Source: People’s Republic of China – State Council News
Russian President Vladimir Putin on Wednesday approved the composition of the Russian delegation for upcoming talks with Ukraine in Istanbul, Türkiye, according to a Kremlin statement.
The delegation will be led by Russian Presidential Aide Vladimir Medinsky and include Deputy Foreign Minister Mikhail Galuzin; Igor Kostyukov, chief of the main directorate of the general staff of the Russian army; and Russian Deputy Defense Minister Alexander Fomin.
Apart from the delegation members, a list of four experts was also approved for the talks.
In a statement on Sunday, Putin proposed the resumption of direct negotiations with Ukraine on May 15 in Istanbul. Ukrainian President Volodymyr Zelensky had said he would be in Türkiye on Thursday and expected to meet Putin.
Source: People’s Republic of China – State Council News
U.S. private space company SpaceX launched 28 Starlink satellites into orbit on Wednesday.
According to SpaceX, the satellites were launched aboard a Falcon 9 rocket from Cape Canaveral Space Force Station in Florida at 12:38 p.m. Eastern Time.
SpaceX later confirmed the deployment of the 28 Starlink satellites.
Starlink will deliver high-speed broadband internet to locations where access has been unreliable, expensive, or completely unavailable, according to SpaceX.
Source: People’s Republic of China – State Council News
Participants at the 2025 Sino-UK Entrepreneur Forum on Wednesday praised China’s rapid advancements in artificial intelligence (AI) and emphasized the boundless opportunities for deepening cooperation between the two countries.
The forum, co-organized by The 48 Group in Britain and China Daily, was held under the theme “Smart Decisions for Smart Technologies.”
Chinese Ambassador to the United Kingdom (UK) Zheng Zeguang highlighted the growing collaboration between the two countries in the AI sector. He noted that both nations have actively participated in bilateral meetings and exchanges, which have yielded tangible benefits on both sides. Zheng underscored the importance of continued science and technology cooperation.
According to official data, China is home to over 4,500 AI-related enterprises, with the core AI industry valued at nearly 600 billion yuan. In 2024, Chinese entities accounted for more than 61 percent of global AI patent applications, while new industries, business formats, and digital models contributed over 18 percent to China’s gross domestic product (GDP).
Jack Perry, Chairman of The 48 Group, commended the current high-tech collaboration between China and the UK. He cited successful examples such as BYD’s leadership in electric mobility, Alibaba Cloud’s role in smart infrastructure, and Octopus Energy’s efforts in clean energy transformation. Perry noted that the UK, now attracting more venture capital in AI than any other European country, offers complementary strengths to China’s capabilities.
Panel discussions featured insights from experts and industry leaders on how AI is transforming a wide range of sectors, including power supply, green growth, finance, language technologies, automotive design, cloud computing, and advertising.
“China and Britain are two global engines of innovation with deeply complementary strengths,” said Rebecca Yang, editor-in-chief of China Daily Europe. She pointed to the UK’s excellence in fundamental research, fintech, and regulatory frameworks, and China’s expansive market, digital infrastructure, and real-world application capabilities as a foundation for strategic bilateral collaboration.
Source: People’s Republic of China – State Council News
SpaceX is preparing to launch the ninth test flight of its Starship rocket as early as next week, according to SpaceX founder and CEO Elon Musk.
The company said Tuesday that Starship has completed a long-duration static fire of its six engines and is undergoing final preparations ahead of the upcoming test.
“Just before the Starship flight next week, I will give a company talk explaining the Mars game plan in Starbase, Texas, that will also be live-streamed on X,” Musk said in a post on the social media platform.
Starship last launched on March 6 in its eighth test flight, during which SpaceX lost contact with the spacecraft shortly after liftoff.
SpaceX’s Starship spacecraft and Super Heavy rocket, collectively referred to as Starship, represent a fully reusable transportation system designed to carry both crew and cargo to the Earth orbit, the moon, Mars and beyond.
Starship plays a key role in NASA. It is the vehicle that NASA has selected to carry astronauts on the final leg of their trip to the moon during a mission called Artemis III, currently planned for 2026.
Source: People’s Republic of China – State Council News
China issued 10.06 trillion yuan (about 1.39 trillion U.S. dollars) in new yuan-denominated loans in the first four months of 2025, central bank data showed on Wednesday.
At the end of April, outstanding yuan loans amounted to 265.7 trillion yuan, up 7.2 percent year on year, according to the People’s Bank of China.
In the first four months, household loans increased by 518.4 billion yuan, while loans to enterprises increased by 9.27 trillion yuan.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8 percent year on year to 325.17 trillion yuan at the end of April.
The M1, which covers cash in circulation, demand deposits and clients’ reserves of non-banking payment institutions, stood at 109.14 trillion yuan at the end of April, up 1.5 percent year on year.
The M0, which indicates the amount of cash in circulation, reached 13.14 trillion yuan at the end of last month, an increase of 12 percent year on year.
In the first four months, China’s yuan-denominated deposits increased by 12.55 trillion yuan, with household deposits accounting for 7.83 trillion yuan of this rise.
The data also showed that the total social financing stock in China reached 424 trillion yuan at the end of April, marking an 8.7 percent increase from the previous year.
During the first four months, the newly added social financing amounted to 16.34 trillion yuan, representing a 3.61 trillion yuan increase from the corresponding period of the prior year, according to the data.
Source: People’s Republic of China – State Council News
China on Wednesday suspended its unreliable entity list and export control measures on multiple U.S. entities, the Ministry of Commerce has said.
When answering media inquiries, a ministry spokesperson said that a measure which added 11 U.S. firms to China’s unreliable entity list, which was announced on April 4, has been suspended for 90 days.
An April 9 measure that added six U.S. firms to China’s unreliable entity list has also been paused, the spokesperson said, adding that domestic enterprises are now permitted to apply to conduct transactions with these entities.
China has also suspended export control measures that added 28 U.S. entities to its export control list in announcements on April 4 and April 9 for 90 days, the spokesperson said.
If export operators need to export dual-use items to the aforementioned 28 entities, they should apply to the ministry in accordance with relevant regulations.
Source: United States House of Representatives – Congresswoman Maxine Waters (43rd District of California)
WASHINGTON, D.C. – Congresswoman Maxine Waters (CA-43), Ranking Member of the Committee on Financial Services, released a statement in response to Secretary of State Marco Rubio’s announcement of a restructuring of the State Department, which includes the elimination of 132 bureaus and offices and which follows the dismantling of USAID. Her statement follows:
“Secretary of State Marco Rubio’s recent announcement about significantly cutting back the U.S. State Department’s presence around the world is a shortsighted abandonment of our nation’s global leadership, especially in Sub-Saharan Africa. By eliminating the Bureau of African Affairs after dismantling USAID programs, we jeopardize our diplomatic ties and public presence in one of the world’s most vibrant regions and also create serious vulnerabilities in our national security.
“The United States has invested in African peace-building efforts, humanitarian assistance, and global health initiatives for decades with bipartisan support, not just because it’s the right thing to do, but also because it serves our national interest. What Secretary Rubio is suggesting would undo decades of progress and send a clear message to the world that the U.S. is no longer a dependable partner in global development and diplomacy.
“Recent cuts to programs like PEPFAR, which saved millions of lives, tell our strategic partners and allies we are retreating from the world stage. This sudden abandonment of global leadership creates a void that is likely to be filled by bad actors, including China and Russia.
“This Administration is dismantling our soft power, sidelining diplomatic expertise, and attempting to silence the voices of global health, development, and human rights advocates in the United States and around the world. This is not reform, it’s retreat! Congress cannot be complicit and stand idly by. We need congressional oversight and public opposition to uphold America’s long-defined values on the world stage.
“I will continue to fight – along with my colleagues in Congress, the diplomatic community, human rights advocates, and the American public – to stop these reckless cuts and reaffirm our nation’s commitment to principled, proactive global leadership.”
Source: People’s Republic of China – State Council News
Chinese Vice Premier Liu Guozhong, also a member of the Political Bureau of the Communist Party of China Central Committee, makes arrangements for the summer harvest at the Ministry of Agriculture and Rural Affairs in Beijing, capital of China, May 14, 2025. [Photo/Xinhua]
BEIJING, May 14 — Chinese Vice Premier Liu Guozhong on Wednesday called for all-out efforts to ensure the summer harvest and consolidate the foundations of grain production.
Liu, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks while making arrangements for the summer harvest at the Ministry of Agriculture and Rural Affairs.
Liu noted that summer planting, harvesting and field management are crucial to meeting the whole year’s grain production target. He called for strengthened field management and meteorological monitoring and early warning during later stages of summer grain production.
He also urged the careful organization of summer grain purchases, and called for the connection between production and sales to be strengthened while guarding against natural disasters such as droughts, torrential rains, plant diseases and pests.
All relevant local authorities should shoulder their responsibilities and coordinate with one another to ensure summer harvest purchases, transportation and funds, the vice premier stressed.
Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)
WASHINGTON—Today, U.S. Congressman Aaron Bean (FL-04) released the following statement upon the House Ways and Means Committee’s successful vote of reconciliation legislation that will provide tax relief for Northeast Florida families and businesses.
“I have been fighting tirelessly for working families, small businesses, and seniors to keep more of their hard-earned money, not less—and that’s exactly what this bill delivers. No tax on tips, no tax on overtime pay, tax relief for our seniors, and expanding the child tax credit. In addition, I have championed expanding the use of health savings accounts, increasing the standard deduction that benefits all Northeast Florida families, and expanding educational opportunities by creating a tax credit for students to attend private schools.
By extending and expanding successful provisions within the 2017 Tax Cuts and Jobs Act, we are laying the foundation for an economy that works for everyone, not just today, but for generations to come. I look forward to getting this America First bill to the President’s desk.”
Watch Congressman Bean’s opening remarkshere.
BACKGROUND
Make American Families & Workers Thrive Again
Makes the 2017 Trump tax cuts permanent – protecting the average taxpayer from a 22 percent tax hike and providing an additional $1,300 tax cut for the average American family.
Delivers on President Trump’s priorities of no tax on tips, overtime pay, and car loan interest, and provides additional tax relief for seniors.
Locks in and boosts the doubled Child Tax Credit for more than 40 million families and provides additional tax relief for American families.
Preserves and increases the doubled guaranteed deduction for 91 percent of all taxpayers.
Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
Supports working families by expanding access to childcare and making permanent the paid leave tax credit.
Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
Starts building financial security for America’s children at birth with the creation of new savings accounts.
Make Rural America & Main Street Grow Again
Make America Win Again
Holds elite universities that operate more like major corporations and other tax-exempt entities accountable, ensuring they can no longer abuse generous benefits provided through the tax code.
Increases the university endowment tax and subjects the largest endowments to the corporate tax rate.
Increase tax on massive non-profits that resemble hedge funds and pay their employees huge salaries.
Ends $500 billion in Biden-era tax breaks and special interest giveaways to the wealthy, big corporations, and China.
Prevents taxpayer benefits from going to illegal immigrants by requiring a Social Security number for individuals claiming tax credits and deductions, ending illegal immigrant eligibility for Obamacare premium tax credits and Medicare, and applying new fees on remittance payments from illegal immigrants to outside the U.S.
The tax package passed the House Ways and Means Committee by a vote of 26 to 19.
TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its unaudited condensed consolidated financial results for the first quarter ended March 31, 2025. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.
Management Commentary:
“In the first quarter of 2025, we continued to build momentum across multiple fronts—technology innovation, commercial progress, strategic partnerships and production capacity – positioning the company for accelerated revenue growth in the second half of the year,” said Dr. Suresh Venkatesan, Chairman & CEO of POET Technologies. “The transition out of SPX in China into Malaysia was a timely and energizing event for the Company. Opening a 10,000 square foot clean room filled with wafer-level production tools at our partner, Globetronics, was the indispensable next step to accepting volume orders from AI and cloud data center customers. As we look ahead, we are building on the strong foundation of innovative products introduced at OFC, and the reaction of customers and partners, reinforces our conviction that POET is on the cusp of a meaningful revenue inflection later this year.”
Notable Business Highlights:
Shipped final design samples of its POET Infinity transmit product line for 400G and 800G applications to three major technology leaders. The products include 400G FR4, 800G 2xFR4 and 800G DR8 transmit formats, all assembled at our high-volume production facility in Malaysia.
Demonstrated its latest innovations, POET Teralight™, a line of 1.6T highly integrated transmit and receive optical engines and the new POET Blazar™, an advanced light source at the Optical Fiber Communications (“OFC”) Conference.
Partnered with Lessengers, an innovative optical solution provider based in South Korea, to offer a differentiated 800G DR8 transceiver
Non-IFRS Financial Summary The Company reported non-recurring engineering (“NRE”) and product revenue of $166,760 in the first quarter of 2025 compared to $8,710 for the same period in 2024 and $29,032 in the fourth quarter of 2024. Historically, the Company provided NRE services to multiple customers for unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer. The Company only had small product revenue in Q1 2025.
The Company reported a net income of $6.3 million, or $0.08 per share, in the first quarter of 2025 compared with a net loss of $5.7 million, or ($0.13) per share, for the same period in 2024 and a net loss of $30.2 million, or ($0.50) per share, in the fourth quarter of 2024. The net income in the first quarter of 2025 included research and development costs of $4.3 million compared to $1.9 million for the same period in 2024 and $3.4 million in the fourth quarter of 2024. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.
The largest component of the Company’s income was from the non-cash gain in fair value adjustment to derivative warrant liability of $15.4 million in the first quarter of 2025, compared to loss of $630,000 in the same period in 2024 and a loss of $12.4 million in the fourth quarter of 2024. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured.
Other non-cash expenses in the first quarter of 2025 included stock-based compensation of $0.8 million and depreciation and amortization of $0.7 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2024 were $0.9 million and $0.5 million, respectively. Fourth quarter 2024 stock-based compensation and depreciation and amortization were $1.4 million and $0.5 million, respectively. The Company had non-cash finance costs of $33,000 in the first quarter of 2025 compared to non-cash finance costs of $20,000 in the first quarter of 2024 and non-cash costs of $32,000 in the fourth quarter of 2024.
The Company recognized other income, including interest of $528,000 in the first quarter of 2025, compared to $52,000 in the same period in 2024 and $511,000 in the fourth quarter of 2024.
During the fourth quarter of 2024, the Company acquired the remaining 24.8% interest of SPX from SAIC. The acquisition of this interest resulted in a non-cash loss to the Company of $6,852,687. There was no impact of the acquisition transaction in the first quarter of 2025.
Cash flow from operating activities in the first quarter of 2025 was ($8.9) million compared to ($4.6) million in the first quarter of 2024 and ($8.7) million in the fourth quarter of 2024.
Summary of Financial Performance The following is a summary of the Company’s operations over the five quarters ending March 31, 2025. This information should be read in conjunction with the Company’s financial statements filed on Sedar+ on May 14, 2025.
POET TECHNOLOGIES INC. PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS (All figures are in U.S. Dollars)
For the Quarter ended:
31-Mar-25
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
Revenue
166,760
29,032
3,685
–
8,710
Research and development
(4,360,192
)
(3,437,683
)
(1,765,481
)
(2,117,828
)
(1,922,066
)
Depreciation and amortization
(726,868
)
(475,281
)
(525,955
)
(509,699
)
(509,260
)
Professional fees
(276,184
)
(679,156
)
(480,871
)
(366,839
)
(409,726
)
Wages and benefits
(2,123,274
)
(758,883
)
(667,963
)
(780,146
)
(768,496
)
Loss on acquisition of 24.8% of SPX
–
(6,852,687
)
–
–
–
Stock-based compensation
(841,793
)
(1,404,995
)
(1,525,131
)
(1,591,741
)
(947,502
)
General expenses and rent
(898,056
)
(474,937
)
(465,448
)
(448,357
)
(570,819
)
Finance advisory fees
(476,802
)
(4,239,831
)
(1,319,392
)
(942,576
)
–
Derivative liability adjustment
15,382,971
(12,444,661
)
(6,179,836
)
(1,376,761
)
(629,824
)
Interest expense
(32,786
)
(31,605
)
(30,482
)
(20,833
)
(19,753
)
Other (income), including interest
527,782
511,448
216,337
174,911
52,558
Net loss
6,341,558
(30,259,239
)
(12,740,537
)
(7,979,869
)
(5,716,178
)
Net income (loss) per share – Basic
0.08
(0.50
)
(0.20
)
(0.14
)
(0.13
)
Net income (loss) per share – Diluted
–
(0.50
)
(0.20
)
(0.14
)
(0.13
)
About POET Technologies Inc. POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.
Forward-Looking Statements This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to its move of production capacity from China to Malaysia, the ability of its partners to install and operate production equipment, the reaction of customers and partners to the Company’s product offerings, the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding its move of production capacity from China to Malaysia, the ability of its partner to meet production expectations, the reaction of customers and partners to the Company’s product offerings, the success and timing for completion of its development efforts, the introduction of new products, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure to achieve high volume production in Malaysia on time, the failure of its products to meet performance requirements or to be produced in Malaysia on time and budget, the lack of sales in its products, once released, operational risks in the completion of the Company’s anticipated projects, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, the ability to raise additional capital and the agreement by shareholders to approve proposals put forth by the Company at shareholders’ meetings. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
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. 120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075
Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – Today, at a U.S. Senate Committee on Small Business and Entrepreneurship hearing, Chair Joni Ernst (R-Iowa) discussed how Congress can continue to fuel the manufacturing boom across America by reigniting investment in small manufacturers.
Ernst highlighted that small manufacturers are the key to the great American industrial comeback because they make up 98% of all manufacturing firms in the United States.
Watch Chair Ernst’s remarks here.
Ernst’s full remarks:
“I am excited to hold this hearing to discuss opportunities to reignite investment in small American manufacturers and ensure our industrial future is built right here, at home.
“America is and has always been a nation of builders — men and women who roll up their sleeves, put in a hard day’s work, and take pride not just in what they make, but what it means for their families, their communities, and their country. That entrepreneurial spirit is in our DNA.
“For far too long, Washington looked the other way as factories and farms shut down and the jobs that once sustained many U.S. families were shipped overseas.
“Despite the importance of domestic industrial production to our national security, production of critical goods was off shored to foreign countries.
“In doing so, we’ve made ourselves dependent on an international supply chains offering fast, mass-produced goods — mostly coming from China.
“This came at a cost. Not just economic, but strategic.
“In January of this year, the U.S. recorded a $29.7 billion trade deficit with China —we’ve been massively reliant on our chief adversary for the goods and services we consume.
“Today, the manufacturing sector comprises only 10.1 percent of America’s gross domestic product, a figure trailing most other industrialized nations.
“We’ve left ourselves economically beholden to the rest of the world and hollowed out our industrial core that once employed millions of Americans.
“We cannot accept that status quo.
“I believe in a great American comeback, one driven by the world’s most talented workforce and a new era of domestic manufacturing ensuring this nation’s economic security.
“We can make ‘Made in America’ the norm instead of the exception.
“Thanks to President Trump’s leadership, we are already seeing the early signs of a manufacturing revival and industrial boom in Iowa and all across the country.
“No group is more eager to lead this charge than small manufacturers, who make up 98 percent of all manufacturing firms in the United States.
They are ready to build, ready to grow, and they want to do it here – in the United States.
“But Washington needs to do its part.
“It’s time Congress acts to ensure that the federal government does not stand in the way of small manufacturers.
“We must empower them by providing them the tools they need to generate new jobs – to rebuild and fortify American supply chain stability, and to reduce our reliance on other countries, including adversaries.
“However, breaking ground on new manufacturing facilities or upgrading existing ones is a major investment.
“In many cases, these projects require long-term financing options, which can be particularly difficult for small businesses to access.
“That is why I was proud to introduce the Made in America Manufacturing Finance Act, along with another member of this Committee, Senator Coons.
“This bipartisan legislation would double the SBA-backed loan limit from $5 million to $10 million for small manufacturers.
“By allowing manufacturers to access greater capital my legislation encourages small manufacturers to invest in their operations and support the training and expansion of our manufacturing workforce.
“This is about leveling the playing field for American manufacturers on the world stage. It is a straightforward, commonsense, and bipartisan solution to unlock the potential small manufacturers have to secure our national and economic security.
“I am also interested in how we can leverage another SBA program—the Small Business Investment Company (SBIC) to support small manufacturers.
“This program supports the flow of private capital to small businesses across the country.
“I am grateful that we’re joined today by Mr. Mickelson, from Iowa, and Mr. Geis, from Missouri, who invest in small businesses across the heartland through the SBIC program.
“I look forward to hearing from all our witnesses about how we can best align SBA programs and private investment to spark America’s next industrial boom.
“The independence, prosperity, and security of our next generation depends on it.
“Thanks to our witnesses for being here today and I look forward to your testimony.”
Filled with thoughtful analysis, deep reflection, and fascinating historical detail, Discriminations argues the differences between leftist moderates and “woke activists” centrally concern means rather than ends.
Review: Discriminations: Making Peace in the Culture Wars (Oneworld Publications)
The book’s core contribution lies in Grayling’s searching examination of “othering”. This allows him to explain the core ethical concern about racism and sexism while simultaneously providing a principled basis to resist the more intolerant strategies that might be used in the struggle against such evils.
Defining ‘woke’
“Woke” and “wokist” now have pejorative implications and are terms used mainly by critics of progressive views. Grayling defines “wokism” in terms of the passionate advocacy of things like:
• Critical Race Theory in history classes
• Campaigning for same-sex marriage
• Educating about diversity in sexuality
• Supporting medical gender transition
• Advocating changes in language use, such as with non-gendered pronouns
• Encouraging Me Too avowals.
A significant number of identity politics activists, he adds, “promote no-platforming and cancellation as weapons in the struggle”.
This last point is critical in the way Grayling pictures the differences between moderate leftists like himself and “woke activists”. After all, the bulleted list above – apart perhaps from the reference to Critical Race Theory – includes many concerns broadly shared across the political left.
For Grayling, the differences between moderates and activists are mainly ones of strategies they employ to achieve their shared social justice goals.
Through their justifiable anger at systemic injustice, he argues, some “woke activists” have been drawn into employing weapons like no-platforming and cancellation. These tactics can sometimes be morally mistaken, especially when driven by online mobs.
Grayling worries that the use of these practices can “other” their targets, without any attempt at due process and constraints of proportionality.
A contrasting view?
Discriminations stands in stark contrast to another recent work on wokism: Yascha Mounk’s The Identity Trap. Like Grayling, Mounk is a moderate leftist. Like Grayling, he is critical of woke activism. But that is where their similarities end.
For Mounk, wokism is not a continuation of traditional leftist civil rights struggles but a sharp deviation from them. On this view, wokism (which Mounk calls “the identity synthesis”) differs from liberal progressivism not merely in means but fundamentally in ends.
Mounk sees wokism as committed to three foundational claims: the world must be understood through the prism of identities like sex, race and gender; supposedly universal rules merely serve to obscure how privileged groups dominate marginalised groups; and a just society requires norms and laws that explicitly treat (and require citizens to treat) different identity groups differently.
None of these are claims about means; they concern fundamental values and goals. For Mounk, woke intolerance – in the form of cancellation and no-platforming – is a feature, not a bug. In contrast, Grayling sees online cancellations (when they go wrong) as a betrayal of the traditional leftist values he shares with the woke activists.
Cancelling
Grayling understands cancelling as efforts to “deprive opponents not only of a platform to state their views, but to deprive the persons and groups themselves of a presence.” This can include social ostracism and getting people fired.
Discriminations contains no detailed discussions of contemporary cases of cancellation and their impacts. This is deliberate. Grayling worries that discussing current cases might invite an automatic identification with the cancelled target. Alternatively, it might counter-productively draw attention to victims who have already been excessively targeted.
Granting these points, the absence of any case studies carries costs. For one thing, it’s never shown in the book that these objectionable practices are widespread enough to warrant a movement against them.
Equally, there is no appeal to the reader’s sympathies by examining cases of cancellation through social media pile-ons and the human costs involved. Unless the reader already believes these practices to be widespread and harmful, they are unlikely to see what all the fuss is about.
Without examination of actual cases, it also can be hard to know exactly what Grayling is recommending. Grayling believes cancelling is often justified. However, he wants to make clear the serious problems it creates in the cases where it is not justified.
The problem is that different readers, interpreting some of his terms differently, might be led to see an act of cancellation as justified accountability where another reader would see objectionable mob justice.
‘Othering’
Grayling defines “othering” as
the practice of treating individuals and groups, typically on the basis of stereotyping and prejudice, as a ground for discriminating against them; and discrimination involves exclusion.
Othering occurs any time one group of people decides they are different to another group (which they see as the “other”), thus treating that group in a morally different and worse way.
Racism and sexism are examples of othering and “exclusion”. Grayling argues the goal of social justice is necessarily opposed to all such othering, especially if the exclusion is done without proportionality and safeguards, like due process. (Grayling allows that criminal punishment can be a type of justified othering.)
Crucially, Grayling argues that acts of cancellation and no-platforming are instances of othering. These practices explicitly involve attempted punishment, shaming and ostracism and often occur without due process.
Suppose you are a progressive activist concerned about the injustices of systemic racism and sexism. You might have strategic reasons that constrain the methods you use in fighting those injustices. However, your concerns with racism and sexism will generally not themselves restrain the methods you use.
But suppose now you accept Grayling’s argument that the root social justice concern is not with racism or sexism specifically, but rather with the more fundamental injustices of othering and exclusion. Because cancelling and no-platforming are themselves instances of such things, you now have a deeply held reason not to cancel others (except perhaps in the most compelling cases). You do not want to become the very thing you are fighting against.
Should we accept Grayling’s argument? There are some worries his notions of othering and exclusion are over-broad, given they capture commonplace practices like national borders and criminal justice punishments.
Overall though, Grayling shows through his historical discussions that political othering for ideological or doctrinal reasons has caused enormous injustices and even horrifying slaughters.
It turns out that political and ideological intolerance – Grayling recounts religious massacres and China’s Cultural Revolution – has a history every bit as awful as racially motivated massacres like the Holocaust. As he sombrely concludes: “tragedy attends entrenched positions that make mutual comprehension impossible”.
Grayling stresses it is right to feel anger at the world’s injustices. But a wariness of being drawn into othering should incline us towards what he terms “Aristotle’s Principle”: to be “angry with the right person, in the right degree, at the right time, for the right purpose”.
Rights versus interests
Grayling adopts a human-rights-based approach as his moral compass, seeing it as a system that can transcend different cultures and parochial outlooks. He endorses the provisions of the Universal Declaration of Human Rights – importantly including the right to free speech.
Cancelling can impinge on people’s free speech rights. As well as being wrong in itself, Grayling emphasises it’s also a strategic mistake. Activism itself requires free speech and it is unwise to “gift the high moral ground on free speech” to one’s political opponents. (That said, the political right in the United States is currently showing itself to be no friend of free speech either.)
Grayling distinguishes rights and interests. He argues, “no exercise of any right can deny the fundamental rights of others.” Too often, he insists, figures on both sides of politics interpret their opponents as violating their rights when the opponents are just impacting on their interests.
Grayling is surely correct that all sides of politics could benefit from seriously thinking through the differences between rights and interests. Setting back someone’s interests is not the same as violating their rights. Interests are inevitably in conflict and always require negotiation and compromise.
Still, there remains something of an elephant in the room. What if an opponent’s words or actions don’t violate anyone’s rights, but nevertheless plausibly contribute to a world where such violations are more likely?
Arguably, the problem of political intolerance isn’t driven by a conflation of rights with interests, but instead the ease with which any attack on a group’s interests can be represented as an indirect attack on their rights.
Does Grayling get ‘woke’ right?
It is a hard task to define an amorphous, contested and evolving concept like “wokism”. Grayling’s definition seems to map reasonably onto the original idea of being “woke to” (that is, newly aware of) structural racism and other inequities.
But as Grayling himself observes, “woke” is now more commonly used as a pejorative term. The linguist John McWhorter argues the term has evolved from describing those with a leftist political awareness to referring to “those who believe anyone who lacks that enlightenment should be punished, shunned or ridiculed.”
This is very different from Grayling’s understanding of the term. Most of the attributes Grayling ascribes to “the woke” are standard leftist positions. Worryingly, this sometimes seems to prevent him from engaging seriously with what many of the “woke” actually say and believe.
For example, Grayling reflects on those who say that wokist social justice has been strongly influenced by postmodernism. Postmodernism includes the denial of things like “objective truth” and “factual knowledge” on the basis that these are constructs of power and discourse.
But Grayling finds this confusing. After all, postmodernism seems to undercut the objective values of equality and social justice. He concludes:
What this suggests is that those who begin with the postmodern analysis of objectivity and knowledge are not actually saying that there are no such things, but that how they have been constituted in the past should be replaced by new and better conceptions of them.
This is simply not what the postmodernists are saying. The worry here is that Grayling takes it upon himself to stipulate what another school of thought is “actually” saying, rather than listening carefully to their ideas and arguments, and being open to the possibility that these may differ profoundly from his own.
Given the book aims to persuade the woke activists he thinks are going too far in cancelling others, the possibility Grayling is misreading their actual position is a concerning one.
Throughout, he appeals to the importance of democracy, free speech, human rights, the rule of law and due process, and the Enlightenment. He argues from what he sees as empirical evidence and “common knowledge”. But all these notions are wide open for criticism (from the woke perspective) that they are inventions of racist, patriarchal, and colonialist systems of oppression.
As such, Grayling’s arguments may fall flat for the very group he is trying to persuade because he does not take their beliefs seriously enough to engage directly and critically with them.
So who is right? Is Grayling correct that woke activists are just like him, except they have been led by their shared passions for social justice to indulge in often counter-productive and mistaken strategies of cancellation? Or is Yascha Mounk correct? Is wokism a profound departure from traditional leftist social justice goals?
Perhaps time will tell.
Hugh Breakey 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.
Source: People’s Republic of China – State Council News
BEIJING, May 14 (Xinhua) — Chinese Foreign Minister Wang Yi on Wednesday held separate meetings with the foreign ministers of Honduras Eduardo Enrique Reyna, Bolivia Celinda Sosa Lunda and Mexico Juan Ramon de la Fuente.
The above-mentioned senior diplomats arrived in China to attend the 4th Ministerial Meeting of the China-CELAC Forum (Community of Latin American and Caribbean States).
During the meeting with E.E. Reyna, Wang Yi, also a member of the Politburo of the CPC Central Committee, said China highly appreciates Honduras’ firm commitment to the one-China principle and supports the country in safeguarding its sovereignty, independence and national dignity.
As Wang Yi emphasized, China is willing to share its experience in public administration with Honduras, help the country choose a development path that suits national conditions and is supported by the people, and will continue to assist Honduras within its capabilities in improving the well-being of its people and building up its potential.
The Honduran Foreign Minister, for his part, pointed out that the Latin American and Caribbean countries (LAC) are deeply encouraged by the important cooperation initiatives put forward by Chinese President Xi Jinping. He noted that Honduras will firmly adhere to the one-China principle and translate the important agreements reached by the two heads of state into new practical results.
During the meeting with S. Sosa Lunda, the head of the Chinese Foreign Ministry pointed out that China highly appreciates Bolivia’s resolute commitment to defending national dignity, legitimate rights and interests without fear of external interference.
Wang Yi congratulated Bolivia on joining BRICS as a partner country and said that China hopes to expand communication and cooperation with the Bolivian side within the framework of multilateral mechanisms. The Chinese diplomat also called on both sides to further advance the high-quality joint construction of the Belt and Road.
S. Sosa Lunda, for her part, stressed that Bolivia is a strong defender of multilateralism and the right to national self-determination, attaches great importance to cooperation within the BRICS framework and wishes to use this platform to strengthen cohesion and mutual assistance among the countries of the Global South. She also emphasized that the commitment to the one-China principle is an unshakable position of Bolivia.
During his meeting with J.R. de la Fuente, Wang Yi said that China places relations with Mexico at the center of its diplomacy with LAC countries. He noted that, guided by the important consensus reached by the two heads of state, China is willing to share with Mexico its experience in comprehensively promoting Chinese-style modernization and the opportunities offered by the Chinese mega-market.
China welcomes more high-quality products from Mexico to enter its market and will encourage Chinese enterprises to invest and do business in Mexico, the Chinese foreign minister added.
J. R. de la Fuente, in turn, pointed out that Mexico firmly adheres to sovereignty and independence and will continue to strictly adhere to the one-China principle. According to him, Mexico expects to strengthen cooperation between the two countries in areas such as connectivity, science and technology, agriculture, tourism and direct flights, and continuously enrich the content of Mexico-China relations. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Moscow, May 14 /Xinhua/ — Russian President Vladimir Putin has approved the composition of the Russian delegation for talks with Ukraine. This was reported on the Kremlin website on Wednesday.
“To approve the following composition of the delegation of the Russian Federation for negotiations with Ukraine: Vladimir Medinsky – Aide to the President of the Russian Federation /head of the delegation/, Mikhail Galuzin – Deputy Minister of Foreign Affairs of the Russian Federation /member of the delegation/, Igor Kostyukov – Chief of the Main Directorate of the General Staff of the Armed Forces of the Russian Federation /member of the delegation/, Alexander Fomin – Deputy Minister of Defense of the Russian Federation /member of the delegation/,” reads the order signed by V. Putin “On the composition of the delegation of the Russian Federation for negotiations with Ukraine.”
The composition of experts has also been approved; it includes: First Deputy Chief of Information of the Directorate of the General Staff of the Armed Forces of the Russian Federation Alexander Zorin, Deputy Chief of the Directorate of the President of the Russian Federation for State Policy in the Humanitarian Sphere Elena Podobreevskaya, Director of the Second Department of the CIS Countries of the Russian Ministry of Foreign Affairs Alexei Polishchuk and Deputy Chief of the Main Directorate of International Military Cooperation of the Russian Ministry of Defense Viktor Shevtsov.
As reported, this order comes into force on the day of its signing. –0–
Source: United States House of Representatives – Congressman Brad Sherman (D-CA)
WASHINGTON, D.C. – Our tax system allows for lower tax rates for capital gains on stocks to incentivize Americans to make investments that grow our economy. Yet, Americans who invest in companies abroad and build the economies of other nations – even in adversarial nations such as China – are still able to receive this preferential tax treatment. Meanwhile, China provides preferential tax treatment to investments in China, but not those made in the United States.
At a recent hearing with Treasury Secretary Scott Bessent, I asked him a few simple questions: Can you think of a reason why the American tax code should provide enormous tax benefits like the capital gains allowance to Americans who invest in Chinese stocks? Don’t we prefer American capital to be invested in America?
To which he replied that while he would never bet against America, those that do, can and should be able to receive tax benefits.
In January, President Trump signed an executive order calling for an America First Trade Policy, but apparently that means America First so long as those who send our capital to China get massive tax breaks.
“The American people deserve a tax code that puts our workers, our industries, and our national interest ahead of foreign profits,” said Congressman Brad Sherman. “If the Trump Administration is serious about an “America First” agenda, it should start by ending tax breaks for those who ship capital—and opportunity—to China.”
Rewarding U.S. investors who invest in Chinese companies that may compete with or even threaten U.S. industries is not strategic. It’s not pro-worker. And it’s certainly not America First.
Last Congress, I introduced the bipartisanNo Capital Gains Allowance for American Adversaries Act, which would eliminate the capital gains tax break for investments in companies based in China, Russia, Belarus, Iran, and North Korea. It would also eliminate a related tax break, the “step-up in basis” at death, for investments in such companies, and would direct the SEC to require disclosure that no tax breaks are available for these stocks. I plan to re-introduce this bill this Congress.
Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Tom Cotton (R-AR) and other members of Congress in sending a letter to Secretary of Commerce Howard Lutnick urging the department to prohibit TP-Link equipment sales. This state-sponsored networking equipment company has deep ties to the Chinese Communist Party and poses a clear present danger to American national security.
“TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies,” wrote the members of Congress.
Joining Sens. Tuberville and Cotton are U.S. Sens. John Barrasso (R-WY), Ted Budd (R-NC), Bill Cassidy (R-LA), Josh Hawley (R-MO), Jim Justice (R-WV), Cynthia Lummis (R-WY), Bernie Moreno (R-OH), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), and Rick Scott (R-FL). Four U.S. Representatives also joined the letter.
Full text of the letter can be read below or here.
“Dear Secretary Lutnick,
We write in support of the Commerce Department’s investigation of TP-Link, a state-sponsored networking equipment company, and urge you to take swift action to prohibit further sales of TP-Link networking products in the United States. TP-Link’s deep ties to the Chinese Communist Party (CCP), use of predatory pricing to eliminate trusted U.S. alternatives, and role in embedding foreign surveillance and destructive capabilities into our networks render it a clear and present danger.
Chinese state actors have exploited TP-Link small and home office (SOHO) networking devices — including Wi-Fi routers, cellular gateways, and mobile hotspots — to wage cyber-attacks in the United States.CCP agents commonly exploit SOHO routers because those systems have ideal bandwidth and computing power for sustained cyber activities but lack additional layers of security common in enterprise networks. TP-Link is also subject to China’s National Security Law, giving the CCP access to U.S. systems before American authorities know a vulnerability exists. In fact, TP-Link is the only router company that refuses to engage in industry efforts to remediate Chinese state-sponsored botnets.
TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies.
For these reasons, Commerce should immediately prohibit future sales of TP-Link SOHO networking equipment in the United States. Each day we fail to act, the CCP wins while American competitors suffer, and American security remains at risk.
We thank you for your ongoing work to secure and safeguard America’s Information and Communications Technology and Services supply chain. This work is critical to our national security, and we commend President Trump’s Executive Order 13873 to allow the Commerce Department to prohibit transactions in our country that pose unacceptable risk to American national security.
Sincerely,”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.
Headline: ACP Statement on House Ways and Means Committee Advancing Tax Bill
WASHINGTON D.C., May 14, 2025 — The American Clean Power Association (ACP) issued the following statement from ACP CEO Jason Grumet after the House Ways and Means Committee advanced the tax portion of the budget reconciliation bill:
“When Congress plays Red Light / Green Light with domestic energy production, American companies lose billions of dollars, investment stalls, and our economy suffers.
“The legislation advanced today out of House Ways and Means does not deliver an orderly phase-down of clean energy tax credits. It imposes a sudden policy shift that would raise energy costs, take paychecks away from tens of thousands of American workers, and harm the economies of small towns across the nation.
“We embrace the Administration’s goal to spur job growth and innovation through lower taxes. The Ways and Means bill would significantly raise taxes on the fastest-growing energy sector, undercutting Congress’ and the Trump Administration’s economic goals.
“America is in a race with China for digital dominance. We cannot win this race without the energy required to power AI data centers. Over 90% of the electricity added to the grid last year came from the clean sources threatened by this legislation. Now is not the time for disruptive policy that will reduce American energy production and threaten our security.
“There is a sensible way to phase down clean energy incentives. We remain committed to working with lawmakers on a path that achieves their legitimate policy goals without harming American companies, consumers, and communities.”
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 14 (Xinhua) — The 2025 China Internet Civilization Conference will be held from June 10 to 11 in Hefei, east China’s Anhui Province. The event will focus on building a cyber civilization among young netizens and improving the nation’s digital literacy, organizers said Wednesday.
As Yang Jianwen, deputy director of the Office of the Central Cyberspace Commission and the State Internet Information Office of the People’s Republic of China, noted at a press conference in Beijing, the program of the two-day conference, themed “Accumulating the Positive Energy of the Internet and Shaping New Trends of the Era,” will include a grand opening ceremony, a main forum, 14 sub-forums and a series of thematic events designed to showcase scientific and technological achievements and innovations.
The event will also feature a number of new achievements in the field of building a cyber civilization.
Young Chinese Internet users, whose number has now reached about 540 million, are an important force in the formation of cyber civilization, Yang Jianwen emphasized, adding that an initiative to develop a youth Internet civilization is planned to be announced during the main forum.
The conference is held by the Office of the Central Cyberspace Commission and the Office of the CPC Central Committee for Spiritual Culture, jointly with the Party Committee and the People’s Government of Anhui Province. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
WUHAN, May 14 (Xinhua) — The 2025 World Conference on Digital Education kicked off Wednesday in Wuhan, central China’s Hubei Province. Chinese Vice Premier Ding Xuexiang attended the opening ceremony and delivered a speech.
As Ding Xuexiang, also a member of the Standing Committee of the Politburo of the CPC Central Committee, emphasized, China pays close attention to the development of digital education.
According to him, China, which is currently accelerating the construction of an educational power, will consistently promote digital transformation and intelligent upgrading of the education sector.
Ding Xuexiang said that China is building a modern digital education system that is more equitable, has higher quality and intellectualization, and provides universal lifelong learning for the entire population.
The Chinese vice premier called for harnessing the momentum of education development in the age of intelligence, deepening international cooperation in digital education, and accelerating the implementation of the UN Global Digital Compact.
The 2025 Global Conference on Digital Education on “Education Development and Transformation: The Age of Intelligence” will run until May 16.
The opening ceremony of the event was attended by more than 600 people, including officials from Chinese and foreign governments, heads of relevant international organizations, representatives from universities, primary and secondary schools, as well as experts and scholars. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 14 (Xinhua) — China on Wednesday suspended the designation of several U.S. companies as unreliable entities and the application of export restrictions against them, the Ministry of Commerce said.
In response to media questions, the agency’s official representative said that the measure announced on April 4 to include 11 American companies in China’s list of unreliable entities has been suspended for 90 days.
The April 9 move to add six more U.S. companies to the list of untrustworthy entities has also been suspended, and Chinese businesses are now allowed to apply to do business with those companies, the spokesman said.
In addition, China has suspended for 90 days the export control measures that placed 28 U.S. companies on the export control list on April 4 and 9, the Commerce Department official added.
In the event that exporters need to supply dual-use goods to the above-mentioned 28 companies, they must submit an application to the Ministry of Commerce in accordance with current regulations. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 14 (Xinhua) — Chinese Foreign Minister Wang Yi met with Omer Mohamed Ahmed Siddig, Sudan’s outgoing ambassador to China and new foreign minister, in Beijing on Wednesday.
Wang Yi, also a member of the Politburo of the CPC Central Committee, congratulated O. M. A. Siddig on his appointment as Sudanese Foreign Minister and expressed gratitude for his contribution to the development of China-Sudan relations during his time as ambassador to China.
Noting that this year marks the 10th anniversary of the establishment of strategic partnership between China and Sudan, Wang called on the two sides to implement the important consensus reached by the two heads of state and promote continuous fruitful results in bilateral relations to benefit the peoples of both countries.
The Chinese diplomat stressed that China firmly supports Sudan in protecting its sovereignty, independence and territorial integrity, as well as in achieving peace, stability and development as soon as possible. China will continue to provide Sudan with feasible humanitarian assistance, the Chinese Foreign Minister added.
O. M. A. Siddig, in turn, said that Sudan regards China as its most important partner and reliable friend, prioritizes cooperation with it, and will continue to firmly support the country in protecting its core interests. As Foreign Minister, he promised to make every effort to develop the strategic partnership between Sudan and China and to jointly implement important global initiatives put forward by China. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
LIMA, May 14 (Xinhua) — Peruvian President Dina Boluarte on Wednesday appointed former Justice Minister Eduardo Arana as the country’s new prime minister following the resignation of Gustavo Adriaenssen.
When asked by D. Boluarte during the oath taking session, “Do you swear before God and the Fatherland to conscientiously and faithfully fulfill the duties of Prime Minister, without engaging in corruption?” E. Arana replied, “I swear.”
Peru’s president then swore in new cabinet members who will serve with her until her term ends next year. –0–
CULVER CITY, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced financial results for its first quarter ended March 31, 2025.
First Quarter 2025 and Recent Operational Highlights
ARK Franchise Updates:
ARK: Survival Evolved (“ASE”):
Units sold were approximately 690,775 for the first quarter 2025
Revealed teaser trailer for ARK: Aquatica, a new in-house developed downloadable content (“DLC”) expansion map for ASE
ARK: Survival Ascended (“ASA”):
Units sold were approximately 751,960 for the first quarter 2025
Launched the Astraeos Map as an Official Partner DLC for ASA
Revealed the official trailer for ARK: Lost Colony, the next DLC for ASA produced by Studio Wildcard
ARK: Ultimate Mobile Edition (“ARK Mobile”) :
Surpassed 4.8 million downloads as of March 31, 2025
Launched the Ragnarok expansion map and the Extinction map
In the three months ended March 31, 2025, average DAUs totaled 143,976
Game Portfolio Updates:
Debuted teaser trailers for two in-house developed projects, Nine Yin Sutra: Wushu and Nine Yin Sutra: Immortal
Launched new trailers for upcoming games: For The Stars, Honeycomb: The World Beyond, Robots at Midnight, and Echoes of Elysium
Celebrated Bellwright’s one-year Early Access anniversary in April 2025 and introduced major update with significant content and player-requested features. Bellwright will be making its way to Xbox
Launched The Cecil: The Journey Begins and Chasmal Fear
Company indie publishing label, Wandering Wizards, acquired publishing rights to Whispers of West Grove
Business Updates:
Company subsidiary Interactive Films LLC (“Interactive Films”) signed a Memorandum of Understanding (“MoU”) with Mega Matrix Inc. (“MPU”) for the joint development, production, and global distribution of short dramas
Management Commentary
Company co-Chief Executive Officer Tony Tian commented: “The first quarter saw sustained growth and strong engagement across our ARK franchise. Our ARK franchise had an increase in daily active users in the first quarter of 2025 of approximately 16%, up to 243,000 on the Steam and Epic platforms, when compared to the same period in 2024. We unveiled and released new maps and DLCs for ASE, ASA, and our mobile title, delivering fresh, immersive experiences that continue to expand the ARK universe and deepen player engagement. ARK: Ultimate Mobile Edition maintained strong momentum since launch last quarter, a promising indicator of our ongoing efforts to broaden ARK’s audience. The mobile platform removes hardware barriers, opening the franchise to a new and growing player base. In February, we participated in GDC, where we unveiled a series of new trailers, announcements, and upcoming content for the ARK franchise and our broader game portfolio.”
“Next month marks a major milestone: the 10-year anniversary of ASE. This pivotal moment for Snail Games offers an opportunity to celebrate the franchise’s legacy and community. Beyond gaming, we also signed a MoU with Mega Matrix to co-develop at least 10 short dramas. In support of this initiative, we soft-launched Salty TV, our mobile short film platform, last quarter, which currently hosts 49 short dramas. We look forward to finalizing the agreement and working closely with the MPU team to deliver high-quality entertainment content. As we look to the remainder of 2025, our focus remains on expanding global reach, investing in scalable growth, commemorating ARK’s 10-year journey, and continuing to deliver innovative experiences that engage players and audiences across multiple platforms and genres.”
First Quarter 2025 Financial Highlights
Net revenues for the three months ended March 31, 2025, increased 42.5% to $20.1 million compared to $14.1 million in the same period last year. The increase was primarily due to an increase in total ARK sales of $2.7 million, an increase in ARK Mobile sales of $1.3 million that was driven by the release of ARK: Ultimate Mobile Edition, and the Company deferring $3.3 million less of its sales during the three months ended March 31, 2025 than it deferred in the same period last year, partially offset by a decrease in revenues related to other games of $1.6 million.
Net loss for the three months ended March 31, 2025, was $(1.9) million compared to $(1.8) million in the same period last year; as a result of the aforementioned increase in net revenue offset by increases in the costs of revenues and operating expenses – a result of the Company’s increased headcount, research and development, and marketing expenses.
Bookings for the three months ended March 31, 2025, increased 13.6% to $22.2 million compared to $19.6 million in the same period last year. The increase was primarily due to the releases of ARK: Survival Ascended DLC Astraeos in the first quarter of 2025, the releases of Bobs Tall Tales, and Bellwright in the latter quarters of 2024.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended March 31, 2025, was $(3.2) million compared to $(1.9) million in the same period last year. The decrease was primarily due to an increase in benefit from income taxes of $1.0 million, a decrease in interest expense of $0.3 million, and an increase in net loss of $0.1 million, partially offset by a decrease in interest income and interest income – related parties of $0.1 million.
As of March 31, 2025, unrestricted cash was $9.4 million compared to $7.3 million as of December 31, 2024.
Use of Non-GAAP Financial Measures
In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.
Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.
Three months ended March 31,
2025
2024
(in millions)
Total net revenue
$
20.1
$
14.1
Change in deferred net revenue
2.1
5.5
Bookings
$
22.2
$
19.6
We define EBITDA as net loss before (i) interest expense, (ii) interest income, (iii) benefit from income taxes and (iv) depreciation expense. The following table provides a reconciliation from net loss to EBITDA:
Three months ended March 31,
2025
2024
(in millions)
Net loss
$
(1.9
)
$
(1.8
)
Interest income and interest income - related parties
–
(0.1
)
Interest expense
0.1
0.4
Benefit from income taxes
(1.5
)
(0.5
)
Depreciation expense
0.1
0.1
EBITDA
$
(3.2
)
$
(1.9
)
Webcast Details
The Company will host a webcast at 4:30 PM ET today to discuss the first quarter 2025 financial results. Participants may access the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; actions in various countries, particularly in China and the United States, have created uncertainty with respect to tariff impacts on the costs of our merchandise and costs of development; rulings by courts or other governmental authorities; the Company’s current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing.
Further information on risks, uncertainties and other factors that could affect Snail’s financial results are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Snail, Inc.
Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Investor Contact:
John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)
March 31, 2025
December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents
$
9,359,116
$
7,303,944
Accounts receivable, net of allowances for credit losses of $523,500 as of March 31, 2025 and December 31, 2024
9,118,269
9,814,822
Accounts receivable – related party
1,332,867
2,336,274
Loan and interest receivable – related party
106,252
105,759
Prepaid expenses – related party
2,536,748
2,521,291
Prepaid expenses and other current assets
1,468,062
1,846,024
Prepaid taxes
7,174,973
7,318,424
Total current assets
31,096,287
31,246,538
Restricted cash and cash equivalents
935,000
935,000
Accounts receivable – related party, net of current portion
592
1,500,592
Prepaid expenses – related party, net of current portion
9,907,669
9,378,594
Property and equipment, net
4,310,448
4,378,352
Intangible assets, net
2,159,141
973,914
Deferred income taxes
12,852,299
10,817,112
Other noncurrent assets
2,282,709
1,683,932
Operating lease right-of-use assets, net
953,082
1,279,330
Total assets
$
64,497,227
$
62,193,364
LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
4,241,403
$
4,656,367
Accounts payable – related party
15,716,600
15,383,171
Accrued expenses and other liabilities
2,886,414
4,499,280
Interest payable – related parties
527,770
527,770
Revolving loan
3,000,000
3,000,000
Convertible notes at fair value
2,854,518
–
Current portion of long-term promissory note
2,701,003
2,722,548
Current portion of deferred revenue
3,864,474
3,947,559
Current portion of operating lease liabilities
1,042,688
1,444,385
Total current liabilities
36,834,870
36,181,080
Accrued expenses
265,251
265,251
Deferred revenue, net of current portion
23,740,999
21,519,888
Operating lease liabilities, net of current portion
52,921
57,983
Total liabilities
60,894,041
58,024,202
Commitments and contingencies
Stockholders’ Equity:
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,815,355 shares issued and 8,465,080 shares outstanding as of March 31, 2025, and 9,626,070 shares issued and 8,275,795 shares outstanding as of December 31, 2024
981
962
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of March 31, 2025 and December 31, 2024
2,875
2,875
Additional paid-in capital
27,063,795
25,738,082
Accumulated other comprehensive loss
(224,202
)
(279,457
)
Accumulated deficit
(14,063,392
)
(12,117,385
)
Treasury stock at cost (1,350,275 shares as of March 31, 2025 and December 31, 2024)
(3,671,806
)
(3,671,806
)
Total Snail, Inc. equity
9,108,251
9,673,271
Noncontrolling interests
(5,505,065
)
(5,504,109
)
Total stockholders’ equity
3,603,186
4,169,162
Total liabilities, noncontrolling interests and stockholders’ equity
$
64,497,227
$
62,193,364
Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
Three months ended March 31,
2025
2024
Revenues, net
$
20,110,872
$
14,115,729
Cost of revenues
14,263,345
12,041,698
Gross profit
5,847,527
2,074,031
Operating expenses:
General and administrative
4,964,351
2,282,040
Research and development
3,609,745
1,776,522
Advertising and marketing
1,306,365
141,030
Depreciation and amortization
67,904
82,338
Total operating expenses
9,948,365
4,281,930
Loss from operations
(4,100,838
)
(2,207,899
)
Other income (expense):
Interest income
29,906
99,762
Interest income – related parties
493
499
Interest expense
(80,828
)
(395,964
)
Other income
769,762
227,066
Foreign currency transaction income (loss)
(36,288
)
18,128
Total other income (expense), net
683,045
(50,509
)
Loss before benefit from income taxes
(3,417,793
)
(2,258,408
)
Benefit from income taxes
(1,470,830
)
(477,950
)
Net loss
(1,946,963
)
(1,780,458
)
Net loss attributable to non-controlling interests
(956
)
(1,129
)
Net loss attributable to Snail, Inc.
$
(1,946,007
)
$
(1,779,329
)
Comprehensive loss statement:
Net loss
$
(1,946,963
)
$
(1,780,458
)
Other comprehensive income (loss) related to foreign currency translation adjustments, net of tax
33,232
(19,297
)
Other comprehensive income (loss) related to credit adjustments, net of tax
22,023
–
Total comprehensive loss
$
(1,891,708
)
$
(1,799,755
)
Net loss attributable to Class A common stockholders:
Basic
$
(441,731
)
$
(385,722
)
Diluted
$
(521,393
)
$
(385,722
)
Net loss attributable to Class B common stockholders:
Basic
$
(1,504,276
)
$
(1,393,607
)
Diluted
$
(1,775,558
)
$
(1,393,607
)
Loss per share attributable to Class A and B common stockholders:
Basic
$
(0.05
)
$
(0.05
)
Diluted
$
(0.06
)
$
(0.05
)
Weighted-average shares used to compute loss per share attributable to Class A common stockholders:
Basic
8,442,025
7,957,031
Diluted
9,241,822
7,957,031
Weighted-average shares used to compute loss per share attributable to Class B common stockholders:
Basic
28,748,580
28,748,580
Diluted
28,748,580
28,748,580
Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
2025
2024
Cash flows from operating activities:
Net loss
$
(1,946,963
)
$
(1,780,458
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization – intangible assets, net
35,516
200
Amortization – film assets
212,709
–
Amortization – loan origination fees and debt discounts
(1,889
)
47,729
Accretion – convertible notes
–
181,754
Gain on change in fair value of convertible notes
(117,105
)
–
Gain on change in fair value of warrant liabilities
(639,518
)
–
Depreciation and amortization – property and equipment
67,904
82,338
Stock-based compensation expense (income)
843,619
(926,875
)
Deferred taxes, net
(2,041,515
)
(555,781
)
Changes in assets and liabilities:
Accounts receivable
696,553
17,759,629
Accounts receivable – related party
2,503,407
(1,085,213
)
Prepaid expenses – related party
(544,532
)
(1,351,838
)
Prepaid expenses and other current assets
377,962
(1,779,508
)
Prepaid taxes
143,451
70,407
Other noncurrent assets
(656,562
)
–
Accounts payable
(198,705
)
(1,938,654
)
Accounts payable – related party
623,430
(6,143,374
)
Accrued expenses and other liabilities
(650,236
)
(461,311
)
Loan and interest receivable – related party
(493
)
(499
)
Lease liabilities
(80,510
)
(64,821
)
Deferred revenue
2,138,026
4,723,462
Net cash provided by operating activities
764,549
6,777,187
Cash flows from investing activities:
Acquisition of software
(290,000
)
–
Acquisition of software licenses
(1,412,000
)
–
Investments in software
(177,002
)
–
Net cash used in investing activities
(1,879,002
)
–
Cash flows from financing activities:
Repayments on promissory note
(21,546
)
(20,484
)
Repayments on notes payable
–
(2,333,333
)
Repayments on convertible notes
–
(269,550
)
Repayments on revolving loan
–
(3,000,000
)
Cash proceeds from exercise of warrants
159,000
–
Proceeds from issuance of convertible notes
3,000,000
–
Payments of capitalized offering costs
–
(262,914
)
Net cash provided by (used in) financing activities
3,137,454
(5,886,281
)
Effect of foreign currency translation on cash and cash equivalents
32,171
(19,186
)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents
2,055,172
871,720
Cash and cash equivalents, and restricted cash and cash equivalents – beginning of the period
8,238,944
16,314,319
Cash and cash equivalents, and restricted cash and cash equivalents – end of the period
$
10,294,116
$
17,186,039
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest
$
97,260
$
171,101
Income taxes
$
184,707
$
1,871
Noncash transactions during the period for:
Debt converted to equity
$
–
$
(60,000
)
Liabilities converted to equity upon exercise of warrants
$
323,113
$
–
Acquisition of film licenses in accounts payable
$
152,000
$
–
Acquisition of software and software licenses in accounts payable and accrued expenses
$
51,741
$
–
Change in fair value of notes recorded in accumulated other comprehensive income
SUMMIT, N.J., May 14, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a consumer products company, today announced financial results for the first quarter ended March 31, 2025 (“Q1 2025”). The Company also provided an update on a series of initiatives that are underway to mitigate the impact of tariffs on the Company’s performance, including the commencement of a cost optimization plan designed to produce annual savings of approximately $5 – $6 million.
“While tariffs did not have a direct impact on our first quarter results, the uncertainty in the broader macroeconomic environment led to some softness in consumer demand,” said Arturo Rodriguez, Chief Executive Officer. “That said, sales seasonality remained consistent with prior years, and we continued to see solid performance across our core products.”
First Quarter 2025 Highlights All comparisons are to the first quarter ended March 31, 2024 (“Q1 2024”)
Net revenue was $15.4 million compared to $20.2 million, primarily reflecting the previously announced SKU rationalization designed to focus on the Company’s most profitable products and changes to Amazon’s affiliate market program leading to reduced traffic and conversions for certain products.
Gross margin was 61.4% compared to 65.1%, reflecting a change in product mix.
Contribution margin decreased to 13.4% from 14.1%.
Operating loss narrowed to $(3.7) million from an operating loss of $(5.3) million. Q1 2025 operating loss included $(0.8) million of non-cash stock compensation, while Q1 2024 operating loss included $(1.7) million of non-cash stock compensation, and restructuring costs of $(0.6) million.
Net loss improved to $(3.9) million from $(5.2) million. Q1 2025 net loss included ($0.8) million of non-cash stock compensation and a gain on fair value of warrant liability of $0.1 million, while Q1 2024 net loss included ($1.7) million of non-cash stock compensation, restructuring costs of $(0.6) million, and a gain on fair value of warrant liability of $0.5 million.
Adjusted EBITDA loss was $(2.5) million compared to a loss of $(2.6) million.
Total cash balance at March 31, 2025 declined to $14.3 million from $18.0 million at December 31, 2024.
Tariff Mitigation Initiatives and Cost Optimization Plan
Mr. Rodriguez continued, “The uncertainty created by tariffs and broader macroeconomic conditions has energized our team to manage those elements of Aterian’s business that are within our control, including: 1) reducing fixed costs; 2) accelerating our plan of re-sourcing and diversifying our manufacturing; 3) hastening our advance towards a more resilient business model by deepening our expansion into consumables, the majority of which will be US-manufactured; and 4) strategically raising prices.”
“The actions we are taking will allow us to maintain an acceptable level of revenue during this transition period, conserve cash, preserve margin, maximize cash flow, and optimize our cost structure, all while maintaining the high level of innovation and customer service that has defined our company. This is a significant undertaking; however, we believe that these initiatives will mitigate the effects of tariffs on our results in 2025 and position Aterian to pivot towards a return to growth and profitability beyond 2025, even under prolonged tariff pressure.”
Tariff Response
Accelerated product re-sourcing and diversification initiatives to regions with more favorable cost and tariff structures.
Established a new goal of manufacturing no more than 30% of goods from China by the end of 2025 compared to a previously stated objective to reduce manufacturing in China to less than 40% by the second half of 2026.
Implemented strategic pricing increases across our product portfolio.
Remained on track for the late Q3 2025 launch of our Squatty Potty flushable wipes. We are redoubling our efforts to launch a portfolio of new tariff-exempt US-sourced consumable products in 2025, including additional wipe-based products.
Paused new product category launches originating in Asia, specifically our hard electronic goods.
Implemented supply chain and inventory changes, including partnering with our manufacturers to find cost savings, renegotiating price and delivery timelines, and accelerating expansion into non-US territories to mitigate the impact of tariffs and redirect a portion of our previously produced China inventory.
Cost Optimization Plan
These initiatives include emphasizing targeted workforce reductions and vendor savings. The plan is expected to generate $5-$6 million of pre-tax cost savings, $5 million of which is expected to be realized by the end of 2025 with the balance realized in 2026. The Company currently estimates that it will incur approximately $2.3 million in total costs associated with the plan.
Guidance Commentary
Josh Feldman, Chief Financial Officer, commented, “The current economic landscape is marked by significant uncertainty, and the rapidly changing market conditions make it challenging to predict future developments. Because of that, we are withdrawing our previously issued net revenue and Adjusted EBITDA guidance for 2025. However, we do believe that the steps underway will soften the impact of tariffs and their related costs for much of 2025. We will continue to evaluate our ability to provide guidance as the year progresses.”
Webcast and Conference Call Information
Aterian will host a live conference call to discuss financial results today, May 14, 2025, at 5:00 p.m. Eastern Time, which will be accessible by telephone and the internet. Investors interested in participating in the live call can dial:
(800) 715-9871 (Domestic)
(646) 307-1963 (International) Passcode: 1616427
Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the investors section of the Aterian corporate website.
Non-GAAP Financial Measures For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures” section below. The most directly comparable GAAP financial measure for EBITDA and adjusted EBITDA is net loss and we are reporting a net loss for the quarter ending March 31, 2025 due primarily to our operating losses, which includes stock-based compensation expense, and interest expense. We are unable to reconcile the forward-looking statements of EBITDA and adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.
About Aterian, Inc. Aterian, Inc. (Nasdaq: ATER) is a consumer products company that builds and acquires leading e-commerce brands with top-selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon, Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct.
Forward Looking Statements All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding our ability to successfully implement our tariff mitigation and cost optimization plans, and the current global environment and inflation and our ability to return to growth and profitability beyond 2025, even under prolonged tariff pressure. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, the effect of tariffs and other costs on our results, our ability to continue to operate following our reduction in workforce, our ability to meet financial covenants with our lenders, our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to maintain Amazon’s Prime badge on our seller accounts or reinstate the Prime badge in the event of any removal of such badge by Amazon; our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.
Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact:
The Equity Group
Devin Sullivan Managing Director dsullivan@equityny.com
Conor Rodriguez Associate crodriguez@equityny.com
ATERIAN, INC. Consolidated Balance Sheets (in thousands, except share and per share data)
December 31, 2024
March 31, 2025
ASSETS
Current assets:
Cash
$
17,998
$
14,337
Accounts receivable, net
3,782
3,391
Inventory
13,749
18,144
Prepaid and other current assets
3,190
3,512
Total current assets
38,719
39,384
Property and equipment, net
685
689
Intangibles, net
9,757
9,366
Other non-current assets
381
379
Total assets
$
49,542
$
49,818
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Credit facility
$
6,948
$
7,511
Accounts payable
3,080
6,164
Seller notes
466
471
Accrued and other current liabilities
8,804
8,404
Total current liabilities
19,298
22,550
Other liabilities
227
229
Total liabilities
19,525
22,779
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized and 8,750,741 and 8,748,741 shares outstanding at December 31, 2024 and March 31, 2025, respectively
9
9
Additional paid-in capital
742,591
743,374
Accumulated deficit
(711,677
)
(715,573
)
Accumulated other comprehensive loss
(906
)
(771
)
Total stockholders’ equity
30,017
27,039
Total liabilities and stockholders’ equity
$
49,542
$
49,818
ATERIAN, INC. Consolidated Statements of Operations (in thousands, except share and per share data)
Three Months Ended March 31,
2024
2025
Net revenue
$
20,214
$
15,360
Cost of goods sold
7,046
5,936
Gross profit
13,168
9,424
Operating expenses:
Sales and distribution
13,214
9,661
General and administrative
5,232
3,459
Total operating expenses
18,446
13,120
Operating loss
(5,278
)
(3,696
)
Interest expense, net
323
175
Change in fair value of warrant liabilities
(517
)
(55
)
Other expense, net
7
60
Loss before provision for income taxes
(5,091
)
(3,876
)
Provision for income taxes
71
20
Net loss
$
(5,162
)
$
(3,896
)
Net loss per share, basic and diluted
$
(0.76
)
$
(0.52
)
Weighted-average number of shares outstanding, basic and diluted
6,789,955
7,452,957
ATERIAN, INC. Consolidated Statement of Cash Flows (in thousands, except share and per share data)
Three Months Ended March 31,
2024
2025
OPERATING ACTIVITIES:
Net loss
$
(5,162
)
$
(3,896
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
428
408
Provision for sales returns
64
(72
)
Amortization of deferred financing cost and debt discounts
83
37
Stock-based compensation
1,667
783
Change in deferred tax expense
(5
)
—
Change in inventory provisions
(976
)
86
Change in fair value of warrant liabilities
(517
)
(55
)
Allowance for credit losses
—
(147
)
Changes in assets and liabilities:
Accounts receivable
1,843
538
Inventory
2,846
(4,481
)
Prepaid and other current assets
249
33
Accounts payable, accrued and other liabilities
(526
)
2,898
Cash used in operating activities
(6
)
(3,868
)
INVESTING ACTIVITIES:
Purchase of fixed assets
(36
)
—
Purchase of minority equity investment
(200
)
—
Cash used in investing activities
(236
)
—
FINANCING ACTIVITIES:
Repayments on seller notes
(153
)
—
Borrowings from MidCap credit facilities
11,453
10,296
Repayments for MidCap credit facilities
(13,244
)
(9,777
)
Insurance obligation payments
(254
)
(235
)
Insurance financing proceeds
—
156
Cash provided by (used in) financing activities
(2,198
)
440
Foreign currency effect on cash and restricted cash
(49
)
123
Net change in cash and restricted cash for the year
(2,489
)
(3,305
)
Cash and restricted cash at beginning of year
22,195
19,143
Cash and restricted cash at end of year
$
19,706
$
15,838
RECONCILIATION OF CASH AND RESTRICTED CASH:
Cash
17,545
14,337
Restricted Cash—Prepaid and other current assets
2,032
1,372
Restricted cash—Other non-current assets
129
129
TOTAL CASH AND RESTRICTED CASH
$
19,706
$
15,838
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest
$
402
$
200
Cash paid for taxes
$
3
$
5
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash consideration paid to contractors
$
620
$
—
Non-cash minority equity investment
$
50
$
—
Non-GAAP Financial Measures
We believe that our financial statements and the other financial data included in this press release have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the U.S. (“GAAP”). However, for the reasons discussed below, we have presented certain non-GAAP measures herein.
We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution Margin; (ii) Contribution margin as a percentage of net revenue; (iii) EBITDA (iv) Adjusted EBITDA; and (v) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.
As used herein, Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of warrant liability, restructuring expenses, and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.
We present Contribution margin and Contribution margin as a percentage of net revenue, as we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to gross profit, provides useful supplemental information for investors. Specifically, Contribution margin and Contribution margin as a percentage of net revenue are two of our key metrics in running our business. All product decisions made by us, from the approval of launching a new product and to the liquidation of a product at the end of its life cycle, are measured primarily from Contribution margin and/or Contribution margin as a percentage of net revenue. Further, we believe these measures provide improved transparency to our stockholders to determine the performance of our products prior to fixed costs as opposed to referencing gross profit alone.
In the reconciliation to calculate contribution margin, we add e-commerce platform commissions, online advertising, selling and logistics expenses (“sales and distribution variable expense”) to gross profit to inform users of our financial statements of what our product profitability is at each period prior to fixed costs (such as sales and distribution expenses such as salaries as well as research and development expenses and general administrative expenses). By excluding these fixed costs, we believe this allows users of our financial statements to understand our products performance and allows them to measure our products performance over time.
We present EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provide useful supplemental information for investors. We use these measures with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items.
Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.
We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:
our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;
the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;
depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;
changes in cash requirements for our working capital needs; or
changes in fair value of warrant liabilities
Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and is expected to remain a key element of our overall long-term incentive compensation package.
We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:
general and administrative expense necessary to operate our business;
research and development expenses necessary for the development, operation and support of our software platform;
the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or
changes in fair value warrant liabilities
Contribution Margin
The following table provides a reconciliation of Contribution margin to gross profit and Contribution margin as a percentage of net revenue to gross profit as a percentage of net revenue, which are the most directly comparable financial measures presented in accordance with GAAP.
Three Months Ended March 31,
2024
2025
(in thousands, except percentages)
Gross Profit
$
13,168
$
9,424
Less:
E-commerce platform commissions, online advertising, selling and logistics expenses
(10,320
)
(7,373
)
Contribution margin
$
2,848
$
2,051
Gross Profit as a percentage of net revenue
65.1
%
61.4
%
Contribution margin as a percentage of net revenue
14.1
%
13.4
%
Adjusted EBITDA
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:
Three Months Ended March 31,
2024
2025
(in thousands, except percentages)
Net loss
$
(5,162
)
$
(3,896
)
Add:
Provision for income taxes
71
20
Interest expense, net
323
175
Depreciation and amortization
428
408
EBITDA
(4,340
)
(3,293
)
Other expense, net
7
60
Change in fair market value of warrant liabilities
(517
)
(55
)
Restructuring expense
558
—
Stock-based compensation expense
1,667
783
Adjusted EBITDA
$
(2,625
)
$
(2,505
)
Net loss as a percentage of net revenue
(25.5
)%
(25.4
)%
Adjusted EBITDA as a percentage of net revenue
(13.0
)%
(16.3
)%
Each of our products typically goes through the Launch phase and depending on its level of success is moved to one of the other phases as further described below:
Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE (Artificial Intelligence Marketplace e-Commerce Engine) and other sources. This phase also includes revenue from new product variations and relaunches. During this period of time, due to the combination of discounts and investment in marketing, our net margin for a product could be as low as approximately negative 35%. Net margin is calculated by taking net revenue less the cost of goods sold, less fulfillment, online advertising and selling expenses. These primarily reflect the estimated variable costs related to the sale of a product.
Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target of positive 15% net margin for most products, within approximately three months of launch on average. Net margin primarily reflects a combination of manual and automated adjustments in price and marketing spend.
Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) is not satisfactory, then it will go to the liquidate phase and we will sell through the remaining inventory. Products can also be liquidated as part of inventory normalization especially when steep discounts are required.
The following tables break out our first quarter of 2024 and 2025 results of operations by our product phases (in thousands):
CAMDEN, N.J. – A father and son were sentenced on May 13, 2025, for their roles in orchestrating a large-scale market manipulation scheme related to two publicly traded companies, U.S. Attorney Alina Habba announced.
Peter Coker, Sr., 82, of Chapel Hill, North Carolina, and Peter Coker, Jr., 56, formerly of Hong Kong, China, had pleaded guilty, on December 19, 2024, before U.S. District Judge Christine P. O’Hearn to securities fraud and conspiracy to commit securities fraud. Coker, Sr. was sentenced to six months’ imprisonment, three years’ supervised release, including six months’ home detention, and fines totaling $500,000. Coker, Jr. was sentenced to 40 months’ imprisonment, three years’ supervised release, and fines totaling $250,000.
James Patten, 65, of Winston-Salem, North Carolina also previously pleaded guilty to the same charges and is awaiting sentencing.
According to documents filed in this case and statements made in court:
From 2014 through September 2022, Peter Coker Sr., Peter Coker Jr., and Patten conspired to enrich themselves through a scheme to manipulate securities prices via a pattern of coordinated trading, which injected inaccurate information into the marketplace, creating false impressions of supply and demand for these securities.
As part of the securities fraud scheme, the defendants targeted two publicly traded companies—Hometown International Inc. and E-Waste Corp.—which both traded on the OTC Link Alternative Trading System, also known as the OTC Marketplace. The OTC Marketplace is an alternative trading system that contains three tiers of markets, which are largely based on the quality and quantity of the listed companies’ information and disclosures.
Coker Sr., Coker Jr., and Patten took steps to gain control of both entities’ management and stock with the ultimate intention of entering reverse mergers, a transaction through which an existing public company merges with a private operating company. A successful reverse merger would allow the defendants to sell shares of each entity at a significant profit.
In or around 2014, two New Jersey residents began the process of opening a local deli in Paulsboro, New Jersey. One of the individuals discussed his interest in opening the deli with Patten, a long-time friend, who suggested the creation of Hometown International, an umbrella corporation, under which the deli would operate as a wholly owned subsidiary. Unbeknownst to the deli owners, after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them.
Around October 2019, Hometown International began selling shares on the OTC Marketplace. Patten, Coker Sr., and Coker Jr. furthered their scheme by gaining control of Hometown International’s management and its shares from the deli owners. Coker Sr., Coker Jr., and Patten took similar actions to gain control of E-Waste Corporation’s stock and management. The defendants also arranged for the transfer of millions of shares of stock to a number of nominee entities, including entities controlled by Coker Jr., in an effort to mask their control of the shares.
In addition, the defendants transferred shares to family members, friends, and associates and gained control over their trading accounts by obtaining their log-in information to conceal the defendants’ involvement. The defendants then used those accounts to commit a number of coordinated trading events, often referred to as match and wash trades, to trade in Hometown International and E-Waste Corp.’s stock on both sides of the transaction.
These tactics artificially inflated the price of Hometown International and E-Waste’s stock by giving the false impression that there was a genuine market interest in the stock. Their scheme had the ultimate impact of artificially inflating Hometown International’s stock by approximately 939 percent and E-Waste’s stock by approximately 19,900 percent.
U.S. Attorney Habba credited special agents of the FBI’s Philadelphia Division, under the direction of Special Agent in Charge Wayne A. Jacobs, and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation. He also thanked special agents from FBI Charlotte, FBI Los Angeles, FBI San Francisco, FBI Denver, and FBI Knoxville, for their assistance.
The government is represented by Lauren E. Repole, Deputy Chief of the Criminal Division, and Assistant U.S. Attorney Aaron Webman of the Economic Crimes Unit.
###
Defense counsel:
Peter Coker, Sr.: John Azzarello, Esq. (Morristown, New Jersey), William McGovern, Esq. (New York, New York)
Peter Coker, Jr.: Zach Intrater and Marc Agnifilo (New York, New York)
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 14 (Xinhua) — Wang Huning, chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), met with Jacob Mudenda, speaker of the National Assembly (lower house) of Zimbabwe, in Beijing on Wednesday.
Wang Huning, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, said the in-depth and friendly communication between Chinese President Xi Jinping and Zimbabwean President Emmerson Mnangagwa in Beijing last year provided strategic guidance for the development of bilateral relations.
The CPPCC National Committee chairman said China is willing to work with Zimbabwe to strengthen political mutual trust, expand practical cooperation and build a high-level China-Zimbabwe community with a shared future, guided by the important consensus reached by the leaders of the two countries.
The CPPCC National Committee intends to make its contribution to the development of bilateral relations, he added.
J. Mudenda, for his part, stressed that Zimbabwe firmly adheres to the one-China principle and hopes that the two sides will continuously strengthen exchanges at all levels, including government and non-governmental exchanges, and deepen cooperation in areas such as energy, culture and the digital economy.
The Zimbabwe National Assembly is ready to strengthen friendly ties with the CPPCC, promoting the socio-economic development of both countries, said J. Mudenda. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 14 (Xinhua) — Cai Qi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and a member of the Secretariat of the CPC Central Committee, met with a Mongolian delegation led by General Secretary of the Mongolian People’s Party (MPP) Yangugiin Sodbaatar in Beijing on Wednesday.
Cai Qi said that the Chinese side is ready to strengthen exchanges and dialogue between the ruling parties of China and Mongolia, deepen strategic mutual trust and develop practical cooperation in various fields.
He called on the parties to expand friendly exchanges between peoples, especially between young people, enhance mutual learning in party building, and jointly uphold international fairness and justice.
Y. Sodbaatar, in turn, noted that the comprehensive strategic partnership between Mongolia and China has become a model of relations between neighboring countries. He emphasized that the development of long-term good-neighborly and friendly relations with China is a priority of Mongolia’s foreign policy.
Mongolia is ready to use the role of political parties to deepen mutual trust and align development strategies between the two countries, added Y. Sodbaatar. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
MINSK, May 14 (Xinhua) — Belarusian President Alexander Lukashenko and Zimbabwean President Emmerson Mnangagwa signed a roadmap for strategic cooperation and partnership for 2026-2030 following talks in Minsk on Wednesday, the press service of the Belarusian head of state reported.
A. Lukashenko stated that the signed package of bilateral documents, based on the roadmap, takes into account all key joint projects in various areas. According to the Belarusian leader, the parties held very intensive and productive negotiations.
“We discussed a wide range of issues, reviewed how the agreements already reached are being implemented, including during the visit to Zimbabwe two years ago. We identified new joint projects. At the same time, we paid special attention to the development of promising areas, including interregional interaction and industrial cooperation,” A. Lukashenko said and added that thanks to the support of the Zimbabwean leader, the two countries will more actively increase trade turnover, create joint promising production, and open new markets both in Africa and Eurasia.
A. Lukashenko noted that Belarus is ready to assist Zimbabwe in creating a comprehensive healthcare system, supplying medical products and special equipment from Belarus. The Belarusian leader drew attention to the fact that his country can also become a reliable partner of Zimbabwe in the implementation of modern waste processing technologies, digitalization, peaceful use of nuclear energy, and cooperation in space exploration.
In turn, E. Mnangagwa emphasized that the two countries have achieved success in bilateral cooperation. “The progress and growth that we are seeing in bilateral relations brings us satisfaction. We have indeed achieved success. However, there is a need to use these successes to move forward,” the President of Zimbabwe said.
He stressed that Belarus had made a huge contribution to Zimbabwe’s agricultural mechanization program and food security. “We are ready to continue to mechanize and modernize our dairy industry with the support of our Belarusian partners. Zimbabwe is keen to make progress in cooperation on machinery production, as we will benefit greatly from this. At the same time, I believe the Belarusian economy can also benefit from this, because it will be present in Africa,” the Zimbabwean leader added. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
MINSK, May 14 (Xinhua) — In Belarus, for the period from January to March 2025, the profitability of sold products, goods, works and services amounted to 7.6 percent, and the profitability of sales was 6.2 percent. The relevant information was published on Wednesday by the Belarusian National Statistical Committee.
Accounts receivable as of April 1 amounted to 92.5 billion Belarusian rubles /1 US dollar equals 3.01 Belarusian rubles/, including overdue accounts – 10.4 billion Belarusian rubles, or 11.2 percent of the total accounts receivable.
Accounts payable as of April 1 amounted to 111.8 billion Belarusian rubles, including overdue accounts of 11.9 billion Belarusian rubles, or 10.7 percent of the total accounts payable.
The data are presented without banks, non-bank credit and financial institutions, insurance organizations, budgetary organizations, organizations without departmental subordination with an average number of employees for the previous year of less than 50 people /with the exception of organizations that are members of holdings/. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
ULAN BATOR, May 14 (Xinhua) — Mongolia’s foreign trade turnover fell 6.7 percent to $7.8 billion in the first four months of 2025, the country’s National Statistical Committee said Wednesday.
During the specified period, exports from Mongolia decreased by 14.1 percent, amounting to $4.2 billion. Meanwhile, imports increased by 3.9 percent, reaching $3.6 billion.
The decline in exports was mainly due to a reduction in supplies of coal, crude oil, iron ore and combed cashmere from Mongolia to foreign countries. –0–
