NewzIntel.com

Category: Canada

  • MIL-OSI Canada: Crop Report for the Period of April 29 to May 5, 2025

    Source: Government of Canada regional news

    Released on May 8, 2025

    Spring seeding is well underway across Saskatchewan, with 18 per cent of the 2025 crop now planted.

    The current provincial seeding progress of 18 per cent is ahead of the five-year average (2020-2024) of 10 per cent and the 10-year average (2015-2024) of 12 per cent. Despite multiple storms throughout the province in April, producers were able to get into their fields and make rapid progress over the last couple of weeks.

    The southwest region is the furthest advanced with 43 per cent seeded so far and the first seeded crops starting to emerge. The northwest and southeast regions are also making good progress with 15 per cent and 14 per cent of seeding complete, respectively. The west-central region is reporting 11 per cent seeding completion, and the east-central and northeast regions are both reporting nine per cent of seeding complete. 

    Pulse crops are leading in seeding completion, with lentils at 34 per cent seeded, field peas at 31 per cent and chickpeas at 28 per cent. Durum is at 33 per cent seeded, triticale at 31 per cent, barley at 19 per cent, and spring wheat at 13 per cent. Oats and canary seed both reported at four per cent seeding complete. Mustard leads amongst oilseed crops for seeding completion at 21 per cent, followed by canola at 10 per cent and flax at six per cent. Perennial forage is reported at five per cent seeded, and there are no reports of soybean seeding completion currently. 

    Limited moisture fell throughout much of the province over the last week which allowed field operations to progress rapidly through many regions. The highest reported rainfall was in the Alida area at 16 millimetres (mm) followed by the Lafleche area at 12 mm.

    Although provincial topsoil moisture conditions are mainly at adequate levels, there are some areas in the province experiencing drier conditions. Topsoil moisture for cropland is currently rated at three per cent surplus, 78 per cent adequate, 16 per cent short and three per cent very short. Hayland is rated at one per cent surplus, 71 per cent adequate, 22 per cent short and six per cent very short. Pasture topsoil moisture conditions are reported at one per cent surplus, 68 per cent adequate, 23 per cent short and eight per cent very short. 

    Livestock producers are hopeful for moisture in the coming weeks to help support water supplies and pasture conditions throughout the season. Spring runoff was reported in late April, with provincial data indicating 30 per cent below normal, 55 per cent normal and 15 per cent above normal. Seventy-six per cent of crop reporters indicated that the amount of runoff received would be sufficient to replenish dugouts and other water bodies within their area. Notably within the southwest region, 52 per cent of respondents indicated that the amount of runoff may not be sufficient to replenish dugouts within their area. 

    Additionally, pasture conditions were also reported in late April, with provincial data indicating six per cent of pastures to be in excellent condition, 42 per cent reported to be in good condition, 36 per cent reported as in fair condition, 13 per cent reported as poor, and three per cent very poor. 

    With the warm, dry weather, producers are busy in their fields with seeding, pre-seed spraying for weed control, harrowing and rock picking. Livestock producers are busy with calving with some producers finishing up for the season. As cattle are being moved out to pasture, producers are also checking and fixing fences. As spring progresses, producers are reminded to be safe during their field activities and watch for overhead powerlines while moving equipment in fields and farmyards this spring. 

    A complete, printable version of the Crop Report is available online – Download Crop Report.

    Follow the 2025 Crop Report on Twitter at @SKAgriculture.

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    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: Government of Saskatchewan Provides Increased Funding to Support Persons with Disabilities

    Source: Government of Canada regional news

    Released on May 8, 2025

    Adults with intellectual disabilities will benefit from an increased investment in the 2025-26 Budget that will enhance programs and services and develop more residential spaces in the province that meet their needs.  

    “We work closely with the disability service sector to build strong, inclusive communities for persons with disabilities and their families,” Social Services Minister Terry Jenson said. “This year’s budget will provide individuals with intellectual disabilities supports so they can lead meaningful and independent lives to the best of their ability.”  

    The $9.7 million increase in funding will ensure 215 individuals with intellectual disabilities have new and enhanced services in place to meet their changing needs, including residential and day program services, services to youth transitioning to adult services and funding to operate newly built group homes.  

    A $1.7 million increase in capital investment will support continued construction, planning, and development costs for 10 new group homes and one assessment and stabilization home for individuals with intellectual disabilities. The ministry will also begin planning for a new medical group home for individuals requiring complex health supports.

    In addition to these investments, interpreting services for the deaf and hard-of-hearing community will be expanded with $140,000 in new funding in the 2025-26 Budget to Saskatchewan Deaf and Hard of Hearing Services. This investment will improve accessibility and service availability across the province.  

    This investment aligns with The Accessible Saskatchewan Act, which came into force on December 3, 2023. The purpose of the Act is to improve accessibility so all people can participate in their communities through work, play and other daily activities.                                                                                    

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    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: Harbour Grace — State of emergency called in area of Adam’s Cove, evacuation order in place

    Source: Royal Canadian Mounted Police

    A state of emergency has been called in Adam’s Cove by the Town of Small Point-Broad Cove-Blackhead-Adam’s Cove in light of a wildfire that has been burning out of control since yesterday afternoon. An emergency evacuation order was issued last evening and a number of residents have been evacuated. Route 70, between the communities of Blackhead and Western Bay, remains closed at this time. The public is directed to stay away from the area.

    During a state of emergency, local government is empowered to apply policies and measures, that may not normally be permitted, to aid in the safety and protection of the public, such as an evacuation order and road closures. RCMP officers are engaged to ensure all safety measures are being followed and that those under an evacuation order have been safely evacuated. Please adhere to all safety measures! Those who do not follow the rules of the state of emergency unnecessarily tie up resources that are best used to address the emergency itself.

    The fire is currently burning in the community of Adam’s Cove. A number of homes have been damaged or destroyed. Route 70 will remain closed while emergency crews continue their efforts to address the fire. Access to the area is not permitted.

    Emergency shelters are available to assist those who have been evacuated at Persalvic Elementary School in Victoria and the AYLA Building in Lower Island Cove. Counsellors are available at Persalvic Elementary to speak with those impacted by the fire, including children.

    At this time, the public is directed to avoid the area while emergency resources continue to do their work. Those who have been evacuated are strongly advised to remain away from their property. The fire has compromised the safety of a number of structures. Updates to the state of emergency and evacuation order will be provided. Those who have been evacuated will be notified when it is safe to return to their property.

    Wildfire season is upon us. Residents of the province are encouraged to be prepared in the event of such an incident in their area. More information is available here: https://www.getprepared.gc.ca/cnt/hzd/wldfrs-prp-en.aspx)

    MIL Security OSI –

  • MIL-OSI Africa: Somaliland’s 30-year quest for recognition: could US interests make the difference?

    Source: The Conversation – Africa – By Aleksi Ylönen, Professor, United States International University

    More than three decades after unilaterally declaring independence from Somalia, Somaliland still seeks international recognition as a sovereign state. Despite a lack of formal acknowledgement, the breakaway state has built a relatively stable system of governance. This has drawn increasing interest from global powers, including the United States. As regional dynamics shift and great-power competition intensifies, Somaliland’s bid for recognition is gaining new currency. Aleksi Ylönen has studied politics in the Horn of Africa and Somaliland’s quest for recognition. He unpacks what’s at play.

    What legal and historical arguments does Somaliland use?

    The Somali National Movement is one of the main clan-based insurgent movements responsible for the collapse of the central government in Somalia. It claims the territory of the former British protectorate of Somaliland. The UK had granted Somaliland sovereign status on 26 June 1960.

    The Somali government tried to stomp out calls for secession. It orchestrated the brutal killing of hundreds of thousands of people in northern Somalia between 1987 and 1989.

    But the Somali National Movement declared unilateral independence on 18 May 1991 and separated from Somalia.

    With the collapse of the Somali regime in 1991, the movement’s main enemy was gone. This led to a violent power struggle between various militias.

    This subsided only after the politician Mohamed Egal consolidated power. He was elected president of Somaliland in May 1993.

    Egal made deals with merchants and businessmen, giving them tax and commercial incentives to accept his patronage. As a result, he obtained the economic means to consolidate political power and to pursue peace and state-building. It’s something his successors have kept up with since his death in 2002.

    What has Somaliland done to push for recognition?

    Successive Somaliland governments continue to engage in informal diplomacy. They have aligned with the west, particularly the US, which was the dominant power after the cold war, and the former colonial master, the UK. Both countries host significant Somaliland diaspora communities.

    The US and the UK have for decades flirted with the idea of recognising Somaliland, which they consider a strategic partner. However, they have been repeatedly thrown back by their respective Somalia policies. These have favoured empowering the widely supported Mogadishu government to reassert its authority and control over Somali territories.

    This Somalia policy has been increasingly questioned in recent years, in part due to Mogadishu’s security challenges. In contrast, the Hargeisa government of Somaliland has largely shown it can provide security and stability. It has held elections and survived as a state for the last three decades, though it has faced political resistance and armed opposition.

    Read more: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    As new global powers rise, Somaliland administrations have pursued an increasingly diverse foreign policy, with one goal: international recognition.

    Hargeisa hosts consulates and representative offices of Djibouti, Ethiopia, Kenya, Taiwan, the UK and the European Union, among others.

    The government has also engaged in informal foreign relations with the United Arab Emirates. The Middle Eastern monarchy serves as a business hub and a destination of livestock exports. Many Somalilanders migrate there.

    Somaliland maintains representative offices in several countries. These include Canada, the US, Norway, Sweden, the UK, Saudi Arabia, Turkey and Taiwan. Hargeisa has alienated China because it has collaborated with Taiwan since 2020. Taiwan is a self-ruled island claimed by China.

    On 1 January 2024, Somaliland’s outgoing president Muse Bihi signed a memorandum of understanding with Ethiopian prime minister Abiy Ahmed for increased cooperation. Bihi implied that Ethiopia would be the first country to formally recognise Somaliland. The deal caused a sharp deterioration of relations between Addis Ababa and Mogadishu.

    Abiy later moderated his position and, with Turkish mediation, reconciled with his Somalia counterpart, President Hassan Mohamud.

    What’s behind US interest in Somaliland?

    The US, like other great powers, has been interested in Somaliland because of its strategic location. It is on the African shores of the Gulf of Aden, across from the Arabian Peninsula. Its geographical position has gained currency recently as Yemeni Houthi rebels strike maritime traffic in the busy shipping lanes. Somaliland is also well located to curb piracy and smuggling on this global trade route.

    The US Africa Command set up its main Horn of Africa base at Camp Lemonnier in Djibouti in 2002. This followed the 11 September 2001 attacks.

    Read more: Somaliland’s quest for recognition: UK debate offers hint of a sea change

    In 2017, China, which had become the main foreign economic power in the Horn of Africa, set up a navy support facility in Djibouti. This encouraged closer collaboration between American and Somaliland authorities. The US played with the idea of establishing a base in Berbera, which hosts Somaliland’s largest port.

    With Donald Trump winning the US presidential election in 2024, there were reports of an increased push for US recognition of Somaliland. This would allow the US to deepen its trade and security partnerships in the volatile Horn of Africa region.

    Since March 2025, representatives of the Trump administration have engaged in talks with Somaliland officials to establish a US military base near Berbera. This would be in exchange for a formal but partial recognition of Somaliland.

    What are the risks of US recognition of Somaliland?

    Stronger US engagement with Somaliland risks neglecting Somalia.

    Mogadishu depends on external military assistance in its battle against the advancing violent Islamist extremist group, Al-Shabaab. It also faces increasing defiance from two federal regions, Puntland and Jubaland.

    US recognition would reward Hargeisa for its persistent effort to maintain stability and promote democracy. However, it could encourage other nations to recognise Somaliland. This would deliver a blow to Somali nationalists who want one state for all Somalis.

    – Somaliland’s 30-year quest for recognition: could US interests make the difference?
    – https://theconversation.com/somalilands-30-year-quest-for-recognition-could-us-interests-make-the-difference-255399

    MIL OSI Africa –

  • MIL-OSI Canada: B.C. ranchers, farmers urged to protect livestock as wildfire risk increases

    With wildfire season fast approaching, B.C. ranchers and farmers are encouraged to register the location of their livestock to protect their animals during emergencies.

    “Ranchers and farmers are deeply committed to the well-being of their animals, especially in times of crisis,” said Lana Popham, Minister of Agriculture and Food. “By registering with Premises ID, they ensure emergency responders have access to fast and accurate information — providing critical support and peace of mind when every second counts.” 

    Premises ID is mandatory in British Columbia. Registration is free and confidential. The program helps link livestock and poultry to the geographic areas where they are kept. This information helps emergency responders reach animals faster so they can quickly prioritize assistance during evacuations or animal disease outbreaks.

    “As we approach another wildfire season, it is important that we use what we have learned from the previous years of fire events,” said Kevin Boon, general manager, BC Cattlemen’s Association. “Premises ID has become a cornerstone of our communications and co-ordination for livestock welfare and movement. Making sure your operation is registered is one more way to help us help you with things like the Ranch Liaison and Range Rider programs.”

    Premises ID is a key component of B.C.’s animal traceability system, which contributes to ensuring stable, local meat supply chains and market access for livestock producers throughout the province.

    “Registering for a Premises ID through this provincial program makes it easier for local governments to support residents with large animals during emergencies when evacuation is required,” said Jamie Vieira, general manager of operations, Thompson-Nicola Regional District. “In recent years, our emergency operations centre has been able to support residents more quickly when they have a Premises ID. Whether residents have a hobby farm or a large agricultural production, we encourage all residents to make sure they have a Premises ID set up.”

    Quick Facts:

    • The main priority of the mandatory Premises ID program is to help producers and communities prepare for emergencies and be better equipped to respond to them.
    • There are more than 10,000 ranchers and farmers registered with Premises ID with 100% supply-managed (i.e., dairy cattle and poultry) participation and over 80% of cattle producers.
    • Premises ID is one of three pillars of an effective livestock traceability system, along with animal identification and animal movement reporting. 
    • Premises ID registration is currently mandatory in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec and Prince Edward Island.

    Learn More:

    Premises ID registration: https://apps.nrs.gov.bc.ca/ext/pid-ext/

    Additional information on who needs to register for premises ID and what types of animals, is available here: https://www2.gov.bc.ca/gov/content/industry/agriculture-seafood/programs/premises-id

    MIL OSI Canada News –

  • MIL-OSI Canada: Evraz Inc. NA Canada Fined $575,000 for Workplace Injury

    Source: Government of Canada regional news

    Released on May 8, 2025

    On April 29, 2025, Evraz Inc. NA Canada pleaded guilty in Regina Provincial Court to one violation of The Occupational Health and Safety Regulations, 2020.

    The company was fined for contravening clause 10-4 (1) (a) of the regulations (being an employer, fail to provide an effective safeguard when a worker may contact a dangerous moving part of a machine, resulting in the serious injury of a worker). As a result, the Court imposed a fine of $410,714.29 with a surcharge of $164,285.71, for a total amount of $575,000.

    One other charge was withdrawn.

    The charges stemmed from an incident that occurred on December 4, 2022, in Regina, Saskatchewan when a worker suffered serious injuries while inspecting the underside of sheet metal as it was being mechanically moved through the metal slitting machine.

    The Ministry of Labour Relations and Workplace Safety works with employers and workers to eliminate workplace injuries and illnesses through education, intervention and enforcement.

    -30-

    For more information, contact:

    Shane Seilman
    Labour Relations and Workplace Safety
    Regina
    Phone: 306-520-2705
    Email: shane.seilman2@gov.sk.ca

    MIL OSI Canada News –

  • MIL-OSI Global: Somaliland’s 30-year quest for recognition: could US interests make the difference?

    Source: The Conversation – Africa – By Aleksi Ylönen, Professor, United States International University

    More than three decades after unilaterally declaring independence from Somalia, Somaliland still seeks international recognition as a sovereign state. Despite a lack of formal acknowledgement, the breakaway state has built a relatively stable system of governance. This has drawn increasing interest from global powers, including the United States. As regional dynamics shift and great-power competition intensifies, Somaliland’s bid for recognition is gaining new currency. Aleksi Ylönen has studied politics in the Horn of Africa and Somaliland’s quest for recognition. He unpacks what’s at play.

    What legal and historical arguments does Somaliland use?

    The Somali National Movement is one of the main clan-based insurgent movements responsible for the collapse of the central government in Somalia. It claims the territory of the former British protectorate of Somaliland. The UK had granted Somaliland sovereign status on 26 June 1960.

    The Somali government tried to stomp out calls for secession. It orchestrated the brutal killing of hundreds of thousands of people in northern Somalia between 1987 and 1989.

    But the Somali National Movement declared unilateral independence on 18 May 1991 and separated from Somalia.

    With the collapse of the Somali regime in 1991, the movement’s main enemy was gone. This led to a violent power struggle between various militias.

    This subsided only after the politician Mohamed Egal consolidated power. He was elected president of Somaliland in May 1993.

    Egal made deals with merchants and businessmen, giving them tax and commercial incentives to accept his patronage. As a result, he obtained the economic means to consolidate political power and to pursue peace and state-building. It’s something his successors have kept up with since his death in 2002.

    What has Somaliland done to push for recognition?

    Successive Somaliland governments continue to engage in informal diplomacy. They have aligned with the west, particularly the US, which was the dominant power after the cold war, and the former colonial master, the UK. Both countries host significant Somaliland diaspora communities.

    The US and the UK have for decades flirted with the idea of recognising Somaliland, which they consider a strategic partner. However, they have been repeatedly thrown back by their respective Somalia policies. These have favoured empowering the widely supported Mogadishu government to reassert its authority and control over Somali territories.

    This Somalia policy has been increasingly questioned in recent years, in part due to Mogadishu’s security challenges. In contrast, the Hargeisa government of Somaliland has largely shown it can provide security and stability. It has held elections and survived as a state for the last three decades, though it has faced political resistance and armed opposition.



    Read more:
    Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    As new global powers rise, Somaliland administrations have pursued an increasingly diverse foreign policy, with one goal: international recognition.

    Hargeisa hosts consulates and representative offices of Djibouti, Ethiopia, Kenya, Taiwan, the UK and the European Union, among others.

    The government has also engaged in informal foreign relations with the United Arab Emirates. The Middle Eastern monarchy serves as a business hub and a destination of livestock exports. Many Somalilanders migrate there.

    Somaliland maintains representative offices in several countries. These include Canada, the US, Norway, Sweden, the UK, Saudi Arabia, Turkey and Taiwan. Hargeisa has alienated China because it has collaborated with Taiwan since 2020. Taiwan is a self-ruled island claimed by China.

    On 1 January 2024, Somaliland’s outgoing president Muse Bihi signed a memorandum of understanding with Ethiopian prime minister Abiy Ahmed for increased cooperation. Bihi implied that Ethiopia would be the first country to formally recognise Somaliland. The deal caused a sharp deterioration of relations between Addis Ababa and Mogadishu.

    Abiy later moderated his position and, with Turkish mediation, reconciled with his Somalia counterpart, President Hassan Mohamud.

    What’s behind US interest in Somaliland?

    The US, like other great powers, has been interested in Somaliland because of its strategic location. It is on the African shores of the Gulf of Aden, across from the Arabian Peninsula. Its geographical position has gained currency recently as Yemeni Houthi rebels strike maritime traffic in the busy shipping lanes. Somaliland is also well located to curb piracy and smuggling on this global trade route.

    The US Africa Command set up its main Horn of Africa base at Camp Lemonnier in Djibouti in 2002. This followed the 11 September 2001 attacks.



    Read more:
    Somaliland’s quest for recognition: UK debate offers hint of a sea change

    In 2017, China, which had become the main foreign economic power in the Horn of Africa, set up a navy support facility in Djibouti. This encouraged closer collaboration between American and Somaliland authorities. The US played with the idea of establishing a base in Berbera, which hosts Somaliland’s largest port.

    With Donald Trump winning the US presidential election in 2024, there were reports of an increased push for US recognition of Somaliland. This would allow the US to deepen its trade and security partnerships in the volatile Horn of Africa region.

    Since March 2025, representatives of the Trump administration have engaged in talks with Somaliland officials to establish a US military base near Berbera. This would be in exchange for a formal but partial recognition of Somaliland.

    What are the risks of US recognition of Somaliland?

    Stronger US engagement with Somaliland risks neglecting Somalia.

    Mogadishu depends on external military assistance in its battle against the advancing violent Islamist extremist group, Al-Shabaab. It also faces increasing defiance from two federal regions, Puntland and Jubaland.

    US recognition would reward Hargeisa for its persistent effort to maintain stability and promote democracy. However, it could encourage other nations to recognise Somaliland. This would deliver a blow to Somali nationalists who want one state for all Somalis.

    Aleksi Ylönen is affiliated with the Center for International Studies, Iscte-Instituto Universitário de Lisboa, and is an associate fellow at the HORN International Institute for Strategic Studies.

    – ref. Somaliland’s 30-year quest for recognition: could US interests make the difference? – https://theconversation.com/somalilands-30-year-quest-for-recognition-could-us-interests-make-the-difference-255399

    MIL OSI – Global Reports –

  • MIL-OSI Global: Fraudulent crowdfunding after the Lapu Lapu tragedy highlights the need for vigilance and oversight

    Source: The Conversation – Canada – By Jeremy Snyder, Professor, Health Sciences, Simon Fraser University

    Around 100,000 members of Vancouver’s Filipino community and other residents recently gathered to take part in the Lapu Lapu street festival to celebrate Filipino culture. This vibrant community celebration ended in tragedy when a vehicle was driven at high speed through the festival.

    Eleven people were killed in the April 26 attack, and dozens injured in what acting police chief Steve Rai called the “darkest day in the city’s history.”

    There has been an outpouring of community support for the victims, their friends and families, and the Filipino community in Vancouver. This support has taken the form of flowers and messages left at the attack site, vigils and gatherings and religious events.

    And, as is now common following high-profile tragedies, the Lapu Lapu festival attack has been accompanied by a number of crowdfunding campaigns by and for its victims.

    A memorial for the victims of the Lapu Lapu tragedy.
    (J. Snyder), CC BY

    Helping after disaster

    Many of these crowdfunding campaigns are hosted by GoFundMe, which has set up a dedicated hub for these fundraisers. A week after the attack, the 16 campaigns on this hub had raised more than $2.3 million.

    Dozens of other fundraisers on GoFundMe have raised additional money for various causes and groups associated with the tragedy and Vancouver’s Filipino community. Other crowdfunding platforms have also hosted related crowdfunding campaigns.

    Crowdfunding is a way for the public to help those in need in concrete ways while also expressing their shock and sadness over tragic events. People from across the world have taken advantage of crowdfunding’s accessibility to learn about victims and join the outpouring of support.

    This support can be large and consequential. A campaign for Andy Le, a teenager who lost his family at the festival attack, has received more than $500,000 in donations. As a result of this support, Le has in turn pledged to donate half that money to other victims.

    This viral, international support has meant these campaigns are likely able to raise vastly more money than would be possible through traditional, purely local and offline activities.

    Teenager Andy Le, who lost his family in the Lapu Lapu attack, redistributes the funds raised in an online campaign.

    Fraud and fundraising

    But while the online nature of crowdfunding allows for a global response to high-profile tragedies, the relatively impersonal nature of crowdfunding has its downsides. Our research has demonstrated that crowdfunding sometimes attracts fraudulent campaigns.

    High-profile events that spur numerous campaigns and massive financial support are particularly attractive to fraudsters. Unfortunately, this has been the case with the Lapu Lapu festival tragedy. In one case, a GoFundMe campaign fraudulently raised more than $57,000, ostensibly to return the body of “Reyna Dela Peñato” to the Philippines after her death at the festival and to support her sons.

    Separately, the Philippine Consulate General of Vancouver warned of fraudulent campaigns on its behalf that used images from its website.

    Vetting authenticity

    Communities can provide mutual support by detecting these fraudulent campaigns, especially in tight-knit communities like Filipinos in Vancouver. In the case of the fraudulent campaign for “Reyna Dela Peñato,” it was flagged by Raquel Narraway, a Vancouver resident who had been compiling information on fundraisers. Narraway was able to marshal her connections to the local Filipino community to show that the campaign was not genuine.

    GoFundMe does its own vetting as well, identifying some campaigns as “verified” after contacting organizers.

    However, responding to actual and potential fraud creates new burdens on victims to prove their legitimacy to the public and crowdfunding platforms. Local community members are in turn taken away from grieving to investigate these campaigns. These policing activities inject a level of distrust into fundraising that is less present when giving takes place between people with pre-existing connections.

    Growing challenges

    While the problem of fraud in crowdfunding isn’t new, changes to the practice of crowdfunding may make it harder to detect. The advent of large language models or artificial intelligence (AI) tools like ChatGPT have made it easier for crowdfunding campaigners to edit their campaign narratives to appeal to a wider pool of potential donors.

    Crowdfunding platforms like GoFundMe are also pushing AI features directly into their platforms to “enhance” these campaigns and help campaigners “connect with more donors.” These features may be especially appealing to people whose first language is not English, as may be the case with some victims of the Lapu Lapu festival attack.

    While the AI-ification of crowdfunding creates a more level playing field for campaigners, it may also make fraud easier to commit and harder to detect. This will be true if generating fake campaigns is easier using chatbots and if legitimate campaigns use AI and take on a less authentic voice.

    Online crowdfunding isn’t going anywhere, and for many victims of the Lapu Lapu festival attack, it has enabled them to ease some of the burden from that terrible day. However, we should be aware that crowdfunding isn’t a purely beneficial tool for people in need. Without proper oversight, it may develop in ways that are even more problematic.

    Jeremy Snyder receives funding from the Social Sciences and Humanities Research Council of Canada.

    Valorie A. Crooks receives funding from the Canadian Institutes of Health Research, Social Science and Humanities Research Council of Canada, BC Women’s Health Research Institute and MITACS..

    – ref. Fraudulent crowdfunding after the Lapu Lapu tragedy highlights the need for vigilance and oversight – https://theconversation.com/fraudulent-crowdfunding-after-the-lapu-lapu-tragedy-highlights-the-need-for-vigilance-and-oversight-255934

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Meet four of this year’s Swift Student Challenge winners

    Source: Apple

    Headline: Meet four of this year’s Swift Student Challenge winners

    May 8, 2025

    UPDATE

    Local inspiration, global impact: Meet four of this year’s Swift Student Challenge winners

    Every year, the Swift Student Challenge invites students from around the world to follow their curiosity and explore their creativity through original app playgrounds built with Apple’s intuitive, easy-to-learn Swift coding language. From a starry sky glimpsed through a telescope in Nuevo León, Mexico, to a pack of cards discovered in a Japanese game shop, the inspirations behind this year’s 350 winning submissions span the globe, representing 38 countries and regions, and incorporating a wide range of tools and technologies.

    “We’re always inspired by the talent and perspective young developers bring to the Swift Student Challenge,” said Susan Prescott, Apple’s vice president of Worldwide Developer Relations. “This year’s winners show exceptional skill in transforming meaningful ideas into app playgrounds that are innovative, impactful, and thoughtfully built — and we’re excited to support their journey as they continue building apps that will help shape the future.”

    Fifty Distinguished Winners have been invited to attend the Worldwide Developers Conference (WWDC) at Apple Park, where they’ll take part in a specially curated three-day experience. Over the course of the week, the winners will have the opportunity to watch the Keynote live on June 9, learn from Apple experts and engineers, and participate in labs.

    Many of this year’s winners took inspiration from their local communities, creating powerful tools that are designed to make an impact on a global scale. Below, Distinguished Winners Taiki Hamamoto, Marina Lee, Luciana Ortiz Nolasco, and Nahom Worku delve into their app playgrounds and the real-world problems they’re aiming to solve, demonstrating the power of coding to drive lasting change.

    When Taiki Hamamoto, 22, came across a Hanafuda deck at his local game shop, he was intrigued. He had grown up playing the traditional Japanese card game with family members, and he thought it’d be easy to recruit friends for a nostalgic round or two — but that wasn’t the case.

    “I found that very few people in my generation know how to play Hanafuda, despite it being such a staple in Japanese culture,” explains Hamamoto, a recent graduate of the Prefectural University of Kumamoto. “I thought if there was a way to make it easy to play on a smartphone, it might be possible to spread Hanafuda, not only in Japan but also to the world.”

    Through his winning app playground, Hanafuda Tactics, novices can get familiar with the game’s rules and the cards themselves. The colorful, ornate 48-card decks, inspired by Japan’s reverence for nature, are divided into 12 suits — one for each month of the year — and each illustrated by a seasonal plant. There are many ways to play, but one of the most popular variations is Koi-Koi, where players try to form special card combinations known as yaku.

    While Hamamoto stayed true to the game’s classic floral iconography, he also added a modern touch to the gameplay experience, incorporating video game concepts like hit points (HP) that resonate with younger generations. SwiftUI’s DragGesture helped him implement dynamic, highly responsive effects like cards tilting and glowing during movement, making the gameplay feel natural and engaging. He’s also experimenting with making Hanafuda Tactics playable on Apple Vision Pro.

    The idea that a centuries-old game could one day disappear is unthinkable for Hamamoto, who’s gotten so much joy from it. “Hanafuda is unique in that it allows you to experience the scenery and culture of Japan,” he says. “I want users of my app to feel immersed in it, and I want to preserve the game for generations to come.”

    With wildfires spreading quickly across much of Los Angeles earlier this year, Marina Lee, 21, got a harrowing phone call. Her grandmother — a resident of the San Gabriel Valley — had received an evacuation alert, and had little time to decide what to do or where to go.

    “As someone who grew up in L.A., I’ve always been aware of the wildfire risks and the realities that come with natural disasters,” says Lee, a third-year computer science student at the University of Southern California, who was spending winter break with her parents in Northern California at the time. “But with this phone call, the urgency really hit home. My grandma was panicked, unsure what to pack, or how to stay prepared and informed. That inspired me to create an app for people like her, who might not be as tech-savvy but deserve an accessible, trustworthy resource in times of crisis.”

    Through the app playground EvacuMate, users can prepare an emergency checklist of important items to pack for an evacuation. Lee integrated the iPhone camera roll into the app so users can upload copies of important documents, and added the ability to import emergency contacts through their iPhone contacts list. She also included resources on topics like checking air quality levels and assembling a first-aid kit.

    As Lee continues to refine EvacuMate, she’s focused on ensuring that the app is accessible to everyone who might want to use it. “I’d like to add support for different languages,” Lee explains. “Thinking back to my grandma, she’s not as comfortable reading English, and I realized a translation feature could really help others in the community who face the same challenge.”

    Heading into WWDC, Lee’s looking forward to fostering new connections with fellow developers, like the kinds she’s made hosting hackathons with her organization Citro Tech, or serving as a mentor for USC Women in Engineering. “Coding is so much more than just developing software,” she says. “It’s really the friendships you build, the community you find, and the problem-solving journey that empower you to make a difference.”

    Luciana Ortiz Nolasco was thrilled when she was presented with a telescope for her 11th birthday. Every night, she’d peer through her bedroom window to explore the sky over her home state of Nuevo León, Mexico.

    But there were two issues she quickly encountered: first, the thick layer of smog that hung over the heavily industrialized city, obscuring the stars and their brilliance, and second, a lack of fellow enthusiasts to geek out with.

    “I didn’t find a community till I joined the Astronomical Society of Nuevo León,” shares Ortiz Nolasco, now 15. On the weekends, through the connections she made at the society, she’d travel to the countryside to see the stars more clearly, attending camps and learning from mentors who shared her passion. These experiences sparked her interest in making astronomy even more accessible to others.

    Her app playground BreakDownCosmic is a virtual gathering place where users can add upcoming astronomical events around the world to their calendars, earn medals for accomplishing “missions,” and chat with fellow astronomers about what they see.

    Ortiz Nolasco found the ideal tool for bringing her idea to life with the Swift programming language. “Swift is very easy to learn, and using Xcode is very intuitive,” she explains. “Most of the time, it would correct me if I had an error. I didn’t have to spend time looking for hours and have it turn out to just be a small error I overlooked.”

    After attending WWDC in June, she plans to continue to develop BreakDownCosmic, with the ultimate goal of launching it on the App Store. “I want people to feel like they’re going on a journey through space when they log into my app,” she says. “The universe is full of mysteries we have yet to discover, and infinite possibilities. This journey is not just for some selected people. The universe is where we live. It’s our home, and everybody should be able to get to know it.”

    Growing up in Ethiopia and later in Canada, Nahom Worku felt pulled in two career directions: following in his uncle’s footsteps and becoming a pilot, or pursuing an engineering degree like his father. Ultimately, his fear of flying took the former profession off the table, but he still couldn’t decide on an engineering field to specialize in, until COVID-19 hit.

    “During the pandemic, I had a lot of time on my hands, so I bought a few books and discovered web design and coding,” says Worku, 21. He found a community in Black Kids Code, a nonprofit that helps kids learn math and coding, and eventually became a mentor himself.

    While assisting with a summer program at York University in Toronto, where he’s now a fourth-year student, Worku and his group were tasked with working on a United Nations Sustainable Development Goal that focuses on ensuring global access to quality education. For Worku, the project was eye-opening, as it connected back to his formative years. “Growing up in Ethiopia, I witnessed firsthand how many students lacked quality education,” he explains. “Additionally, many people either don’t have access to the Internet, or have issues with unreliable connections.”

    His app playground AccessEd is designed to tackle both of these issues, offering learning resources that are accessible with or without Wi-Fi connectivity. Built using Apple’s machine learning and AI tools, such as Core ML and the Natural Language framework, the app recommends courses based on a student’s background, creating a truly personalized experience.

    “Students can take a picture of their notes, and then the machine learning model analyzes the text using Apple’s Natural Language framework to create flash cards,” Worku says. “The app also has a task management system with notifications, as many students globally have a lot of homework and family responsibilities after school, so they often struggle with time management.”

    Worku hopes that AccessEd can unlock new possibilities for students around the world. “I hope my app will inspire others to explore how modern technologies like machine learning can be used in innovative ways, especially in education, and how they can make learning more engaging, effective, and enjoyable,” he says.

    Apple is proud to champion the next generation of developers, creators, and entrepreneurs through its annual Swift Student Challenge program. Over the past five years, thousands of program participants from all over the world have built successful careers, founded businesses, and created organizations focused on democratizing technology and using it to build a better future. Learn more at developer.apple.com/swift-student-challenge.

    Press Contacts

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI Canada: CBSA investigation leads to charges related to importation of equipment used to make false identities

    Source: Government of Canada News (2)

    Montréal, Quebec, May 8, 2025 –  Djamel Eddine Boutarene, 30, appeared today at the Montreal courthouse.

    He is charged of:

    Possessing other people’s identity information with the intention of using it to make false documents, contrary to the Criminal Code.

    • Making false identifications, including driver’s licenses, permanent resident cards and health insurance cards, contrary to the Criminal Code.
    • Having smuggled prohibited goods into Canada, that is, items intended for the making of forged documents, contrary to the Criminal Code.
    • Making false or misleading representations by importing goods under false identities contrary to the Customs Act.

    The CBSA’s investigation began in November 2023 when border services officers at Mirabel International Airport intercepted a package containing equipment used in the printing of identity cards. Links were made between this package and other interceptions of material with the same destination.

    The CBSA investigation led to the arrest of Mr. Boutarene and the seizure of computer equipment in his possession demonstrating that these imported items were intended for the making of false identities, including identities stolen from a financial institution.

    A file was submitted to the Public and Criminal Prosecution Service of Canada and charges were filed at the Montreal courthouse on April 2, 2025. These charges will have to be validated by the court.

    MIL OSI Canada News –

  • MIL-OSI Canada: Veterans Affairs Canada and the Department of National Defence mark 80th anniversary of Victory in Europe Day

    Source: Government of Canada News

    Ottawa, ON – Today, Veterans Affairs Canada and the Department of National Defence issued the following statement:

    “On 8 May 1945, Sir Winston Churchill took to the airwaves to declare the unconditional surrender of all German land, sea and air forces in Europe. The announcement marked the end of the Second World War in Europe, and a decisive victory for the Allied forces.  

    “For Canada, it meant the safe return of hundreds of thousands of troops that had fought so valiantly for freedom, democracy and global stability. Among them was Chief Warrant Officer Anton “Tony” Pearson, who enlisted in 1943 and helped liberate the Netherlands. He was in Oldenburg, Germany, with the South Saskatchewan Regiment when the German surrender was confirmed.

    “The end of the war was a moment of triumph for Canada, Newfoundland, and their Allies, but also one of solemn reflection as the more than 45,000 Canadians and Newfoundlanders who made the ultimate sacrifice were mourned. These losses would not be in vain.

    “Canada would go on to play a key role in shaping the post-war order, becoming a founding member of the United Nations (UN) and the North Atlantic Treaty Organization (NATO), and advocating for diplomacy, international development, the protection of human rights and the prevention of future conflicts.

    “At this time of increased volatility in the world, we must never forget that the peace won in the Second World War is not self-sustaining. It requires vigilance, cooperation, and a deep commitment from likeminded allies who believe in the values of democracy, justice, and human dignity. Through organizations like the UN and NATO, Canada is committed to collective defence, international cooperation and the pursuit of a world where conflicts are resolved through diplomacy rather than war.

    “As Churchill himself declared on Victory in Europe Day, 80 years ago today: ‘Long live the cause of freedom!’

    Associated Links:

    80th anniversary of the end of the Second World War – Veterans Affairs Canada

    MIL OSI Canada News –

  • MIL-OSI: Instant Loans Online Guaranteed Approval Direct Lenders No Credit Check – IOnline Payday Loans

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., May 08, 2025 (GLOBE NEWSWIRE) — Instant loans are short-term loans that are processed and funded rapidly, enabling borrowers to access funds within minutes or hours, offering quick cash loans. This article explores what an instant loan is, how to apply for an instant personal loan online, the advantages and disadvantages of instant loans online guaranteed approval, emergency loans, and how to select the right lender.

    >> Click Here to Apply for No Credit Check Loans >>

    We will specifically highlight the offerings of IOnline Payday, a lender that specializes in instant loans. Topics will include payday loans with instant funding to debit cards in California and loans of up to $5,000 with instant approval.

    >> Click Here to Apply for No Credit Check Loans >>

    What is an Instant Loan Guaranteed Approval?

    An instant loan is a type of loan that can be obtained quickly, often with fast approval, although the term “instant loan” may also refer to the speed of funding, such as instant payday loans guaranteed approval direct lenders. These loans can be utilized for various personal needs and are particularly helpful in urgent financial situations such as emergency loans no credit check.

    >> Click Here to Apply for No Credit Check Loans >>

    Instant loans encompass a wide range of loan types, including payday loans, which must be repaid quickly; personal loans for bad credit, which may not require a credit check; small payday loans; and secured loans, which are backed by collateral.

    This article explores the different types of instant loans, highlighting their benefits and drawbacks.

    How to Get an Instant Loan Online Guaranteed Approval?

    Securing an instant loan online guaranteed approval has become easier than ever, thanks to the emergence and growth of digital lending platforms that simplify the application process and provide faster funding solutions, including best personal loans no credit check.

    Borrowers looking to obtain an instant loan typically start by researching lenders that offer online payday loans and IOnline Payday, ensuring they understand the terms and conditions before applying. The application process for these loans is often quick and requires minimal documentation, making them accessible even to individuals with poor credit who seek personal loans with no credit check.

    After submitting their applications, many lenders provide same-day feedback, allowing borrowers to receive the funds they need—often via direct deposit into their bank accounts—within just a few hours.

    What are the Requirements for an Instant Payday Loan?

    To qualify for an instant loan, applicants must meet several basic requirements, which are generally consistent across most lenders and loan types, including bad credit applicants. Most lenders stipulate that applicants must be at least 18 years old and legal residents of the United States.

    Income verification is essential, as lenders need to assess how borrowers will repay their loans and their repayment ability. While traditional loans consider credit history and scores, many instant loans, particularly payday loans, are designed for individuals with poor credit and often come with flexible terms and guaranteed approval in many cases.

    Here are the basic requirements for instant loans, including $255 payday loans and unsecured personal loans:

    • Age: Most lenders require applicants to be at least 18 years old, as those below this age cannot legally enter into a loan contract.
    • Income: Lenders typically prefer applicants to have a stable income, which is usually verified through paychecks. However, many lenders also accept other forms of income, such as rental income, pension income, and government assistance.
    • Residency: Some lenders may require proof of residency, as they generally prefer borrowers who are established in their communities.
    • Financial Documentation: Providing documentation such as bank statements or pay stubs can increase the likelihood of approval.

    Instant loan options are intentionally inclusive, allowing individuals with below-average credit histories to access the assistance they need, including installment loans. This approach enables even the most financially challenged individuals to receive crucial support.

    Instant Loan Options Offered by IOnline Payday

    IOnline Payday offers a diverse range of instant loan options, including short term loans, enabling borrowers to find the right solution for their financial needs. These options include online payday loans, instant cash loans, and even a $100 loan through an instant app.

    IOnline Payday specializes in providing instant loans in various amounts, from small to large, featuring a simple application process accessible to borrowers with good, fair, or even poor credit.

    Instant Personal Loan Online Guaranteed Approval

    The instant personal loan offered online by IOnline Payday is designed to provide borrowers with quick access to funds for various personal financial needs, whether for emergency expenses or planned purchases and investments.

    These loans typically feature a streamlined application process, ensuring a hassle-free experience and rapid funding upon approval. Available for a wide range of financial purposes, instant personal loans offer borrowers flexible terms and quick solutions.

    The advantages of these loans arise from their easy approval process and straightforward eligibility requirements, which enable many individuals to secure the financial support they need. Most consumers find the requirements manageable and can conveniently apply for their loan online from the comfort of their homes.

    Instant personal loans online usually offer three key benefits:

    • They expedite the funding process, often requiring little to no paperwork.
    • They can be utilized for various needs, such as medical emergencies, home improvements, or debt consolidation.
    • Lenders can provide competitive interest rates tailored to each individual’s financial situation.

    This user-friendly lending model enables borrowers to better manage their expenses and navigate financial challenges.

    Payday Loan Instant Funding to Debit Card in California with Loan Approval

    In California, the option for instant funding of payday loans to debit cards offers residents immediate access to cash, effectively addressing urgent financial needs with convenience and speed. Borrowers can apply online and have funds directly deposited into their debit accounts, ensuring a seamless experience.

    This service is particularly beneficial for individuals facing unexpected expenses, allowing them to manage their finances without prolonged waiting periods.

    Designed with accessibility in mind, this financial service enables individuals, including those from various U.S. states, to navigate their emergencies effortlessly. The straightforward application process allows them to fill out a form in just a few minutes, significantly reducing the barriers often associated with traditional banking loans. Additionally, the approval criteria are typically more lenient, which can help those with less-than-perfect credit scores.

    With instant funding, borrowers can expect to see their funds reflected in their debit accounts within hours, making it an ideal solution for urgent needs such as medical bills, car repairs, or unexpected travel expenses. Many lenders offer 24/7 support, ensuring that assistance is available whenever necessary. Ultimately, this option promotes financial well-being, enabling individuals to quickly regain control over their circumstances.

    Instant Cash Loan with Quick Application

    An instant cash loan is a financial product that provides borrowers with quick access to cash, making it easy to apply for and rapidly funded. This type of unsecured loan is popular in U.S. states for its efficiency. This type of loan is an effective solution for individuals who need immediate financial support, as it can help cover urgent expenses such as medical bills, car repairs, or other unexpected costs. The convenience and speed of obtaining an instant cash loan make it a popular choice for those who struggle to secure traditional financing options.

    The benefits of instant cash loans extend beyond mere convenience; users in London find this especially beneficial; the ability to quickly access funds during a financial crisis offers borrowers a sense of security and relief. Most instant cash loan applications, approvals, and disbursements are conducted online, allowing borrowers to complete the entire process virtually.

    Loan Features and Benefits of Instant Cash Loans:

    • Fast Approval: Most requests are processed instantly, with many lending platforms providing decisions in three minutes or less.
    • Flexible Repayment Options: Lenders offer various repayment plans that allow borrowers to choose a schedule that best fits their financial situation, easing additional stress.
    • No Collateral Required: These loans do not necessitate any assets to be pledged, making them accessible to a wider audience, including those with low credit finance.

    By utilizing these financial products, individuals can address their immediate needs while also taking steps to restore their financial well-being through platforms like CreditNinja.

    $100 Loan Instant App – Powered by IOnline Payday

    The $100 loan instant app offered by IOnline Payday exemplifies a mobile platform that provides small, short-term loans to borrowers in need with minimal complications. Users can complete a quick application directly from their mobile devices, enabling them to access funds whenever necessary. The convenience of instant approval through the app means that funds are often made available almost immediately, helping borrowers cover short-term expenses and manage immediate cash flow needs more effectively.

    This mobile app is designed to streamline the borrowing experience, making it easy and beneficial for those who require financial assistance, including those facing a credit inquiry.

    Its features facilitate a significantly quicker borrowing process compared to traditional lenders, who often impose time-consuming procedures. With the app, users can:

    • Provide their information in just a few minutes
    • Receive real-time notifications regarding their approval status
    • Access funds directly in their bank accounts without any waiting period

    The app not only simplifies the loan acquisition process but also offers crucial support for individuals seeking rapid financial assistance without excessive paperwork. It allows consumers to address urgent expenses quickly and easily, whether related to unexpected medical bills or car repairs. The ability to obtain small loans swiftly has transformed how people handle financial emergencies, providing them with a sense of enablement when facing cash flow issues.

    With the rapid growth of mobile banking, this app demonstrates how technology can deliver essential solutions while prioritizing user convenience and efficiency.

    $5,000 Loan Instant Approval – Offered by IOnline Payday Loans

    The $5,000 loan instant approval option through IOnline Payday enables borrowers to access larger amounts of money for essential expenses without the delays typically associated with traditional lending.

    This type of loan usually features a simplified application process, allowing approved applicants to receive their funds quickly and easily. Flexible terms are often available, enabling borrowers to choose repayment options that best suit their needs.

    Many lenders provide the $5,000 loan instant approval option online, leveraging modern technology to allow applicants to complete the process in minutes rather than days, as is common with traditional banks. One key characteristic of this loan option is its accessibility; obtaining it is generally straightforward. The application process is streamlined, requiring minimal documentation and avoiding lengthy background checks.

    This ease of access can be particularly beneficial for individuals facing unexpected expenses, such as medical bills or home repairs, where immediate access to funds is crucial. Big Buck Loans also offers similar services.

    The quick turnaround time for disbursement helps individuals address urgent financial needs without prolonged stress.
    Overall, the convenience of the $5,000 loan instant approval option aligns well with the fast-paced demands of today’s economy.

    $255 Payday Loan Instant Funding to Debit Card – Provided by IOnline Payday Loans

    The $255 payday loan with instant funding to a debit card is a financial product designed to provide borrowers with quick access to funds that are deposited directly into their debit cards. This feature is particularly beneficial for those facing financial emergencies, such as unexpected medical bills or car repairs. With minimal requirements and immediate availability, this payday loan serves as a rapid source of cash.

    Pros:

    • Speed: Funds are available almost immediately following a brief approval process.
    • Accessibility: It is easy to qualify for, even for individuals without established credit histories.
    • Convenience: Funds are delivered instantly to a debit card, ensuring easy access.

    Cons:

    • High Rates: Lenders often impose higher-than-average fees.
    • Debt Cycle: Frequent reliance on payday loans can lead to a cycle of borrowing that is challenging to escape.

    How Long Does it Take to Get an Instant Loan?

    The time it takes to obtain an instant loan varies depending on the lender and the type of loan. Many online payday loans, however, offer some of the fastest funding options available, including same-day funding. Most borrowers can complete the application in under an hour, and if approved, funds can be made available on the same day.

    Some lenders even provide 1-hour payday loans for situations where borrowers urgently need cash due to unforeseen circumstances. Understanding the processing times for different loan products can help borrowers plan effectively. Generally, the average loan processing time ranges from one to three business days.

    Several factors influence this timeline, including lender policies, the complexity of the application, and the type of loan being sought. Traditional banks typically take longer due to their thorough verification processes, while online lenders often expedite approval timelines to assist borrowers facing emergencies.

    The following are examples of processing times that borrowers should be aware of:

    • Same-Day Loans: Many lenders offer same-day approval and funding, which can be especially valuable for borrowers in emergencies.
    • Expedited Processing: Some lenders allow borrowers to pay an extra fee for faster loan processing.
    • Loan Types: Personal loans and payday loans may have different timelines for availability.

    Being aware of the timing associated with each of these options can help borrowers make informed decisions and select the best loan options to meet their immediate needs.

    What are the Benefits of an Instant Loan?

    Instant loans offer numerous benefits that cater to the diverse needs of borrowers, making them an increasingly popular choice for those seeking quick financial solutions.

    The streamlined application process allows individuals to apply from the comfort of their homes. Unlike traditional loans, which often require extensive paperwork, instant loans typically demand only a few essential documents.

    Additionally, many instant loans come with flexible terms, enabling borrowers to customize repayment options to fit their financial capabilities. Furthermore, these loans often provide no credit check options, making them accessible to a wider range of applicants, including those with poor credit histories.

    Ultimately, instant loans grant borrowers quick access to cash, helping them address emergency financial needs.

    Quick and Easy Application Process

    One of the main advantages of instant loans is the straightforward application process, which makes borrowing easy for those facing emergencies. Unlike traditional loans that often involve extensive paperwork and lengthy approval times, online payday loans enable borrowers to complete a short application form in just a few minutes.

    This efficiency allows applicants to bypass unnecessary steps, resulting in quick funding that addresses urgent financial needs as soon as possible. The user-friendly design of online platforms enhances accessibility, ensuring that borrowers can easily navigate the necessary steps without feeling overwhelmed.

    For individuals who may not have much experience with borrowing, online payday loans feature intuitive interfaces with clear instructions and support options that enhance the user experience and provide transparent fees.

    Several factors contribute to the ability for individuals to receive funds almost instantly, including rapid turnaround times, secure application processes, and flexible repayment options. This timely access to cash reduces stress and enables borrowers to regain their financial stability without prolonged uncertainty.

    No Credit Check Loans Required

    The availability of no credit check loans guaranteed approval offers a significant advantage for many borrowers, particularly those with poor credit who may find it challenging to secure financing through traditional means, including bad credit loans.

    Instant loans, especially payday loans, typically do not require a credit check, making them more accessible to individuals facing urgent financial needs. This feature enables borrowers to obtain the funds they require quickly, without the burden of their credit history affecting their chances of approval.

    This approach not only alleviates financial pressure but also promotes responsible borrowing by providing opportunities to rebuild credit over time. For individuals caught in a cycle of financial instability, these loans can serve as a lifeline, allowing them to address immediate expenses such as medical bills or unexpected car repairs.

    The implications of no credit checks, often seen in payday loans no credit check options, broaden access to essential funds, supporting borrowers in their efforts to regain control over their finances. This practice reduces barriers to entry for individuals who have been denied traditional loans, helps borrowers manage unforeseen economic challenges, and promotes financial inclusion by addressing the needs of underserved populations.

    By facilitating this form of immediate assistance, lenders, including those in the lender network, foster a sense of hope and possibility for those who have previously been marginalized by conventional lending practices.

    Instant Approval and Funding

    Instant loans offer quick approval and funding, making them a preferred choice for borrowers in need of immediate cash compared to traditional lending options and providing a quick online process. Many lenders in the payday loan sector can provide same-day funding as long as the application is approved.

    Whether to cover a medical bill, a car repair, or a broke appliance, the instant availability of funds is often cited as the primary benefit of these loans. For borrowers, particularly those with low incomes and little to no savings, the ability to access funds during a financial crisis is invaluable.

    While many consumer loan providers can deliver funding by the next business day, some lenders can facilitate same-day funding. These include payday lenders, who may disburse funds in cash, via money order, prepaid debit card, or through direct deposit into the borrower’s checking account.

    Rapid approval and funding provide borrowers with the means to handle urgent financial situations, such as medical emergencies, car repairs, overdue bills, and unexpected expenses, all of which can cause significant distress. Research from the Financial Consumer Agency of Canada (FCAC) revealed that 70% of individuals using instant loan services feel less stressed after quickly resolving their financial issues.

    Parents, for instance, can access instant cash loans to manage unexpected expenses related to their children. For example, if a child has an accident while playing and requires immediate medical attention, parents often need to pay for parking and medical bills before they can file an insurance claim, which may involve payday loans online.

    To illustrate the differences between a traditional loan and an instant loan, consider the following scenario: You need $1,500 for a family medical bill and approach your bank, where you have an excellent account history, for a traditional personal loan.

    The Traditional Loan Process: as seen in many financial institutions.

    • You submit a loan application.
    • Approval may take two to three business days, though it could be quicker if you have an existing account with the lender.
    • The lender’s underwriting process may take an additional one to two business days.
    • You receive your funds, which could take another business day, depending on the time of day you applied.

    Total Time for the Traditional Loan Process: 4-6 business days.

    The Instant Cash Loan Process:

    In contrast, the steps and timelines for an instant loan are as follows:

    • You submit a loan application.
    • The lender may approve it within an hour, provided you have accurately filled in all required fields and submitted the necessary documents.
    • Although instant loans are generally for smaller amounts (often a few hundred dollars) or short-term loans with higher interest rates, the lender may take some time to verify your information due to the increased risk of fraud.
    • The lender can transfer the funds electronically to your account or provide them via a prepaid debit card, offering flexible loan terms.

    Total Time for the Instant Cash Loan Process: A few hours.

    In summary, instant loans, including same day feedback options, deliver a significantly faster and more convenient solution for those in urgent financial need compared to traditional loans.

    Flexible Repayment Options, Including Loan Alternatives

    Flexible repayment options are a significant advantage of instant loans, enabling borrowers to customize their repayment plans based on their individual financial situations. Many lenders provide a variety of terms that cater to different budgets and repayment capacities, offering alternatives suitable for both experienced borrowers and those with poor credit.

    Whether choosing short-term repayment schedules or longer installment loans, these flexible terms help ensure that borrowers are not overwhelmed by their obligations, resulting in a more manageable repayment experience.

    The availability of tailored repayment options allows individuals to select plans that align with their income cycles and cash flow patterns. This increased adaptability greatly enhances the financial stability of borrowers by alleviating the stress associated with rigid payment schedules.

    For instance, some lenders may offer the option of bi-weekly payments instead of the standard monthly schedule, which can be more convenient for those who receive paychecks at varying intervals. Others may permit borrowers to choose longer loan terms, resulting in lower monthly payments and increased affordability.

    Ultimately, these diverse loan terms not only accommodate a range of financial situations but also enable borrowers to take control of their repayment processes, leading to improved overall financial well-being.

    What Are the Risks of an Instant Loan for Bad Credit?

    While instant loans offer several advantages, it is crucial for borrowers to understand the associated risks of this type of financing. The most significant risks of instant loans include the fact that their interest rates are often very high, resulting in substantial repayment amounts over time.

    Additionally, the short repayment terms typically associated with payday loans can lead borrowers who are unable to repay their loans quickly into a cycle of debt, which may cause further financial difficulties. By being aware of these risks, individuals can make informed decisions before accepting an instant loan.

    High Interest Rates

    The primary risk associated with instant loans is the potential for high interest rates, which can significantly increase the total amount owed. Many payday loans, designed for quick access to cash, come with very high interest rates that may not be immediately apparent to borrowers.

    As individuals navigate their financial needs, it is crucial for them to understand the implications of these elevated rates in order to avoid the risk of further financial hardship and escalating debt.

    The high interest rates on instant loans typically result from a combination of the lender’s risk assessment and the borrower’s financial situation. Borrowers often seek these loans due to urgent financial needs and limited alternatives, which creates an environment where lenders can impose excessive fees.

    Research indicates that the average annual percentage rate (APR) for payday loans can exceed 400%, dramatically increasing the repayment amount. For instance, a $500 loan at a 400% APR, if paid in full within 30 days, would require a repayment of nearly $750, highlighting the potential for hidden fees.

    Before taking out these loans, borrowers should be aware not only of the short-term benefits but also of the long-term risks associated with accumulating debt. Knowledge and awareness are essential for individuals to make informed decisions for themselves and their families.

    Short Repayment Terms

    Short repayment terms pose a significant risk associated with instant loans, particularly payday loans and their payday borrowing options, which often require repayment within just a few weeks. This limited timeframe can pressure borrowers to quickly gather the necessary funds for repayment, leading to financial strain if they are unable to meet their obligations on time.

    It is essential for anyone considering these borrowing options to fully understand the dangers of short repayment terms and to assess their ability to repay quickly. The urgency of such deadlines can compel borrowers to resort to high-interest financing options or roll over their loans, both of which can result in an inescapable debt spiral.

    To avoid falling into this precarious situation, borrowers can take several prudent steps, including exploring options like online personal loans, to mitigate the challenges posed by short repayment terms.

    • First, they should create a detailed budget that prioritizes monthly expenses, allowing them to plan their spending to ensure sufficient funds for loan repayment.
    • Additionally, exploring repayment options with lenders that offer a gradual repayment plan can be beneficial.
    • Lastly, building an emergency fund by setting aside a small amount each month— even as little as $5— can provide some savings to cover unexpected expenses.

    By taking these steps, borrowers can better manage their repayment schedules and reduce the risks associated with short-term loans.

    Potential for Debt Cycle

    The potential for a debt cycle poses a significant risk associated with instant loans, particularly for borrowers who are not adequately prepared to repay their loans on time. If individuals are unable to repay instant loans promptly, they may resort to taking out new loans to cover their existing debts, leading to a perilous borrowing chain as debts accumulate and financial strain escalates. This is a risk that borrowers must recognize to avoid becoming trapped in a cycle that can be difficult to escape and detrimental to their long-term financial health.

    It is crucial for borrowers to be aware of the signs of a debt cycle, which may include increased reliance on loans for everyday expenses, frequently changing due dates, missed payments, and accumulating late fees. To prevent falling into this trap, individuals should establish a strict budget that accounts for all expenses and repayments, ensuring they never borrow more than they can realistically afford to repay.

    If they are struggling to manage their debts, seeking financial counseling from experts like CreditNinja or David Jones can be beneficial.

    Awareness and proactive measures can help individuals evade the pitfalls of a debt cycle.

    How to Choose the Right Instant Loan Lender for Big Buck Loans?

    Choosing the right instant loan lender for your fund finance needs is a crucial step to ensure you receive the financial assistance you need while minimizing potential risks.

    With many lenders available in the instant loan market, it is vital to evaluate your options by considering several factors, including interest rates, repayment terms, and the lender’s reputation within the lending network.

    Reviewing testimonials and feedback from previous borrowers can provide valuable insights into the lender’s reliability and quality of service, helping you select a lender that best meets your needs.

    Research and Compare Lenders with Low Credit Finance

    Researching and comparing lenders is a crucial step in obtaining an instant loan, especially in cities like London, as it enables borrowers to identify options that best suit their needs. In today’s digital world, numerous tools and resources are available to assist individuals in exploring different lenders and their offerings, such as interest rates, fees, and loan terms. Investing time in research can lead to more favorable loan terms and help borrowers avoid predatory lending practices.

    Understanding the nuances of various lender offerings is essential, especially in the often complex realm of personal finance. Online comparison tools can significantly simplify this process by consolidating key elements from multiple lenders into an easy-to-read format.

    Here are some important points to keep in mind:

    • Exploring Customer Reviews: Past borrowers frequently share their experiences with lenders, and analyzing overall trends in customer satisfaction can provide valuable insight into whether a particular company is worth considering.
    • Checking Licensing and Accreditation: Always ensure that the lender is licensed to operate in your state and verify any relevant accreditations.
    • Analyzing Transparency in Terms: Seek out lenders who are upfront about their fees, terms, and penalties.

    By being as transparent as possible with lenders about their financial situations, consumers can build a more secure future for themselves.

    Read Reviews and Testimonials

    Reading reviews and testimonials is one of the most effective ways to choose an instant loan lender, as it offers insight into the experiences of other borrowers. Numerous online platforms and review sites provide individuals with access to feedback about specific lenders, highlighting their customer service, loan processes, and overall satisfaction. This information is invaluable for potential borrowers to assess a lender’s reputation within the lending network and determine whether they can trust the institution with their financial needs.

    Researching these evaluations not only promotes well-considered choices but also enables those seeking financial assistance to identify lenders that align with their expectations and values. Customer feedback serves as a compass, guiding users through the vast array of options available in the lending landscape. By exploring a diverse range of opinions, individuals can identify trends and patterns, revealing which lenders consistently meet or exceed borrower expectations.

    Consulting multiple sources enhances the reliability of the information gathered, fostering a comprehensive understanding of each lender’s offerings. Suggested methods for gathering reviews include:

    • Visiting reputable review websites
    • Participating in online forums
    • Consulting friends or family for personal experiences

    Leveraging customer testimonials can significantly enrich any borrower’s search for the right lending partner.

    Check for Proper Licensing and Regulations

    Ensuring that the immediate loan lender is credentialed and compliant is one of the most important ways to protect yourself financially. The modern financial landscape offers a multitude of options, and understanding the nuances of lenders requires careful discernment.

    Verifying a lender’s credentials is crucial, as it helps borrowers distinguish between reputable and unscrupulous lenders. Unscrupulous lenders often target individuals who may be financially inexperienced or desperate for quick financing. Engaging with uncredentialed or non-compliant lenders can lead to predatory practices, including exorbitantly high interest rates and abusive fees.

    Borrowers should begin by consulting their state’s licensing board or regulatory financial authority to verify a lender’s credentials. This typically involves one of the following steps:

    • Visiting the website of the relevant state agency, which maintains a list of licensed lenders;
    • Calling the regulatory office to inquire about a specific lender’s credentials;
    • Searching online for consumer reviews or warnings regarding particular lenders.

    If a lender lacks proper credentials and compliance, it is essential to question the reasons behind this.

    Frequently Asked Questions

    What is an instant loan online guaranteed approval?

    An instant loan online guaranteed approval is a type of loan that is approved and disbursed within a short period of time, usually within 24 hours. These loans are guaranteed to be approved as long as the borrower meets the minimum eligibility requirements.

    What is the difference between an instant loan and a traditional loan?

    The main difference between an instant loan and a traditional loan is the time it takes for the loan to be approved and disbursed. Traditional loans can take weeks or even months to be approved and disbursed, while instant loans can be approved and disbursed within 24 hours.

    How do I apply for an instant loan online guaranteed approval?

    To apply for an instant loan online guaranteed approval, you can visit the website of a reputable lender and fill out their application form. You will need to provide some basic personal and financial information and submit any required documents.

    Can I get an instant loan online with bad credit?
    Yes, you can still get an instant loan online with bad credit. Many lenders offer instant loans to individuals with less than perfect credit. However, keep in mind that the interest rates and loan terms may be higher for those with bad credit.

    What is the maximum amount I can borrow with an instant loan online? Can it be processed in 1 hour payday loans?

    The maximum amount you can borrow with an instant loan online varies depending on the lender and your financial situation. Some lenders offer small instant loans, such as $100 loans, while others may offer larger loans up to $5,000.

    How quickly can I receive the funds from an instant loan?

    If you are approved for an instant loan online, the funds will typically be deposited into your bank account within one business day. In some cases, you may be able to receive the funds on the same day if you apply and are approved early in the morning.

    Media Contact:
    Company Name: IOnline Payday Loans
    Registered Office Address: 1095 Sugar View Dr Ste 500 Sheridan, WY 82801
    Company Website: https://ionlinepaydayloans.com/
    Email: mria@ionlinepaydayloans.com
    Phone: 307-777-7311
    Contact person name: Mria

    Disclaimer: This announcement contains general information about IOnline payday loan services and should not be considered financial advice. Ionline Payday Loans does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/07213980-370a-491b-a3af-a6643b1d5234

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b1dc704c-5252-4bf5-8efa-3a29dd3eb2de

    The MIL Network –

  • MIL-OSI: MEXC Lists Doodles (DOOD) with 50,000 USDT Worth of DOOD and 50,000 USDT Bonus Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces it will list Doodles (DOOD) on May 9, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC is launching a special event with a prize pool of 50,000 USDT Worth of DOOD & 50,000 USDT Bonus for new and existing users.

    Doodles is a Web3-native creative brand established in October 2021 by Canadian digital artist Burnt Toast (Scott Martin), alongside Evan Keast and Jordan Castro. The project features a collection of 10,000 unique generative NFT avatars, renowned for their vibrant, pastel-colored designs. Since its inception, Doodles has evolved into a multifaceted entertainment brand, expanding into animation, music, and fashion collaborations. Doodles has also partnered with prominent brands like Adidas, Crocs, and McDonald’s to bridge NFT culture with mainstream audiences.

    In February 2025, Doodles announced the launch of its official token, DOOD, aimed at enhancing community engagement and supporting the decentralized development strategy of Doodles. Following the announcement of the token, Doodles NFT trading volume surged to $16 million in one week, marking the second-highest weekly trading volume in the project’s history. The total supply of DOOD is capped at 10 billion, with no possibility of inflation. As a key element in fostering community interaction and value sharing, DOOD enables token holders to participate in governance, access exclusive content, and contribute to the growth of the Doodles ecosystem.

    To celebrate the listing, MEXC is hosting an Airdrop+ event from May 8, 11:00 to May 18, 11:00, 2025 (UTC), offering a range of rewards and exclusive opportunities:

    Benefit 1: Deposit and share $32,000 USDT in DOOD (New user exclusive)
    Benefit 2: Spot Challenge – Trade to share $10,000 in DOOD (For all users)
    Benefit 3: Futures Challenge – Trade to share 50,000 USDT in Futures bonus (For all users)
    Benefit 4: Invite new users and share $8,000 in DOOD (For all users)

    MEXC has established itself as an industry leader by consistently providing users with early access to promising projects. According to the latest TokenInsight report, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, the exchange has listed more than 3,000 digital assets. MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

    For full event details and participation rules, please visit here.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b631a595-d2ed-4ac7-8d15-5009779b29cd

    The MIL Network –

  • MIL-OSI: BermudAir Partners with Zero Hash to Launch First-of-Its-Kind Stablecoin Payments in Air Travel

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, May 08, 2025 (GLOBE NEWSWIRE) — BermudAir, Bermuda’s first homegrown airline, today announced a groundbreaking partnership with Zero Hash to let customers purchase flights with stablecoins as part of the standard booking flow by the end of 2025. The new feature, which makes BermudAir the world’s first airline to offer native stablecoin payments for tickets during online booking on its website and mobile app, will go live by the end of 2025. The collaboration is being showcased today at the inaugural Bermuda Digital Finance Forum, underscoring the event’s focus on empowering local Bermudian businesses through cutting-edge digital finance innovation.

    This partnership will allow BermudAir passengers to natively pay with stablecoins – digital currencies pegged to fiat value – directly on the airline’s website, just as easily as using a credit card. Once live, travelers can select from over a dozen stablecoin options at checkout, enabling seamless payments that settle nearly instantly across borders.

    “By accepting stablecoins, we’re eliminating the friction of currency exchange and foreign transaction fees for our international passengers,” said Adam Scott, Founder and CEO of BermudAir. “As Bermuda’s home airline, we are proud to lead the charge in crypto and stablecoin adoption within aviation. Allowing customers to pay for flights with stablecoins isn’t just about embracing the future of travel – it’s about making the experience faster, cheaper, and more inclusive for travelers worldwide.”

    International visitors represent the majority of Bermuda’s 200,000+ annual air arrivals, many of whom currently face 1–3% foreign transaction fees on credit card bookings.12 By offering a direct stablecoin payment option, BermudAir will offer the opportunity to eliminate those costs and deliver a smoother booking experience for its globally diverse clientele. Stablecoin payments also process 24/7, ensuring ticket purchases can be confirmed in minutes without banking delays, a clear win for travelers and tourism operators.

    Zero Hash, the leading crypto, stablecoin and tokenization infrastructure provider, will power the conversion and settlement of these transactions. Zero Hash Worldwide Ltd., which holds a Class F license issued by the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act, will enable BermudAir to accept digital dollar payments in a compliant, secure manner.

    Zero Hash views stablecoins as a core Alternative Payment Method (APM) poised for mass adoption in everyday transactions. The numbers support this shift: over the past 24 months, nearly 750 million people have gained access to stablecoins and crypto via a primary account on platforms like Revolut, NuBank, Robinhood, PayPal, Stripe, and Venmo. In just the last 30 days, 29.2 million unique wallets processed 705 million stablecoin transactions – totaling $3.3 trillion in volume.3

    The travel industry is uniquely positioned to lead this adoption – an early mover in loyalty programs, digital wallets, and cross-border innovation, it has a proven track record of embracing financial infrastructure before the mainstream.

    “Zero Hash is thrilled to power this first-of-its-kind stablecoin payment offering in the airline industry,” said Edward Woodford, Founder and CEO of Zero Hash. “This partnership with BermudAir exemplifies the convergence of digital finance innovation. By leveraging our stablecoin payments infrastructure, BermudAir can deliver the seamless payments and global accessibility that customers expect in the future of travel. It’s a shining example of stablecoins making a real-world impact, and we’re excited to help empower Bermudian businesses through compliant, cutting-edge technology.”

    The announcement comes amid a broader movement to onboard Bermudian businesses into digital finance. Bermuda’s government has cultivated a robust regulatory framework for fintech, making the island a hub for crypto adoption and innovation.

    The Bermuda Digital Finance Forum, hosted by Penrose Partners, SALT and The Decentralized AI Society (DAIS), is bringing community leaders together to empower local businesses and residents to leverage digital finance.

    This effort builds on BermudAir’s track record of innovation in digital finance, including a prior issuance of stablecoin bond tokens in partnership with crypto custodian XBTO.

    BermudAir’s stablecoin payment feature will be accessed by booking on flybermudair.com and the airline’s mobile app. Travelers will simply choose the stablecoin payment option during checkout, and Zero Hash will seamlessly handle the crypto-to-fiat settlement in real time. Both companies anticipate that this convenience will appeal to overseas travelers and business flyers, who can avoid exchanging currencies or incurring bank fees by paying directly in digital dollars.

    About Zero Hash
    Zero Hash is the leading infrastructure provider for crypto, stablecoin, and tokenized assets. Its API and embeddable dev-kit enables innovators to easily launch solutions across cross-border payments, commerce, trading, remittance, payroll, tokenization and on/off-ramps.

    Zero Hash powers solutions for some of the largest and innovative companies including Interactive Brokers, Stripe, Shift4, Franklin Templeton, Felix Pago, Kalshi and LightSpark. Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash Worldwide Ltd. holds a Class F license issued by the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act 2018 of Bermuda.

    Zero Hash Trust Company LLC has been approved by the North Carolina Commissioner of Banks as a non-depository trust company.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Learn more by visiting zerohash.com or following us on X @ZeroHashX

    About BermudAir
    BermudAir is Bermuda’s airline, committed to redefining the travel experience. With a fleet of Embraer E175 and E190 aircraft renowned for exceptional performance and passenger comfort, BermudAir exemplifies its commitment to excellence. Operating convenient flights to and from Westchester Country Airport, Boston Logan International Airport, Fort Lauderdale-Hollywood International Airport, Orlando International Airport, Charleston International Airport, Raleigh-Durham International Airport, Bradley International Airport and Baltimore/Washington International Thurgood Marshall Airport, Rhode Island T. F. Green International Airport, and Richmond International Airport. BermudAir enhances connectivity to the U.S. East Coast, contributing to the growth and prosperity of Bermuda. BermudAir also operates flights to Toronto Pearson International Airport, Halifax Stanfield International Airport, and Montréal-Pierre Elliott Trudeau International Airport in Canada. With a dedication to exceptional service and curated onboard offerings that showcase the island’s renowned hospitality and varied food and beverages available locally, BermudAir provides an unparalleled travel experience. For more information, and to book flights, please visit www.flybermudair.com.

    1gotobermuda 2024 Visitor Arrivals Report
    2bankrate.com
    3Artemis Terminal

    The MIL Network –

  • MIL-OSI: Parex Resources Announces First Quarter Results, Declaration of Q2 2025 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended March 31, 2025, the declaration of its Q2 2025 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “We entered the year with a disciplined and diversified plan aimed at delivering steady performance, and given current market volatility, are focused on sustaining base production and maintaining flexibility,” commented Imad Mohsen, President & Chief Executive Officer.

    “After a measured first quarter, drilling activity is increasing consistent with our budget. The recent tuck-in acquisition of LLA-32, an asset integral to our development plans, along with encouraging exploration results, represent key milestones that will drive near-term production. While we are well-positioned to deliver a strong second half, we will closely monitor commodity prices and our capital allocation throughout the year to maximize shareholder value.”

    Key Highlights

    • Generated Q1 2025 funds flow provided by operations (“FFO”)(1) of $122 million and FFO per share(2)(3) of $1.24.
    • Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d; YTD 2025 average production is approximately 43,100 boe/d(5)(7), with plans intact for a growing H2 2025 production profile.
    • Positive initial results at two prospects in the Southern Llanos, which are driving near-field exploration momentum.
    • Capital expenditure(6) guidance for FY 2025 remains at $285 to $315 million, though the Company continues to monitor commodity prices and could revise lower if warranted by market conditions.
    • Executed a tuck-in acquisition of the remaining working interest at LLA-32 for total consideration of $16 million.

    Q1 2025 Results

    • Average oil & natural gas production was 43,658 boe/d(7).
    • Realized net income of $81 million or $0.82 per share basic(3).
    • Generated FFO(1) of $122 million and FFO per share(2)(3) of $1.24.
    • Current taxes were $12 million; at current Brent crude oil strip pricing, the Company expects its FY 2025 effective current tax rate to be 0-3%.
    • Produced an operating netback(2) of $39.40/boe and an FFO netback(2) of $30.90/boe from an average Brent price of $74.98/bbl.
    • Incurred $57 million of capital expenditures(6), primarily from activities at Cabrestero, Capachos, and LLA-34.
    • Generated $65 million of free funds flow(6) that was used for return of capital initiatives, $10 million of bank debt repayment and increasing working capital surplus(1); working capital surplus(1) was $69 million and cash $81 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 524,900 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Based on weighted average basic shares for the period.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Based on Q1 2025 actuals and estimated April 2025 average production; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended
    (unaudited) Mar. 31, Mar. 31, Dec. 31,
      2025 2024 2024
    Operational      
    Average daily production      
    Light Crude Oil and Medium Crude Oil (bbl/d) 10,650   7,237   9,550  
    Heavy Crude Oil (bbl/d) 32,207   45,543   34,882  
    Crude Oil (bbl/d) 42,857   52,780   44,432  
    Conventional Natural Gas (mcf/d) 4,806   3,348   5,190  
    Oil & Gas (boe/d)(1) 43,658   53,338   45,297  
           
    Operating netback ($/boe)      
    Reference price – Brent ($/bbl) 74.98   81.87   74.01  
    Oil & gas sales(4) 67.29   70.80   63.73  
    Royalties(4) (9.22 ) (11.21 ) (9.43 )
    Net revenue(4) 58.07   59.59   54.30  
    Production expense(4) (14.41 ) (12.64 ) (15.53 )
    Transportation expense(4) (4.26 ) (3.40 ) (3.87 )
    Operating netback ($/boe)(2) 39.40   43.55   34.90  
           
    Funds flow provided by operations netback ($/boe)(2) 30.90   31.32   32.39  
           
    Financial ($000s except per share amounts)      
           
    Net income 80,629   60,093   (69,051 )
    Per share – basic(6) 0.82   0.58   (0.70 )
           
    Funds flow provided by operations(5) 121,944   148,307   141,201  
    Per share – basic(2)(6) 1.24   1.43   1.43  
           
    Capital expenditures(3) 57,054   85,421   82,110  
           
    Free funds flow(3) 64,890   62,886   59,091  
           
    EBITDA(3) 139,032   192,078   (10,419 )
    Adjusted EBITDA(3) 135,407   188,228   137,312  
           
    Long-term inventory expenditures (4,648 ) 3,843   (2,569 )
           
    Dividends paid 26,365   28,531   26,658  
    Per share – Cdn$(4)(6) 0.385   0.375   0.385  
           
    Shares repurchased 5,239   15,291   16,408  
    Number of shares repurchased (000s) 525   920   1,692  
           
    Outstanding shares (end of period) (000s)      
    Basic 97,814   102,914   98,339  
    Weighted average basic 98,115   103,474   99,063  
    Diluted(8) 99,105   103,829   99,238  
           
    Working capital surplus (deficit)(5) 69,040   55,901   59,397  
    Bank debt(7) 50,000   60,000   60,000  
    Cash 81,025   61,052   98,022  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares.
    (7) Borrowing limit of $240.0 million as of March 31, 2025.
    (8) Diluted shares as stated include common shares and stock options outstanding at period-end. The March 31, 2025 closing stock price was C$13.42 per share.

    LLA-32 Tuck-In Acquisition

    On March 14, 2025, Parex executed a tuck-in acquisition for the remaining working interest at LLA-32 for total consideration of $16 million. LLA-32 is located to the north and adjacent to the Company’s core LLA-34 and Cabrestero blocks.

    The strategic rationale for the acquisition was to gain full control of the asset, grow production, expand inventory, and add low-cost recompletion opportunities.

    Following the close of the acquisition, Parex started a workover program with positive results thus far, and in Q2 2025, initiated a five-well development campaign. Current production from LLA-32 is roughly 4,000 boe/d(1).

    Operational Update

    2025 Corporate Guidance & Outlook

    While Parex’s 2025 corporate guidance of average production of 43,000 to 47,000 boe/d and capital expenditures of $285 to $315 million remains unchanged as previously disclosed, the Company is closely monitoring oil price volatility to ensure that project economics remain robust.

    Given the conventional nature of Parex’s business and the structure of its drilling and service contracts, optionality exists to adjust activity levels in response to prevailing market conditions in order to ensure efficient capital allocation and maximization of shareholder value.

    For Q2 2025, average production is expected to be similar to Q1 2025, supported by increased development activity and preliminary near-field exploration success.

    Operational Update

    Average production for Q1 2025 of 43,658 boe/d(2) was in line with Management expectations. The quarter progressed steadily, which is aligned with the Company’s activity plan to support a growing H2 2025 production profile, as previously disclosed.

    April 2025 average production was 41,400 boe/d(3), with production generally consistent with lower activity levels and modest capital outlay in Q1 2025, as well as higher than budgeted downtime due to weather factors. Downtime levels have normalized and initial average production rates in May are roughly 43,200 boe/d(4).

    With budgeted activity underway, operational momentum is expected to build through the remainder of the year. Parex currently has three drilling rigs operating (two operated and one non-operated). In addition to enhanced oil recovery initiatives at Cabrestero and LLA-34, activity for Q2 2025 is primarily focused on development wells that are planned to be sequential in nature and located on existing pads that enable efficient production across parallel operations.

    Near-Term Development Activity

    • Drilling at LLA-34 that is expected to continue through Q2 2025, resulting in the expected completion of six in-fill wells;
    • Commencing operations at LLA-32, with the first well of the campaign to be completed in late Q2 2025; and
    • Achieving initial access in the Putumayo, with activity starting with a workover rig in Q2 2025.

    Near-Field Exploration Program plus Follow-Up Drilling

    As part of this program, two separate prospects have yielded positive initial results in the Southern Llanos, where operations are ongoing:

    • On LLA-74, a prospect was drilled successfully.
      • Initial production began in early May, with current output of approximately 1,200 bbl/d of heavy crude oil(5).
    • Also on LLA-74, a prospect was drilled via a vertical well.
      • Based on management’s positive initial assessment, the program has progressed with the design of two horizontal wells to optimize production and recovery.
      • The first follow-up horizontal well is currently being drilled, with expected production in late May.

    (1) Estimated average production for April 1, 2025 to April 30, 2025; light & medium crude oil: ~3,409 bbl/d, conventional natural gas: ~3,544 mcf/d; rounded for presentation purposes.
    (2) See “Operational and Financial Highlights” for a breakdown of production by product type.
    (3) Estimated average production for April 1, 2025 to April 30, 2025; light & medium crude oil: ~10,099 bbl/d, heavy crude oil: ~30,541 bbl/d, conventional natural gas: ~4,557 mcf/d; rounded for presentation purposes.
    (4) Estimated average production for May 1, 2025 to May 6, 2025; light & medium crude oil: ~10,538 bbl/d, heavy crude oil: ~31,869 bbl/d, conventional natural gas: ~4,756 mcf/d; rounded for presentation purposes.
    (5) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Risk Management

    For Q1 2025, Parex entered into a Brent crude oil hedge to manage price risk on approximately 25% of planned net crude oil production, utilizing a Brent put spread at $60/bbl and $70/bbl. For Q2 2025, Parex entered into similar hedges for the months of April 2025 and May 2025.

    Parex plans to regularly evaluate market conditions, operational requirements, and other pertinent factors, to assess the need for any additional hedging actions as it progresses through 2025.

    Return of Capital Update

    Q2 2025 Dividend

    Parex’s Board of Directors have approved a Q2 2025 regular dividend of C$0.385 per share to shareholders of record on June 9, 2025, to be paid on June 16, 2025. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Normal Course Issuer Bids

    In 2025, Parex has repurchased approximately 0.7 million shares under its NCIBs, for total consideration of roughly C$10 million.

    Q1 2025 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q1 2025 results on Thursday, May 8, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID: 5403995
    Participant Toll-Free Dial-In Number: 1-646-307-1963
    Participant Dial-In Number: 1-647-932-3411
    Webcast: https://events.q4inc.com/attendee/867962059

    Annual General Meeting

    On Thursday, May 8, 2025, Parex will hold its Annual General Meeting at 11:00 am MT (1:00 pm ET) both in-person and virtually. Participants may attend at the 4th Floor Conference Center, Eight Avenue Place, East Tower, 525, 8th Ave SW, Calgary, Alberta – and virtual participants can join through the following link: https:meetnow.global/M4SULLK.

    Additional information regarding the Annual General Meeting, including meeting materials, can be found at www.parexresources.com under Investors.

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Senior Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Property, plant and equipment expenditures $ 44,951   $ 40,831   $ 62,799
    Exploration and evaluation expenditures   12,103     44,590     19,311
    Capital expenditures $ 57,054   $ 85,421   $ 82,110


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the normal course issuer bid and dividends, without accessing outside funds and is calculated as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Cash provided by operating activities $ 87,621   $ 97,412   $ 67,847
    Net change in non-cash assets and liabilities   34,323     50,895     73,354
    Funds flow provided by operations   121,944     148,307     141,201
    Capital expenditures   57,054     85,421     82,110
    Free funds flow $ 64,890   $ 62,886   $ 59,091


    EBITDA    , is a non-GAAP financial measure that is defined as net income (loss) adjusted for finance income and expenses, other expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, share-based compensation expense (recovery), unrealized foreign exchange gains (losses) and unrealized gains (losses) on risk management contracts.

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrate Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Net income (loss) $ 80,629     $ 60,093     $ (69,051 )
    Adjustments to reconcile net income (loss) to EBITDA:          
    Finance income   (1,297 )     (1,257 )     (998 )
    Finance expense   5,056       4,455       4,318  
    Other expenses   1,147       739       2,208  
    Income tax expense (recovery)   3,078       75,817       (880 )
    Depletion, depreciation and amortization   50,419       52,231       53,984  
    EBITDA $ 139,032     $ 192,078     $ (10,419 )
    Non-cash impairment charges   —       —       137,841  
    Share-based compensation expense (recovery)   2,092       (2,463 )     6,149  
    Unrealized foreign exchange (gain) loss   (4,919 )     (1,387 )     2,581  
    Unrealized (gain) loss on risk management contracts   (798 )     —       1,160  
    Adjusted EBITDA $ 135,407     $ 188,228     $ 137,312  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Cash provided by operating activities $ 87,621   $ 97,412   $ 67,847
    Net change in non-cash assets and liabilities   34,323     50,895     73,354
    Funds flow provided by operations $ 121,944   $ 148,307   $ 141,201

    Working capital surplus, is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus is defined as current assets less current liabilities.

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Current assets $ 259,256   $ 276,113   $ 245,943
    Current liabilities   190,216     220,212     186,546
    Working capital surplus $ 69,040   $ 55,901   $ 59,397


    Supplementary Financial Measures

    “Oil and natural gas sales price per boe” is comprised of total commodity sales from oil and natural gas production, as determined in accordance with IFRS, divided by the total oil and natural gas sales volumes including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and includes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Company’s drilling activity, the Company’s production profile, prospects in the Southern Llanos, the LLA-32 tuck-in acquisition, drilling and programs at LLA-34, LLA-32, Putumayo, and LLA-74; expectations about the Company’s FY 2025 tax rate; plans with respect to assessing the need for additional hedging in 2025; the anticipated terms of the Company’s Q2 2025 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q1 2025 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; an unpredictable tariff and trade environment; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2025; the risk that Parex’s 2025 capital expenditures may be greater or less than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2025 capital expenditure guidance; Parex 2025 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q2 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl one barrel
    bbls barrels
    bbl/d barrels per day
    boe barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d barrels of oil equivalent of natural gas per day
    mcf thousand cubic feet
    mcf/d thousand cubic feet per day
    W.I. working interest

    PDF available: http://ml.globenewswire.com/Resource/Download/974163af-5043-41d6-a129-53a272c53539

    The MIL Network –

  • MIL-OSI: Stack Capital Group Inc. Reports Q1-2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Stack Capital Group Inc., (“Stack Capital” or the “Company”) (TSX:STCK; TSX:STCK.WT.A) today announced its financial results for the quarter ended March 31, 2025. Stack Capital reports all amounts in Canadian Dollars unless otherwise stated.

    Company Commentary:

    • As at March 31, 2025, Book Value per Share (BVpS) of the Company was $12.06, compared with $12.29 as at December 31, 2024.
    • Stack Capital had its first portfolio investment, CoreWeave (an AI hyper-scaler) go public on March 28, 2025, an exciting milestone for both the Company and CoreWeave. During the quarter, and prior to the IPO, Stack invested an additional US$2.2 million into CoreWeave.
    • As of March 31, 2025, the Company wrote down its investment in CoreWeave by US$2.4 million to reflect its closing price of US$37.08. Since then, however, CoreWeave’s share price has increased to US$53.60 (as of close on May 7, 2025), representing a 45% gain from March 31, 2025, equating to an estimated $0.45 increase to Stack Capital’s BVpS since quarter end. The Company believes that CoreWeave’s share price has the potential to increase over the next several months as it reports its initial quarterly results, announces potential new business deals, and general market sentiment improves with anticipated resolutions to global trade/tariffs and other geo-political issues.
    • During Q1, Shield AI raised US$240 million at a US$5.3 billion valuation, resulting in an increase to the position value within the portfolio. Shield AI also recently announced significant strategic partnerships with both Boeing (March 2025) and Airbus U.S. Space & Defense (April 2025). Shield AI’s Hivemind solution will be used to improve and expand unmanned capabilities across the aerial programs at both companies, serving to further validate Shield AI’s leadership position in AI pilot technology.
    • Following quarter-end, SpaceX received approval from the Federal Aviation Administration (FAA) to increase the number of its Starship launches to 25 times per year, up from 5 times per annum under its previous license. This increase in launch cadence for future Starship test flights is significant and will eventually benefit Starlink (SpaceX’ satellite communications business) through the faster deployment of its next generation satellites, once Starship becomes fully operational.
    • In March, Locus Robotics unveiled its brand new ‘Array’ autonomous mobile robot at LogiMat in Stuttgart, Germany, and at ProMat in Chicago. As the industry’s most advanced AI-powered, zero-touch fulfillment system, Array eliminates 90% of manual labour for picking, putaway, and returns of merchandise within warehouse and third-party logistics facilities. Leveraging the latest advances in AI vision technology, Array delivers ultra-efficient order picking, unmatched cost per pick, along with the unique ability to pick and consolidate multiple orders simultaneously.
    • Following quarter-end, Omio, a leading multi-modal travel booking platform, announced its expansion into Southeast Asia, unlocking over 14,000 bus routes from over 1,800 transportation providers across Singapore, Vietnam, Thailand, Malaysia, Indonesia, and Cambodia, adding to its existing flight options in the region. Omio also plans to add ferry and rail services over the coming months and is aiming to be a comprehensive multi-modal travel provider by Q4-2025, in time for peak season of Southeast Asian travel. Following the announcement, the Omio app now unifies transportation across 3 continents and 45 countries.
    • As at March 31, 2025, the Book Value of the Company was $129.7 million, and the Book Value per Share was $12.06. A detailed summary of Book Value per Share is as follows:
    Breakdown of Book Value per Share as at March 31, 2025:  
    SpaceXi(space exploration & satellite communications) $ 2.18  
    Locus Robotics, Inc. (autonomous robots)   1.32  
    Canva, Inc. (graphic design)   1.29  
    Omio, Inc.ii(travel & leisure)   1.11  
    Hopper, Inc. (travel & leisure)   1.07  
    Newfront Insurance, Inc. (insurance & benefits)   1.07  
    Prove Identity, Inc.iii(cyber-security)   1.02  
    CoreWeave, Inc. (AI hyper-scaler)   1.01  
    Bolt Financial, Inc. (e-commerce)   0.50  
    Shield AI, Inc.iv(military defence)   0.39  
    Varo Money, Inc. (neo-banking)   0.13  
    Cash   1.00  
    Net other assets   (0.03 )
    Book Value per Share $ 12.06  

    i the Company is invested in Space Exploration Technologies Corp. (“SpaceX”) through a Special Purpose Vehicle, Space LP.
    ii the Company invested in shares of GoEuro Corp. which carries on business as Omio.
    iii the fair value of Prove Identity Inc. includes an unrealized deferred gain of $1,021,025
    iv the Company is invested in Shield AI through a Special Purpose Vehicle, Defence AI LP

    About Stack Capital

    Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to a diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares & Warrants on the TSX. At the same time, the public structure also allows the Company to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. acts as the Company’s administrator and is responsible to source and advise with respect to all investments for the Company.

    For more information, please visit our website at www.stackcapitalgroup.com or contact:
    Brian Viveiros
    VP, Corporate Development, and Investor Relations
    647.280.3307
    brian@stackcapitalgroup.com

    Non-IFRS Financial Measures

    This press release may make reference to the following financial measures which are not recognized under International Financial Reporting Standards (“IFRS”), and which do not have a standard meaning prescribed by IFRS:

    • Book Value – the aggregate fair value of the assets of the Company on the referenced date, less the aggregate carrying value of the liabilities, excluding any deferred taxes or unrealized deferred gains or losses if applicable, of the Company; and
    • Book Value per Share (BVpS) – the Book Value on the referenced day divided by the aggregate number of Common Shares that are outstanding on such day.

    The Company’s Book Value and Book Value per Share is a measure of the performance of the Company as a whole. The Company’s method of determining this financial measure may differ from other issuers’ methods and, accordingly, this amount may not be comparable to measures used by other issuers. This financial measure is not a performance measure as defined under IFRS and should not be considered either in isolation of, or as a substitute for, net earnings per share prepared in accordance with IFRS.

    Cautionary Note Regarding Forward-Looking Information

    This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. Forward-looking information contained or referred to in this press release includes but may not be limited to the business of Stack Capital and the risks associated therewith, including those identified in the Annual Information Filing under the heading “Risk Factors”.

    Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although Stack Capital believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Stack Capital can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the ability to capitalize on investment opportunities. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of Stack Capital based on information currently available to Stack Capital.

    Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Stack Capital disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events, or results or otherwise. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.

    The MIL Network –

  • MIL-OSI Global: Alberta has long accused Ottawa of trying to destroy its oil industry. That’s a dangerous myth

    Source: The Conversation – Canada – By Ian Urquhart, Professor Emeritus, Political Science, University of Alberta

    “Alberta is a place soaked in self-deception.” Those words began Alberta-based journalist Mark Lisac’s 2004 book aimed at shattering the myths that have unhelpfully animated too much of Alberta’s politics over the past few decades.

    Current and former Alberta politicians are once again embracing and treating separatist grievances seriously. That means it’s time once again to highlight and challenge political misconceptions that have the potential to destroy Canada.

    Oil is the root of one such myth. The misconception? That Ottawa perenially opposes the oil and gas sector and is determined to stop its continued growth. The National Energy Program (1980), the Northern Gateway pipeline project (2016), the Energy East Pipeline (2017) and the proposed greenhouse gas pollution cap allegedly prove Ottawa’s hostility.

    Notably missing from these grievances is the Keystone XL pipeline and the Trans Mountain Expansion Project. Ottawa supported these projects aimed at transporting Alberta oilsands crude to foreign markets. The federal government even purchased the Trans Mountain project from Kinder Morgan in 2018 — not to kill it, but to build it.



    Read more:
    Justin Trudeau’s risky gamble on the Trans Mountain pipeline

    As for Keystone XL, Alberta Premier Jason Kenney thanked Prime Minister Justin Trudeau for supporting the project. This doesn’t fit the separatist narrative, so it’s largely ignored.

    Oilsands booster

    No one should dispute the National Energy Program’s devastating impact on Alberta’s conventional oil and gas sector 40 years ago. But the oilsands, not conventional oil, propelled Canada to its position as the world’s fourth largest oil producer.

    Has Ottawa facilitated or obstructed the spectacular post-1990 growth of oilsands production?

    The record shows that, since the mid-1970s, Ottawa has facilitated and supported the oilsands sector. The federal government helped keep the Syncrude project alive in 1975 when it took a 15 per cent interest in Canada’s second oilsands operation.

    Ironically, Ottawa’s enthusiasm for more, not less, petroleum from the oilsands also appeared in 1980 via the National Energy Program (NEP), the devil in Alberta’s conservative catechism. What most accounts of the NEP don’t mention is that Ottawa offered tax benefits to oilsands companies while stripping them from conventional oil producers.

    Furthermore, the NEP’s “made-in-Canada” pricing effectively guaranteed Syncrude would receive the world price for its production. At $38 per barrel, Syncrude received more than double what conventional producers received. If the NEP was harsh on conventional oil producers, it helped create a golden future for the oil sands.

    In the mid-1990s, Ottawa helped propel the post-1995 oilsands boom. The industry-dominated National Task Force on Oil Sands Strategies sought federal tax concessions to promote oilsands growth. The federal government delivered them in its 1996 budget, despite Prime Minister Jean Chretien’s general concern with cutting the deficit.

    Again, these measures clearly contradict the myth of federal opposition to the oil industry.

    Generous emissions caps

    Ottawa’s policy favouritism towards the oilsands didn’t end there. It has consistently animated the federal government’s treatment of the oilsands in its climate change policies.

    The federal Climate Change Plan for Canada (2002) treated oil and gas leniently. Its measures for large industrial emitters bore a striking resemblance to the climate change policy preferences of the Canadian Association of Petroleum Producers. Suncor and Syncrude, the two leading oilsands producers, estimated these federal proposals would add a pittance, between 20 and 30 cents, to their per barrel production costs.

    Justin Trudeau’s response to Alberta’s 2015 oilsands emissions cap also underlined Ottawa’s favouritism, not hostility, to the dominant player in Canada’s oil patch.

    Rachel Notley’s NDP government set this cap at 100 million tonnes of GHG per year, plus another 10 million tonnes allowed to new upgrading and co-generation facilities. This cap was a whopping 39 million tonnes or 55 per cent higher than what the oilsands emitted in 2014.

    This generous cap contributed to a tremendous increase in oilsands production. Healthy profits became record profits in 2022. Ottawa embraced Alberta’s largesse, incorporating the province’s cap into its post-2015 climate policies.

    Furthermore, Ottawa increased its leniency towards the oilsands by exempting new in-situ (non-mining) oilsands projects in Alberta from the federal Impact Assessment Act. This exemption applies until Alberta’s emissions cap is reached. Canada’s latest National Inventory Report on greenhouse gas emissions reported record oilsands GHG emissions of 89 million tonnes in 2023, still 11 million tonnes shy of the 100 million tonne threshold.

    Weaponizing myths

    Finally, we have today’s proposed national cap on greenhouse gas emissions. Alberta is apoplectic about the cap. But whether or not it’s intentional, Premier Danielle Smith’s outrage feeds into secessionist sentiment by seemingly misrepresenting the cap’s impact on oil and gas production.

    Smith and her environment minister use the work of the Parliamentary Budgetary Officer (PBO) to nurture their “Ottawa hates oil” narrative. They claim the officer’s analysis of the cap’s economic impact showed it “will cut oil and gas production by five per cent, or more than 245,000 barrels per day.”

    This is simply not true.

    In fact, the PBO concluded that, with the cap, oilsands production “is projected to remain well above current levels” — 15 per cent higher than in 2022. The proposed federal emissions cap, like the Alberta NDP’s cap of a decade ago, is higher than current oilsands emissions levels. The PBO concluded the proposed ceiling for oilsands emissions would be six per cent higher than 2022 emissions.

    Ottawa’s proposed cap, in fact, continues its decades-long support of the oilsands.

    Myths are central to our being. When I tell my grandsons about the pot of gold at the end of the rainbow, I hope to inspire curiosity, imagination and interest in their grandmother’s Irish heritage.

    But in politics, fanciful stories can be dangerous. Some weaponize myths, using the fictions at their core to encourage followers to let falsehoods rule their behaviour. That seems to be playing out yet again in Alberta. We must demand better from the political class.

    Ian Urquhart 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. Alberta has long accused Ottawa of trying to destroy its oil industry. That’s a dangerous myth – https://theconversation.com/alberta-has-long-accused-ottawa-of-trying-to-destroy-its-oil-industry-thats-a-dangerous-myth-255908

    MIL OSI – Global Reports –

  • MIL-OSI USA: This Is Your Brain On Music: Groundbreaking UConn-led Study Shows How the Brain Keeps the Beat

    Source: US State of Connecticut

    The most sophisticated musical instrument in the world is the human brain, according to a paradigm-shifting new paper in Nature Reviews Neuroscience. 

    Led by UConn psychological sciences and physics professor Edward W. Large, the research introduces neural resonance theory (NRT). NRT explains how physical structures in the brain and nervous system resonate with the structures of music, turning sequences of sounds into profound physiological and emotional experiences. 

    “In physics, resonance is everywhere,” explains Large, who directs the Music Dynamics Laboratory. “The heart is an oscillator. Circadian rhythms are oscillators, and they synchronize to the light and dark cycles of the earth.” 

    His research shows that human brain activity can also sync to various rhythms – from reggae to R&B to rhapsodies. 

    “A long-standing puzzle in music research is the presence of common features as well as variations across musical cultures,” says Ji Chul Kim, a co-author on the paper and assistant research professor in the Department of Psychological Sciences. “NRT explains this nature/nurture problem in terms of natural constraints and neural plasticity.” 

    Music, Meet Math

    Large carries himself like someone who has spent some time on stage. He’s a smart dresser, accessorizing on a Monday afternoon video interview with a small silver earring. He does have a musical past, he tells me – after double-majoring in math and classical guitar in college, he spent some time performing – but when he learned it was possible to study the science of music in graduate school, he was hooked. 

    “As soon as I saw that, I knew that’s what I was meant to do,” he says. 

    When Large transitioned from making music to studying it, he noticed that the scientific world understood music very differently than he did. 

    The prevailing understanding was that humans enjoy music because its patterns enable a pleasurable system of prediction based on learned expectations. The human brain works like autocomplete, it was thought, predicting which notes and chord shifts will come next in a sequence – and feeling rewarded when it guesses correctly. 

    But Large’s research shows that this is only part of the story. His pioneering neural resonance theory offers a new explanation: oscillations (rhythms) in the brain’s neural activity actually synchronize with the pitches and rhythms of music. This synchronization is what creates the sense of expectation or anticipation. 

    According to NRT, people can keep time, dance, and effectively improvise music because human biological processes can sync with music, from simple tunes to complex melodies. 

    “This is about embodiments – physical states of the brain that have lawful relationships to external events [like sounds],” Large says. “They’re not abstract. It’s literally the sound causing a physical resonance in the brain.” 

    This means that the human body is very much part of the music-making process. Neurons vibrate like a plucked guitar string. Seen on an EEG, brainwaves dance to drumbeats.  

    “I have always been fascinated by music and physics,” Kim says. “I am excited about the way NRT brings them together and describes the perception and performance of music as dynamic patterns formed within and between listeners and performers.” 

    Volume Up

    Large’s paper explains that this function of music is responsible for many of its uplifting qualities, like its mood- and memory-boosting properties, as well as its most universally recognized side effect: the urge to dance. (The paper refers to this phenomenon as “groove.”) 

    “This is the way I always intuitively understood music, before I went into science,” Large says. “But people wanted to talk about the brain as a computer, and its computing input/output functions. It just didn’t seem like how I experience music, or how people in general experience music. But this idea of resonance? I thought that was really compelling. 

    “So, what I set out to do was make it science,” he continues. “Instead of just New Age terminology — ‘oh, I’m resonating to this music, man’ — I wanted to ask whether, scientifically, this really does happen.” 

    Large demonstrates a form of combined light and music therapy at Pratt & Whitney Hangar Museum in East Hartford on Oct. 7, 2019. (Peter Morenus/UConn Photo)

    Even before the publication of this latest research, Large recognized the healing potential of music. In 2016, he founded Oscillo Biosciences (named for the neural oscillations that synchronize with music) with Kim, who had recently completed a postdoctoral fellowship at UConn.

    The healthcare startup uses music and light therapy to help mitigate disease progression among Alzheimer’s patients. It is a highly promising application of NRT. 

    “We’re in a clinical trial right now, and we are showing that by listening to music and watching lights in a certain frequency relationship to the music, we can cause resonance in the brain that actually improves memory,” Large says. 

    NRT has other promising potential applications, ranging from AI to education. Machines trained on neural resonance could produce more emotionally intelligent and culturally aware music. Learning tools could leverage NRT to help people better grasp rhythm and pitch. 

    In the meantime, NRT offers a scientific explanation for one of the most mysterious human experiences — how and why music moves us. 

    In addition to Large, the multi-institutional collaboration featured other researchers at the University of Connecticut and at the University of Groningen (Netherlands), the University of Illinois Chicago, Queen Mary University of London, and McGill University (Canada). The other UConn authors on the paper were Ji-Chul Kim, who is now an assistant research professor in the Department of Psychological Sciences, and Parker Tichko ‘19 Ph.D. 

    MIL OSI USA News –

  • MIL-OSI: Brookfield Wealth Solutions Announces First Quarter Results and Declares Quarterly Distribution

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months ended March 31, 2025.

    Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our business is off to a strong start in 2025. We have entered the U.K. market and begun offering new products that expand our asset base while maintaining our fundamental objective of generating high-quality earnings and durable risk-adjusted returns within our business.”

    Unaudited
    As of and for the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended
      2025       2024
    Total assets $ 141,612     $ 63,113
    Distributable operating earnings1   437       279
    Net income (loss)   (282 )     337
    Net income per each class A share $ 0.09     $ 0.08

    1. See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income on page 5.

    First Quarter Highlights

    • Launched our U.K. pension risk transfer business under Blumont Annuity UK in late March, following a comprehensive authorization process and expect to be active in the market in 2025
    • Deployed $3 billion into Brookfield originated strategies across our investment portfolio at returns greater than 8%
    • Completed our first funding agreement-backed note (“FABN”) issuance at American National for $500 million
    • Originated $4 billion of annuity sales during the quarter across our retail, PRT and FABN channels
    • Our Property and Casualty float remained stable at approximately $8 billion, providing us with investment flexibility and risk diversification

    Operating Update
    We recognized $437 million of distributable operating earnings (“DOE”) for the three months ended March 31, 2025, compared to $279 million in the prior year period. The increase in earnings for the current period reflects contributions from AEL, which we acquired in May 2024, as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies.

    We recorded a net loss of $282 million for the three months ended March 31, 2025, compared to net income of $337 million in the prior year period. The net loss in the current period is primarily the result of unrealized movements on reserves due to interest rate and equity market movements, which more than offset our strong operating performance. Net income in the prior year period resulted from our DOE and favorable mark-to-market on derivatives.

    Today, we are in a strong liquidity position, with approximately $25 billion of cash and short-term liquid investments across our investment portfolios, and another $22 billion of long-term liquid investments. These liquid assets position us well to mitigate current market volatility and support the ongoing rotation of our portfolio into higher yielding investment strategies.

    Regular Distribution Declaration
    The Board declared a quarterly return of capital of $0.09 per class A share and class B share payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

    Brookfield Corporation Operating Results
    An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s first quarter operating results is provided below:

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025     2024     2025     2024
    Net income of consolidated business1 $ 215   $ 519   $ 1,549   $ 5,200
    Net income attributable to Brookfield shareholders2   73     102     612     1,112
    Distributable earnings before realizations3   1,301     1,001     5,171     4,279
    – Per Brookfield class A share3   0.82     0.63     3.26     2.70
    Distributable earnings3   1,549     1,216     6,607     4,865
    – Per Brookfield class A share3   0.98     0.77     4.17     3.07

    1. Consolidated basis – includes amounts attributable to non-controlling interests.
    2. Excludes amounts attributable to non-controlling interests.
    3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated May 8, 2025.

    Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

    CONSOLIDATED BALANCE SHEETS

               
    Unaudited   March 31     December 31
    (US$ millions)     2025       2024
    Assets          
               
    Insurance invested assets          
    Cash, cash equivalents and short-term investments $ 16,686     $ 16,643  
    Investments   90,184       88,566  
    Reinsurance funds withheld   1,492       1,517  
    Accrued investment income   841   109,203     860   107,586
    Deferred policy acquisition costs     10,848       10,696
    Reinsurance recoverables and deposit assets     12,957       13,195
          133,008       131,477
               
    Other assets     8,604       8,476
    Total assets     141,612       139,953
               
    Liabilities and equity          
               
    Policy and contract claims     7,588       7,659
    Future policy benefits     14,582       14,088
    Policyholders’ account balances     84,606       83,079
    Deposit liabilities     1,483       1,502
    Market risk benefits     4,066       3,655
    Unearned premium reserve     1,674       1,843
    Funds withheld for reinsurance liabilities     3,266       3,392
          117,265       115,218
               
    Corporate borrowings     1,004       1,022
    Subsidiary borrowings     3,332       3,329
    Other liabilities     7,001       7,308
               
    Non-controlling interest   771       850  
    Class A and class B   1,469       1,470  
    Class C   10,770   13,010     10,756   13,076
    Total liabilities and equity   $ 141,612     $ 139,953


    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended March 31
    US$ millions    		 Three Months Ended
      2025       2024  
    Net premiums and other policy revenue $ 1,301     $ 1,643  
    Net investment income, including funds withheld   1,429       670  
    Net investment gains (losses), including funds withheld   (112 )     172  
    Total revenues   2,618       2,485  
           
    Benefits and claims paid on insurance contracts   (1,107 )     (1,414 )
    Interest sensitive contract benefits   (524 )     (185 )
    Amortization of deferred policy acquisition costs   (339 )     (225 )
    Change in fair value of insurance-related derivatives and embedded derivatives   (200 )     44  
    Change in fair value of market risk benefits   (361 )     (31 )
    Other reinsurance expenses   (1 )     (7 )
    Operating expenses   (382 )     (233 )
    Interest expense   (73 )     (72 )
    Total benefits and expenses   (2,987 )     (2,123 )
    Net income (loss) before income taxes   (369 )     362  
    Income tax recovery (expense)   87       (25 )
    Net income (loss) $ (282 )   $ 337  
           
    Attributable to:      
    Class A and class B shareholders1 $ 4     $ 3  
    Class C shareholder   (330 )     332  
    Non-controlling interest   44       2  
      $ (282 )   $ 337  

    1. Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.


    SUMMARIZED FINANCIAL RESULTS

    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

    Unaudited
    For the periods ended March 31
    US$ millions    		 Three Months Ended
      2025       2024  
    Net income (loss) $ (282 )   $ 337  
    Unrealized net investment losses (gains), including funds withheld   112       (172 )
    Mark-to-market losses (gains) on insurance contracts and other net assets   685       65  
        515       230  
    Deferred income tax expense (recovery)   (183 )     15  
    Transaction costs   41       12  
    Depreciation   64       22  
    Distributable operating earnings1 $ 437     $ 279  

    1. Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.

    Additional Information

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended March 31, 2025, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

    Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

    Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

    Non-GAAP and Performance Measures

    This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

    We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results.

    We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

    Notice to Readers

    Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

    Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

    The MIL Network –

  • MIL-OSI: YieldMax™ Introduces Option Income Strategy ETF on Robinhood Markets, Inc. (HOOD)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ HOOD Option Income Strategy ETF (NYSE Arca: HOOY)

    HOOY seeks to generate current income by pursuing options-based strategies on Robinhood Markets, Inc. (HOOD). HOOY is managed by Tidal Financial Group. HOOY does not invest directly in HOOD.

    HOOY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, HOOY will be a Group C ETF, and its first distribution is expected to be announced on May 28, 2025. Please see the table below for distribution information for all outstanding YieldMax™ ETFs.

    ETF
    Ticker    1    		 ETF Name Distribution
    Frequency    		 Distribution
    per Share    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield3    		 ROC5
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.3767 – – 97.94%
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2738 35.61% 0.00% 100.00%
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.7511 105.48% 0.00% 100.00%
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Weekly $0.2841 36.92% 0.00% 100.00%
    RDTY YieldMax™ R2000 0DTE Covered Call Strategy ETF Weekly $0.4634 55.54% 0.00% 100.00%
    SDTY YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Weekly $0.2714 33.51% 0.00% 100.00%
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.1181 103.33% 0.00% 100.00%
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.1059 36.97% 70.00% 94.72%
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1679 66.24% 95.10% 89.73%
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly $0.4609 12.17% 0.18% 66.89%
    RNTY* YieldMax™ Target 12™ Real Estate Option Income ETF Monthly – – – –
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4384 11.99% 0.12% 100.00%
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 weeks $0.6020 67.26% 3.22% 94.97%
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $0.3245 87.29% 3.75% 96.09%
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 weeks $0.3365 62.11% 3.31% 94.47%
    AMZY YieldMax™ AMZN Option Income Strategy ETF Every 4 weeks $0.7963 65.77% 3.68% 94.99%
    APLY YieldMax™ AAPL Option Income Strategy ETF Every 4 weeks $0.6512 63.24% 3.13% 94.81%
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 weeks $0.6587 49.99% 4.01% 91.80%
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 weeks $0.6510 115.53% 3.39% 96.77%
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.5616 116.94% 1.81% 0.00%
    CVNY YieldMax™ CVNA Option Income Strategy ETF Every 4 weeks $2.6816 88.82% 2.37% 68.30%
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 weeks $0.6186 76.30% 2.19% 0.00%
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $0.5291 49.63% 3.72% 94.23%
    FBY YieldMax™ META Option Income Strategy ETF Every 4 weeks $0.5216 43.30% 3.86% 91.40%
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.6435 59.38% 55.86% 0.00%
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 weeks $0.5618 105.46% 1.14% 0.00%
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.0283 35.56% 38.10% 0.00%
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 weeks $0.7284 60.35% 2.66% 0.00%
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3729 41.63% 3.52% 90.74%
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 weeks $0.5612 46.19% 3.39% 92.60%
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 weeks $1.8468 110.67% 3.33% 97.16%
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 weeks $0.1261 71.18% 4.27% 0.00%
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 weeks $0.5255 40.57% 3.26% 92.04%
    MSTY YieldMax™ MSTR Option Income Strategy ETF Every 4 weeks $2.3734 123.15% 1.00% 98.39%
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 weeks $0.9230 65.94% 2.79% 95.72%
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 weeks $0.6734 57.41% 3.56% 85.30%
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.2923 51.00% 3.10% 93.61%
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 weeks $4.6556 95.97% 2.36% 98.08%
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 weeks $0.5519 56.42% 3.54% 94.52%
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $1.4128 100.24% 3.85% 97.08%
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.6864 56.07% 2.87% 94.51%
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.6598 103.22% 3.27% 96.85%
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.5635 49.99% 3.43% 16.38%
    WNTR YieldMax™ Short MSTR Option Income Strategy ETF Every 4 weeks $2.7190 85.90% 3.26% 95.65%
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.3500 35.44% 3.42% 90.74%
    XYZY YieldMax™ XYZ Option Income Strategy ETF Every 4 weeks $0.4140 59.93% 3.80% 95.54%
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.4110 49.16% 1.20% 30.49%
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $0.4357 34.61% 2.97% 91.77%


    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).

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

    1All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX and 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. 

    2The Distribution Rate shown is as of close on May 7, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

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

    4Each 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.

    5ROC 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

    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 Index (or ETFs that track the Index’s performance)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 Index (or ETFs that track the Index’s performance) 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. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

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

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

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

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

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

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

    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.

    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: BigCommerce Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 08, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands, retailers, manufacturers and distributors, today announced financial results for its first quarter ended March 31, 2025.

    “Our transformation efforts are leading to encouraging signs of progress, including positive increases in pipeline and leads in the three months ended March 31, 2025,” said Travis Hess, CEO of BigCommerce. “We have acted decisively to transform the Company, brought in top leaders with SaaS and commerce expertise, and invested strategically to strengthen our core offerings for B2B and B2C businesses across all three of our products, BigCommerce, Feedonomics and Makeswift. Reaccelerating growth remains our top priority for the remainder of this year.”

    First Quarter Financial Highlights:

    • Total revenue was $82.4 million, up 3% compared to the first quarter of 2024.
    • Total annual revenue run-rate (“ARR”) as of March 31, 2025 was $350.8 million, up 3% compared to March 31, 2024.
    • Subscription solutions revenue was $62.1 million, up 2% compared to the first quarter of 2024.
    • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $263.8 million as of March 31, 2025, up 6% from March 31, 2024.
    • ARR from Enterprise Accounts as a percent of total ARR was 75% as of March 31, 2025, compared to 73% as of March 31, 2024.
    • GAAP gross margin was 79%, compared to 77% in the first quarter of 2024. Non-GAAP gross margin was 80%, compared to 78% in the first quarter of 2024.

    Other Key Business Metrics

    • Number of enterprise accounts was 5,825, down 2% compared to the first quarter of 2024.
    • Average revenue per account (“ARPA”) of enterprise accounts was $45,290, up 9% compared to the first quarter of 2024.
    • Revenue in the United States grew by 2% compared to the first quarter of 2024.
    • Revenue in EMEA grew by 8% and revenue in APAC declined by 5% compared to the first quarter of 2024.

    Loss from Operations and Non-GAAP Operating Income (Loss)

    • GAAP loss from operations was ($2.4) million, compared to ($8.2) million in the first quarter of 2024.
    • Included in GAAP loss from operations was a restructuring charge of $1.9 million.
    • Non-GAAP operating income was $7.6 million, compared to $3.2 million in the first quarter of 2024.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($0.4) million, compared to ($6.4) million in the first quarter of 2024.
    • Non-GAAP net income was $5.7 million or 7% of revenue, compared to $5.0 million or 6% of revenue in the first quarter of 2024.
    • GAAP basic net loss per share was ($0.00) based on 78.8 million shares of common stock, compared to ($0.08) based on 76.6 million shares of common stock in the first quarter of 2024.
    • Non-GAAP basic net income per share was $0.07 based on 78.8 million shares of common stock, compared to $0.07 based on 76.6 million shares of common stock in the first quarter of 2024.

    Adjusted EBITDA

    • Adjusted EBITDA was $8.8 million, compared to $4.2 million in the first quarter of 2024.

    Cash

    • Cash, cash equivalents, restricted cash, and marketable securities totaled $121.9 million as of March 31, 2025.
    • For the three months ended March 31, 2025, net cash provided by operating activities was $401 thousand, compared to ($3.4) million used in operating activities for the same period in 2024. We reported free cash flow of ($2.9) million in the three months ended March 31, 2025, which included a one-time charge related to the cash paid for the website domain name.

    Business Highlights:

    Corporate Highlights

    • In February, the Company announced the addition of Rob Walter as its Chief Revenue Officer. Walter is a seasoned revenue leader with 20 years of ecommerce experience leading sales and go-to-market teams at successful companies including Salesforce, Ebay, ChannelAdviser and Amplience.
    • Michelle Suzuki also joined BigCommerce as the Company’s Chief Marketing Officer. Suzuki brings more than 25 years of experience scaling and transforming high-growth companies, including renowned technology companies such as EMC, Ancestry and Ivanti.
    • In April, Vipul Shah joined the Company as its new Chief Product Officer, bringing over two decades of experience building innovative products and business models at PayPal, Google, J.P. Morgan and Wells Fargo. Shah leads product management, product design and product strategy groups across all three of the Company’s products – BigCommerce, Feedonomics and Makeswift.
    • BigCommerce also added SaaS and ecommerce veteran Andrew Norman as senior vice president and general manager for EMEA to lead BigCommerce’s go-to-market strategy in EMEA. He has 25 years’ experience executing international expansion plans for SaaS technology companies, including 15 years’ experience in the ecommerce market.
    • In March, BigCommerce hosted its 2025 Investor Day, where members of the Company’s leadership team discussed the Company’s strategic vision, product offerings, financial performance and long-term growth opportunities, followed by a live Q&A session.

    Product Highlights

    • BigCommerce announced updates to Catalyst, its next generation storefront technology. With one click from the Control Panel, marketers can now launch and design a new store that comes optimized for high performance out of the box, making it so that they no longer have to sacrifice marketing usability for modern technology. Catalyst’s differentiator is its fully integrated marketing-friendly visual editor, Makeswift, which sets a new standard for creating fast, modern ecommerce storefronts without the limits of rigid templates or heavy development costs.
    • The Company unveiled innovative enhancements to its B2B products designed to help sales teams operate more efficiently and streamline processes so they can respond quickly to market demands and focus on growth. These updates, Configure-Price-Quote (CPQ) and Multi-Company Account Hierarchy and Advanced Permissioning, enable faster quote conversion and minimize redundant account management processes so that merchants can respond dynamically to market demands and scale without being bogged down by manual tasks.
    • BigCommerce also announced a three-pronged product launch that strengthens the app-building experience for developers, extending the BigCommerce platform’s overall functionality.

    Customer Highlights

    • Kittery Trading Post, whose Maine brick-and-mortar location has been an outdoor sporting goods destination for over 80 years, migrated from Salesforce Commerce Cloud to BigCommerce with an implementation led by BigCommerce partner Mira Commerce that took them live in three months.
    • Champion Sports, a 60-year-old manufacturer of high-quality sports, fitness and physical education equipment, launched a new B2B store with BigCommerce agency partner MoJo Active and an integration with Sage 100.
    • Crew Clothing, the iconic 30-year-old British casual clothing brand, launched a new B2C storefront for its Ben Sherman brand in the US, featuring integrations with Retail247 and Global-e. The company plans to roll out four more new websites for additional brands throughout the year.
    • EuroOptic, an online retailer specializing in high-quality sporting optics and performance gear, launched a new headless store using Vercel and Makeswift and integrated with Feedonomics, Netsuite and Payment Putty. BigCommerce partner MoJo Active led the implementation, which also uses BigCommerce’s Multi-Storefront functionality.
    • EGO, a UK-based fashion brand specializing in trendy women’s footwear, clothing, and accessories, migrated from Magento to BigCommerce with international stores in Europe, North America and Australia and an additional UK storefront in progress. BigCommerce agency partner TakeFortyTwo assisted Ego’s in-house team with the Multi-Storefront headless implementation hosted by Alokai.

    Partner Highlights

    • In May, BigCommerce announced that Klarna, the AI-powered payments and commerce network, has become a global preferred payments partner. As a global preferred partner, Klarna brings its flexible, interest-free payment options to merchants worldwide, enhancing the shopping experience and driving growth with one single integration.
    • In April, the Company announced the launch of Distributed Ecommerce Hub, a new joint solution with systems integrator and digital commerce agency Silk Commerce. Distributed Ecommerce Hub empowers manufacturers, brands and franchisors to rapidly create and centrally manage branded ecommerce storefronts for their dealer, distributor or franchise networks.
    • In April, Feedonomics announced its new integration with Amazon Vendor Central, expanding its comprehensive solutions for B2B clients and enterprise brands. Feedonomics customers can now tap into Amazon’s powerful fulfillment network, offering shoppers fast and reliable delivery through Prime eligibility.
    • In April, BigCommerce announced discussions regarding a potential expansion of its commercial partnership with Noibu, a leading ecommerce intelligence platform that helps brands detect, prioritize, and resolve revenue-impacting issues while delivering seamless customer experiences. The partnership, if finalized, would reflect the joint value of “curated composability,” enabling brands, retailers, manufacturers and distributors of all sizes to leverage best-in-class solutions without the procurement delays or complex integrations.
    • BigCommerce also announced its corporate partnership with the National Association of Electrical Distributors (NAED), reinforcing BigCommerce’s commitment to driving digital transformation and growth in the electrical distribution industry.
    • The Company also announced a transformational partnership with Pipe17, a leading provider of AI-powered composable order operations. This partnership reimagines how modern merchants manage orders in an increasingly complex digital commerce ecosystem.

    Q2 and 2025 Financial Outlook:

    For the second quarter of 2025, we currently expect:

    • Total revenue between $82.5 million to $83.5 million.
    • Non-GAAP operating income is expected to be between $2.7 million to $3.7 million.

    For the full year 2025, we currently expect:

    • Total revenue between $335.1 million and $351.1 million.
    • Non-GAAP operating income between $16 million and $28 million.

    Our second quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

    We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

    Conference Call Information

    The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, May 8, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, May 15, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 2980116. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About BigCommerce
    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q2 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Use of Non-GAAP Financial Measures

    We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

    Annual Revenue Run-Rate

    We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

    Enterprise Account Metrics

    To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

    Average Revenue Per Account

    We calculate average revenue per account for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of GMV processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

    Adjusted EBITDA

    We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

    Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

    Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

    Depreciation includes depreciation expenses related to the Company’s fixed assets.

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

    We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

    Non-GAAP Net Income (Loss)

    We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

    Non-GAAP Basic and Dilutive Net Income (Loss) per Share

    We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

    Free Cash Flow

    We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

     
    BigCommerce Holdings, Inc.

    Condensed Consolidated Balance Sheets
    (in thousands)
     
        March 31,     December 31,  
        2025     2024  
        (unaudited)        
    Assets            
    Current assets            
    Cash and cash equivalents   $ 52,084     $ 88,877  
    Restricted cash     1,164       1,479  
    Marketable securities     68,628       89,283  
    Accounts receivable, net     44,164       48,117  
    Prepaid expenses and other assets, net     18,575       14,641  
    Deferred commissions     8,065       8,822  
    Total current assets     192,680       251,219  
    Property and equipment, net     8,128       9,128  
    Operating lease, right-of-use-assets     7,447       1,993  
    Prepaid expenses and other assets, net of current portion     4,299       3,146  
    Deferred commissions, net of current portion     4,381       5,559  
    Intangible assets, net     17,426       17,317  
    Goodwill     51,927       51,927  
    Total assets   $ 286,288     $ 340,289  
    Liabilities and stockholders’ equity            
    Current liabilities            
    Accounts payable   $ 7,822     $ 7,018  
    Accrued liabilities     2,760       3,194  
    Deferred revenue     48,658       46,590  
    Operating lease liabilities     2,006       2,438  
    Other liabilities     21,006       28,766  
    Total current liabilities     82,252       88,006  
    Convertible notes     157,788       216,466  
    Operating lease liabilities, net of current portion     6,994       1,680  
    Other liabilities, net of current portion     1,179       768  
    Total liabilities     248,213       306,920  
    Stockholders’ equity            
    Common stock     7       7  
    Additional paid-in capital     659,985       654,905  
    Accumulated other comprehensive income     124       145  
    Accumulated deficit     (622,041 )     (621,688 )
    Total stockholders’ equity     38,075       33,369  
    Total liabilities and stockholders’ equity   $ 286,288     $ 340,289  
     
    BigCommerce Holdings, Inc.

    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        For the three months ended March 31,  
        2025     2024  
    Revenue   $ 82,370     $ 80,360  
    Cost of revenue (1)     16,984       18,439  
    Gross profit     65,386       61,921  
    Operating expenses:            
    Sales and marketing(1)     30,366       32,432  
    Research and development(1)     19,206       19,988  
    General and administrative(1)     13,644       14,929  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Total operating expenses     67,796       70,149  
    Loss from operations     (2,410 )     (8,228 )
    Gain on convertible note extinguishment     3,931       0  
    Interest income     1,300       3,178  
    Interest expense     (2,543 )     (720 )
    Other expense     (107 )     (332 )
    Income (loss) before provision for income taxes     171       (6,102 )
    Provision for income taxes     (524 )     (290 )
    Net loss   $ (353 )   $ (6,392 )
    Basic net loss per share   $ (0.00 )   $ (0.08 )
    Shares used to compute basic net loss per share     78,835       76,626  
     
    (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:
        For the three months ended March 31,  
        2025     2024  
    Cost of revenue   $ 746     $ 656  
    Sales and marketing     1,775       1,867  
    Research and development     3,042       3,476  
    General and administrative     (144 )     2,592  
     
    BigCommerce Holdings, Inc.

    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Three months ended March 31,  
      2025     2024  
               
    Cash flows from operating activities          
    Net loss $ (353 )   $ (6,392 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Depreciation and amortization expense   4,281       3,486  
    Amortization of discount on convertible notes   187       497  
    Amortization of premium on convertible notes   (402 )     0  
    Stock-based compensation expense   5,209       8,388  
    Provision for expected credit losses   930       863  
    Gain on convertible notes extinguishment   (3,931 )     0  
    Changes in operating assets and liabilities:          
    Accounts receivable   3,020       (2,588 )
    Prepaid expenses and other assets   (5,084 )     (4,960 )
    Deferred commissions   1,935       211  
    Accounts payable   678       (889 )
    Accrued and other liabilities   (8,137 )     (4,601 )
    Deferred revenue   2,068       2,568  
    Net cash provided by (used in) operating activities   401       (3,417 )
    Cash flows from investing activities:          
    Cash paid for website domain name   (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software   (825 )     (806 )
    Maturity of marketable securities   28,579       29,440  
    Purchase of marketable securities   (7,945 )     (35,565 )
    Net cash provided by (used in) investing activities   17,365       (6,931 )
    Cash flows from financing activities:          
    Proceeds from exercise of stock options   1,096       974  
    Taxes paid related to net share settlement of stock options   (1,225 )     (1,325 )
    Payment of convertible note issuance costs   (217 )   0  
    Repayment of convertible notes and financing obligation   (54,528 )     (134 )
    Net cash used in financing activities   (54,874 )     (485 )
    Net change in cash and cash equivalents and restricted cash   (37,108 )     (10,833 )
    Cash and cash equivalents and restricted cash, beginning of period   90,356       72,845  
    Cash and cash equivalents and restricted cash, end of period $ 53,248     $ 62,012  
    Supplemental cash flow information:          
    Cash paid for interest $ 5,685     $ 439  
    Cash paid for taxes $ 220     $ 140  
    Right-of-use asset obtained in exchange for new operating lease liability $ 5,516     $ 0  
    Noncash investing and financing activities:          
    Capital additions, accrued but not paid $ 205     $ 0  
               
     
    BigCommerce Holdings, Inc.

    Disaggregation of Revenue
     
    Disaggregated Revenue:
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Subscription solutions   $ 62,114     $ 60,959  
    Partner and services     20,256       19,401  
    Revenue   $ 82,370     $ 80,360  
     
    Revenue by Geography:
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Revenue:            
    United States   $ 62,621     $ 61,138  
    EMEA     9,965       9,192  
    APAC     5,925       6,254  
    Rest of World     3,859       3,776  
    Revenue   $ 82,370     $ 80,360  
     
    BigCommerce Holdings, Inc

    Reconciliation of GAAP to Non-GAAP Results
    (in thousands, except per share amounts)
    (unaudited)
     
    Reconciliation of loss from operations to Non-GAAP operating income:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Loss from operations   $ (2,410 )   $ (8,228 )
    Plus:            
    Stock-based compensation expense and associated payroll tax costs     5,419       8,591  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Non-GAAP operating income   $ 7,589     $ 3,163  
    Non-GAAP operating income as a percentage of revenue     9.2 %     3.9 %
     
    Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Net loss   $ (353 )   $ (6,392 )
    Plus:            
    Stock-based compensation expense and associated payroll tax costs     5,419       8,591  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Gain on convertible notes extinguishment     (3,931 )     0  
    Non-GAAP net income   $ 5,715     $ 4,999  
    Basic net loss per share   $ (0.00 )   $ (0.08 )
    Non-GAAP basic net income per share   $ 0.07     $ 0.07  
    Non-GAAP diluted net income per share   $ 0.07     $ 0.06  
    Shares used to compute basic net loss per share and basic Non-GAAP net income per share     78,835       76,626  
    Shares used to compute diluted Non-GAAP net income per share     80,464       78,521  
    Non-GAAP net income as a percentage of revenue     6.9 %     6.2 %
     
    Reconciliation of net loss to adjusted EBITDA:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Net loss   $ (353 )   $ (6,392 )
    Plus:            
    Stock-based compensation expense and associated payroll tax costs     5,419       8,591  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Depreciation     1,244       1,019  
    Gain on convertible notes extinguishment     (3,931 )     0  
    Interest income     (1,300 )     (3,178 )
    Interest expense     2,543       720  
    Other expenses     107       332  
    Provision for income taxes     524       290  
    Adjusted EBITDA   $ 8,833     $ 4,182  
    Adjusted EBITDA as a percentage of revenue     10.7 %     5.2 %
     
     Reconciliation of Cost of revenue to Non-GAAP cost of revenue:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Cost of revenue   $ 16,984     $ 18,439  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     746       656  
    Non-GAAP cost of revenue   $ 16,238     $ 17,783  
    As a percentage of revenue     19.7 %     22.1 %
     
    Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Sales and marketing   $ 30,366     $ 32,432  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     1,775       1,867  
    Non-GAAP sales and marketing   $ 28,591     $ 30,565  
    As a percentage of revenue     34.7 %     38.0 %
     
    Reconciliation of Research and development expense to Non-GAAP research and development expense:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Research and development   $ 19,206     $ 19,988  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     3,042       3,476  
    Non-GAAP research and development   $ 16,164     $ 16,512  
    As a percentage of revenue     19.6 %     20.5 %
     
    Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    General & administrative   $ 13,644     $ 14,929  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     (144 )     2,592  
    Non-GAAP general & administrative   $ 13,788     $ 12,337  
    As a percentage of revenue     16.7 %     15.4 %
     
    Reconciliation of net cash provided by (used in) operating activities to free cash flow:
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Net cash provided by (used in) operating activities   $ 401     $ (3,417 )
    Cash paid for website domain name     (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software     (825 )     (806 )
    Free cash flow   $ (2,868 )   $ (4,223 )

    The MIL Network –

  • MIL-OSI: Angus Gold Announces Cancellation of Underlying Royalty on the Golden Sky Project

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the cancellation of a 2% Net Smelter Royalty (“NSR”) pursuant to a buyback purchase from IAMGOLD Corporation.

    The NSR was applicable to the Mishi Property located in Wawa Ontario which was acquired under an option with IAMGOLD Corporation and is 100% owned by Angus. The royalty covered approximately one-third of the Golden Sky Project land package, including the Banded Iron Formation Gold Zone (“BIF”) and the Eagle River Splay exploration area. The Company has drilled approximately 12,000 metres to date at the BIF Gold Zone, and the Eagle River Splay Area is a high priority exploration target. The purchase price for the NSR was a cash payment of US$750,000.

    About Angus Gold:
    Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”). 

    Wesdome and Angus have entered into a definitive arrangement agreement whereby Wesdome will acquire all of the issued and outstanding common shares of Angus pursuant to a plan of arrangement (the “Arrangement”). For further information see the press release of the Company dated April 7, 2025.

    On behalf of Angus Gold Inc.,

    Breanne Beh
    President and Chief Executive Officer

    INQUIRIES:
    Lindsay Dunlop, Vice President Investor Relations
    Email: info@angusgold.com
    Phone: 647-259-1790
    Company Website: www.angusgold.com 

    TSXV: GUS | USOTC: ANGVF

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

    Forward-Looking Statements

    This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the benefits and advantages of the cancellation of the NSR and, in general, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the economic rationale for the cancellation of the NSR may not be realized; the ability to satisfy the conditions of closing for the Arrangement including the necessary shareholder and court approvals, and otherwise complete the Arrangement on the terms as announced or at all; the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the transactions contemplated by the Agreement, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

    The MIL Network –

  • MIL-OSI: Cielo Issues Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV: CMC; OTC PINK: CWSFF) (“Cielo” or the “Company”) is pleased to have issued today a letter to shareholders, as below:

    Dear Shareholders,

    Thank you to all those who attended our webinar on April 17, 2025. We are grateful for your continued interest in and support of Cielo and the future we have envisioned for the Company.

    Following the announcement of the proposed unwinding of our previous transaction (announced on April 30, 2025), I would like to reaffirm our commitment to a forward-focused strategy that enhances Cielo’s core mission and long-term growth objectives. Cielo is a waste solutions company.  Our mission is to match waste products and by-products with compatible technologies that effectively reduce environmental impact while achieving and maintaining profitability. Rather than relying on a single technology, Cielo remains strategically flexible, leveraging lessons learned through development, ownership, acquisition, and licensing of past technologies. While we recognize the benefits of owning or licensing technology, our business model does not depend on it. Instead, we see value in investing in proven technologies under trusted vendor-customer relationships, mitigating risks and reducing anticipated timelines while strengthening our asset base through capital expenditures and fully constructed facilities. By maintaining a technology-agnostic approach, we can strategically allocate resources to drive growth and focus on our core mission of delivering effective waste solutions.

    Cielo’s first proposed project is the development of a waste to hydrogen facility in British Columbia. We will deploy a process designed to produce minimal waste by converting scrap railway tie feedstock into usable energy while generating value through Low Carbon Fuel Standard (LCFS) credits and access to various government programs. We expect this will position Cielo to deliver both strong environmental outcomes and meaningful economic returns.

    We appreciate your continued trust and support as we execute on the development of our British Columbia facility. We look forward to sharing milestones and providing updates in our forthcoming webinars and news releases. Should you have any questions or wish to discuss our progress further, please feel free to contact me directly.

    Sincerely,

    Ryan C. Jackson
    Chief Executive Officer

    Financing

    Cielo also announces that it will not proceed with the shares for debt transactions as previously disclosed on January 21, 2025. However, the Company remains committed to completing such transactions under revised terms, which will be announced in the coming days.   Additionally, Cielo intends to undertake a private placement offering of securities, with further details to be announced shortly after this news release. These financial initiatives align with the Company’s strategic growth objectives, reinforcing its commitment to operational strength and long-term value creation.

    ABOUT CIELO

    Cielo Waste Solutions Corp. is a publicly traded company focused on transforming waste materials into high-value products. Cielo seeks to address global waste challenges while contributing to the circular economy and reducing carbon emissions. Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. Cielo is committed to helping society which the Company believes will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

    For further information please contact:

    Cielo Investor Relations

    Ryan C. Jackson, CEO

    Phone: (403) 348-2972

    Email: investors@cielows.com

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Cielo, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. The Company is making forward-looking statements, including but not limited to, with respect to: its strategic initiatives, business model, and potential benefits and outcomes; its proposed project in British Columbia and related matters, including with respect to grants and credits; anticipated shares for debt transactions and private placement offering; future news releases and webinars.

    Investors should continue to review and consider information disseminated through news releases and filed by Cielo on SEDAR+. Although the Company has attempted to identify crucial factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Cielo’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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

    The MIL Network –

  • MIL-OSI: Kaltura Announces Financial Results for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2025, as well as outlook for the second quarter and full year 2025.

    “We surpassed our guidance for the first quarter, delivering record total and subscription revenue, as well as significant Net loss improvement on a GAAP basis, and on a non-GAAP basis – a record positive Adjusted net income, Adjusted EBITDA, and earnings profitability per share. We also posted record ARR and the highest net dollar retention rate since the first quarter of 2022,” said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura.   “We continue to forecast for the full year a return to growth of new bookings fueled by customer consolidation around our platform, maturity of our newer products, exciting new Gen AI capabilities which customers have increasingly been adopting, growth potential within our great customer base, and a gradual growth in our sales force.”

    First Quarter 2025 Financial Highlights:

    • Revenue for the first quarter of 2025 was $47.0 million, an increase of 5% compared to $44.8 million for the first quarter of 2024.
    • Subscription Revenue for the first quarter of 2025 was $44.9 million, an increase of 9% compared to $41.2 million for the first quarter of 2024.
    • Annualized Recurring Revenue (ARR) for the first quarter of 2025 was $174.8 million, an increase of 7% compared to $162.7 million for the first quarter of 2024.
    • GAAP Gross profit for the first quarter of 2025 was $32.7 million, representing a gross margin of 70% compared to a GAAP gross profit of $28.6 million and gross margin of 64% for the first quarter of 2024. 
    • Non-GAAP Gross profit for the first quarter of 2025 was $33.0 million, representing a non-GAAP gross margin of 70%, compared to a non-GAAP gross profit of $29.0 million and non-GAAP gross margin of 65% for the first quarter of 2024. 
    • GAAP Operating loss was $1.6 million for the first quarter of 2025, compared to an operating loss of $7.3 million for the first quarter of 2024.
    • Non-GAAP Operating income was $3.1 million for the first quarter of 2025, compared to a non-GAAP operating loss of $0.6 million for the first quarter of 2024.
    • GAAP Net loss was $1.1 million or $0.01 per diluted share for the first quarter of 2025, compared to a GAAP net loss of $11.1 million, or $0.08 per diluted share, for the first quarter of 2024.
    • Non-GAAP Net income was $3.5 million or $0.02 per diluted share for the first quarter of 2025, compared to a non-GAAP net loss of $4.4 million, or $0.03 per diluted share, for the first quarter of 2024.
    • Adjusted EBITDA was $4.1 million for the first quarter of 2025, compared to adjusted EBITDA of $0.6 million for the first quarter of 2024.
    • Net Cash Used in Operating Activities was $1.0 million for the first quarter of 2025, compared to $1.1 million for the first quarter of 2024.

    First Quarter 2025 Business Highlights:

    • Closed one new seven-digit deal and fifteen six-digit deals, similar to first quarter 2024, reflecting typical seasonality
    • Sequential and year-over-year improvement in net dollar retention rate, reaching 107% – best since first quarter of 2022
    • Growing interest in Gen AI products – more than 150 customers already showing interest representing roughly 20% of our customer base. We think this represents a significant upsell opportunity for us in the coming quarters
    • Recognized by Gartner as a representative vendor in their 2025 Market Guides for both Video Platform Services and Meeting Solutions
    • Kaltura TV Genie recently won the Product of the Year award for Streaming at the 2025 NAB Show
    • Held our first Investor Event in our NYC office and remotely using our Events Platform. Conducted product demos and a customer panel and provided additional insights about our long-term financial goal.   Recording of the event and its presentation deck are available in the Investor section of our website
    • “Kaltura Connect on the road” series of customers events to be held in New York (May 13th), San Francisco (May 15th), and London (May 20th), followed by six ‘Connect in Education’ events across the US and Europe and virtually for APAC organizations.   Information is available on our website

    Financial Outlook:

    For the second quarter of 2025, Kaltura expects:

    • Subscription Revenue to be between $40.8 million and $41.6 million. 
    • Total Revenue to be between $43.4 million and $44.2 million. 
    • Adjusted EBITDA to be between $1.5 million to $2.5 million.

    For the full year ending December 31, 2025, Kaltura expects:

    • Subscription Revenue to be between $170.4 million and $173.4 million. 
    • Total Revenue to be between $179.9 million and $182.9 million. 
    • Adjusted EBITDA to be in the range of $13.5 million to $15.5 million.

    The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company’s current expectations relating to the macro-economic climate trends.

    Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

    Investor Deck

    Our first quarter and full year 2025 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.

    Conference Call

    Kaltura will host a conference call today on May 8, 2025 to review its first quarter 2025 financial results and to discuss its financial outlook.

      Time: 8:00 a.m. ET
      United States/Canada Toll Free: 1-877-407-0789
      International Toll: +1-201-689-8562
         

    A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Kaltura

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

    Investor Contacts:
    Kaltura
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations
    Erica Mannion and Michael Funari
    +1 617 542 6180
    IR@Kaltura.com

    Media Contacts:
    Kaltura
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1 347 897 9276

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations; expectations with respect to our products and capabilities; our expectations regarding potential profitability and growth; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and corporate spending.

    In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.

    Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

    Non-GAAP Financial Measures

    Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA.
    Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; and (3) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses.

    Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

    Key Financial and Operating Metrics

    Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer’s premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

    Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

    Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 59% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over a period of four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.

     
    Consolidated Balance Sheets (U.S. dollars in thousands)
     
        As of
        March 31, 2025   December 31, 2024
        (Unaudited)    
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 31,695     $ 33,059  
    Marketable securities     31,223       48,275  
    Trade receivables     18,209       19,978  
    Prepaid expenses and other current assets     9,943       9,481  
    Deferred contract acquisition and fulfillment costs, current     10,326       10,765  
             
    Total current assets     101,396       121,558  
             
    LONG-TERM ASSETS:        
    Marketable securities     18,004       3,379  
    Property and equipment, net     15,242       16,190  
    Other assets, noncurrent     3,120       2,983  
    Deferred contract acquisition and fulfillment costs, noncurrent     12,195       13,605  
    Operating lease right-of-use assets     11,670       12,308  
    Intangible assets, net     101       212  
    Goodwill     11,070       11,070  
             
    Total noncurrent assets     71,402       59,747  
             
    TOTAL ASSETS   $ 172,798     $ 181,305  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Current portion of long-term loans   $ 3,764     $ 3,110  
    Trade payables     8,311       3,265  
    Employees and payroll accruals     15,033       15,399  
    Accrued expenses and other current liabilities     12,298       14,262  
    Operating lease liabilities     2,536       2,504  
    Deferred revenue, current     53,879       63,123  
             
    Total current liabilities     95,821       101,663  
    NONCURRENT LIABILITIES:        
    Deferred revenue, noncurrent     57       67  
    Long-term loans, net of current portion     27,886       29,153  
    Operating lease liabilities, noncurrent     14,365       15,263  
    Other liabilities, noncurrent     12,010       10,772  
             
    Total noncurrent liabilities     54,318       55,255  
    TOTAL LIABILITIES   $ 150,139     $ 156,918  
    STOCKHOLDERS’ EQUITY:        
    Common stock   $ 16     $ 15  
    Treasury stock     (10,119 )     (7,801 )
    Additional paid-in capital     502,644       500,024  
    Accumulated other comprehensive income     47       959  
    Accumulated deficit     (469,929 )     (468,810 )
    Total stockholders’ equity     22,659       24,387  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 172,798     $ 181,305  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
             
    Revenue:        
             
    Subscription   $ 44,906     $ 41,170  
    Professional services     2,078       3,611  
             
    Total revenue     46,984       44,781  
             
    Cost of revenue:        
             
    Subscription     10,487       11,401  
    Professional services     3,761       4,772  
             
    Total cost of revenue     14,248       16,173  
             
    Gross profit     32,736       28,608  
             
    Operating expenses:        
             
    Research and development     12,088       12,005  
    Sales and marketing     11,923       11,812  
    General and administrative     10,302       12,082  
             
    Total operating expenses     34,313       35,899  
             
    Operating loss     1,577       7,291  
             
    Financial expense (income), net     (1,803 )     1,497  
             
    Loss before provision for income taxes     226       (8,788 )
    Provision for income taxes     1,345       2,308  
             
    Net loss   $ 1,119     $ 11,096  
             
    Net loss per share attributable to common stockholders, basic and diluted   $ 0.01     $ 0.08  
             
    Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders     154,009,623       144,253,660  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
    Stock-based compensation included in above line items:
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Cost of revenue   $ 128   $ 285
    Research and development     849     1,172
    Sales and marketing     432     770
    General and administrative     3,124     4,302
             
    Total   $ 4,533   $ 6,529
     
    Revenue by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 34,416   $ 32,440
    Media and Telecom     12,568     12,341
             
    Total   $ 46,984   $ 44,781
     
    Gross Profit by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 26,568   $ 23,556
    Media and Telecom     6,168     5,052
             
    Total   $ 32,736   $ 28,608
     
    Consolidated Statement of Cash Flows (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    Cash flows from operating activities:        
    Net loss   $ (1,119 )   $ (11,096 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization     1,185       1,305  
    Stock-based compensation expenses     4,533       6,529  
    Amortization of deferred contract acquisition and fulfillment costs     2,864       2,888  
    Non-cash interest income, net     (60 )     (286 )
    Gain on foreign exchange     (61 )     (325 )
    Changes in operating assets and liabilities:        
    Decrease in trade receivables     1,769       5,475  
    Increase in prepaid expenses and other current assets and other assets, noncurrent     (1,293 )     (560 )
    Increase in deferred contract acquisition and fulfillment costs     (1,104 )     (1,067 )
    Increase in trade payables     5,216       4,447  
    Increase (decrease) in accrued expenses and other current liabilities     (1,973 )     1,654  
    Decrease in employees and payroll accruals     (2,566 )     (1,099 )
    Increase (decrease) in other liabilities, noncurrent     1,044       (36 )
    Decrease in deferred revenue     (9,254 )     (8,617 )
    Operating lease right-of-use assets and lease liabilities, net     (228 )     (358 )
             
    Net cash used in operating activities     (1,047 )     (1,146 )
             
    Cash flows from investing activities:        
             
    Investment in available-for-sale marketable securities     (26,390 )     (15,424 )
    Proceeds from maturities of available-for-sale marketable securities     28,933       12,000  
    Purchases of property and equipment     (297 )     (93 )
             
    Net cash provided by (used in) investing activities     2,246       (3,517 )
             
    Cash flows from financing activities:        
             
    Repayment of long-term loans     (875 )     (875 )
    Proceeds from exercise of stock options     1,470       104  
    Cash settlement of equity classified share-based payment awards     (889 )     —  
    Repurchase of common stock     (2,318 )     —  
    Payments on account of repurchase of common stock     (12 )     —  
    Payment of debt issuance costs     —       (10 )
             
    Net cash used in financing activities     (2,624 )     (781 )
             
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     61       325  
             
    Net decrease in cash, cash equivalents and restricted cash   $ (1,364 )   $ (5,119 )
    Cash, cash equivalents and restricted cash at the beginning of the period     33,159       36,784  
    Cash, cash equivalents and restricted cash at the end of the period   $ 31,795     $ 31,665  
     
    Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands, except per share data; Unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Reconciliation of gross profit and gross margin        
    GAAP gross profit   $ 32,736     $ 28,608  
    Stock-based compensation expense     128       285  
    Amortization of acquired intangibles     97       105  
    Non-GAAP gross profit   $ 32,961     $ 28,998  
    GAAP gross margin     70 %     64 %
    Non-GAAP gross margin     70 %     65 %
    Reconciliation of operating expenses        
    GAAP research and development expenses   $ 12,088     $ 12,005  
    Stock-based compensation expense     849       1,172  
    Amortization of acquired intangibles     —       —  
    Non-GAAP research and development expenses   $ 11,239     $ 10,833  
    GAAP sales and marketing   $ 11,923     $ 11,812  
    Stock-based compensation expense     432       770  
    Amortization of acquired intangibles     14       13  
    Non-GAAP sales and marketing expenses   $ 11,477     $ 11,029  
    GAAP general and administrative expenses   $ 10,302     $ 12,082  
    Stock-based compensation expense     3,124       4,302  
    Amortization of acquired intangibles     —       —  
    War related costs(b)     —       21  
    Non-GAAP general and administrative expenses   $ 7,178     $ 7,759  
    Reconciliation of operating income (loss) and operating margin        
    GAAP operating loss   $ (1,577 )   $ (7,291 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP operating income (loss)   $ 3,067     $ (623 )
    GAAP operating margin     (3 )%     (16 )%
    Non-GAAP operating margin     7 %     (1 )%
    Reconciliation of net loss        
    GAAP net loss attributable to common stockholders   $ (1,119 )   $ (11,096 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP net income (loss) attributable to common stockholders   $ 3,525     $ (4,428 )
             
    Non-GAAP net income (loss) per share – basic and diluted   $ 0.02     $ (0.03 )
             
    Reconciliation of weighted average number of shares outstanding:        
    Weighted-average number of shares used in calculating GAAP and Non-GAAP net income (loss) per share, basic     154,009,623       144,253,660  
    Effect of dilutive shares used in calculating Non-GAAP net income (loss) per share, diluted (c)     11,294,304       —  
    Weighted-average number of shares used in calculating Non-GAAP net income (loss) per share, diluted     165,303,927       144,253,660  
     
    Adjusted EBITDA (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
         
    Net loss   $ (1,119 )   $ (11,096 )
    Financial expenses (income), net (a)     (1,803 )     1,497  
    Provision for income taxes     1,345       2,308  
    Depreciation and amortization     1,185       1,305  
    EBITDA     (392 )     (5,986 )
    Non-cash stock-based compensation expense     4,533       6,529  
    War related costs(b)     —       21  
    Adjusted EBITDA   $ 4,141     $ 564  
    (a) The three months ended March 31, 2025 and 2024, include $609 and $704, respectively, of interest expenses and $896 and $818, respectively, of interest income.
       
    (b) The three months ended March 31, 2024 includes costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donations to communities directly impacted by the war.
       
    (c) The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three months ended March 31, 2025 and 2024 because the effect would have been anti-dilutive.
     
    Reported KPIs
     
        March 31,
          2025     2024
        (U.S. dollars, amounts in thousands)
    Annualized Recurring Revenue             $ 174,842   $ 162,713
    Remaining Performance Obligations             $ 184,860   $ 165,224
       

    Three Months Ended March 31,
        2025     2024  
    Net Dollar Retention Rate             107 %   98 %

    The MIL Network –

  • MIL-OSI: Westland Express partners with Karla to help renters build credit

    Source: GlobeNewswire (MIL-OSI)

    Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen First Nations), May 08, 2025 (GLOBE NEWSWIRE) — Westland Express, one of Canada’s leading tenant insurance providers, has partnered with Karla, a financial technology company empowering renters to build credit with their monthly rent payments. 

    Through this partnership, Westland Express clients can now benefit from Karla’s innovative platform, which reports on-time rent payments to major Canadian credit bureaus, including Equifax and TransUnion. Traditionally, rent payments haven’t contributed to credit scores in Canada, leaving many renters — especially students, newcomers, and young professionals — without a clear path to building their credit history. 

    “At Westland Express, we’re committed to going beyond traditional insurance solutions,” said James Malcolm, Vice President, Westland Express. “By partnering with Karla, we’re providing our clients with powerful tools to strengthen their financial futures while protecting what matters most today.” 

    The Karla program reflects Westland Express’ ongoing commitment to delivering fast, affordable, and meaningful value to Canadian renters. By introducing this new service, we’re helping tenants improve their credit profiles and access more financial opportunities — all while continuing to provide flexible, easy-to-use insurance solutions that fit their lives. 

    “While our hearts beat with the credit union community,” say Karla Co-Founders Robin Gray and Basil Elefth on the Westland Express partnership, “we’re also excited to expand our modules to thousands of landlords, property managers, and tenants with tools like seamless rent reporting, AI-powered insights, and direct pathways for tenants to build their credit.” 

    Westland Express is proud to support renters across Canada — helping them live confidently and build stronger financial foundations with every rent payment. 

    For more information, visit westlandexpress.ca or karlarent.com. 

    – 30 -  

    About Westland Express  

    Westland Express is your all-in-one destination for seamless digital insurance solutions. Specializing in tenant insurance, Westland Express also offers travel, pet, estate planning, and E&O programs, providing hassle-free coverage anytime, anywhere. Explore our products at westlandexpress.ca.   

    The MIL Network –

  • MIL-OSI: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
    Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

    • Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
    • Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
    • Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
    • Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
    • Currently, tariffs have not had a significant direct impact on Himax’s business
    • Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
    • As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
    • Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
    • Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
    • Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

    TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the first quarter 2025 ended March 31, 2025.

    “The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

    First Quarter 2025 Financial Results

    Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

    Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

    Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

    Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

    First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

    First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

    Balance Sheet and Cash Flow

    Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

    Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

    Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

    Outstanding Share

    As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million. 

    Q2 2025 Outlook

    On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

    The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.   

    Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

    Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

    In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

    Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

    Display Driver IC Businesses

    LDDIC

    In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

    Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

    Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

    On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

    In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

    Non-Driver Product Categories

    Q2 non-driver IC revenues are expected to increase low teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

    On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

    WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

    For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax  anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

    Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

    Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

    Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

    Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

    With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

    LCoS

    On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

    Second Quarter 2025 Guidance  
    Net Revenue: Decline 5.0% to Increase 3.0% QoQ
    Gross Margin: Around 31.0%, depending on final product mix
    Profit: 8.5 cents to 11.5 cents per diluted ADS
       

     

    HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL 
    DATE: Thursday, May 8, 2025
    TIME: U.S.       8:00 a.m. EDT
      Taiwan  8:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/tUOBrqcV
    Toll Free Dial-in Number (Audio Only): Hong Kong 2112-1444
      Taiwan 0080-119-6666
      Australia 1-800-015-763
      Canada 1-877-252-8508
      China (1) 4008-423-888
      China (2) 4006-786-286
      Singapore 800-492-2072
      UK 0800-068-8186
      United States (1) 1-800-811-0860
      United States (2) 1-866-212-5567
    Dial-in Number (Audio Only):  
      Taiwan Domestic Access 02-3396-1191
      International Access +886-2-3396-1191
    Participant PIN Code: 3300508 #  

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements
    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:
      
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
     
      Three Months
    Ended March 31,    		   3 Months
    Ended
    December 31,
       2025    2024   2024
               
    Revenues          
    Revenues from third parties, net $ 215,095     $         207,544     $ 237,182  
    Revenues from related parties, net           38               6               41  
                215,133               207,550               237,223  
               
    Costs and expenses:          
    Cost of revenues           149,581               146,805               164,963  
    Research and development           34,987               39,664               37,584  
    General and administrative           5,557               5,890               5,711  
    Sales and marketing           5,202               5,162               5,886  
    Total costs and expenses           195,327               197,521               214,144  
               
    Operating income           19,806               10,029               23,079  
               
    Non operating income (loss):          
    Interest income           2,312               2,524               2,042  
    Changes in fair value of financial assets at fair value through profit or loss           (17 )             (7 )             1,245  
    Foreign currency exchange gains, net           345               941               690  
    Finance costs           (903 )             (1,018 )             (964 )
    Share of losses of associates           (742 )             (221 )             (360 )
    Other gains           3,205               –               –  
    Other income           17               29               60  
                4,217               2,248               2,713  
    Profit before income taxes           24,023               12,277               25,792  
    Income tax expense           3,841               –               761  
    Profit for the period           20,182               12,277               25,031  
    Loss (profit) attributable to noncontrolling interests           (195 )             221               (423 )
    Profit attributable to Himax Technologies, Inc. stockholders $         19,987     $         12,498     $         24,608  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.072     $         0.141  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.071     $         0.140  
               
    Basic Weighted Average Outstanding ADS           174,913               174,724               175,008  
    Diluted Weighted Average Outstanding ADS           175,072               175,026               175,146  
                           
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
      March 31,
    2025    		   March 31,
    2024    		   December 31,
    2024
    Assets          
    Current assets:          
    Cash and cash equivalents $         275,445     $         261,702     $         218,148  
    Financial assets at amortized cost           2,286               14,334               4,286  
    Financial assets at fair value through profit or loss           3,253               1,380               2,140  
    Accounts receivable, net (including related parties)           217,549               212,326               236,813  
    Inventories           129,867               201,872               158,746  
    Income taxes receivable           717               1,003               726  
    Restricted deposit           503,700               453,000               503,700  
    Other receivable from related parties           11               136               13  
    Other current assets           37,760               60,051               43,471  
    Total current assets           1,170,588               1,205,804               1,168,043  
    Financial assets at fair value through profit or loss           23,524               21,635               23,554  
    Financial assets at fair value through other
    comprehensive income    		           29,985               1,889               28,226  
    Equity method investments           8,061               3,173               8,571  
    Property, plant and equipment, net           120,538               128,938               121,280  
    Deferred tax assets           20,872               10,440               21,193  
    Goodwill           28,138               28,138               28,138  
    Other intangible assets, net           619               851               636  
    Restricted deposit           30               31               31  
    Refundable deposits           215,271               221,886               221,824  
    Other non-current assets           17,854               20,728               18,025  
                464,892               437,709               471,478  
    Total assets $         1,635,480     $ 1,643,513     $         1,639,521  
    Liabilities and Equity          
    Current liabilities:          
    Short-term unsecured borrowings $         602     $         –     $         –  
    Current portion of long-term unsecured borrowings           6,000               6,000               6,000  
    Short-term secured borrowings           503,700               453,000               503,700  
    Accounts payable (including related parties)           105,610               117,234               113,203  
    Income taxes payable           12,785               11,071               9,514  
    Other payable to related parties           –               92               –  
    Contract liabilities-current           5,176               14,739               10,622  
    Other current liabilities           50,443               116,558               63,595  
    Total current liabilities           684,316               718,694               706,634  
    Long-term unsecured borrowings           27,000               33,000               28,500  
    Deferred tax liabilities           557               499               564  
    Other non-current liabilities           7,489               14,823               7,496  
                35,046               48,322               36,560  
    Total liabilities           719,362               767,016               743,194  
    Equity          
    Ordinary shares           107,010               107,010               107,010  
    Additional paid-in capital           115,722               114,982               115,376  
    Treasury shares           (5,546 )             (5,157 )             (5,546 )
    Accumulated other comprehensive income           7,874               (94 )             8,621  
    Retained earnings           684,587               653,007               664,600  
    Equity attributable to owners of Himax Technologies, Inc.           909,647               869,748               890,061  
    Noncontrolling interests           6,471               6,749               6,266  
    Total equity           916,118               876,497               896,327  
    Total liabilities and equity $         1,635,480     $ 1,643,513     $         1,639,521  
                           
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Three Months
    Ended March 31,    		   Three Months Ended
    December 31,
         2025     2024     2024
                 
    Cash flows from operating activities:            
    Profit for the period   $         20,182     $         12,277     $         25,031  
    Adjustments for:            
    Depreciation and amortization             5,156               5,471               5,564  
    Share-based compensation expenses             100               358               103  
    Losses (gains) on disposals of property, plant and equipment, net             (3,205 )             –               4  
    Changes in fair value of financial assets at fair value through profit or loss             17               7               (1,245 )
    Interest income             (2,312 )             (2,524 )             (2,042 )
    Finance costs             903               1,018               964  
    Income tax expense             3,841               –               761  
    Share of losses of associates             742               221               360  
    Inventories write downs             4,444               4,353               4,037  
    Unrealized foreign currency exchange losses (gains)             441               (868 )             (159 )
                  30,309               20,313               33,378  
    Changes in:            
    Accounts receivable (including related parties)             13,083               15,704               (27,302 )
    Inventories             24,435               11,083               29,675  
    Other receivable from related parties             2               (67 )             9  
    Other current assets             (978 )             2,298               2,502  
    Accounts payable (including related parties)             (7,250 )             13,202               (7,706 )
    Other payable to related parties             –               (20 )             1  
    Contract liabilities             735               1,192               6  
    Other current liabilities             (3,763 )             (7,780 )             2,508  
    Other non-current liabilities             71               514               71  
    Cash generated from operating activities             56,644               56,439               33,142  
    Interest received             438               854               3,513  
    Interest paid             (835 )             (936 )             (1,047 )
    Income tax paid             (200 )             391               (191 )
    Net cash provided by operating activities             56,047               56,748               35,417  
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment             (5,221 )             (2,699 )             (3,222 )
    Acquisitions of intangible assets             (52 )             (118 )             –  
    Acquisitions of financial assets at amortized cost             –               (2,439 )             (2,286 )
    Proceeds from disposal of financial assets at amortized cost             2,000               500               10,289  
    Acquisitions of financial assets at fair value through profit or loss             (6,160 )             (7,488 )             (6,807 )
    Proceeds from disposal of financial assets at fair value through profit or loss             5,017               8,163               3,722  
    Acquisitions of financial assets at fair value through other comprehensive income             (2,500 )             –               –  
    Acquisition of a subsidiary, net of cash paid             –               –               (5,416 )
    Proceeds from capital reduction of investment             –               –               338  
    Acquisitions of equity method investment             –               –               (1,236 )
    Decrease (increase) in refundable deposits             10,283               22,217               (8 )
    Net cash provided by (used in) investing activities             3,367               18,136               (4,626 )
                 
    Cash flows from financing activities:            
    Purchase of treasury shares             –               –               (832 )
    Prepayments for purchase of treasury shares             –               –               (2,168 )
    Proceeds from issuance of new shares by subsidiaries             –               71               –  
    Proceeds from short-term unsecured borrowings             612               –               –  
    Repayments of long-term unsecured borrowings             (1,500 )             (1,500 )             (1,500 )
    Proceeds from short-term secured borrowings             484,300               447,100               461,400  
    Repayments of short-term secured borrowings             (484,300 )             (447,100 )             (461,400 )
    Payment of lease liabilities             (1,448 )             (1,148 )             (1,340 )
    Guarantee deposits received (refunded)             –               (1,868 )             219  
    Net cash used in financing activities             (2,336 )             (4,445 )             (5,621 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents             219               (486 )             (1,161 )
    Net increase in cash and cash equivalents             57,297               69,953               24,009  
    Cash and cash equivalents at beginning of period             218,148               191,749               194,139  
    Cash and cash equivalents at end of period   $         275,445     $         261,702     $         218,148  
                 

    The MIL Network –

  • MIL-OSI: Brookfield Corporation Reports 27% Increase in Distributable Earnings to $1.5 Billion

    Source: GlobeNewswire (MIL-OSI)

    $850 million of Shares Repurchased to Date in 2025

    Deployable Capital Increases to a Record $165 billion

    BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025.

    Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management business had strong inflows of $25 billion during the first quarter, our operating businesses continued to generate resilient cash flows, and our wealth solutions business delivered robust growth.”

    He added, “In spite of increased market volatility, the outlook for our business continues to be strong and our focus remains unchanged; to deliver 15%+ returns to our shareholders over the long-term. We continue to reinvest our excess cash flows to further compound capital and with the recent volatility, we have accelerated share repurchases, buying back $850 million of shares so far this year.”

    Operating Results

    Distributable earnings (“DE”) before realizations increased by 30% over the prior year quarter.

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025     2024     2025     2024
    Net income of consolidated business1 $ 215   $ 519   $ 1,549   $ 5,200
    Net income attributable to Brookfield shareholders2 $ 73     102   $ 612     1,112
                   
    Distributable earnings before realizations3   1,301     1,001     5,171     4,279
    –  Per Brookfield share3   0.82     0.63     3.26     2.70
                   
    Distributable earnings3   1,549     1,216     6,607     4,865
    –  Per Brookfield share3   0.98     0.77     4.17     3.07

    See endnotes on page 8.

    Total consolidated net income was $215 million for the quarter and $1.5 billion for the last twelve months (“LTM”). Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) for the last twelve months.

    Our asset management business generated a 26% increase in fee-related earnings compared to the prior year quarter. This growth was attributed to robust fundraising momentum primarily driven by our complementary strategies and the final closes of two flagship funds.

    Wealth solutions delivered another strong quarter of financial performance, benefiting from strong investment performance and continued growth of our insurance asset base.

    Our operating businesses continue to deliver resilient and stable cash flows, underpinned by strong operating earnings across our renewable power and transition, infrastructure, and private equity businesses and 3% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

    During the quarter and for the LTM, earnings from realizations were $248 million and $1.4 billion, with total DE for the quarter and for the LTM of $1.5 billion ($0.98/share) and $6.6 billion ($4.17/share), respectively.

    Regular Dividend Declaration

    The Board declared a quarterly dividend for Brookfield Corporation of $0.09 per share, payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

    Operating Highlights

    Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) over the last twelve months, representing an increase of 30% on a per share basis over the prior year quarter. Total distributable earnings were $1.5 billion ($0.98/share) for the quarter and $6.6 billion ($4.17/share) over the last twelve months.

    Asset Management:

    • DE was $684 million ($0.43/share) in the quarter and $2.7 billion ($1.71/share) over the LTM.
    • Fee-related earnings were a record $698 million, representing growth of 26% compared to the prior year quarter. This was driven by a 20% increase in fee-bearing capital over the LTM to $549 billion. Total inflows were $25 billion in the quarter.
    • We closed our flagship opportunistic credit fund strategy at $16 billion and finalized the institutional close for our fifth vintage opportunistic real estate strategy, bringing total capital raised to approximately $16 billion – with the final close-out of clients in wealth and regional sleeves expected over the balance of the year, we are set to have by far our largest pool of capital for opportunistic real estate to date.
    • Subsequent to the quarter end, we announced the acquisition of a majority stake in Angel Oak, a leading origination platform and asset manager with over $18 billion of assets under management.

    Wealth Solutions:

    • DE was $430 million ($0.27/share) in the quarter and $1.5 billion ($0.95/share) over the LTM.
    • We originated $4 billion of retail and institutional annuity sales during the quarter, increasing insurance assets to $133 billion at quarter end.
    • The business maintains a strong financial position, with statutory capital growing to over $16 billion.
    • We continue to gradually rotate the investment portfolio, rotating over $8 billion of American Equity Life’s portfolio to date, contributing to an average investment portfolio yield of 5.7%, which is 1.8% higher than the average cost of funds, and we maintain a 15% return on our $11.5 billion invested capital.
    • Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, inclusive of over $650 million from our private wealth channel.

    Operating Businesses:

    • DE was $426 million ($0.27/share) in the quarter and $1.7 billion ($1.08/share) over the LTM.
    • Cash distributions from our operating businesses are underpinned by strong operating earnings. Our core real estate portfolio continues to grow its same-store NOI, delivering a 3% increase over the prior year quarter.
    • In our real estate business, we signed nearly 9 million square feet of office and retail leases during the quarter, including 2.3 million square feet of office leases in the U.S.
    • In our North American residential business, we generated approximately $640 million of proceeds from the sale of master plan communities as we shift the business to a more capital-light model.

    Earnings from the monetization of mature assets were $248 million ($0.16/share) for the quarter and $1.4 billion ($0.91/share) over the LTM.

    • During the quarter, we successfully closed approximately $22 billion of asset sales across the business. Substantially all sales were completed at prices in line or above our carrying values.
    • Total accumulated unrealized carried interest was $11.6 billion at quarter end, representing an increase of 14% compared to the prior year, net of $409 million carried interest realized into income over the LTM.
    • As we execute on our monetization pipeline, we expect to realize much of this into income over the next five years.

    We ended the quarter with a record $165 billion of capital available to deploy into new investments.

    • We have deployable capital of $165 billion, which includes $69 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
    • Our balance sheet remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 15 years, and today, we have no maturities through the end of 2025.
    • We maintained strong access to the capital markets and executed on over $30 billion of financings, including issuing $500 million of 30-year senior unsecured notes at the Corporation, achieving our tightest 30-year spread to date.
    • To date this year, we have completed $850 million of share repurchases at prices significantly lower than our intrinsic value, adding value to each remaining share.

    CONSOLIDATED BALANCE SHEETS

    Unaudited
    (US$ millions)    		     March 31     December 31
        2025       2024
    Assets        
    Cash and cash equivalents   $ 12,437   $ 15,051
    Other financial assets     29,996     25,887
    Accounts receivable and other     44,070     40,509
    Inventory     8,706     8,458
    Equity accounted investments     69,405     68,310
    Investment properties     95,960     103,665
    Property, plant and equipment     152,908     153,019
    Intangible assets     37,219     36,072
    Goodwill     37,024     35,730
    Deferred income tax assets     3,852     3,723
    Total Assets   $ 491,577   $ 490,424
             
    Liabilities and Equity        
    Corporate borrowings   $ 14,607   $ 14,232
    Accounts payable and other     58,795     60,223
    Non-recourse borrowings     231,257     220,560
    Subsidiary equity obligations     3,354     4,759
    Deferred income tax liabilities     24,634     25,267
             
    Equity        
    Non-controlling interests in net assets $ 113,667   $ 119,406  
    Preferred equity   4,103     4,103  
    Common equity   41,160   158,930   41,874   165,383
    Total Equity     158,930     165,383
    Total Liabilities and Equity   $ 491,577   $ 490,424

    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended
      2025       2024  
    Revenues $ 17,944     $ 22,907  
    Direct costs1   (10,995 )     (16,571 )
    Other income and gains   588       240  
    Equity accounted income   519       686  
    Interest expense      
    – Corporate borrowings   (179 )     (173 )
    – Non-recourse borrowings      
    Same-store   (3,916 )     (3,955 )
    Dispositions, net of acquisitions2   188       —  
    Upfinancings2   (254 )     —  
    Corporate costs   (18 )     (17 )
    Fair value changes   (824 )     158  
    Depreciation and amortization   (2,455 )     (2,475 )
    Income tax   (383 )     (281 )
    Net income   215       519  
    Net income attributable to non-controlling interests   (142 )     (417 )
    Net income attributable to Brookfield shareholders $ 73     $ 102  
           
    Net income per share      
    Diluted $ 0.02     $ 0.04  
    Basic   0.02       0.04  

    1.    Direct costs disclosed above exclude depreciation and amortization expense.
    2.    Interest expense from dispositions, net of acquisitions, and upfinancings completed over the twelve months ended March 31, 2025.


    SUMMARIZED FINANCIAL RESULTS

    DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Asset management $ 684     $ 621     $ 2,708     $ 2,508  
                   
    Wealth solutions   430       273       1,507       868  
                   
    BEP   113       107       434       419  
    BIP   89       84       341       323  
    BBU   6       9       32       36  
    BPG   215       166       904       759  
    Other   3       (29 )     4       (37 )
    Operating businesses   426       337       1,715       1,500  
                   
    Corporate costs and other   (239 )     (230 )     (759 )     (597 )
    Distributable earnings before realizations1   1,301       1,001       5,171       4,279  
    Realized carried interest, net   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings1 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.


    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Financial statement components not included in DE:              
    Equity accounted fair value changes and other items   952       629       3,002       2,727  
    Fair value changes and other   869       (9 )     3,530       1,981  
    Depreciation and amortization   2,455       2,475       9,717       9,362  
    Disposition gains in net income   (402 )     (35 )     (1,601 )     (6,071 )
    Deferred income taxes   (159 )     (44 )     (456 )     (849 )
    Non-controlling interests in the above items1   (2,639 )     (2,525 )     (10,684 )     (8,192 )
    Less: realized carried interest, net   (189 )     (183 )     (409 )     (547 )
    Working capital, net   199       174       523       668  
    Distributable earnings before realizations2   1,301       1,001       5,171       4,279  
    Realized carried interest, net3   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings2 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.
    2.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.
    3.    Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.


    EARNINGS PER SHARE

    Unaudited
    For the periods ended March 31
    (millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Non-controlling interests   (142 )     (417 )     (937 )     (4,088 )
    Net income attributable to shareholders   73       102       612       1,112  
    Preferred share dividends1   (40 )     (42 )     (166 )     (167 )
    Net income available to common shareholders   33       60       446       945  
    Dilutive impact of exchangeable shares of affiliate   —       —       12       7  
    Net income available to common shareholders including dilutive impact of exchangeable shares $ 33     $ 60     $ 458     $ 952  
                   
    Weighted average shares   1,504.0       1,518.8       1,507.5       1,545.4  
    Dilutive effect of conversion of options and escrowed shares using treasury stock method2 and exchangeable shares of affiliate3   39.5       24.8       76.3       39.5  
    Shares and share equivalents   1,543.5       1,543.6       1,583.8       1,584.9  
                   
    Diluted earnings per share $ 0.02     $ 0.04     $ 0.29     $ 0.60  

    1.    Excludes dividends paid on perpetual subordinated notes of $3 million (2024 – $3 million) and $10 million (2024 – $10 million) for the three and twelve months ended March 31, 2025, which are recognized within net income attributable to non-controlling interests.
    2.    Includes management share option plan and escrowed stock plan.
    3.    Per share amounts are inclusive of the dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary. Due to its anti-dilutive effect on EPS for the three months ended March 31, 2025, the exchange of BWS Class A shares has been excluded from the diluted EPS calculation.


    Additional Information

    The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2025, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2025, which have been prepared using IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”). The amounts have not been audited by Brookfield Corporation’s external auditor.

    Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

    Quarterly Earnings Call Details

    Investors, analysts and other interested parties can access Brookfield Corporation’s 2025 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

    To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register-conf.media-server.com/register/BI8ec76857c24d465f8738d2aa3d9d69f7. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/wq9u3hrd. For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 8, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/wq9u3hrd. 

    About Brookfield Corporation

    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please visit our website at www.bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Katie Battaglia
    Tel: (416) 359-8544
    Email: katie.battaglia@brookfield.com


    Non-IFRS and Performance Measures

    This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.

    We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

    Realized carried interest and realized disposition gains are further described below:

    • Realized Carried Interest represents our contractual share of investment gains generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
    • Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

    We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find this measure of value to them.

    We may make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

    We may make reference to Net Operating Income (“NOI”), which refers to our share of the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

    We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

    We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

    End Notes  

    1.    Consolidated basis – includes amounts attributable to non-controlling interests.
    2.    Excludes amounts attributable to non-controlling interests.
    3.    See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.


    Notice to Readers

    Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

    Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

    Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

    When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

    The MIL Network –

  • MIL-OSI: Hut 8 Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

    Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

    Earnings Release Highlights

    • Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
    • Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

    MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

    “The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

    “Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

    “Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

    First Quarter 2025 Highlights

    Power

    • Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
    • Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

    Digital Infrastructure

    • Generated $1.3 million in first quarter revenue from CPU Colocation.
    • Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
    • Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
    • Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
    • Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

    Compute

    • Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
    • Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

    Capital Strategy and Balance Sheet

    • Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
    • Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

    Key Performance Indicators

        Three Months Ended
        March 31,
        2025   2024
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 58,757     $ 20,419  
    Cost to mine a Bitcoin(2)   $ 58,757     $ 24,594  
    Weighted average revenue per Bitcoin mined(3)   $ 92,224     $ 51,769  
    Number of Bitcoin mined(4)     167       716  
    Energy cost per MWh   $ 51.71     $ 40.06  
    Hosting cost per MWh   $ —     $ 68.72  
    Energy capacity under management (mining)(5)     665 MW       884 MW  
    Total energy capacity under management(6)     1,020 MW       1,239 MW  
    Number of Bitcoin in strategic reserve(7)     10,264       9,102  
    (1) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.
    (4) Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.

    Select First Quarter 2025 Financial Results

    Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

    Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

    Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    All financial results are reported in U.S. dollars.

    Conference Call

    The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    (Unaudited in USD thousands, except share and per share data)
     
        Three Months Ended
        March 31,
          2025     2024  
    Revenue:            
    Power   $ 4,380     $ 9,938  
    Digital Infrastructure     1,317       5,844  
    Compute     16,118       32,138  
    Other     —       3,821  
    Total revenue     21,815       51,741  
                 
    Cost of revenue (exclusive of depreciation and amortization shown below):            
    Cost of revenue – Power     3,628       3,633  
    Cost of revenue – Digital Infrastructure     1,559       4,629  
    Cost of revenue – Compute     13,472       17,686  
    Cost of revenue – Other     —       2,199  
    Total cost of revenue     18,659       28,147  
                 
    Operating expenses (income):            
    Depreciation and amortization     14,899       11,472  
    General and administrative expenses     21,059       19,999  
    Losses (gains) on digital assets     112,394       (274,574 )
    Loss (gain) on sale of property and equipment     2,454       (190 )
    Total operating expenses (income)     150,806       (243,293 )
    Operating (loss) income     (147,650 )     266,887  
                 
    Other income (expense):            
    Foreign exchange gain (loss)     9       (2,399 )
    Interest expense     (7,469 )     (6,281 )
    Asset contribution costs     (22,780 )     —  
    Gain on derivatives     20,862       —  
    Gain on other financial liability     1,139       —  
    Equity in earnings of unconsolidated joint venture     1,365       4,522  
    Total other expense     (6,874 )     (4,158 )
                 
    (Loss) income from continuing operations before taxes     (154,524 )     262,729  
                 
    Income tax benefit (provision)     20,205       (4,396 )
                 
    Net (loss) income from continuing operations   $ (134,319 )   $ 258,333  
                 
    Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)     —       (7,626 )
                 
    Net (loss) income     (134,319 )     250,707  
                 
    Less: Net loss attributable to non-controlling interests     430       169  
    Net (loss) income attributable to Hut 8 Corp.   $ (133,889 )   $ 250,876  
                 
    Net (loss) income per share of common stock:            
    Basic from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.90  
    Diluted from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.76  
                 
    Weighted average number of shares of common stock outstanding:            
    Basic     102,854,747       89,149,845  
    Diluted     102,854,747       93,696,683  
                 
    Net (loss) income   $ (134,319 )   $ 250,707  
    Other comprehensive (loss) income:            
    Foreign currency translation adjustments     1,187       (11,074 )
    Total comprehensive (loss) income     (133,132 )     239,633  
    Less: Comprehensive loss attributable to non-controlling interest     431       134  
    Comprehensive loss (income) attributable to Hut 8 Corp.   $ (132,701 )   $ 239,767  

    Adjusted EBITDA Reconciliation

        Three Months Ended
        March 31,
    (in USD thousands)   2025   2024
    Net (loss) income   $ (134,319 )   $ 250,707  
    Interest expense     7,469       6,281  
    Income tax (benefit) provision     (20,205 )     4,396  
    Depreciation and amortization     14,899       11,472  
    Share of unconsolidated joint venture depreciation and amortization(1)     5,485       5,349  
    Foreign exchange (gain) loss     (9 )     2,399  
    Losses (gains) on sale of property and equipment     2,454       (190 )
    Gain on derivatives     (20,862 )     —  
    Gain on other financial liability     (1,139 )     —  
    Non-recurring transactions(2)     1,485       4,300  
    Asset contribution costs     22,780       —  
    Loss from discontinued operations (net of income tax of nil and nil, respectively)     —       7,626  
    Net loss attributable to non-controlling interests before taxes     473       169  
    Stock-based compensation expense     3,793       4,474  
    Adjusted EBITDA   $ (117,696 )   $ 296,983  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Cenovus announces first-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)1 while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.

    The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.

    Highlights

    • Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
    • Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture2,3 of 62% in U.S. Refining.
    • Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
    • Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.

    “We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q1 2024 Q4 2024 Q1
    Cash from (used in) operating activities 1,315 2,029 1,925
    Adjusted funds flow2 2,212 1,601 2,242
    Per share (diluted)2 1.21 0.87 1.19
    Capital investment 1,229 1,478 1,036
    Free funds flow2 983 123 1,206
    Excess free funds flow2 373 (416) 832
    Net earnings (loss) 859 146 1,176
    Per share (diluted) 0.47 0.07 0.62
    Long-term debt, including current portion 7,524 7,534 7,227
    Net debt 5,079 4,614 4,827


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q1 2024 Q4 2024 Q1
    Oil and NGLs (bbls/d)1 670,900 670,600 658,200
    Conventional natural gas (MMcf/d) 887.9 873.3 855.8
    Total upstream production (BOE/d)1 818,900 816,000 800,900
    Total downstream crude throughput (bbls/d) 665,400 666,700 655,200

    1See Advisory for production by product type.

    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    3Adjusted Market Capture excludes the impact of inventory holding gains or losses. See Advisory for more details.


    First-quarter results

    Operating1

    Cenovus’s total revenues were $13.3 billion in the first quarter, up from $12.8 billion in the fourth quarter of 2024, primarily due to rising commodity prices. Upstream revenues were $8.3 billion, an increase from $7.3 billion in the previous quarter, while Downstream revenues were $7.7 billion compared with $7.8 billion in the prior quarter.

    Total operating margin4 was $2.8 billion, compared with $2.3 billion in the previous quarter. Upstream operating margin5 was $3.0 billion, an increase from $2.7 billion in the fourth quarter due to higher benchmark oil prices and favourable timing differences between production and sales. The company had a Downstream operating margin5 shortfall of $237 million compared with a shortfall of $396 million in the previous quarter, as adjusted market capture6 in U.S. Refining improved to 62%. Operating margin in the U.S. Refining segment included a $23 million inventory holding loss and $81 million of turnaround expenses.

    Total Upstream production was 818,900 BOE/d in the first quarter, up from 816,000 BOE/d in the fourth quarter. Christina Lake production was 237,800 bbls/d, compared with 251,400 bbls/d in the prior quarter, having benefited from higher production rates following its fall turnaround. Foster Creek production was 202,700 bbls/d compared with 195,200 bbls/d in the fourth quarter, reflecting a successful well optimization program and two new sustaining well pads being brought online. Sunrise production was 52,100 bbls/d compared with 53,100 bbls/d in the fourth quarter. Production from the Lloydminster thermal assets increased to 109,900 bbls/d from 108,900 bbls/d in the prior quarter, while Lloydminster conventional heavy oil output rose to 21,800 bbls/d from 18,000 bbls/d in the fourth quarter. Production in the Conventional segment was 123,900 BOE/d, up from 117,800 BOE/d in the previous quarter.

    In the Offshore segment, production was 68,800 BOE/d compared with 69,700 BOE/d in the fourth quarter. In Asia Pacific, production volumes were 57,200 BOE/d, lower than 62,200 BOE/d in the previous quarter, primarily due to timing of condensate lifting in Indonesia in the first quarter. In the Atlantic region, production was 11,600 bbls/d, an increase from 7,500 bbls/d in the prior quarter, due to increased output at the partner-operated Terra Nova field and the return to operations of the SeaRose floating production, storage and offloading (FPSO) vessel in the White Rose field.

    Total Downstream crude throughput in the first quarter was 665,400 bbls/d, in line with fourth quarter throughput of 666,700 bbls/d. Crude throughput in Canadian Refining was 111,900 bbls/d, representing a record utilization rate of 104%, compared with 104,400 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,500 bbls/d, representing a utilization rate of 90%, compared with 562,300 bbls/d in the fourth quarter. U.S. Refining revenues were $6.4 billion, slightly lower than $6.6 billion in the previous quarter. Adjusted market capture6 in the U.S. was 62%, compared with 52% in the fourth quarter, benefiting from improved process unit reliability and the return of the Lima Refinery to full operations following a turnaround completed in the fourth quarter of 2024, while continuing to be impacted by a narrow heavy oil price differential.

    4Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    5Specified financial measure. See Advisory.
    6Contains a non-GAAP financial measure. See Advisory.


    Financial

    Cash from operating activities in the first quarter was $1.3 billion, compared with $2.0 billion in the fourth quarter. Adjusted funds flow was $2.2 billion, compared with $1.6 billion in the prior quarter, and excess free funds flow (EFFF) was $373 million, compared with a shortfall of $416 million in the fourth quarter. Net earnings in the first quarter were $859 million, compared with $146 million in the previous quarter. First-quarter financial results improved in part due to higher benchmark prices, higher Upstream sales volumes and improved Downstream market capture relative to the fourth quarter.

    Long-term debt, including the current portion, was $7.5 billion as at March 31, 2025. Net debt increased from December 31, 2024 to $5.1 billion as at March 31, 2025, as free funds flow of $983 million was more than offset by returns to shareholders of $595 million, including the redemption of $200 million of Cenovus’s Series 5 preferred shares on March 31, 2025, and a $861 million build of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    In the first quarter of 2025, the company received a rating upgrade from Moody’s to Baa1 with a stable outlook. Cenovus remains committed to maintaining its investment grade credit ratings at S&P Global Ratings, Moody’s, Morningstar DBRS and Fitch Ratings.

    Growth projects

    In the Oil Sands segment, steaming of the first two well pads in the Narrows Lake field began in late April. The project remains on track for first oil early in the third quarter of 2025, as planned. At Sunrise, one well pad was brought online in April as the company continues to progress the facility’s growth plan to access higher-quality resource and fully utilize the asset’s steam capacity. The optimization project at Foster Creek is now approximately 75% complete and remains on schedule for startup in 2026. Preparations are being made to complete critical project tie-ins during the Foster Creek turnaround in the second quarter of 2025.

    The West White Rose project continues to progress toward installation and commissioning of the offshore platform later this year. Preparations are underway to tow the CGS to its field location in the second quarter, where it will be mated with the topsides in the third quarter. The West White Rose project is now approximately 90% complete and remains on-schedule for first oil in the second quarter of 2026.

    “These oil sands growth projects access some of the best resources in our portfolio,” McKenzie said. “At both Narrows Lake and Sunrise, we’re moving into new higher-quality development areas, which will drive lower steam-to-oil ratios and increased production without adding any new steam capacity and at a low capital cost. Once the West White Rose project is operating, we’ll be adding around 45,000 bbls/d of light sweet oil production tied to global pricing, generating significant free cash flow.”

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025, to shareholders of record as of June 13, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2 and Series 7 – payable on June 30, 2025, to shareholders of record as of June 13, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.568 0.28472
    Series 7 3.935 0.24594

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the first quarter, the company returned $595 million to shareholders, composed of $62 million from its purchase of 3 million shares through its normal course issuer bid (NCIB), $333 million through common and preferred share dividends and $200 million through the redemption of Cenovus’s Series 5 preferred shares. Subsequent to the quarter, the company purchased 10.9 million common shares through May 5, 2025 for $178 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q2 Q3 Q4 Annualized impact
    Upstream
    Oil Sands 30 – 40 5 – 7 – 10 – 12
    Offshore – 4 – 6 – 1 – 2
    Conventional – – – –
    Downstream
    Canadian Refining – – – –
    U.S. Refining 35 – 45 2 – 4 6 – 10 13 – 17


    Potential turnaround expenses

    ($ millions) Q2 Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – – –
    U.S. Refining 240 – 295 80 – 95 40 – 50 440 – 520

    Conference call today

    Cenovus will host a conference call today, May 8, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance at Conference call registration.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Cenovus will also host its Annual Meeting of Shareholders today, May 8, 2025, in a virtual format beginning at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    March 31, 2025
    Oil Sands
    Bitumen (Mbbls/d) 602.5
    Heavy crude oil (Mbbls/d) 21.8
    Conventional natural gas (MMcf/d) 11.4
    Total Oil Sands segment production (MBOE/d) 626.2
    Conventional
    Light crude oil (Mbbls/d) 5.2
    Natural gas liquids (Mbbls/d) 20.5
    Conventional natural gas (MMcf/d) 589.3
    Total Conventional segment production (MBOE/d) 123.9
    Offshore
    Light crude oil (Mbbls/d) 11.6
    Natural gas liquids (Mbbls/d) 9.3
    Conventional natural gas (MMcf/d) 287.2
    Total Offshore segment production (MBOE/d) 68.8
    Total Upstream production (MBOE/d) 818.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “plan”, “position”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; navigating market volatility and growing shareholder returns; financial discipline and cost control; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project and turnaround at Foster Creek; timing of first oil at Narrows Lake; timing of well pads and first oil at Sunrise; the installation and commissioning of, and timing of first oil from, the West White Rose project; free cash flow; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and March 31, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended March 31, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (7) Downstream (7) Total
    ($ millions) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024
    Revenues
    Gross Sales 9,252 8,240 7,864 7,705 7,837 8,233 16,957 16,077 16,097
    Less: Royalties (906) (914) (747) — — — (906) (914) (747)
      8,346 7,326 7,117 7,705 7,837 8,233 16,051 15,163 15,350
    Expenses
    Purchased Product 1,167 1,000 771 7,082 7,364 6,885 8,249 8,364 7,656
    Transportation and Blending 3,247 2,816 2,811 — — — 3,247 2,816 2,811
    Operating 893 842 898 854 866 787 1,747 1,708 1,685
    Realized (Gain) Loss on Risk Management (9) (2) 6 6 3 1 (3) 1 7
    Operating Margin 3,048 2,670 2,631 (237) (396) 560 2,811 2,274 3,191

    7Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q1 2024 Downstream operations were revised. See Note 21 of our March 31, 2025, interim Consolidated Financial Statements.


    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash From (Used in) Operating Activities (8) 1,315 2,029 1,925
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Net Change in Non-Cash Working Capital (861) 492 (269)
    Adjusted Funds Flow 2,212 1,601 2,242
    Capital Investment 1,229 1,478 1,036
    Free Funds Flow 983 123 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (327) (330) (262)
    Purchase of Common Shares under Employee Benefit Plan (58) (43) —
    Dividends Paid on Preferred Shares (6) (18) (9)
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Principal Repayment of Leases (83) (80) (70)
    Acquisitions, Net of Cash Acquired (100) (3) (10)
    Proceeds From Divestitures — (1) 25
    Excess Free Funds Flow 373 (416) 832

    8Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    March 31, 2025    		 Three months ended
    December 31, 2024
    Revenues (9) 6,423 6,574
    Purchased Product (9) 6,006 6,296
    Gross Margin 417 278
    Inventory Holding (Gain) Loss 23 45
    Adjusted Gross Margin 440 323
    Total Processed Inputs (Mbbls/d) 581.0 588.4
    Adjusted Gross Margin ($/bbl) 8.41 5.98
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 13.68 12.12
    Group 3 3-2-1 Crack Spread (US$/bbl) 16.48 12.66
    RINs (US$/bbl) 4.76 4.02
    US$ per C$1 – Average 0.697 0.715
    Weighted Average Crack Spread, Net of RINs ($/bbl) 13.58 11.47
    Adjusted Market Capture (percent) 62 52

    9Found in Note 1 of the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Announces First Quarter 2025 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    ADJUSTED EBITDA OF $113 MILLION AND FREE CASH FLOW OF $85 MILLION

    EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.2 BILLION, RESPECTIVELY, PROVIDING SOLID OPERATIONAL VISIBILITY

    REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO TO 1.3x1 AT THE END OF Q1/25

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three months ended March 31, 2025.

    All amounts presented are in U.S. Dollars unless otherwise stated.

    Q1/25 FINANCIAL AND OPERATIONAL OVERVIEW

    • Generated revenue of $552 million compared to $638 million in Q1/24 and $561 million in Q4/24.
      • Lower revenue compared with the prior year is primarily attributed to upfront revenue recognized in the Energy Infrastructure (“EI”) product line in Q1/24 on the extension and modification of an existing EI contract previously accounted for as an operating lease in the Eastern Hemisphere (“EH”) region.
    • Recorded gross margin before depreciation and amortization of $161 million, or 29% of revenue, compared to $119 million, or 19% of revenue in Q1/24 and $174 million, or 31% of revenue during Q4/24.
      • EI and After-Market Services (“AMS”) product lines generated 70% of consolidated gross margin before depreciation and amortization during Q1/25.
      • Engineered Systems (“ES”) gross margin before depreciation and amortization increased to 18% in Q1/25 compared to 5% in Q1/24 primarily due to costs recognized in Q1/24 related to an international ES project. ES gross margin before depreciation and amortization decreased compared to Q4/24 due to product mix.
    • Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $113 million compared to $69 million in Q1/24 and $121 million during Q4/24. The year-over-year increase in adjusted EBITDA was primarily due to costs recognized related to an international ES project in Q1/24.
    • SG&A was $57 million for the three months ended March 31, 2025, a decrease of $21 million from the same period in 2024, primarily due to decreased share-based compensation resulting from mark-to-market volatility on share prices in the first quarter of 2025, and lower costs and improved efficiencies, partially offset by executive transition costs.
    • Cash provided by operating activities was $96 million, which included net working capital recovery of $34 million. This compares to cash provided by operating activities of $101 million in Q1/24 and $113 million in Q4/24. Free cash flow increased to $85 million in Q1/25 compared to $72 million during Q1/24 and $76 million during Q4/24 primarily due to lower maintenance capital spend.
    • Return on capital employed (“ROCE”)2 increased to 14.2% in Q1/25 compared to 0.6% in Q1/24 and 10.3% in Q4/24. ROCE benefitted from an increase in trailing 12-month EBIT and lower average capital employed, predominantly due to a decline in net debt.
    • Invested $33 million in the business, consisting of $14 million in capital expenditures ($6 million for growth) and $19 million for expansion of an EI project in the EH region that will be accounted for as a finance lease.
    • Enerflex recorded ES bookings of $205 million during Q1/25, compared to $420 million during the same period of 2024. First quarter bookings were impacted by accelerated customer activity in the latter part of the fourth quarter of 2024, predominantly in the North America (“NAM”) segment, which resulted in select orders being pulled forward, and customers pausing some decisions on expenditures due to commodity price volatility and evolving market conditions. The Company continues to closely monitor activity levels and will adjust its business as appropriate. Enerflex’s backlog remains healthy at $1.2 billion at March 31, 2025.
    • Enerflex’s U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian.
      • This business generated revenue of $36 million and gross margin before depreciation and amortization of 72% during Q1/25 compared to $36 million and 75% in Q1/24 and $36 million and 78% during Q4/24.
      • Utilization remained stable at 94% across a fleet size of approximately 448,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
    • The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    BALANCE SHEET AND LIQUIDITY

    • Enerflex exited Q1/25 with net debt of $564 million, which included $75 million of cash and cash equivalents, a reduction of $179 million compared to Q1/24 and $52 million lower than the fourth quarter of 2024.
    • Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.3x at the end of Q1/25, down from 2.2x at the end of Q1/24 and 1.5x at the end of Q4/24.

    MANAGEMENT COMMENTARY

    Preet S. Dhindsa, Enerflex’s President & Chief Executive Officer (Interim), stated: “We are pleased to report another strong quarter of financial and operational results. Our Energy Infrastructure and After-Market Services business lines continue to deliver steady performance and reinforce Enerflex’s ability to generate sustainable returns across our global platform. Visibility for the ES product line remains solid, with backlog exiting Q1/25 at $1.2 billion, although we continue to closely monitor evolving market conditions and will adjust this business as appropriate. Despite increasing near-term risk and uncertainty, the fundamental drivers behind our business remain intact, namely global energy security and the shift toward low-emissions natural gas. Each of our business lines are delivering solid results and we believe all are well positioned to benefit from these fundamental drivers.”

    Joe Ladouceur, Enerflex’s Chief Financial Officer (Interim), stated, “Enerflex repaid an additional $74 million of debt during Q1/25 and reduced our leverage ratio to 1.3 times, reflective of strong operational execution and disciplined capital allocation. Our priorities are generating sustainable free cash flow, solidifying our balance sheet health, and positioning the Company for long-term growth and value creation. We’re sharpening our focus on boosting profitability, strengthening the resilience of our core operations, and ensuring Enerflex generates sustained, attractive returns for shareholders.”

    SUMMARY RESULTS

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Revenue   $ 552     $ 638  
    Gross margin     128       87  
    Gross margin as a percentage of revenue     23.2 %     13.6 %
    Selling, general and administrative expenses (“SG&A”)     57       78  
    Foreign exchange loss     –       1  
    Operating income     71       8  
    EBITDA1     105       47  
    EBIT1     66       3  
    EBT1     43       (23 )
    Net earnings (loss)     24       (18 )
    Long-term debt     639       853  
    Net debt2     564       743  
    Cash provided by operating activities     96       101  
                 
    Key Financial Performance Indicators (“KPIs”)            
    ES bookings3   $ 205     $ 420  
    ES backlog3     1,206       1,266  
    EI contract backlog4     1,497       1,639  
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5     161       119  
    Gross margin before D&A as a percentage of revenue5     29.2 %     18.7 %
    Adjusted EBITDA6     113       69  
    Free cash flow7     85       72  
    Bank-adjusted net debt to EBITDA ratio7   1.3x     2.2x  
    Return on capital employed (“ROCE”)7,8     14.2 %     0.6 %

    1EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
    2Net debt is defined as total long-term debt less cash and cash equivalent as presented in the Financial Statements.
    3Refer to the “ES Bookings and Backlog” section of the MD&A for further details.
    4Refer to the “EI Contract Backlog” section of the MD&A for further details.
    5Refer to the “Gross Margin by Product line” section of the MD&A for further details.
    6Refer to the “Adjusted EBITDA” section of the MD&A for further details.
    7Refer to the “Non-IFRS Measures” section of the MD&A for further details.
    8Determined by using the trailing 12-month period.

    Enerflex’s interim consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at March 31, 2025, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    OUTLOOK

    Industry Update

    Enerflex continues to expect operating results to be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of gross margin before depreciation and amortization during 2025. The EI product line is supported by customer contracts expected to generate approximately $1.5 billion of revenue over their remaining terms.

    Visibility for the ES product line remains solid, with a backlog of approximately $1.2 billion as at March 31, 2025, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margins are expected to align more closely with historical averages, reflecting both weaker domestic natural gas prices through much of 2024 and a shift in project mix.

    While near-term ES revenue is expected to remain steady, Enerflex continues to closely monitor evolving market conditions and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices, and will adjust its business as appropriate. The Company expects to be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the client partners and projects they serve. USA is Enerflex’s largest operating region, generating 45% of consolidated revenue on a trailing-twelve month basis by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 11% and 3% of consolidated revenue on a trailing twelve-month basis, respectively.

    Despite increased near-term risk and uncertainty for the ES product line, recent domestic natural gas prices have been constructive, and the medium-term outlook for ES products and services remains attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex’s global footprint.

    Capital Spending

    Enerflex continues to target a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and property, plant and equipment (“PP&E”) capital expenditures and growth spending of $40 million to $60 million. Disciplined capital spending will focus on customer supported opportunities primarily in the USA. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

    Capital Allocation

    Providing meaningful direct shareholder returns is a priority for Enerflex, reflected through the 50% increase of the Company’s third quarter 2024 dividend, and implementation of the Normal Course Issuer Bid (“NCIB”).

    The NCIB commenced on April 1, 2025 and will terminate no later than March 31, 2026. Under the NCIB, the Company is authorized to acquire up to a maximum of 6,159,695 Common Shares or approximately 5% of its public float as at the application date, for cancellation. During the month of April 2025, Enerflex repurchased 690,500 Common Shares at an average price of CAD$10.15 per share.

    Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases in the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider further debt reduction to strengthen its balance sheet and lower net finance costs. Unlocking greater financial flexibility positions the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack.

    DIVIDEND DECLARATION

    Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    CONFERENCE CALL AND WEBCAST DETAILS

    Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    To participate, register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

    NON-IFRS MEASURES

    Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended March 31, 2025, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    ADJUSTED EBITDA

        Three months ended March 31, 2025  
    ($ millions)   NAM     LATAM     EH     Total  
    Net earnings1                     $ 24  
    Income taxes1                       19  
    Net finance costs1,2                       23  
    EBIT3   $ 38     $ 19     $ 12     $ 66  
    Depreciation and Amortization     16       11       12       39  
    EBITDA   $ 54     $ 30     $ 24     $ 105  
    Share-based compensation     (2 )     (1 )     –       (3 )
    Impact of finance leases                        
    Principal payments received     –       –       8       8  
    Loss on redemption options3                       3  
    Adjusted EBITDA   $ 52     $ 29     $ 32     $ 113  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $3 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

        Three months ended March 31, 2024  
    ($ millions)   NAM     LATAM     EH     Total  
    Net loss1                     $ (18 )
    Income taxes1                       (5 )
    Net finance costs1,2                       26  
    EBIT   $ 33     $ 5     $ (35 )   $ 3  
    Depreciation and amortization     18       10       16       44  
    EBITDA   $ 51     $ 15     $ (19 )   $ 47  
    Restructuring, transaction and integration costs     3       2       1       6  
    Share-based compensation     3       1       2       6  
    Impact of finance leases                        
    Upfront gain     –       –       (3 )     (3 )
    Principal payments received     –       –       13       13  
    Adjusted EBITDA   $ 57     $ 18     $ (6 )   $ 69  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    FREE CASH FLOW

    The Company defines free cash flow as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets – operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets – operating leases are added back. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management uses this non-IFRS measure to assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow is also used in calculating the dividend payout ratio.

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Cash provided by operating activities before changes in working capital and other1   $ 62     $ 18  
    Net change in working capital and other     34       83  
    Cash provided by operating activities2   $ 96     $ 101  
    Less:            
    Capital expenditures – Maintenance and PP&E     (8 )     (9 )
    Capital expenditures – Growth     (6 )     (8 )
    Mandatory debt repayments     –       (10 )
    Lease payments     (6 )     (4 )
    Add:            
    Proceeds on disposals of PP&E and EI assets – operating leases     9       2  
    Free cash flow   $ 85     $ 72  
    Dividends paid     6       2  
    Dividend payout ratio     7.1 %     2.8 %

    1Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
    2Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.

    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

    The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

    Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “expect”, “future”, “may”, “potential”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) FLI pertaining to:

    • expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
    • Enerflex’s ability to generate sustainable free cash flow, solidify its balance sheet health, and position the Company for long-term growth and value creation, and the time required in connection therewith, if at all;
    • disclosures under the heading “Outlook” including:
      • the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization during 2025;
      • customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue over their remaining terms;
      • a majority of the ES product line backlog of approximately $1.2 billion as at March 31, 2025, will convert into revenue over the next 12 months;
      • ES gross margins are expected to align more closely with historical averages while near term ES revenue will remain steady;
      • expectations that the Company will be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts;
      • in respect of the USA, expectations that the Company is well positioned to benefit from growth in domestic energy production;
      • natural gas and produced water volumes are anticipated to grow across Enerflex’s global footprint, supporting an attractive medium-term outlook for ES products and services;
      • total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures and growth spending of $40 million to $60 million;
      • capital spending will focus on customer supported opportunities primarily in the USA;
      • the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants;
      • considerations to further reduce debt to strengthen our balance sheet and lower net financing costs and that doing so will position the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack;
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend; and
    • using free cash generated to fund other non-operating activities including dividend payments, share repurchases, and non-mandatory debt repayments, if at all.

    FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • the ability of the Company to adjust the business as appropriate in response to ES activity levels, evolving market conditions, and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s global footprint;
    • market conditions, customer activity, and industry fundamentals will support stable demand across Enerflex’s product lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
    • existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
    • no significant unforeseen cost overruns or project delays;
    • market conditions continuing to support the NCIB within the anticipated timeframe; and
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    President and Chief Executive Officer (Interim)
    E-mail: PDhindsa@enerflex.com

    Joe Ladouceur
    Chief Financial Officer (Interim)
    E-mail: JLadouceur@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

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