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Category: Canada

  • MIL-OSI USA: Crapo Statement at Hearing on Trade in Critical Supply Chains

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at a hearing entitled, “Critical Supply Chains.”
    As prepared for delivery:
    “Trade has the ability to increase productivity, incomes and the availability of goods.  While we talk often about how the increased supply and choice of goods that come from international trade benefit our consumers, we sometimes forget that this also benefits our producers. 
    “In fact, a majority of what we import each year is reinvested into more manufacturing, processing and farming activity.  Efficient and reliable supply chains help American businesses, farmers and workers expand their production and focus their resources on the high-value aspects of an industry.
    “The issue we must be wary about is when supply chains turn unreliable, in particular because they are controlled by countries that refuse to follow free-market rules, such as China.  As we are all aware, China continues its march toward expanding control over key resources and goods, and thus over the world’s supply chains.   
    “For example, advanced semiconductors increasingly rely on the rare earths mineral dysprosium.  Ninety-nine percent of dysprosium comes from China. 
    “This is not an isolated case where China has dominance over a strategic resource.  China controls over ninety percent of global processing for rare earths minerals and seventy percent for cobalt, which is used in batteries for electric cars, smartphones and other components.
    “The way China uses trade and investment to expand its control over resources outside its own borders is particularly concerning.  Indonesia has 40 percent of the world’s reserves for nickel, the largest of any single country.  Yet, Chinese firms control about 75 percent of Indonesia’s nickel refining capacity. 
    “We need to take a hard look at the reality of our situation and develop an aggressive strategy to counter China. 
    “Our domestic policies are at fault in some instances.  There are things we can produce efficiently here, but burdensome and unnecessary regulation stalls development of many important projects. 
    “We should not have to learn from another economic shock, like the oil embargo of the 1970s—to realize that where we have resources or potential for investment, it must be unleashed. 
    “Both sides of the aisle agree that we need a strong semiconductor industry.  In Asia, new semiconductor fabs are being built and deployed in under three years. 
    “In the United States, the semiconductor industry—one of the safest manufacturing sectors for workers—must contend with a myriad of permitting measures that provide only marginal, if any, benefit.  These permits, however, guarantee increased delays and costs, often adding years to projects. 
    “As part of its economic policy, the Trump Administration has prioritized deregulation as a means to drive economic growth, and I look forward to working with them to rationalize our regulatory system.  
    “In many other cases, geography and geology do not provide the United States with all the natural resources that we require.  Here, the fault rests mainly with the failure to develop an affirmative trade policy.  An affirmative trade policy ensures our consumers and manufacturers have access to the resources that our nation needs to be secure and independent. 
    “Here, for example, the Trump Administration was correct to exempt Canadian potash—a key nutrient for our corn and soy farmers, from recent tariffs.
    “Another key to the Administration’s economic approach is to renegotiate global trade deals, including deals that reclaim America’s lead over China.
    “Critically, these deals will be particularly useful in strengthening supply chains, if they improve market access opportunities.  Our trading partners must respect American investment and afford it the same treatment given to their own companies. 
    “Our partners must also realize that it bolsters their security when they do not inhibit access to cutting-edge American technology, like our state-of-the-art medical devices. 
    “Unfortunately, a number of trading partners use price controls, technology theft, weak intellectual property protections or unreasonable government procurement policies to keep these devices out of their markets.  Such actions only undermine the health of their own citizens, while leaving a strategic opening for China.
    “Today, we have an opportunity to consider these issues carefully.  Our four witnesses are experts on industries critical to America’s economic security.  We should encourage thoughtful debate on how to advance a trade policy that strengthens the security of our supply chains and creates opportunities for all Americans.”

    MIL OSI USA News –

  • MIL-OSI Canada: Province helps strengthen Indigenous food security, sovereignty

    Source: Government of Canada regional news

    More than 100 Indigenous-led projects are underway in communities throughout B.C., helping to strengthen local food security and food sovereignty with another round of funding set to open.

    “Working alongside Indigenous partners is crucial to growing and maintaining our province’s food systems and part of our government’s ongoing commitment to reconciliation,” said Harwinder Sandhu, parliamentary secretary for agriculture. “These Indigenous-led projects highlight how Indigenous knowledge supports increasing local food supply and food security, especially in rural and remote communities.”

    In 2023, the New Relationship Trust (NRT) launched the $30-milllion Indigenous Food Security and Sovereignty Program and is supporting both on-reserve and off-reserve projects, such as revitalizing food harvesting and Indigenous agro-ecosystems, expanding production capacity, boosting local food processing and distribution, and growing commercial value-added enterprises.

    On Vancouver Island, Jared “Qwustenuxun” Williams, a Salish educator and traditional-foods chef who previously managed the Elders Kitchen in Cowichan Tribes, is upgrading a smokehouse into a commercial-quality kitchen that blends ancient preservation methods with modern food-safety standards.

    “Building the smokehouse has taken more time than I first expected, but that time has allowed me to really think about how to bring together traditional methods and new ideas,” said Williams. “I’m creating a modern version of the smokehouse that’s still rooted in our teachings, something that reflects both where we come from and where we’re going. I’m grateful for the support that came with patience and trust, because meaningful work doesn’t always follow a set timeline.”

    On Haida Gwaii, Indigenous-owned food supplier Haida Wild is upgrading its packaging facility with a new state-of-the-art vacuum-sealing machine that allows it to preserve its high-quality seafood longer, reduce waste and enhance distribution.

    “Haida Wild is proud to share the seafood traditions of Xaayda Gwaay | XaaydaGa Gwaay.yaay | Haida Gwaii with the world in a way that honours our people, our values and our environment,” said Leticia Hill, CEO, Haida Wild. “With support from the Indigenous Food Security and Sovereignty grant, we’ve been able to grow our operations in a sustainable way that supports our Haida fishers, creates jobs here at home and strengthens food security for the long term.”

    Another project is helping the Sts’ailes First Nation near Agassiz undertake a series of workshops, conversations, shared meals and other community events, centred around a community greenhouse, to promote traditional-food usage and ancestral practices for local use.

    “We’ve been implementing a lot of the new vegetables into our daily cafe and our catering services,” said Kandice Krista-Anne Charlie, executive officer, Sts’ailes development corporation. “It’s just the beginning. We want to evolve to rely less on ordering bulk food from commercial stores and producing that food in-house and serving it out to our people.”

    The New Relationship Trust, an independent, Indigenous-led non-profit organization, administers the program and works with Indigenous entrepreneurs, communities and businesses to identify and respond to their needs and empower them.

    “At New Relationship Trust, we recognize that strengthening sustainable food production in B.C. starts with honouring Indigenous leadership and vision for food systems rooted in both land and water,” said Walter Schneider, chief executive officer, NRT. “We’re proud to support Indigenous food producers who are driving community well-being, economic growth and food sovereignty, all while upholding their values and deep connection to the land.”

    The Province’s commitment to reconciliation with Indigenous Peoples has led to increased participation in Indigenous agriculture and food systems, which is a key part of implementing B.C.’s Declaration on the Rights of Indigenous Peoples Act.

    Quick Facts:

    • Applications opened on Tuesday, May 13, 2025, for the third and final round of $10-million funding.
    • Total funding for the Indigenous Food Security and Sovereignty Program is $30 million over three years.

    Learn More:

    Applications and more details about the program are available here: https://newrelationshiptrust.ca/apply-for-funding/sustainability-development-goals-sdg-initiatives/food-security-grants/

    To see the full list of Indigenous Food Security and Sovereignty Program funding recipients, visit: https://news.gov.bc.ca/files/IFSS_Approved_Grants_2025.pdf

    A selection of videos highlighting Indigenous food security and sovereignty projects is available here: https://newrelationshiptrust.ca/indigenous-food-security-and-sovereignty-program-highlights/

    A July 2023 news release announcing the Indigenous Food Security and Sovereignty Program is available here: https://news.gov.bc.ca/releases/2023AF0047-001230

    MIL OSI Canada News –

  • MIL-OSI Canada: Travelling for Victoria Day or Memorial Day? The CBSA gives tips for a smooth trip

    Source: Government of Canada News (2)

    May 14, 2025
    Ottawa, Ontario

    The Canada Border Services Agency (CBSA) reminds travellers to plan ahead when crossing the border over the upcoming Victoria Day and the U.S. Memorial Day long weekends.

    Every day, the CBSA works hard to protect Canadians, support the economy and ensure the safe and efficient movement of people and goods across the border. In 2024, we welcomed over 93.4 million travellers, stopped over 34,400 kg of illegal drugs from entering our communities and kept more than 17,200 weapons and 930 firearms off our streets.

    The CBSA plans and prepares for long weekends and summer travel. We monitor traveller volumes and prioritize efficient processing of travellers at land ports of entry and at international airports, without compromising safety and security. If you encounter wait times at the border, it is likely because we are working behind the scenes to conduct examinations, seize drugs, firearms or stolen vehicles or prevent high-risk individuals from entering Canada.

    Here are some travel tips to help you plan for your trip:

    • Driving into Canada? Check border wait times to plan your route.
      • Early mornings are the best time to cross the border to avoid wait times.
      • The Monday of holiday long weekends tend to be the busiest.
      • Consider an alternative port of entry with shorter wait times or less traffic.
      • Check the port of entry’s hours of operation on the official CBSA Directory of Offices and Services.
      • If you are using a GPS application (such as Google Maps, Apple Maps or Waze) to direct you to a port of entry, consider checking different navigation options (such as fastest and shortest routes) to determine the preferred route of travel.
    • Have your travel documents handy. This will speed up processing times at the border.
    • Be prepared to declare. Declare everything you have with you upon entry into Canada. If arriving by land, you are responsible for everything inside your vehicle.
      • Goods purchased abroad: If you are a resident of Canada, personal exemptions allow you to bring goods, including alcohol and tobacco (up to a certain value), back to Canada without paying regular duty and taxes. Make sure you know how much you are bringing back in Canadian dollars and have your receipts readily available for the officer.
      • Surtaxes on certain U.S. goods. If you’ve purchased goods in the U.S. and are bringing them into Canada, you may have to pay a 25% surtax in addition to regular duties and taxes. For residents of Canada, this surtax applies only to goods exceeding your personal exemptions limit. Consult the lists of products surtaxed: complete lists of goods subject to the surtax. Visit the CBSA website for more details on how these surtaxes apply at the border. 
    • Flying into Canada? Use Advance Declaration and make your customs and immigration declaration up to 72 hours in advance of your arrival into Canada at participating airports.
    • When travelling with children, who are not your own or for whom you don’t have full legal custody, we recommend you have a consent letter from the parent or legal guardian authorizing you to travel with the child. We are always watching for missing children, and in the absence of the letter, officers may ask additional questions.
    • Know before you go: review the restricted and prohibited goods to avoid the possibility of penalties, including fines, seizure or prosecution. Make sure you have the information you need before attempting to bring items into Canada.
    • Leave behind: firearms, weapons, narcotics, and cannabis.

    We encourage you to read and follow all of our travel tips before arriving at the border.

    Not sure? Ask a CBSA officer. The best way to save time is to be open and honest with the border services officer. If you are not sure about what to declare, don’t hesitate to ask!

    For more information, visit the CBSA website or call us at 1-800-461-9999.

    MIL OSI Canada News –

  • MIL-OSI Canada: Get Ready to Explore Dino Country – T. Rex Discovery Centre Opens for 2025 Season

    Source: Government of Canada regional news

    Released on May 14, 2025

    It’s time to gear up for another exciting season at the T.rex Discovery Centre (TRDC).  Located in Eastend, the TRDC is the home of Scotty, the world’s largest T.rex, and opens for the season on Saturday, May 17.  

    In addition to getting a closeup look at Scotty in the CN Gallery, visitors can experience the Paleo Lab Experience, marine reptiles, prehistoric mammals, dinosaur fossils and so much more.

    “It is always exciting to welcome Saskatchewan families and tourists back to the T.rex Discovery Centre,” Parks, Culture and Sport Minister Alana Ross said. “It is sure to be another busy season of exploration and fun. Whether it is checking out Scotty or taking in the amazing exhibits and programming, the T.rex Discovery Centre in Eastend has something for visitors of all ages.”

    In the Paleo Lab, visitors can discover new micro fossils in the dig stations with hands-on fossil activities for visitors of all ages. There are guided and self-guided tours of the Cretaceous and Cenozoic galleries featuring Scotty the T. rex, Thor the Brontothere and Omâcîw, the Tylosaurus.  

    Visit the Discovery Theatre for dinosaur documentaries and films, including special themed events.  

    The theatre will also host a number of presentations starting on May 24 with Bones, Boring, Bugs and Botany with Jack Milligan. Presentations are planned for Canada Day, Dino Days (July 27) and for Scotty’s Unearthed Day (August 16).

    In addition, there are fun and engaging activities for the entire family with daily drop-in children’s programs. Explore the beautiful landscape of the Frenchman River Valley on the hiking trails situated around the Discovery Centre and the outdoor play area featuring our Dino Dig Pit.

    The TRDC operates in scientific partnership with the Royal Saskatchewan Museum and is proudly funded by the Government of Saskatchewan and generous donors.  

    The TRDC, located at #1 T-rex Drive in Eastend, SK, is open daily from 10 a.m. to 6 p.m. until Labour Day. The centre is an hour-and-a-half drive from Swift Current and an hour-drive from Cypress Hills Interprovincial Park.  

    Follow the Royal Saskatchewan Museum on social media @royalsaskmuseum to receive updates on the TRDC. Visit: www.royalsaskmuseum.ca/trex for special events and activities.  

    Admission is by donation.  

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: Happy Valley-Goose Bay — Family of five stranded on Route 510 during recent blizzard safely rescued by RCMP and partners

    Source: Royal Canadian Mounted Police

    A family of five who were stranded on Route 510 outside of Happy Valley-Goose Bay during a severe winter storm were safely rescued on May 10, 2025. Happy Valley-Goose Bay RCMP, Happy Valley-Goose Bay Ground Search and Rescue (GSAR), and Grey Rock Mining worked together to respond to this challenging situation.

    On Saturday, Happy Valley-Goose Bay RCMP responded to a report of a stranded motorist on Route 510, approximately 55 kilometers outside of Happy Valley-Goose Bay. The vehicle, carrying five occupants, was stuck in the snow. Weather conditions were extremely poor with high winds, heavy snowfall and frigid temperatures. One of the occupants, a woman, departed the vehicle to seek help.

    RCMP officers responded in two separate police vehicles, and encountered dangerous road conditions and low visibility. Police activated GSAR for assistance, who in turn engaged Grey Rock Mining to request the deployment of snowplows to support the rescue effort.

    Approximately 45 kilometers outside of town, the two officers exited their vehicle and walked the highway in an effort to locate the woman. The officers located the woman a short distance away, covered in snow and extremely cold and covered her in their clothing to help shield her from the weather. She was escorted to a police vehicle, and officers contacted the emergency department at Labrador Health Centre for direction while waiting for paramedics to arrive.

    A short time later GSAR and paramedics — led by snowplow — arrived at the location. The woman was treated on scene by paramedics for suspected hypothermia.

    Grey Rock Mining dispatched a second snowplow to help reach the remaining four occupants of the stranded vehicle. The vehicle was freed, and all occupants were safely accounted for. The snowplows then led the convoy of all parties back to Happy Valley-Goose Bay, ensuring their safe return.

    RCMP NL thanks the responding police officers, Happy Valley-Goose Bay Ground Search and Rescue (GSAR) and Grey Rock Mining for their collaboration and effort in safely rescuing this family.

    MIL Security OSI –

  • MIL-OSI: Alaris Equity Partners Announces Upsizing of Previously Announced Convertible Unsecured Senior Debentures

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (“Alaris” or the “Trust”) (TSX: AD.UN) is pleased to announce that as a result of excess demand, it has agreed with the syndicate of underwriters led by National Bank Financial Inc., CIBC Capital Markets, and Desjardins Capital Markets to increase the size of its previously announced bought deal financing. Alaris will now issue 80,000 convertible unsecured senior debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”) for aggregate gross proceeds of $80,000,000 (the “Offering”). The Trust has also granted the Underwriters an option to purchase up to an additional $12,000,000 aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, from time to time, up to 30 days following the closing of the Offering. Unless otherwise stated, all numbers in this press release are presented in Canadian dollars.

    In all other respects, the terms of the Offering and use of proceeds therefrom will remain as previously disclosed in the original press release dated May 13, 2025. The Offering is expected to close on or about June 2, 2025 (the “Closing Date”), and is subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the Toronto Stock Exchange. A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada, other than the province of Québec.

    This news release is not an offer of securities of Alaris for sale in the United States. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the Debentures may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    ABOUT ALARIS

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Partners”) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Partners.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements“). Statements other than statements of historical fact contained in this news release may be forward-looking statements including, without limitation, management’s expectations, intentions and beliefs concerning: the anticipated Closing Date; the intended use of proceeds of the Offering; the anticipated terms and timing of conversion, redemption and maturity of the Debentures; expectations regarding the filing of a preliminary prospectus and the anticipated jurisdictions for the Offering. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations on which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Key assumptions include, but are not limited to, assumptions that: the required regulatory approvals for the Offering will be obtained in a timely fashion; the Debentures and trust units issued upon the conversion of the Debentures will be listed for trading on the TSX; interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms.

    Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the ability of the Trust to obtain the required regulatory approvals for the Offering; the ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in the Trust’s Management Discussion and Analysis for the year ended December 31, 2024, which is filed under the Trust’s profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

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

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6
    www.alarisequitypartners.com

    The MIL Network –

  • MIL-OSI United Nations: Rising heat, rising risk: managing forest fires in a warming world

    Source: United Nations Economic Commission for Europe

    Wildfires are becoming more intense, more frequent, and more destructive, stretching across continents, ecosystems, and communities.

    In the 2023-2024 season, 3.9 million km² of land burned globally, with carbon emissions 16% above average. Major wildfire events included Canada’s worst season, with 150,000 km² burned and 232 thousand people evacuated, Greece’s largest wildfire on record (900 km²), and deadly fires in Hawaii and Chile, claiming over 200 lives, according to the State of Wildfires 2023-24: CAMS data support assessment – Copernicus. As we approach the 2025 fire season in the Northern Hemisphere, which typically runs from June to October, California has already faced devastating fires in January, outside the usual fire season.

    This growing trend of longer and more intense fire seasons highlights that wildfires are no longer confined to a specific time of year, but are now a year-round global threat.

    Wildfires are escalating into a global crisis, with far-reaching consequences for ecosystems, public health, and the climate. They worsen air pollution, increase carbon emissions, disrupt water supplies, and increase the risk of floods and landslides, compounding vulnerabilities in both rural and urban areas.

    Recognizing this urgency, the UNECE/FAO Working Party on Forest Statistics, Economics and Management, a UN expert body that facilitates technical cooperation on forest data, management, and policy, and oversees expert teams working on these topics, brought together country delegates and experts to explore what is driving this crisis, what it is doing to our forests, and what can be done to manage it.

    Fire is not always an enemy. It has long played a vital role in many forest ecosystems, clearing dead vegetation, recycling nutrients, and fostering diversity. Some forest types even depend on periodic burns to regenerate. When strategically managed, including through practices like controlling and prescribed burning, fire becomes a powerful tool to maintain healthy forests and reduce the risk of larger, more destructive wildfires.

    The balance, however, is shifting. Driven primarily by climate change, wildfires are now pushing ecosystems to their limits. Longer dry seasons, hotter temperatures, and erratic weather are turning manageable fires into landscape-scale disasters.

    As countries prepare for the 2025 UN Climate Change Conference (UNFCCC COP30) in Belém, Brazil, the session emphasized that wildfire risk must be integrated into climate strategies. Forests are a key line of defense against global warming, but only if they are protected and managed sustainably.

    The session concluded with a clear message: a proactive, data-driven, and climate-smart approach is essential.

    Stronger forest resilience measures are needed, including sustainable management, landscape restoration, and fuel load reduction through prescribed burns. Increased investment in firefighting capacity and improved land-use planning are also crucial to protect communities in fire-prone areas.

    Experts highlighted the importance of cross-border collaboration, citing initiatives like the Global Fire Management Hub and tools such as EFFIS and INForest to support data collection and evidence-based policies.

    The path forward must recognize fire’s dual role: as both a threat and a tool in building resilient forest landscapes.

    Resources and further reading

    MIL OSI United Nations News –

  • MIL-OSI Canada: Canadian Coast Guard Inshore Rescue Boat Stations Open Across Ontario

    Source: Government of Canada News (2)

    May 14, 2025

    Sarnia, Ontario – The Canadian Coast Guard’s Inshore Rescue Boat stations on the Great Lakes, Georgian Bay, and St. Lawrence are now open.

    Inshore Rescue Boat stations are crewed by post-secondary students hired and trained by the Canadian Coast Guard. They provide additional maritime search and rescue service during the busy summer recreational boating season. The stations are located at Britt on Gereaux Island (Georgian Bay), Brebeuf Island (Georgian Bay), Hill Island (St. Lawrence River), Corunna (St. Clair River), Mitchell’s Bay (Lake St. Clair) and Long Point (Lake Erie).

    They are open from May 14, 2025, at 12 p.m. ET until September 3, 2025.          

    Ashore, Canadian Coast Guard Marine Communications and Traffic Services centres provide marine safety communications, while the response to each search and rescue case is coordinated by the Joint Rescue Coordination Centre in Trenton, Ontario.

    Waterways remain very cold at this time of year and take much longer to warm up compared to the air. Transport Canada’s Safe Boating Guide is an excellent source of information in preparation for the recreational boating season.

    On water emergencies can be reported 24 hours a day, 365 days a year, toll-free (within Canada) at 1-800-267-7270, or via marine VHF radio – channel 16.

    MIL OSI Canada News –

  • MIL-OSI Security: Middleton — RCMP charge Middleton man with child pornography

    Source: Royal Canadian Mounted Police

    The RCMP’s Provincial Internet Child Exploitation (ICE) Unit has charged a Middleton man for child pornography offences after a search of his home in late February.

    On February 27, the RCMP’s ICE Unit, assisted by Annapolis District RCMP, Kings District RCMP and RCMP Digital Forensic Services, executed a search warrant at a residence on Main St. in Middleton, seizing several electronic devices, including smartphones, computers and a hard drive.

    On May 1, after a forensic examination and analysis of the seized devices, the RCMP ICE Unit, with assistance from the RCMP Interview Assistance Team, safely arrested Devin Doucette, 32, and charged him with Possession of Child Pornography and Failure to Comply with Prohibition Order.

    Doucette appeared in Digby Provincial Court on May 1. He was released by the court on conditions and will reappear in Digby Provincial Court on June 9.

    This investigation was part of Project Steel, a collaborative effort by law enforcement partners across Canada to target online child sexual exploitation offenders.

    In Nova Scotia, it’s mandatory for citizens to report suspected child pornography; anyone who comes across child pornography material or recordings must report it to the police. Failure to report could result in penalties similar to those for failure to report child abuse under the Child and Family Services Act. Be a voice for children who are victims of sexual exploitation by reporting suspected offences to your local police or to Canada’s national tip line: www.cybertip.ca.

    MIL Security OSI –

  • MIL-OSI Security: Corner Brook — RCMP NL congratulates Superintendent David Cook on his well-deserved retirement after 43 years of service

    Source: Royal Canadian Mounted Police

    Today, on his last day of work, RCMP NL congratulates Superintendent (Supt.) David Cook on his well-deserved retirement! With more than 43 years of service, Supt. Cook is one of the longest-serving RCMP officers to retire in Newfoundland and Labrador.

    Supt. Cook has had an amazing career with the RCMP and spent much of his service in various policing roles in Alberta. Born and raised in Ottawa, he began his career in 1982 as a Constable in Westlock, Alberta. After serving in a number of locations across the province, he left Alberta as a Staff Sergeant in 2011. He then transferred to Ottawa where he was in charge of the Emergency Management Unit.

    In 2014, he was commissioned to the rank of Inspector and served in Regina Saskatchewan. He was responsible for the National Law Enforcement Training Program at Depot, the RCMP’s Training Academy.

    In 2017, Supt. Cook was promoted to his current rank. He was transferred to Corner Brook, Newfoundland and Labrador and since then, he has worked as the District Policing Officer for Western Newfoundland and Labrador.

    Over the course of 43 years, Supt. Cook has likely seen and heard it all, and we are sure his experiences would make for some interesting stories. He says he’ll remember his time with the RCMP in Newfoundland and Labrador fondly.

    “What I enjoyed most are the people and how friendly and welcoming I’ve found Newfoundland and Labrador. My wife Beth and I have been fortunate to make great friendships here and plan to stay where we are,” says Supt. Cook. “At work, I’m proud of all our employees and know the commitment and dedication that they bring to serving our communities. I’ll miss seeing that in action but know that it will continue every day.”

    RCMP NL wishes Supt. Cook a retirement full of health and happiness. Thank you for your service, Sir!

    MIL Security OSI –

  • MIL-OSI: Heads up! Alectra reminds residents to stay safe around powerlines

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Powerline Safety Week is here, and Alectra Utilities is urging the public to be extra cautious around powerlines, whether working on job sites or tackling spring projects at home.

    According to the Electrical Safety Authority, more than 40 per cent of Ontarians mistakenly believe that direct contact is required to get a shock or burn from a powerline. However, electricity can arc from the line to any object that comes within three metres, such as a ladder, branch or tool, and cause serious injury or death.

    “Powerline Safety Week is an important time to remind everyone about the serious and frequently misunderstood risks that powerlines present,” said Patience Cathcart, Director of Data Science and Public Safety Officer, Electrical Safety Authority. “Public safety is one of our highest priorities. By working together to raise awareness, we can help reduce the risk of accidents and protect lives.”

    “Ensuring the safety of Alectra employees, customers and the public remains our top priority,” said Chris Hudson, Senior Vice President, Network Operations at Alectra Utilities. “Together, we can ensure an electrically safe and secure community for all.”

    Every year, injuries and even fatalities occur when people inadvertently come into contact with overhead, often during routine activities like landscaping, digging, or operating equipment under overhead powerlines.

    Here are six essential safety tips to always follow:

    1. Look up and look out: Always maintain awareness of overhead powerlines when engaging in outdoor activities. Identify all powerlines, including those obscured by foliage, near residential and work areas.
    2. Stay back 3 meters from overhead powerlines: You do not have to touch a powerline to get a deadly shock. Electricity can jump or “arc” to you or your tools if you get too close. Always keep a 3-metre gap between you, your tools and powerlines.
    3. Stay 10 metres from a downed powerline: There is no way of knowing if a powerline is live just by looking at it. Wires do not have to spark to indicate they are live. Always assume a downed powerline is energized and dangerous. Call 9-1-1 and the local utility immediately and ensure everyone stays at least 10 metres back—about the length of a school bus—from fallen powerlines.
    4. Call before you dig: Prioritize safety by contacting Ontario One Call at 1-800-400-2255 before initiating any excavation or construction project, ensuring the detection of underground utilities, including powerlines. The locate will only identify utility owned underground line. Customer owned underground lines will require a private locate.
    5. Be mindful of equipment: Avoid flying kites, drones, or other objects near powerlines, as even non-metallic items can conduct electricity, posing severe risks.
    6. Talk to your kids about powerline safety: Help children find safe places to play, away from utility poles and powerlines. Remind children never to climb trees near powerlines, since leaves and branches can hide the wires.

    For more information about powerline safety, visit: Powerline Safety | Alectra Utilities.

    About Alectra Utilities

    Serving more than one million homes and businesses in Ontario’s Greater Golden Horseshoe area, Alectra Utilities is now the largest municipally-owned electric utility in Canada, based on the total number of customers served. We contribute to the economic growth and vibrancy of the 17 communities we serve by investing in essential energy infrastructure, delivering a safe and reliable supply of electricity, and providing innovative energy solutions. Our mission is to be an energy ally, helping our customers and the communities we serve to discover the possibilities of tomorrow’s energy future.

    X: https://x.com/alectranews
    Facebook: https://www.facebook.com/alectranews/
    Instagram: https://www.instagram.com/alectranews/?hl=en
    LinkedIn: https://www.linkedin.com/company/16178435/admin/
    Bluesky: https://bsky.app/profile/alectranews.bsky.social
    YouTube: https://www.youtube.com/alectranews

    Media Contact

    Ashley Trgachef, Media Spokesperson | Email: ashley.trgachef@alectrautilities.com | Telephone: 416.402.5469 | 24/7 Media Line: 1-833-MEDIA-LN

    An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ff1df77-3979-4d30-9568-6392cda7596f

    The MIL Network –

  • MIL-OSI: Transactix Launches New Era in Canadian Payments

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Ontario, Canada – Consensus, May 14, 2025 (GLOBE NEWSWIRE) — Transactix Financial Inc. today introduced a secure, unified payments platform that frees Canadians from the exorbitant fees and inefficiencies that impact the country’s financial well-being. 

    Its Open Value Network™ (“OVN”) is engineered to facilitate the immediate and seamless transfer and conversion of digital value – whether in tokens, points, credits, stablecoins, cryptocurrencies, or fiat currency – at a fraction of the cost Canadians have had to pay.

    “Moving value should be as cheap and effortless as sending a text message,” said Abou Daya, CEO of Calgary-based Transactix. “But Canadians continue to bear costs for transferring funds that are more comparable to snail mail or shipping a parcel than sending an email. This is an outdated paradigm that OVN will disrupt.” 

    Similarity in the price of financial transfers and physical mail delivery in Canada stems from legacy infrastructure, regulatory overhead, and the dominance of a few large financial institutions. These factors have kept costs high, even as digital technology has made near-instant, low-cost communication commonplace. In contrast, the OVN leverages modern, patented technology to eliminate these inefficiencies, making value transfer as inexpensive and immediate as digital messaging.

    A Platform for Growth, Security, and Innovation

    “The launch of the Open Value Network is a testament to Canadian innovation and leadership in blockchain technology,” said Koleya Karringten, Executive Director of the Canada Blockchain Consortium. “By enabling secure, immediate, and low-cost value transfers across a wide range of digital assets, OVN has the potential to empower consumers, drive fintech growth, and strengthen Canada’s economic sovereignty in the rapidly evolving global digital economy.”

    Transactix’s OVN is more than a payment network. It is a secure, developer-friendly ecosystem that:

    • Enables fintechs to build on a cohesive, blockchain native infrastructure, complementing existing legacy payment rails.
    • Empowers consumers and businesses with new, globally competitive services.
    • Advocates for regulatory modernization to foster innovation, reduce costs, and protect Canadian interests amid rising tariffs and global competition.
    • Illustrates to policymakers and regulators on how novel technologies can lower costs and strengthen Canada’s economic resilience.

    National Security and Economic Sovereignty

    The stability of Canada’s economy and the integrity of its currency are inseparable from national security. The rapid proliferation of stablecoins and cryptocurrencies, many issued by foreign entities, presents both opportunities and challenges for Canadian sovereignty and economic governance. As the world accelerates toward digital currencies, the United States is positioning itself as a global leader. Canada must keep pace with a robust digital currency strategy to safeguard its interests and ensure that Canadian businesses and consumers have access to homegrown digital assets.

    About Transactix

    Transactix is enabling individuals and companies to exchange money, cryptocurrencies, loyalty rewards, credits, and more — instantly, securely, for less than the price of a text message — with its revolutionary Open Value Network™ and Stablecoin-as-a-Service offerings. It is establishing a new benchmark for speed, affordability, accessibility with compliance in the digital economy powered by a proven infrastructure already processing over $100 billion (US) in transactions. www.transactix.ca

    For more information about the OVN launch and Ali Abou Daya’s presentation “Moving Value Cheaper Than Text”, visit the Consensus 2025 Toronto agenda.

    Media Kit:
    https://drive.google.com/drive/folders/18B4IACAtyW_-ktNyTxkDSTQvfqjfFXej?usp=drive_link

    The MIL Network –

  • MIL-OSI: New Stablecoin from Transactix Reshaping Canadian Cryptocurrency Landscape

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Ontario, Canada – Consensus, May 14, 2025 (GLOBE NEWSWIRE) — Transactix Financial Inc. today launched a new type of digital currency, linked to the value of the Canadian dollar, that gives businesses, consumers, and financial partners a secure, efficient, and programmable way to make and accept payments and settlements. Called CADX™, this financial innovation is engineered to bring the speed and versatility of blockchain technology to payments. 

    CADX is a Canadian dollar-backed stablecoin – a type of cryptocurrency that mitigates volatility by having a reserve of a sovereign currency, in this case the Canadian dollar, to support the value of the cryptocurrency. CADX is fully backed by $50 million in Canadian assets. It will be delivered to the market using Transactix’s advanced Stablecoin-as-a-Service platform, an innovative infrastructure that has already supported more than $100 billion (US) in global digital transactions.

    “CADX is more than a digital asset—it’s a catalyst for financial innovation in Canada,” said Transactix CEO Ali Abou Daya. “By combining robust asset backing, regulatory compliance and advanced technology, we are empowering Canadians and our partners to participate in the digital economy with extraordinary confidence.”

    Others in the Canadian digital payments system are lauding CADX.

    “The launch of CADX is a meaningful step toward a more competitive digital payments ecosystem in Canada,” said Alex Vronces, Executive Director of Fintechs Canada. “Stablecoins offer a credible alternative to legacy systems. When they’re built to be secure, low-cost, and compliant, they can expand choice and shift power toward users—something our financial system sorely needs.”

    Calgary-based Transactix made the announcement at Consensus 2025, one of the cryptocurrency world’s most prestigious international events. Speakers at the event include Eric Trump, Kevin O’leary, and Robert Hines, the Executive Director of the President’s Council of Advisors for Digital Assets at the White House.

    A New Opportunity for Canadian Finance

    CADX offers a transformative opportunity for Transactix and its ecosystem

    • For Customers: CADX provides faster, lower-cost transactions and the ability to use Canadian dollar stablecoins in a growing range of applications, from payroll to cross-border remittances and decentralized finance.
    • For Partners: Financial institutions, fintechs, businesses, and payment service providers can leverage the Stablecoin-as-a-Service platform to integrate CADX into their offerings, unlocking new revenue streams and innovative financial products.
    • For Transactix: The launch positions Transactix at the forefront of Canadian digital finance, enabling the company to shape the future of programmable money and digital payments infrastructure.

    Transactix Stablecoin-as-a-Service: Patent-Backed Freedom to Operate

    Transactix’s Stablecoin-as-a-Service is underpinned by an unparalleled and formidable Canadian patent portfolio. This intellectual property foundation provides partners who wish to launch their own stablecoin the critical freedom to operate as part of the Transactix service model. By leveraging this robust patent coverage, partners can confidently innovate and deploy new stablecoins within a secure, compliant, and future-ready ecosystem.

    Canada’s Stablecoin Market: Poised for Growth

    Canada stands at a crossroads in stablecoin adoption. While the country has been a global innovator in blockchain technology, regulatory uncertainty has slowed the rollout of CAD-backed stablecoins. Recent regulatory changes have clarified requirements for stablecoin issuers, with fiat-backed stablecoins now being subject to securities regulatory oversight. Despite these challenges, the demand for stablecoins in Canada is rising, driven by the need for faster, more efficient payment solutions and the desire for a payment mechanism that can compete globally.

    About Transactix 

    Transactix is enabling individuals and companies to exchange money, cryptocurrencies, loyalty rewards, credits, and more—instantly, securely, and at a lower cost, often less than the cost of sending a text message. Its revolutionary Open Value Network™ and Stablecoin-as-a-Service are establishing a new benchmark for speed, affordability, and accessibility with compliance in the digital economy powered by a proven infrastructure already processing over $100 billion (US) in transactions. www.transactix.ca.

    Attention Media and Analyst

    Transactix will be holding a media scrum and reception at Consensus 2025 to discuss the CADX launch at 3:30 pm EDT today in Room MR 704. All media, analysts, and social media influencers are invited to attend.

    Media Kit:
    https://drive.google.com/drive/folders/18B4IACAtyW_-ktNyTxkDSTQvfqjfFXej?usp=drive_link

    The MIL Network –

  • MIL-OSI Global: From boomers to Gen Z: How to solve the public sector succession crisis

    Source: The Conversation – Canada – By W. Dominika Wranik, Professor, Faculty of Management, Dalhousie University

    Public servants are the backbone of Canadian government. Canadians expect them to act in the best interest of society, to uphold Canadian democratic institutions, to steward public monies and to deliver programs and services.

    But as retirements surge, how can governments attract young people to work for them? It’s difficult when governments suffer from poor reputations, low public trust and offer working conditions that may not appeal to young people.

    What do young Canadians want from their careers, and what will it take for public service to win them over?

    This issue, among others concerning Canadian public servants, are currently being studied at the Professional Motivations Research Lab at Dalhousie University. The lab is led by the lead author of this piece, Dominika Wranik, whose work focuses on measuring and explaining the motivations of professionals in the public service.

    The lab’s insights shed light on the factors that influence how young people make decisions about whether to work for the public sector.

    Looming labour shortage

    In 1966, there were 7.7 working-age individuals for every senior in Canada. But in 2022, the ratio dropped to 3.4 and is projected to drop further over the next decade.

    A labour shortage will create increased competition for top talent between the public and private sector, an issue for governments as research has shown a growing disinterest among youth in pursuing civil service careers.

    Recruitment to the public service is further complicated by declining perceptions of competence and trust in Canadian public institutions. With studies demonstrating that applicants’ perceptions of an organization’s competence affect their attraction to working there, Canadian governments also run the risk of losing potential applicants who don’t view Canada’s public institutions as being competent or trustworthy.

    These challenges come as young Canadians enter the workforce with more career options than ever before, and different expectations from previous generations.

    Salary not the sole motivator

    Young Canadians are not solely interested in high incomes, but also in workplaces that provide a healthy work/life balance and align with their values.

    Data collected in 2024, for example, shows that 87 per cent of British Columbians between the ages of 18 and 34 prefer employers that are socially and environmentally responsible, with 61 per cent stating they would only work for such companies.

    This means Canadian governments are currently finding themselves in a perilous situation, where rising suspicion about their trustworthiness and competence, paired with growing disinterest in the public sector as a whole, means they’re not positioned well to navigate an impending labour shortage.

    Strengthening their capacity to attract and recruit the next generation of workers is therefore imperative, not only for upholding public institutions, but also for rebuilding trust in government.

    In the effort to resolve this issue and enhance recruitment to the public service, Canadian government officials must pore over existing research into the factors that determine why youth and those just entering the labour market — people between the ages of 13 to 27, known as Gen Z — pursue or refrain from pursing public service jobs.

    Some research suggests the three variables that potentially predict whether a member of Gen Z is inclined to pursue a career in the public sector are:

    Perceptions

    In terms of perceptions of the public sector, a recent study found that when choosing between the public and private sectors, university students in Norway and Poland were most influenced by their views of the public sector.

    The more positive the outlook — for example, that public sector work is considered less bureaucratic and less inefficient — the higher the preference to work in the public sector, and vice versa.

    This finding was echoed by racialized minorities in the United States. A 2022 study found that Black, Asian and Latinx young adults between the ages of 18-36 were largely turned off by government work due to perceptions that they weren’t represented or well-served by their “largely white, male and wealthy” local, state or federal government representatives.

    In Canada, a study led by the Public Policy Forum discovered that perceptions of the nature of government work also had a significant impact on a student’s decision to pursue a career in the public sector. Students who chose to enter the public service cited “opportunities to examine a wide range of complex challenges and help create policy solutions that can have a positive impact on many communities.”

    Motivations

    In terms of having public service motivation (PSM) — which refers to an individual’s inclination to serve the public interest — studies have found that members of Gen Z are more likely to be drawn to the public sector if they are high in PSM.

    Specifically, a study of Gen Z students in criminal justice programs found that those who identified with PSM tenets — such as “meaningful public service is very important to me” and “making a difference in society means more to me than personal achievements” — had a significantly higher likelihood of choosing the public sector over the private sector.

    Similarly, an interdisciplinary sample of undergraduate students with higher levels of PSM — and who therefore identified with the PSM dimensions of self-sacrifice, compassion and commitment to public values — were more likely to have a preference for the public sector.

    Job attributes

    Preferred job attributes also influence the employment choices of members of Gen Z. The aforementioned research on Norwegian and Polish youth and another 2017 study by Canada’s Public Policy Forum (2017) find that when Gen Z students are interested in public sector work, it’s due to the semblance of financial and job security.

    Given the growing disinterest among the Canadian population in pursuing employment in the public sector, new insights about what attracts Gen Z workers to the public sector should be required reading by governments across Canada.



    Read more:
    Public service reflections: Why the role of civil servants must evolve to ensure public trust

    Understanding Gen Z’s misgiving about public sector work will help better position governments to compete with the private sector to recruit the next generation of employees.

    With perceptions of government competence and trustworthiness continuing to fall, it is imperative that Canadian public policymakers take significant steps to engage with Gen Z students and workers to create employment conditions that are attractive and aligned with their values.

    The next generation of government leaders in Canada are currently in high school, college or university classrooms across the country, meaning that research centred in educational institutions is uniquely positioned to uncover valuable regarding how public sector employment is perceived.

    Therefore, government-led engagement that is conducted through town halls, workshops and focus groups can help strengthen trust in government while familiarizing Gen Z students with government careers.

    W. Dominika Wranik receives funding from the Social Sciences and Humanities Research Council. In the past, she has held funding from the Canadian Institutes of Health Research, Mitacs, Research Nova Scotia, and the EU Horizon 2020, as well as short-term funding from several provincial and federal government departments. Dr. Wranik serves as an expert consultant for Canada’s Drug Agency (CDA-AMC).

    Alec Brooks and Payton Nicol do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. From boomers to Gen Z: How to solve the public sector succession crisis – https://theconversation.com/from-boomers-to-gen-z-how-to-solve-the-public-sector-succession-crisis-255077

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s tariff threat to foreign films overlooks the value of multilingual cinema

    Source: The Conversation – Canada – By Gaelle Planchenault, Associate Professor of French Media, Culture, and Applied Linguistics, Simon Fraser University

    With the 78th Cannes International Film Festival underway this week, there is little doubt that one topic will be central to conversations among filmmakers, sales agents and journalists: United States President Donald Trump’s threat to impose a 100 per cent tax on foreign-made films.

    Amid an ongoing tariff war, Trump’s proposal — which may ultimately remain an empty threat — goes beyond economic protectionism. It is cultural protectionism. It also reflects language ideologies that have long constrained the American film industry and American engagement with multilingual cinema.

    Experts have offered various theories about the motivations behind this threat, as well as why it may ultimately prove unwise. In the rush to brace for impact, we often forget the values behind these extreme positions aren’t new. More importantly, we must also remember why it’s vital to protect these cultural expressions.

    As a linguist, I see a clear connection between this proposal and one of the administration’s actions earlier this year, when Trump signed an executive order designating English as the country’s sole official language. This move reflected a deeply rooted monolingual ideology that has long influenced both the U.S. language policy and education systems.



    Read more:
    Trump’s English language order upends America’s long multilingual history

    Monolingual ideology

    Such language ideology reflects a belief in the superiority of monolingualism, a view that American linguist Rosina Lippi-Green links to the “myth of Standard American English.”

    This myth is grounded in the subordination by one dialect, believed to be of higher quality and status, over other languages and dialects. According to Lippi-Green, the enforcement of this ideology follows a systematic process: language is mystified, authority is claimed and a series of negative consequences ensue. Misinformation is generated, targeted languages are trivialized, non-conformers are vilified or marginalized and threats are made.

    Such authority and threats are recognizable in this most recent threat to make access to foreign films difficult. The issue is not just about the economic dimension of foreign-made films. It is also about the perceived threat posed by the presence and influence of other languages. At its core, this reflects a fear or rejection of linguistic diversity.

    In the film industry, this monolingual ideology is closely tied to glottophobic attitudes, also referred to by some scholars as linguicism. These terms define the misrepresentation and negative stereotyping of speakers of languages other than English.

    Hollywood, in particular, has a long history of portraying foreign or heritage languages in stereotypical and often derogatory ways. Consider, for instance, the German-speaking characters in Second World War films, or more recent depictions of Arabic, Mexican Spanish or Russian speakers.

    These portrayals illustrate a tendency to depict other languages as menacing — a point that was also made in the American president’s claim that foreign films pose a “threat” because they constitute “messaging and propaganda.”

    Linguistic stereotyping

    It’s not just characters who speak other languages who have been misrepresented in American films. Those who speak English as a second language — that is with an accent or with a syntax that is marked by their first language — were often played by white actors and subject to similar derogatory stereotypes.

    Linguists have identified patterns in these linguistic representations, referring to them as Injun English, Mock Spanish or yellow voices, among others.

    Lippi-Green has famously argued that such linguistic depictions are ways to reinforce standard language ideologies through linguistic stereotyping in media, including popular Disney cartoons. They effectively teach American children how to discriminate.

    In my work, I examined French-accented English to demonstrate that these representations reflect broader cultural anxieties. Ultimately, this rhetoric reveals more about the U.S. relationship with linguistic diversity than it does about the communities being portrayed.

    Trump has made reference to “any and all movies coming into our country that are produced in foreign lands.” But it remains unclear how such measures would impact streaming platforms and the diverse range of films they currently offer.

    Hollywood has come a long way since the heydays of linguicism, gradually embracing a more inclusive and multilingual cinematic landscape. Today, films that present a more diverse linguistic landscape are increasingly common. And audiences are accustomed to having access to a wide selection of international content.

    The global success of the French series Call My Agent is just one example. Among others are popular French spy thrillers and romances, Swedish thrillers, Japanese anime and Korean dystopian series.

    The pleasure of watching foreign films

    For years, foreign language films have been recognized as an invaluable resource for language learning. This fact is supported by language learning apps that increasingly recommend users to view TV programs or movies to support learning. Movies and TV provide access to a variety of dialects as well as authentic forms of language.

    As a professor of French media and linguistics, I often use films to teach students about French language and culture. But beyond their educational benefits, foreign-language films offer unique esthetic and emotional pleasures.

    A press image for the show Call My Agent.
    Netflix

    Watching a film is to engage with sound and image. The language itself enhances the immersive experience, contributing to the authenticity of the storytelling. For example, one of my students told me he enjoys turning on closed captions in French. These are also known as SDH: Subtitles for the Deaf and Hard-of-Hearing. He does this not just for the dialogue but because they capture the full cinematic experience, including the naming of sounds.

    Restricting access to these cultural products would trap viewers in an ideological echo chamber, where only one language is heard and validated.

    Fictional representations play a powerful role in shaping and reinforcing real-world attitudes. Monolingual representations potentially foster linguistic discrimination and intolerance toward any word uttered with an accent or in another language. In short, such restrictions could pave the way for a partial and stunted society.

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

    – ref. Trump’s tariff threat to foreign films overlooks the value of multilingual cinema – https://theconversation.com/trumps-tariff-threat-to-foreign-films-overlooks-the-value-of-multilingual-cinema-256323

    MIL OSI – Global Reports –

  • MIL-OSI: Bitget Wallet Joins Consensus Toronto to Showcase Innovation and Growth

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial Web3 wallet, will participate in Consensus Toronto, one of Web3’s most anticipated events, taking place from 14 May to 16 May, 2025. As the Web3 landscape matures, Bitget Wallet is stepping into the spotlight to highlight its latest advancements in cross-chain interoperability, smart contract security, and user-first design. The appearance follows the launch of Bitget Wallet’s Shop with Crypto, an in-app marketplace for spending crypto on everyday goods, and the integration of Reserve’s onchain index fund for easy access to diversified crypto portfolios within the wallet.

    The three-day event brings together developers, entrepreneurs, investors, and builders from around the world to discuss the future of crypto, blockchain infrastructure, and decentralized finance. Bitget Wallet will be present onsite throughout the conference, engaging with attendees and industry leaders while showcasing new product features and ecosystem updates tailored for a rapidly evolving user base.

    This year’s edition of Consensus marks a significant inflection point for the industry. With prominent participants, including BlackRock and representatives from the White House, the event shows how far crypto has progressed toward institutional recognition and regulatory relevance. The presence of such stakeholders underscores a shifting narrative — from fringe technology to integral component of global financial conversation. Against this backdrop, Bitget Wallet aims to demonstrate how accessible and secure self-custody tools can serve as a gateway for mainstream adoption.

    On the evening of May 14, Bitget Wallet will host an exclusive VIP Whisky Tasting Night as part of its Consensus Toronto presence. Set at a distinctive venue, the experience begins with a curated whiskey mixology session at Above/Below Ground, where guests will explore premium blends in an intimate, atmospheric setting, before the evening continues with a private dinner in a subterranean cave space from, offering a refined yet unconventional setting for deeper conversation and connection. Each VIP guest will also receive a personalized gold bar case containing their own engraved whiskey bottle — a keepsake designed to match the tone of the night: rare, immersive, and unforgettable.

    Since launching as a core pillar of the Bitget ecosystem, Bitget Wallet has grown to support and integrate major DApps and DeFi protocols into its interface. With a focus on usability and security, the wallet has become a preferred choice for users looking to manage digital assets, swap tokens, and access decentralized apps. All within one seamless interface.

    “Consensus is where some of the industry’s most important ideas are shaped,” said Alvin Kan, COO of Bitget Wallet. “Bitget Wallet is here to share how we’re tackling the critical challenges of Web3 adoption and to collaborate with the ecosystem on what comes next.”

    The participation in Consensus Toronto follows Bitget Wallet’s presence at Solana Blockchain Futurist Conference and other major events throughout Canada Crypto Week. Reflecting Bitget’s broader push to support decentralized innovation through accessible, secure, and user-centric infrastructure.

    About Bitget Wallet

    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, seamless and secure for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aca210c0-db22-4696-aa65-4d4c4b00cc2f

    The MIL Network –

  • MIL-OSI Russia: Chinese Foreign Ministry: China pays great attention to developing relations with Canada

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — Chinese Premier Li Qiang has sent a congratulatory telegram to Canadian Prime Minister Mark Carney on his assumption of office, Foreign Ministry spokesperson Lin Jian said Wednesday.

    In the telegram, Li Qiang expressed his willingness to work with his Canadian counterpart to seize the 55th anniversary of the establishment of diplomatic ties between the two countries and the 20th anniversary of the establishment of China-Canada strategic partnership as favorable opportunities to push bilateral relations onto the right track of improvement and development based on equality and mutual respect, so as to better benefit the two countries and their peoples, Lin Jian said. -0-

    MIL OSI Russia News –

  • MIL-OSI: Fiera Capital Corporation announces $60 million bought deal offering of 7.75% Senior Subordinated Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Fiera Capital Corporation (“Fiera Capital” or the “Company”) (TSX: FSZ) is pleased to announce that it has entered into an agreement with Scotiabank, CIBC Capital Markets, Desjardins Capital Markets and RBC Capital Markets, as joint bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and Raymond James Ltd. (collectively, the “Underwriters”), whereby the Underwriters have agreed to purchase $60 million aggregate principal amount of senior subordinated unsecured debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). Fiera Capital has also granted the Underwriters an option to purchase up to an additional $9 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about June 3, 2025.

    The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2025. The December 31, 2025 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

    The Debentures will not be redeemable prior to June 30, 2028 (the “First Call Date”), except upon the occurrence of a change of control of the Company in accordance with the terms of the indenture (the “Indenture”) governing the Debentures. On and after the First Call Date and prior to June 30, 2029, the Debentures will be redeemable in whole or in part from time to time at the Company’s option at a redemption price equal to 103.875% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after June 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures.

    The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares (the “Class A Shares”) in accordance with the terms of the Indenture.

    The Debentures will not be convertible into Class A Shares at the option of the holders at any time.

    The net proceeds of the Offering will be used to fund the redemption of the Company’s 8.25% Senior Subordinated Unsecured Debentures due December 31, 2026 (the “2026 Debentures”) that the Company intends to effect on the first call-date, December 31, 2025, and for general corporate purposes. Pending such use, the net proceeds from the Offering will temporarily be used by the Company to reduce indebtedness under the Company’s unsecured revolving credit facility. The foregoing is not a redemption notice with respect to the 2026 Debentures. Any redemption of the 2026 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

    The Debentures will be direct, senior subordinated unsecured obligations of the Company which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the Company but only (other than with respect to the Senior Credit Facilities (as defined in the Indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future Senior Credit Facilities (as defined in the Indenture), (c) pari passu with the Company’s existing 2026 Debentures and 6.00% Senior Subordinated Unsecured Debentures due June 30, 2027 and, except as prescribed by law, all existing and future unsecured indebtedness (other than the Senior Credit Facilities) that by its terms is not subordinated in right of payment to the Debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the Debentures, including any convertible unsecured subordinated debentures which may be issued by the Company in the future. In addition, the Debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries.

    A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

    The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Legal advisors

    Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the Underwriters by Norton Rose Fulbright Canada LLP.

    Forward-Looking Statements

    This document may contain certain forward-looking statements relating to future events or, future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. In particular, this press release includes forward-looking statements relating to the proposed timing of completion of the Offering and the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as “assumption, “continue”, “estimate”, “forecast”, “goal”, “guidance”, “likely”, “plan”, “objective”, “outlook”, “potential”, “foresee”, “project”, “strategy”, “target”, and other similar words or expressions or future or conditional verbs (including in their negative form), such as “aim”, “anticipate”, “believe”, “could”, “expect”, “foresee”, “intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive” and “would”.

    Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management’s expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, Fiera Capital does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Additional factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedarplus.ca. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

    About Fiera Capital Corporation

    Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

    Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

    Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

    Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

    Additional information about Fiera Capital, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

    SOURCE Fiera Capital Corporation

    The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.

    For more information: Analysts and investors, Marie-France Guay, Senior Vice President, Treasury and Investor Relations, Fiera Capital Corporation, 514 294-5878, mguay@fieracapital.com

    The MIL Network –

  • MIL-OSI: Altura Energy Provides Update on Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Altura Energy Corp. (the “Company”) (TSXV: ALTU), (FRA: Y02.F) is pleased to announce that, further to its news release dated April 15, 2025, it has engaged Haywood Securities Inc. (the “Agent”) to act as the sole agent and bookrunner in connection with a private placement offering of up to 15,000,000 units of the Company (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds to the Company of up to $1,500,000 (the “Offering”).

    Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.25 at any time up to sixty months following the Closing Date (as defined herein). In the event that the closing price of the Common Shares on the TSX Venture Exchange (or such other stock exchange the Common Shares may be listed on from time to time) is equal to or greater than $0.75 for a period of twenty consecutive trading days (the “Acceleration Event”), the Company may, within five trading days following the Acceleration Event, upon issuing a news release, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such news release.

    The Company has granted the Agent an option to sell up to an additional 2,250,000 Units at the Issue Price for additional gross proceeds to the Company of up to $225,000, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date.

    The Units to be issued under the Offering will be Offered by way of private placement pursuant to applicable exemptions from the prospectus requirements in each of the provinces of Canada, and in jurisdictions outside of Canada, excluding the United States, mutually agreed by the Company and the Agent, provided that no prospectus filing, registration or comparable obligation arises in such other jurisdiction.

    The Offering is expected to close on or around June 4, 2025 or such other date as agreed upon between the Company and the Agent (the “Closing Date”) and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the Closing Date in accordance with applicable securities laws.

    The net proceeds from the Offering will be utilized by the Company to repay existing indebtedness and for working capital and general corporate purposes.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    ABOUT ALTURA ENERGY CORP.

    Altura Energy Corp. is an exploration and production company with interests in the prolific Holbrook basin of Arizona. For more information, please visit SEDAR+ (www.sedarplus.ca).

    FOR FURTHER INFORMATION

    Robert Johnston
    CEO & Director
    +1 604-609-6110

    Forward Looking Statements

    Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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

    The MIL Network –

  • MIL-OSI Global: Taking intermittent quizzes reduces achievement gaps and enhances online learning, even in highly distracting environments

    Source: The Conversation – USA – By Jason C.K. Chan, Professor of Psychology, Iowa State University

    More Americans are learning remotely. Drazen/E+ via Getty Images

    Inserting brief quiz questions into an online lecture can boost learning and may reduce racial achievement gaps, even when students are tuning in remotely in a distracting environment.

    That’s a main finding of our recent research published in Communications Psychology. With co-authors Dahwi Ahn, Hymnjyot Gill and Karl Szpunar, we present evidence that adding mini-quizzes into an online lecture in science, technology, engineering or mathematics – collectively known as STEM – can boost learning, especially for Black students.

    In our study, we included over 700 students from two large public universities and five two-year community colleges across the U.S. and Canada. All the students watched a 20-minute video lecture on a STEM topic. Each lecture was divided into four 5-minute segments, and following each segment, the students either answered four brief quiz questions or viewed four slides reviewing the content they’d just seen.

    This procedure was designed to mimic two kinds of instructions: those in which students must answer in-lecture questions and those in which the instructor regularly goes over recently covered content in class.

    All students were tested on the lecture content both at the end of the lecture and a day later.

    When Black students in our study watched a lecture without intermittent quizzes, they underperformed Asian, white and Latino students by about 17%. This achievement gap was reduced to a statistically nonsignificant 3% when students answered intermittent quiz questions. We believe this is because the intermittent quizzes help students stay engaged with the lecture.

    To simulate the real-world environments that students face during online classes, we manipulated distractions by having some participants watch just the lecture; the rest watched the lecture with either distracting memes on the side or with TikTok videos playing next to it.

    Surprisingly, the TikTok videos enhanced learning for students who received review slides. They performed about 8% better on the end-of-day tests than those who were not shown any memes or videos, and similar to the students who answered intermittent quiz questions. Our data further showed that this unexpected finding occurred because the TikTok videos encouraged participants to keep watching the lecture.

    For educators interested in using these tactics, it is important to know that the intermittent quizzing intervention only works if students must answer the questions. This is different from asking questions in a class and waiting for a volunteer to answer. As many teachers know, most students never answer questions in class. If students’ minds are wandering, the requirement of answering questions at regular intervals brings students’ attention back to the lecture.

    This intervention is also different from just giving students breaks during which they engage in other activities, such as doodling, answering brain teaser questions or playing a video game.

    Why it matters

    Online education has grown dramatically since the pandemic. Between 2004 and 2016, the percentage of college students enrolling in fully online degrees rose from 5% to 10%. But by 2022, that number nearly tripled to 27%.

    Relative to in-person classes, online classes are often associated with lower student engagement and higher failure and withdrawal rates.

    Research also finds that the racial achievement gaps documented in regular classroom learning are magnified in remote settings, likely due to unequal access to technology.

    Our study therefore offers a scalable, cost-effective way for schools to increase the effectiveness of online education for all students.

    What’s next?

    We are now exploring how to further refine this intervention through experimental work among both university and community college students.

    As opposed to observational studies, in which researchers track student behaviors and are subject to confounding and extraneous influences, our randomized-controlled study allows us to ascertain the effectiveness of the in-class intervention.

    Our ongoing research examines the optimal timing and frequency of in-lecture quizzes. We want to ensure that very frequent quizzes will not hinder student engagement or learning.

    The results of this study may help provide guidance to educators for optimal implementation of in-lecture quizzes.

    The Research Brief is a short take on interesting academic work.

    Jason C.K. Chan receives funding from the USA National Science Foundation.

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

    – ref. Taking intermittent quizzes reduces achievement gaps and enhances online learning, even in highly distracting environments – https://theconversation.com/taking-intermittent-quizzes-reduces-achievement-gaps-and-enhances-online-learning-even-in-highly-distracting-environments-254046

    MIL OSI – Global Reports –

  • MIL-OSI: Redfin and Magnite Join Forces to Give Advertisers Priority Access to Audience Targeting Across the Homebuying Journey

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) —  Redfin (NASDAQ: RDFN), the technology-powered real estate brokerage, has selected Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, as its preferred SSP to power data-driven deals. Leveraging Magnite’s programmatic technology, Redfin can connect advertisers with exclusive real estate audiences at key moments in their home-buying journey.

    Redfin Media uniquely connects brands with 46 million upwardly mobile customers at each stage of their buying journey. With a vast network including Redfin, Rent.com, ApartmentGuide.com and WalkScore.com, the partnership delivers national scale and hyper-local targeting in a brand safe environment. Using sophisticated intent signals, Redfin uniquely knows when people move, where they are going, and what type of home they are looking for, enabling marketers to reach high-value, hard-to-reach customers.

    “As we build Redfin’s Commerce Media Network, we’re partnering with leading brands and platforms to connect high-intent homebuyers and movers with the right products and services at pivotal moments in their journey—creating meaningful value for both advertisers and consumers,” said Conny Mirza, General Manager of Digital Ads and Partnerships at Redfin.

    “Our collaboration with Magnite gives us the tools to package and activate that opportunity through scalable, transparent programmatic solutions,” said Amit Grover, Head of Programmatic Partnerships at Redfin.

    “Redfin is a trusted source for millions of homebuyers and renters and their insights provide advertisers with a unique opportunity to reach consumers at key decision-making moments,” said Ashley Wheeler, SVP, DV+ Platform at Magnite. “We’re excited to work closely with the Redfin team to enrich their omnichannel inventory and create more impactful advertising experiences.”

    About Magnite

    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About Redfin

    Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

    Media Contact:

    Megan Hughes
    mhughes@magnite.com

    Investor Relations Contact:

    Nick Kormeluk
    nkormeluk@magnite.com
    949-500-0003

    The MIL Network –

  • MIL-OSI: CIRA’s award-winning ‘What’s up with the internet?’ podcast returns for its third season to investigate the impact of online misinformation

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Today, CIRA announces the premiere of the third season of its award-winning podcast, What’s up with the internet? centred around the rise of online misinformation. Returning fresh off a win for ‘Best Technology Series’ at the fifth annual Canadian Podcast Awards, this season of What’s up with the internet? is an eye-opening investigation to uncover the truth behind online lies.

    Across six episodes, season three of What’s up with the internet? reveals the sources behind online misinformation, how it spreads, along with deep insight into the harm it does. Host Takara Small also walks listeners through a fact-checking toolkit with guest Matthew Johnson, Director of Education for MediaSmarts, so that more Canadians can feel equipped with ways to identify fact from fiction and verify what they see online.

    This season features ongoing commentary and guest interviews from technology experts, media researchers and more. Guests for season three include journalist and business executive Sue Gardner, professor and author Timothy Caulfield, Michael Kropveld, Founder and Executive Director of Info-Cult/Info-Sect and more. Listeners can learn more at cira.ca/podcast and follow What’s up with the internet? on all major podcast platforms, including Apple Podcasts and Spotify.

    Executive quotes

    “Misinformation is easy to fall for because it often feels right and we’re all susceptible to it, regardless of intelligence or education. That’s one reason why this season of What’s up with the internet? is about more than just a deep dive into the origins of this phenomenon but what to look for, too. It’s about separating myth from truth and giving you what you need to know and sometimes what you didn’t even know you needed.” – Takara Small, host What’s up with the internet?

    “If you spend any time online, chances are you’ve been exposed to online misinformation. Canadians just emerged from an election where algorithm-driven misinformation was rampant. This season, our podcast explores how and why that is—and most importantly, what Canadians can do to protect themselves and their loved ones from falling for fake news.” – Spencer Callaghan, Director, Brand and Communications, CIRA.

    About CIRA
    CIRA is the national not-for-profit best known for managing the .CA domain on behalf of all Canadians. As a leader in Canada’s internet ecosystem, CIRA offers a wide range of products, programs and services designed to make the internet a secure and accessible space for all. CIRA represents Canada on both national and international stages to support its goal of building a trusted internet for Canadians by helping shape the future of the internet.

    About Takara Small
    Takara Small is a Canadian journalist and radio host. She is the national technology columnist for CBC (Canada’s public broadcaster) and a radio contributor for BBC Radio. Additionally, she was named one of the 100 Most Powerful Women in Canada for her contributions to media and recently named a Young Leaders of America Fellow.

    She was previously the contributing editor for Fortune magazine and host of the CBC podcast Death in Cryptoland, which was #1 on Apple Podcasts. Her work has appeared in numerous publications, which include Refinery29, Metro News, Chatelaine, Mic and more.

    Media contacts
    Shehnila Sayeed
    CIRA
    shehnila.sayeed@cira.ca 
    +1 613 316-2397

    The MIL Network –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on TSLY, SNOY, YBIT, ULTY, and Others

    Source: GlobeNewswire (MIL-OSI)

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

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


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

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

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

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

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

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

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

    Important Information

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

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

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

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

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

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to GPTY)

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

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

    Risk Disclosure (applicable only to MARO)

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

    Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

    Risk Disclosures (applicable only to GDXY)

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

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

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

    Risk Disclosures (applicable only to YBIT)

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

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

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

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

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to CHPY)

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

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

    Risk Disclosures (applicable only to YQQQ)

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

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

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

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

    © 2025 YieldMax™ ETFs

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Highlights

    Financial results

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

    Update on development and construction activities

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

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

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

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

    1st quarter highlights

    Three-month periods ended March 31

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

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

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

    Outlook

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

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

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

    Dividend declaration

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

    About Boralex

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

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

    Non-IFRS measures

    Performance measures

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

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

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

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

    Corporate objectives for 2025 from the strategic plan.

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

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

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


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

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


    Combined

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

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


    EBITDA(A)

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

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

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

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


    Cash flow from operations and discretionary cash flows

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

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


    Available cash resources and authorized financing

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

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


    Disclaimer regarding forward-looking statements

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

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

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

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

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

    For more information:

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Q1 2025 Financial Results

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

    Recent Business Highlights

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

    Q2 2025 and Full Year Outlook

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

    Q2 2025 and Full Year Outlook

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

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

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

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

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

    Conference Call Information:

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

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

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

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

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

    Non-GAAP Financial Measures and Key Operating Metrics

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

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

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

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

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

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

    Cautionary Note Regarding Forward Looking Statements

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

    About Global-E Online Ltd.

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

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

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

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

    (a) See reconciliation to adjusted EBITDA table

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Recent Business and Technology Highlights

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

    Customer Traction and Development

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

    Fiscal Second Quarter 2025 Financial Highlights1

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

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

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

    Balance Sheet and Liquidity3

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

    About LeddarTech

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

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

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

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

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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

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

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

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

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

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

     
    Non-IFRS Financial Measures

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Bitfarms Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Mining Operations

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

    Recent Strategic Developments 

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

    Q1 2025 Financial Highlights

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

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

    Q1 2025 and Recent Financing Activities

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

    Quarterly Operating Performance

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

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

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

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

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

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

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

    Conference Call 

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

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

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

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

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

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

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

    Glossary of Terms

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

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

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

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

    Investor Relations Contacts:

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

    Media Contacts:

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

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

    nm: not meaningful

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

    nm: not meaningful

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

    nm: not meaningful

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

    The MIL Network –

  • MIL-OSI: Foundation Wealth Partners Announces Expansion in Calgary with Appointment of Matthew Mantle as New Portfolio Manager and Financial Planner

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Foundation Wealth Partners Inc. (“Foundation Wealth Partners” or “Foundation Wealth”) is pleased to announce that Matthew Mantle, CFA, CFP®, CIM®, has joined the firm as a Portfolio Manager and Financial Planner based in Calgary. His appointment marks a strategic step forward in expanding Foundation Wealth’s presence in Western Canada and further strengthening its ability to deliver personalized, independent wealth management advice to clients in the region.

    With extensive experience in private wealth advisory, Mantle brings a deep commitment to helping clients navigate the complexities of wealth through a thoughtful and custom approach. His practice is anchored in three core principles: preparation, planning, and perspective—ensuring each client has a clear and customized roadmap for their financial future.

    Mantle was drawn to Foundation Wealth Partners for its commitment to advisor independence, modern technology, and client-first values. The firm’s platform enables advisors to focus on building strong relationships and delivering personalized financial advice, supported by a strong operations team and the flexibility to deliver the most appropriate solutions to meet his clients’ needs.

    “I’m excited to be joining Foundation Wealth Partners,” said Mantle. “The platform gives me the independence and resources to deliver the level of service and customization that my clients’ families and businesses need in order to thrive. I’ve always believed that building lasting relationships through trust and transparency is the foundation of great financial advice. This move allows me to deepen that commitment.”

    At Foundation Wealth, autonomy and client focus go hand-in-hand. The firm’s modern infrastructure supports advisors with innovative tools and operational efficiency, enabling them to concentrate on what matters most: their clients. Advisors benefit from ownership opportunities and dedicated onboarding support, empowering them to grow their practices with flexibility and independence.

    “We’re thrilled to welcome Matthew to our growing team,” said Jeff Gans, CEO of Foundation Wealth. “His client-first mindset and strategic approach are a natural fit for our values. Calgary continues to be an important market for us, and Matthew’s presence will ensure that more clients in the region can access our differentiated wealth management offering.”

    For more information about Foundation Wealth Partners and its services, please visit foundationwealth.ca.

    About Foundation Wealth Partners

    Foundation Wealth Partners is an independent, technology-enabled portfolio management firm working with affluent individuals, family offices, corporations, private pensions, and trusts. The turnkey solution offered by Foundation Wealth provides portfolio managers greater independence and a chance to improve the client experience. The firm’s digital platform enhances operational efficiency and gives advisors the freedom to manage their practices in the best way possible to meet the needs of their clients and businesses. Partners get ownership in the firm and receive dedicated onboarding and operational support during their transition. Foundation Wealth Partners has offices in Vancouver, Calgary, Kamloops, Toronto, and Oakville.

    Media Contact
    Mia Palantzas
    mia.palantzas@kaiserpartners.com 

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Anticipated Benefits to Automotive OEMs and Tier 1 Suppliers:

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

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

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

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

    About LeddarTech

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

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

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

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

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to timely access sufficient capital and financing on favorable terms or at all; (ii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iii) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (iv) our ability to successfully scale and commercialize our product offerings, including through strategic collaborations or otherwise; (v) delays or cost overruns in product development, testing, validation or release; (vi) the potential for limitations in simulation fidelity, coverage or performance when compared to real-world datasets or field testing; (vii) our ability to obtain, meet and maintain the evolving technical, regulatory or safety requirements applicable to simulation tools used in regulated or performance-critical domains, such as automotive applications; (viii) customer hesitancy or delays in adoption due to integration challenges, concerns about validation equivalency or compatibility with customer workflows, data formats or toolchains; (ix) the potential for claims of intellectual property infringement or legal exposure related to simulation models, datasets or output reproducibility; (x) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (xi) changes in general economic and/or industry-specific conditions; (xii) our ability to retain, attract and hire key personnel; (xiii) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xiv) legislative, regulatory and economic developments; (xv) the outcome of any known and unknown litigation and regulatory proceedings; (xvi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xvii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

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

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

    Q2-25 Highlights:

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

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

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

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

    Access the full report on the Calian Financials web page.

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

    Second Quarter Results

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

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

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

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

    Liquidity and Capital Resources

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

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

    Normal Course Issuer Bid

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

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

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

    Appointed New Board Member

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

    Completed the Acquisition of Advanced Medical Solutions

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

    Quarterly Dividend

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

    About Calian

    www.calian.com

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

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

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

    Investor Relations inquiries:
    ir@calian.com

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

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

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

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

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

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

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

    Adjusted EBITDA

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

    Adjusted Net Profit and Adjusted EPS

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

    Operating Free Cash Flow

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

    Net Debt to Adjusted EBITDA

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

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

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

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