncurrent		3,892			3,578
Other liabilities		905			358
Total long-term liabilities		17,193			15,687
Total liabilities		301,278			239,323
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 44,000 shares authorized; 27,122 and 26,671 shares issued, 27,122 and 26,671 shares outstanding at December 31, 2024 and December 31, 2023, respectively		271			267
Treasury stock at cost, zero⁽¹⁾at March 31, 2025 and December 31, 2024		—			—
Additional paid-in capital		507,149			504,849
Accumulated deficit		(309,624	)		(307,226	)
Accumulated other comprehensive loss		(133	)		(575	)
Total stockholders’ equity		197,663			197,315
Total liabilities and stockholders’ equity	$	498,941		$	436,638
(1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share amounts)

	Three Months Ended March 31,
	2025			2024

Revenue:
Recurring	$	33,187		$	30,273
Professional services, hardware and other		1,667			1,379
Total revenue		34,854			31,652
Cost of sales		10,246			9,045
Gross profit		24,608			22,607
Operating expenses:
Sales and marketing		8,386			7,767
General and administrative		11,900			10,063
Research and development		2,029			1,769
Amortization of intangible assets		4,308			3,449
Total operating expenses		26,623			23,048
Loss from operations		(2,015	)		(441	)
Interest income		171			336
Interest expense		(451	)		(180	)
Other income, net		188			10
Loss from operations before income taxes		(2,107	)		(275	)
Income tax expense		291			33
Net loss		(2,398	)		(308	)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities		442			(244	)
Comprehensive loss	$	(1,956	)	$	(552	)

Basic and diluted loss per share
Basic	$	(0.09	)	$	(0.01	)
Diluted	$	(0.09	)	$	(0.01	)

Weighted average basic and diluted shares
Basic		26,961			25,334
Diluted		26,961			25,334


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Three Months Ended March 31,
	2025			2024

Cash flows from operating activities:
Net loss	$	(2,398	)	$	(308	)
Adjustments to reconcile loss to net cash provided by (used in) operations:
Depreciation and amortization		5,972			4,860
Amortization of operating lease assets		374			335
Amortization of debt financing costs and discount		253			142
Non-cash interest expense		197			—
Net accretion of discounts and amortization of premiums on available-for-sale securities		(110	)		(78	)
Provision for expected losses		93			46
Provision for deferred income taxes		291			24
Net realized gains on sales of available-for-sale securities		(656	)		(652	)
Share-based compensation		1,863			1,902
Changes in operating assets and liabilities:
Accounts receivable		2,261			(919	)
Inventory		(24	)		(50	)
Prepaid expenses and other assets		(1,049	)		(473	)
Operating lease right-of-use assets		—			30
Accounts payable		903			(960	)
Accrued expenses and other long-term obligations		(1,737	)		(2,665	)
Operating lease liabilities		(427	)		(141	)
Deferred revenue		(3,810	)		(5,040	)
Net cash provided by (used in) operating activities		1,996			(3,947	)
Cash flows from investing activities:
Acquisition of intangible assets		(6,346	)		(710	)
Purchases of property and equipment		(192	)		(240	)
Software capitalization costs		(2,769	)		(2,435	)
Purchases of available-for-sale securities		(6,589	)		(3,516	)
Proceeds from sales and maturities of available-for-sale securities		3,266			2,406
Net cash used in investing activities		(12,630	)		(4,495	)
Cash flows from financing activities:
Payments made on amounts due for the acquisition of intangibles		(723	)		(236	)
Net proceeds from issuance of common stock		441			176
Net change in client fund obligations		64,207			21,122
Net cash provided by financing activities		63,925			21,062
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		53,291			12,620
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period		145,712			177,622
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$	199,003		$	190,242


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in thousands)

	Three Months Ended March 31,
	2025		2024

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	14,076	$	23,166
Restricted cash and restricted cash equivalents included in funds held for clients		184,927		167,076
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	199,003	$	190,242

Supplemental information:
Cash paid for interest	$	125	$	—

Non-cash investing and financing activities:
Acquisition of intangible assets	$	750	$	6,345
Notes payable issued for acquisitions	$	1,150	$	827
Shares issued for acquisitions	$	—	$	4,494


ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (unaudited)

(in thousands)	Q1-25			Q4-24			Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23
Revenue⁽¹⁾	$	34,854		$	30,792		$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420

Gross Profit to non-GAAP Gross Profit
Gross Profit	$	24,608		$	20,928		$	19,704		$	18,868		$	22,607		$	17,839		$	21,280		$	22,018
Gross Margin		70.6	%		68.0	%		67.2	%		67.3	%		71.4	%		67.9	%		72.5	%		72.4	%

Share-based Compensation		44			44			44			43			40			32			28			46
Depreciation		1,369			1,190			1,232			1,145			1,110			921			984			1,309
Amortization – intangibles		50			50			50			50			50			50			50			50
One-time expenses
Settlements, penalties & interest		29			25			2			3			—			(6	)		8			—
Acquisition and transaction costs		167			221			367			264			39			—			—			—
Other non-recurring expenses		—			84			—			—			—			—			—			—
Non-GAAP Gross Profit	$	26,267		$	22,542		$	21,399		$	20,373		$	23,846		$	18,836		$	22,350		$	23,423
Non-GAAP Gross Margin		75.4	%		73.2	%		73.0	%		72.6	%		75.3	%		71.7	%		76.2	%		77.0	%

Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
Sales and Marketing Expense	$	8,386		$	6,945		$	6,680		$	6,924		$	7,767		$	6,422		$	6,597		$	8,515

Share-based Compensation		322			251			269			237			243			180			210			149
Depreciation		1			—			1			—			1			1			—			—
One-time expenses
Settlements, penalties & interest		51			78			(5	)		5			18			6			30			4
Acquisition and transaction costs		30			9			68			37			11			—			—			—
Other non-recurring expenses		—			52			—			—			—			—			—			180
Non-GAAP Sales and Marketing Expense	$	7,982		$	6,555		$	6,347		$	6,645		$	7,494		$	6,235		$	6,357		$	8,182

General and Administrative Expense to non-GAAP General and Administrative Expense
General and Administrative Expense	$	11,900		$	9,940		$	10,378		$	10,118		$	10,063		$	9,747		$	9,294		$	10,336

Share-based Compensation		1,407			1,081			1,187			1,122			1,535			980			936			1,298
Depreciation		244			269			264			256			251			225			200			234
One-time expenses
Settlements, penalties & interest		492			142			377			304			98			284			101			432
Acquisition and transaction costs		491			282			371			245			57			51			—			—
Other non-recurring expenses		136			220			253			—			86			53			—			453
Non-GAAP General and Administrative Expense	$	9,130		$	7,946		$	7,926		$	8,191		$	8,036		$	8,154		$	8,057		$	7,919

Research and Development Expense to non-GAAP Research and Development Expense
Research and Development Expense	$	2,029		$	2,103		$	1,973		$	1,962		$	1,769		$	1,739		$	1,803		$	1,325

Share-based Compensation		90			87			90			86			85			69			76			89
Depreciation		1			—		$	—		$	—		$	—		$	—		$	—		$	—
One-time expenses
Settlements, penalties & interest		9			21			—			27			31			—			—			—
Acquisition and transaction costs		91			153			195			369			147			—			—			—
Other non-recurring expenses		—			29			—			—			—			—			—			—
Non-GAAP Research and Development Expense	$	1,838		$	1,813		$	1,688		$	1,480		$	1,506		$	1,670		$	1,727		$	1,236

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.


ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.) (unaudited)

(in thousands)	Q1-25			Q4-24			Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23
Revenue⁽¹⁾	$	34,854		$	30,792		$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420

GAAP Net Loss to Adjusted EBITDA
GAAP Net Loss	$	(2,398	)	$	(3,204	)	$	(3,901	)	$	(4,360	)	$	(308	)	$	(3,582	)	$	(2,206	)	$	(3,765	)

Interest expense, net		280			211			109			(53	)		(156	)		(24	)		782			1,593
Income taxes		291			499			170			231			33			(158	)		(123	)		627
Depreciation		1,614			1,460			1,497			1,402			1,361			1,148			1,185			1,542
Amortization – intangibles		4,358			4,482			4,345			4,096			3,499			3,743			3,384			3,343
EBITDA	$	4,145		$	3,448		$	2,220		$	1,316		$	4,429		$	1,127		$	3,022		$	3,340
EBITDA Margin		11.9	%		11.2	%		7.6	%		4.7	%		14.0	%		4.3	%		10.3	%		11.0	%

Share-based Compensation		1,863			1,463			1,591			1,488			1,902			1,260			1,251			1,582
One Time Expenses
Settlements, penalties & interest		581			266			375			339			147			283			140			436
Acquisition and transaction costs		779			665			1,001			914			254			51			—			—
Other non-recurring expenses		136			385			253			—			86			53			—			633
Other expense (income), net		(188	)		2			—			—			(10	)		1			1,800			93
Adjusted EBITDA	$	7,316		$	6,229		$	5,440		$	4,057		$	6,808		$	2,775		$	6,213		$	6,084
Adjusted EBITDA Margin		21.0	%		20.2	%		18.6	%		14.5	%		21.5	%		10.6	%		21.2	%		20.0	%

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

Investor Relations Contact
Patrick McKillop
Vice President, Investor Relations
617-335-5058
patrick.mckillop@asuresoftware.com

The MIL Network –

May 2, 2025

Category: Business