Category: Commerce

MIL-OSI: Veeco Announces Upcoming Investor Events

Source: GlobeNewswire (MIL-OSI)

PLAINVIEW, N.Y., May 15, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) today announced management is scheduled to participate in the following investor events:

TD Cowen’s 53rd Annual Technology, Media & Telecom Conference on Wednesday, May 28, 2025, at the InterContinental New York Barclay in New York, New York. Veeco management will be available to meet one-on-one with investors during the conference.

Northland Growth Conference on Wednesday, June 25, 2025. Veeco management will be available to meet virtually one-on-one with investors during the conference.

About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, single wafer etch & clean, lithography, and metal organic chemical vapor deposition (MOCVD) technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Veeco Contacts:
Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
Media: Javier Banos | (516) 673-7328 | jbanos@veeco.com

The MIL Network –

May 16, 2025

MIL-OSI: Fluent Announces First Quarter 2025 Financial Results; Strategic Pivot Accelerates with Growth of Commerce Media Solutions

Source: GlobeNewswire (MIL-OSI)

Revenue of $55.2 million for Q1 2025
Q1 2025 Commerce Media Solutions revenue grew 99% to $12.7 million representing 23% of consolidated revenue from $6.4 million or 10% of consolidated revenue in Q1 2024 with gross profit margin (exclusive of depreciation and amortization) of 22% in Q1 2025 compared to 21% for the consolidated business
Commerce Media Solutions annual revenue run rate now exceeds $65 million, reflecting an 8% quarter-over-quarter increase and strong momentum in executing the Company’s strategic pivot to this higher growth market
Subsequent to the first quarter, the Company announced a strategic partnership with Rebuy Engine to launch Rebuy Ads powered by Fluent, providing post-purchase advertising for Shopify merchants

NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions provider, today reported unaudited financial results for the first quarter ended March 31, 2025.

Don Patrick, Fluent’s Chief Executive Officer, commented, “Our first quarter results showed the fifth consecutive quarter of strong year-over-year growth in our Commerce Media Solutions business. As we continue to execute on our strategic pivot to focus on what we see as a core, long-term growth opportunity in the commerce media marketplace, this segment has been the foundational driver of our evolving model, achieving nearly triple-digit year-over-year growth since its launch in early 2023. Underscoring our growth are the impressive partnerships with top-tier media partners and advertisers across a diverse range of market verticals. After the close of the first quarter we announced a breakthrough partnership with Rebuy Engine, a leading ecommerce personalization platform for Shopify brands. With the combined expertise of both companies, Rebuy Ads powered by Fluent is set to redefine how Shopify merchants engage with performance-driven advertising.”

Mr. Patrick continued, “While Commerce Media Solutions is performing exceptionally well, we experienced some additional attrition in our Owned and Operated business primarily due to a reduction in media supply, particularly from social media. This trend has continued into the second quarter. To address this, we’re actively expanding our supply channels to mitigate long-term impacts. Importantly, as we continue efforts to stabilize this cash-flow positive Owned and Operated business, it remains a productive driver of our Commerce Media Solutions growth strategy. With the growth of our Commerce Media Solutions business and shifting revenue mix, we anticipate consolidated second quarter revenue to remain in line with the first quarter of 2025.”

“Overall, we’re encouraged by our progress in the quarter, and with our visibility today, we expect to continue driving meaningful growth in our Commerce Media Solutions business through 2025 as we build a more predictable and valuable business for our shareholders,” Mr. Patrick concluded.

First Quarter Financial Highlights

Revenue of $55.2 million, a decrease of 16%, compared to $66.0 million in Q1 2024
- Owned and Operated revenue decreased 30% to $31.1 million compared to $44.7 million in Q1 2024 as the Company continued its shift in focus and revenue mix to higher margin Commerce Media Solutions
- Commerce Media Solutions revenue increased 99% to $12.7 million compared to $6.4 million in Q1 2024
Net loss of $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share, for Q1 2024.
Gross profit (exclusive of depreciation and amortization) of $11.4 million, a decrease of 39% over Q1 2024 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $2.8 million, an increase of 54% over Q1 2024 and representing 22% of revenue for Q1 2025.
Media margin of $13.7 million, a decrease of 38% over Q1 2024 and representing 24.9% of revenue. The Company’s growing Commerce Media Solutions business reported media margin of $3.1 million, an increase of 56% over Q1 2024 and representing 24.6% for if revenue for Q1 2025.
Adjusted EBITDA of negative $3.1 million, a decrease of $3.7 million compared to Q1 2024 and representing 5.6% of revenue
Adjusted net loss of $6.7 million, or $0.31 per share, compared to $4.2 million, or $0.30 per share, for Q1 2024

Business Outlook & Goals

Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high-volume market verticals.
Drive revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

Conference Call

Fluent, Inc. will host a conference call on Thursday, May 15, 2025, at 4:30 PM ET to discuss its 2025 first quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BI2c18ceec43da4e809374edc6b958fefe. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/qsf7a838. The replay will be available for one year, via the Fluent website https://investors.fluentco.com.

About Fluent, Inc.

Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

	•	Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
	•	Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects
	•	Dependence on the gaming industry;
	•	Unfavorable publicity and negative public perception about the digital marketing industry or us;
	•	A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields;
	•	Credit risk from certain clients
	•	Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player;
	•	Our need to continue investing in technology for our Commerce Media Solutions business;
	•	Our competitive disadvantage because we are more selective in our traffic sources;
	•	A decline in the supply of media available to us through third parties or an increase in the price of such media;
	•	Ability to remain competitive with the shift to mobile applications and our use of CRM;
	•	Our increasing reliance upon inbound calls, particularly in the health plan vertical, which we may be unable to obtain cost effectively obtain in the future;
	•	Difficulty managing any future growth or scaling our infrastructure and products quickly enough to meet the needs of our business while maintaining profitability;
	•	Global economic or political instability, including the potential impact of tariffs on our business;
	•	Challenges managing the growth of our operations, including international expansion and the integration of acquired business units or personnel;
	•	Strategic alternatives that could complicate operations or divert management’s attention;
	•	Dependence on our key personnel and ability to attract or retain employees;
	•	Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
	•	Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection;
	•	The outcome of litigation, inquiries, investigations, examinations, or other legal proceedings in which we are or may become involved, or in which our clients or competitors are involved;
	•	Potential sales and use taxes and other taxes on our business;
	•	Our actual or perceived failure to safeguard any personal information or user privacy;
	•	Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
	•	Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
	•	Our need to raise capital to fund our operations;
	•	Our ability to maintain listing of our securities on The Nasdaq Capital Market;
	•	The volatility of our stock price and concentration of stock ownership;
	•	Potential dilutive effect of any future issuances of shares of our common stock;
	•	Lack of cash dividends for the foreseeable future;
	•	Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements; and
	•	Uncertainty in the acceptance by Shopify merchants of Rebuy Ads powered by Fluent.

These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

FLUENT, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) (unaudited)

	March 31, 2025			December 31, 2024
ASSETS:
Cash and cash equivalents	$	4,828		$	9,439
Accounts receivable, net of allowance for credit losses of $483 and $487, respectively		37,019			46,532
Prepaid expenses and other current assets		8,126			8,729
Restricted cash		1,255			1,255
Total current assets		51,228			65,955
Property and equipment, net		233			304
Operating lease right-of-use assets		1,118			1,570
Intangible assets, net		20,986			21,797
Other non-current assets		3,929			3,991
Total assets	$	77,494		$	93,617
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Accounts payable	$	8,513		$	8,776
Accrued expenses and other current liabilities		19,694			21,905
Deferred revenue		341			556
Current portion of long-term debt		21,801			31,609
Current portion of operating lease liability		1,310			1,836
Total current liabilities		51,659			64,682
Long-term debt, net		—			250
Convertible Notes, at fair value with related parties		3,800			3,720
Operating lease liability, net		—			9
Other non-current liabilities		—			1
Total liabilities		55,459			68,662
Contingencies
Shareholders’ equity:
Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods		—			—
Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 21,412,255 and 20,791,431, respectively; and Shares outstanding — 20,643,660 and 20,022,836, respectively		47			47
Treasury stock, at cost — 768,595 and 768,595 Shares, respectively		(11,407	)		(11,407	)
Additional paid-in capital		452,459			447,110
Accumulated deficit		(419,064	)		(410,795	)
Total shareholders’ equity		22,035			24,955
Total liabilities and shareholders’ equity	$	77,494		$	93,617

FLUENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share data) (unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	55,210		$	65,983
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)		43,775			47,348
Sales and marketing		4,070			4,812
Product development		3,398			4,840
General and administrative		8,582			10,365
Depreciation and amortization		2,461			2,571
Total costs and expenses		62,286			69,936
Loss from operations		(7,076	)		(3,953	)
Interest expense, net		(880	)		(1,415	)
Fair value adjustment of Convertible Notes with related parties		(80	)		—
Loss before income taxes		(8,036	)		(5,368	)
Income tax expense		(233	)		(908	)
Net loss	$	(8,269	)	$	(6,276	)

Basic and diluted loss per share:
Basic	$	(0.39	)	$	(0.45	)
Diluted	$	(0.39	)	$	(0.45	)

Weighted average number of shares outstanding:
Basic		21,211,439			13,902,165
Diluted		21,211,439			13,902,165

FLUENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (unaudited)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(8,269	)	$	(6,276	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		2,461			2,571
Non-cash loan amortization expense		176			711
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Allowance for credit losses		(4	)		82
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable		9,517			3,028
Prepaid expenses and other current assets		603			(266	)
Other non-current assets		106			100
Operating lease assets and liabilities, net		(83	)		(85	)
Accounts payable		(263	)		(2,125	)
Accrued expenses and other current liabilities		(2,331	)		2,344
Deferred revenue		(215	)		131
Other		(1	)		(947	)
Net cash provided by (used in) operating activities		2,112			(132	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized costs included in intangible assets		(1,570	)		(1,796	)
Net cash used in investing activities		(1,570	)		(1,796	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt, net of debt financing costs		21,841			—
Repayments of long-term debt		(31,869	)		(1,250	)
Debt financing costs		(125	)		(968	)
Proceeds from issuance of pre-funded warrants		5,000			—
Net cash used in financing activities		(5,153	)		(2,218	)
Net decrease in cash, cash equivalents, and restricted cash		(4,611	)		(4,146	)
Cash, cash equivalents, and restricted cash at beginning of period		10,694			15,804
Cash, cash equivalents, and restricted cash at end of period	$	6,083		$	11,658

Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

The following non-GAAP measures are used in this release:

Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for put/call consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

Adjusted net income is defined as net income (loss) excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for put/call consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands, except percentages)	2025			2024
Revenue	$	55,210		$	65,983
Less: Cost of revenue (exclusive of depreciation and amortization)		43,775			47,348
Gross profit (exclusive of depreciation and amortization)	$	11,435		$	18,635
Gross profit (exclusive of depreciation and amortization) % of revenue		21	%		28	%
Non-media cost of revenue ⁽¹⁾		2,296			3,504
Media margin	$	13,731		$	22,139
Media margin % of revenue		24.9	%		33.6	%

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

	Three Months Ended March 31,
(In thousands, except percentages)	2025			2024
Revenue	$	12,660		$	6,376
Less: Cost of revenue (exclusive of depreciation and amortization)		9,847			4,553
Gross profit (exclusive of depreciation and amortization)	$	2,813		$	1,823
Gross profit (exclusive of depreciation and amortization) % of revenue		22	%		29	%
Non-media cost of revenue ⁽¹⁾		298			175
Media margin	$	3,111		$	1,998
Media margin % of revenue		24.6	%		31.3	%

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of adjusted EBITDA from net loss, which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands)	2025			2024
Net loss	$	(8,269	)	$	(6,276	)
Income tax expense		233			908
Interest expense, net		880			1,415
Depreciation and amortization		2,461			2,571
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Acquisition-related costs⁽¹⁾		(119	)		782
Restructuring and other severance costs		1,315			665
Adjusted EBITDA	$	(3,084	)	$	665

(1	)	Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.

Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands, except share and per share data)	2025			2024
Net loss	$	(8,269	)	$	(6,276	)
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Acquisition-related costs⁽¹⁾		(119	)		782
Restructuring and other severance costs		1,315			665
Adjusted net loss	$	(6,658	)	$	(4,229	)
Adjusted net loss per share:
Basic	$	(0.31	)	$	(0.30	)
Diluted	$	(0.31	)	$	(0.30	)
Weighted average number of shares outstanding:
Basic		21,211,439			13,902,165
Diluted		21,211,439			13,902,165

(1	)	Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.

We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

Annual Revenue Run Rate

Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

Contact Information:
Investor Relations
Fluent, Inc.
InvestorRelations@fluentco.com

The MIL Network –

May 16, 2025

MIL-OSI: Caliber Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

SCOTTSDALE, Ariz., May 15, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the first quarter ended on March 31, 2025.

First Quarter 2025 Platform Financial Highlights (compared to First Quarter 2024)

Platform revenue of $3.5 million, compared to $4.7 million
- Asset management revenue of $3.5 million drove the stated results
- No significant performance allocations were earned, compared to prior period
Platform net loss of $4.1 million, or $3.59 per diluted share, compared to Platform net loss of $3.6 million, or $3.30 per diluted share
Platform Adjusted EBITDA loss of $1.4 million, compared to Platform Adjusted EBITDA loss of $1.7 million

Management Commentary

“Building on the narrowed strategy we outlined earlier this year, Caliber is now actively executing with a focus in hospitality, multifamily, and multi-tenant industrial real estate,” said Chris Loeffler, CEO of Caliber. “While our Q1 results reflect some of the transitional costs associated with this shift, our recent business developments set the stage for success.

“Our recently announced partnership with Hyatt is a tremendous win for Caliber. The announcement is also a vote of confidence from an industry leader that provides a strategic advantage in building our Caliber Hospitality portfolio.

“Our strategy is to continue focusing on fee-generating, income-producing assets while reducing our exposure to long-duration development projects. We have also strengthened our liquidity through new equity offerings, strengthened our balance sheet through financing, and improved our operating efficiency.”

Business Update

The following are key milestones completed both during and subsequent to the first quarter ended March 31, 2025.

On March 17, 2025, Caliber announced an offering of Series AA Cumulative Redeemable Preferred Stock had been qualified by the U.S. Securities and Exchange Commission (“SEC”) and that the Company is seeking to raise up to $20 million through the offering.
On March 27, 2025, Caliber announced the launch of its 1031 Exchange Program, a tax-deferral strategy that allows real estate investors to sell a property and reinvest all of the proceeds into a like-kind property while deferring capital gains taxes.
On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
On May 8, 2025, Caliber announced that Caliber Hospitality Development (“CHD”) has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana.
On May 9, 2025, Caliber announced it closed a $22.5 million refinance on the Doubletree by Hilton Hotel in Tuscon, AZ, which is a holding of a Caliber-managed opportunity zone fund. The new $22.5 million loan was refinanced with a unit of Citibank at a fixed rate of 7.43% maturing in June 2030. Proceeds will be utilized for reinvestment across the Fund’s portfolio.

First Quarter 2025 Consolidated Financial Results (compared to First Quarter 2024)

Total consolidated revenue of $7.3 million, compared to $23.0 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC (“CFIF III”) in 2024.
Consolidated net loss attributable to Caliber of $4.4 million, or $3.85 per diluted share, compared to net loss attributable to Caliber of $3.8 million or $3.53 per diluted share
Consolidated Adjusted EBITDA loss of $0.1 million, compared to Consolidated Adjusted EBITDA of $2.2 million

Conference Call Information

Caliber will host a conference call today, Thursday, May 15, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its first quarter 2025 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

Platform Financial Highlights

Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

Consolidated Financial Results

Caliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third-party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.

About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

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

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

CONTACTS:

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

NON-GAAP RECONCILIATIONS

The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

ASSET MANAGEMENT PLATFORM⁽¹⁾ (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

	Three Months Ended March 31, 2025
	Platform			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	3,542		$	(346	)	$	3,196
Performance allocations		7			(6	)		1
Consolidated funds – hospitality revenue		—			3,919			3,919
Consolidated funds – other revenue		—			145			145
Total revenues		3,549			3,712			7,261
Expenses
Operating costs		4,168			(124	)		4,044
General and administrative		1,592			(11	)		1,581
Marketing and advertising		165			—			165
Depreciation and amortization		162			(5	)		157
Consolidated funds – hospitality expenses		—			3,465			3,465
Consolidated funds – other expenses		—			458			458
Total expenses		6,087			3,783			9,870

Other income (loss), net		6			(372	)		(366	)
Interest income		33			(1	)		32
Interest expense		(1,611	)		—			(1,611	)
Net loss before income taxes	$	(4,110	)	$	(444	)	$	(4,554	)
Provision for income taxes		—			—			—
Net loss		(4,110	)		(444	)		(4,554	)
Net loss attributable to noncontrolling interests		—			(147	)		(147	)
Net (loss) income attributable to CaliberCos Inc.	$	(4,110	)	$	(297	)	$	(4,407	)
Basic and Diluted Platform loss per share	$	(3.59	)				$	(3.85	)
Weighted average common shares outstanding:
Basic and Diluted		1,146						1,146

	Three Months Ended March 31, 2024
	Platform			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	4,555		$	(1,385	)	$	3,170
Performance allocations		171			(5	)		166
Consolidated funds – hospitality revenue		—			18,145			18,145
Consolidated funds – other revenue		—			1,470			1,470
Total revenues		4,726			18,225			22,951
Expenses
Operating costs		5,484			(222	)		5,262
General and administrative		1,949			(9	)		1,940
Marketing and advertising		106			—			106
Depreciation and amortization		183			(37	)		146
Consolidated funds – hospitality expenses		—			16,782			16,782
Consolidated funds – other expenses		—			3,072			3,072
Total expenses		7,722			19,586			27,308

Other income (loss), net		452			(180	)		272
Interest income		285			(168	)		117
Interest expense		(1,295	)		1			(1,294	)
Net loss before income taxes	$	(3,554	)	$	(1,708	)	$	(5,262	)
Provision for income taxes		—			—			—
Net loss		(3,554	)		(1,708	)		(5,262	)
Net loss attributable to noncontrolling interests		—			(1,457	)		(1,457	)
Net loss attributable to CaliberCos Inc.	$	(3,554	)	$	(251	)	$	(3,805	)
Basic and Diluted Platform loss per share	$	(3.30	)				$	(3.53	)
Weighted average common shares outstanding:
Basic and diluted		1,077						1,077

____________________

(1)	Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.


PLATFORM REVENUE⁽¹⁾ (AMOUNTS IN THOUSANDS) (UNAUDITED)
	Three Months Ended March 31,
		2025		2024
Fund management fees		2,744		2,569
Financing fees		74		73
Development and construction fees		528		1,654
Brokerage fees		196		259
Total asset management		3,542		4,555
Performance allocations		7		171
Total revenue	$	3,549	$	4,726

____________________

(1)	Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.

FV AUM and Managed Capital (UNAUDITED)

The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

FV AUM (AMOUNTS IN THOUSANDS) (UNAUDITED)

Balances as of December 31, 2024	$	794,923
Assets acquired⁽¹⁾		10,300
Construction and net market appreciation		25,800
Credit⁽²⁾		379
Other⁽³⁾		(644	)
Balances as of March 31, 2025	$	830,758

FV AUM, by asset class (AMOUNTS IN THOUSANDS) (UNAUDITED)

	March 31, 2025		December 31, 2024
Real Estate
Hospitality	$	68,400	$	68,500
Caliber Hospitality Trust		244,900		236,800
Residential		173,100		161,700
Commercial		266,300		249,600
Total Real Estate		752,700		716,600
Credit⁽¹⁾		72,730		72,351
Other⁽²⁾		5,328		5,972
Total	$	830,758	$	794,923

____________________

(1)	Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
(2)	Other FV AUM represents undeployed capital held in our diversified funds.

MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED)

Balance as of December 31, 2024			$	492,542
Originations				2,990
Return of capital				(315	)
Balance as of March 31, 2025			$	495,217


	March 31, 2025		December 31, 2024
Real Estate
Hospitality	$	49,260	$	49,260
Caliber Hospitality Trust⁽¹⁾		97,157		97,414
Residential		98,617		96,687
Commercial		172,125		170,858
Total Real Estate⁽²⁾		417,159		414,219
Credit⁽³⁾		72,730		72,351
Other⁽⁴⁾		5,328		5,972
Total	$	495,217	$	492,542

____________________

(1)	The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
(2)	Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of March 31, 2025 and December 31, 2024, the Company had invested $15.9 million and $20.4 million, respectively, in our funds.
(3)	Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of March 31, 2025 and December 31, 2024, the Company had loaned $0.4 million to our funds.
(4)	Other managed capital represents unemployed capital held in our diversified funds.

Consolidated GAAP Results

The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.

CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

	Three Months Ended March 31,
		2025			2024
	(unaudited)
Revenues
Asset management revenues	$	3,196		$	3,170
Performance allocations		1			166
Consolidated funds – hospitality revenues		3,919			18,145
Consolidated funds – other revenues		145			1,470
Total revenues		7,261			22,951

Expenses
Operating costs		4,044			5,262
General and administrative		1,581			1,940
Marketing and advertising		165			106
Depreciation and amortization		157			146
Consolidated funds – hospitality expenses		3,465			16,782
Consolidated funds – other expenses		458			3,072
Total expenses		9,870			27,308

Other (loss) income, net		(366	)		272
Interest income		32			117
Interest expense		(1,611	)		(1,294	)
Net loss before income taxes		(4,554	)		(5,262	)
Benefit from income taxes		—			—
Net loss		(4,554	)		(5,262	)
Net loss attributable to noncontrolling interests		(147	)		(1,457	)
Net loss attributable to CaliberCos Inc.	$	(4,407	)	$	(3,805	)
Basic and diluted net loss per share attributable to common stockholders	$	(3.85	)	$	(3.53	)
Weighted average common shares outstanding:
Basic and diluted		1,146			1,077

CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)

	March 31, 2025		December 31, 2024
	(unaudited)
Assets
Cash	$	845	$	1,766
Restricted cash		2,518		2,582
Real estate investments, net		21,514		21,572
Notes receivable – related parties, allowance of $236 and zero, respectively		385		105
Due from related parties, allowance of $3,985		7,366		6,965
Investments in unconsolidated entities		15,523		15,643
Operating lease – right of use assets		135		147
Prepaid and other assets		2,664		3,501
Assets of consolidated funds
Cash		723		549
Restricted cash		274		—
Real estate investments, net		44,102		45,090
Accounts receivable, net		181		163
Notes receivable – related parties		6,475		6,848
Due from related parties, allowance of $28		514		320
Prepaid and other assets		424		284
Total assets	$	103,643	$	105,535

Liabilities and Stockholders’ Equity
Notes payable	$	51,555	$	50,450
Accounts payable and accrued expenses		9,421		9,532
Due to related parties		443		313
Operating lease liabilities		86		93
Other liabilities		1,317		750
Liabilities of consolidated funds
Notes payable, net		29,444		29,172
Notes payable – related parties		2,114		2,047
Accounts payable and accrued expenses		1,123		1,207
Due to related parties		16		79
Other liabilities		766		639
Total liabilities		96,285		94,282

Commitments and Contingencies (Note 11)

CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)

	March 31, 2025			December 31, 2024
Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 and 5,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 795,285 and 759,370 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		1			1
Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as March 31, 2025 and December 31, 2024		—			—
Paid-in capital		45,205			44,017
Accumulated deficit		(61,014	)		(56,607	)
Stockholders’ deficit attributable to CaliberCos Inc.		(15,808	)		(12,589	)
Stockholders’ equity attributable to noncontrolling interests		23,166			23,842
Total stockholders’ equity		7,358			11,253
Total liabilities and stockholders’ equity	$	103,643		$	105,535

Definitions

Assets Under Management

AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.
Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.

Non-GAAP Measures

We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

Asset Management Platform or Platform

Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.

Fee-Related Earnings and Related Components

Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

Distributable Earnings

Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

Platform Earnings

Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.

Platform Earnings per Share

Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.

Platform Adjusted EBITDA

Platform Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED)

	Three Months Ended March 31,
		2025			2024
Net loss attributable to CaliberCos Inc.	$	(4,407	)	$	(3,805	)
Net loss attributable to noncontrolling interests		(147	)		(1,457	)
Net loss		(4,554	)		(5,262	)
Provision for income taxes		—			—
Net loss before income taxes		(4,554	)		(5,262	)
Depreciation and amortization		162			183
Consolidated funds’ impact on fee-related earnings		71			1,361
Stock-based compensation		661			400
Severance		51			7
Performance allocations		(1	)		(166	)
Other income, net		366			(272	)
Investments impairment		279			—
Bad debt expense		3			—
Interest expense, net		1,578			1,010
Fee-related earnings		(1,384	)		(2,739	)
Performance allocations		1			166
Interest expense, net		(1,578	)		(1,010	)
Provision for income taxes		—			—
Distributable earnings		(2,961	)		(3,583	)
Interest expense		1,611			1,294
Other income, net		(366	)		272
Provision for income taxes		—			—
Consolidated funds’ impact on Platform adjusted EBITDA		364			348
Platform adjusted EBITDA		(1,352	)		(1,669	)
Consolidated funds’ EBITDA adjustments		1,210			3,856
Consolidated adjusted EBITDA	$	(142	)	$	2,187

The MIL Network –

May 16, 2025

MIL-OSI: Innventure Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Accelsius continues to build momentum within the large and growing liquid cooling market

Innventure reiterates confidence in achieving revenue growth inflection during the second half of 2025

ORLANDO, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced financial results for the quarter ended March 31, 2025.

“Innventure’s operating companies continued their momentum to start 2025, with both Accelsius and AeroFlexx further positioning themselves for revenue growth inflection in the second half of this year.” said Bill Haskell, Innventure’s Chief Executive Officer. “We founded Innventure to bring disruptive technologies to market by building companies we believe represent at least $1 billion enterprise value opportunities. Our companies are led by incredibly talented operators who are armed with differentiated technologies designed to meet significant unmet market needs. When it comes to high-growth ventures, timing the inflection point is inherently challenging, but from where we sit today, the confidence we have in our current family of companies has never been higher. ”

Mr. Haskell continued, “We are most excited about Accelsius’s position in the two-phase, direct-to-chip liquid cooling market. Accelsius has a market leading technology and is engaged in deep discussions with many of the major players including hyperscalers, OEMs, colocation operators and AI-as-a-Service operators. Josh and his team are at the forefront of a seismic liquid cooling adoption cycle that we and data center operators across the ecosystem believe will occur in the near future. Once this shift takes hold, Accelsius is well equipped to catch the wave and drive significant value for our shareholders.”

Conference Call and Webcast

A conference call to discuss these results has been scheduled for 5:00 p.m. ET on May 15, 2025. The event will be webcasted live via Innventure’s investor relations website https://ir.innventure.com/ or via this link.

Parties interested in joining via teleconference can register using this link.

After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.

Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.

About Innventure

Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

Non-GAAP Financial Measures

We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.

Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.

There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.

Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.

In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure’s (the “Company’s”) future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s public filings made with the Securities and Exchange Commission and the following: (a) the Company’s and its subsidiaries’ ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company’s and its subsidiaries’ ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company’s and its subsidiaries’ business models and growth strategies; (c) the Company’s and its subsidiaries’ future capital requirements and sources and uses of cash; (d) the Company’s access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. (“YA”) or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company’s debt instruments, which may impair the Company’s financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company’s and its subsidiaries’ ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company’s and its subsidiaries’ competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company’s ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties (“Technology Solutions Provider”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies distracts the Company’s management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company’s or its subsidiaries’ information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company’s securities.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Media Contact: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com

Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
investorrelations@innventure.com

Innventure, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts)

	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Cash, cash equivalents and restricted cash	$	1,375		$	11,119
Accounts receivable		237			283
Due from related parties		124			4,536
Inventories		5,220			5,178
Prepaid expenses and other current assets		3,329			3,170
Total Current Assets		10,285			24,286
Investments		33,684			28,734
Property, plant and equipment, net		2,186			1,414
Intangible assets, net		176,750			182,153
Goodwill		436,807			667,936
Other assets		707			766
Total Assets	$	660,419		$	905,289
Liabilities and Stockholders’ Deficit
Accounts payable	$	5,061		$	3,248
Accrued employee benefits		11,216			9,273
Accrued expenses		3,102			2,478
Related party notes payable – current		—			14,000
Notes payable – current		2,141			625
Patent installment payable – current		700			1,225
Obligation to issue equity		261			4,158
Warrant liability		24,003			34,023
Income taxes payable		500			—
Other current liabilities		340			317
Total Current Liabilities		47,324			69,347
Notes payable, net of current portion		12,346			13,654
Earnout liability		7,470			14,752
Stock-based compensation liability		718			1,160
Patent installment payable, net of current		12,375			12,375
Deferred income taxes		25,454			27,353
Other liabilities		260			355
Total Liabilities		105,947			138,996
Commitments and Contingencies (Note 16)
Mezzanine Equity
Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 2,885,848 and — shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		28,727			—
Stockholders’ Equity
Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 1,118,808 and 1,102,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 47,103,800 and 44,597,154 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		5			4
Additional paid-in capital		484,256			502,865
Accumulated other comprehensive (loss) gain		(1,478	)		909
Accumulated deficit		(221,285	)		(78,262	)
Total Innventure, Inc., Stockholders’ Equity		261,498			425,516
Non-controlling interest		264,247			340,777
Total Stockholders’ Equity		525,745			766,293
Total Liabilities, Mezzanine and Stockholders’ Equity	$	660,419		$	905,289

See accompanying notes to condensed consolidated financial statements.

Innventure, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (in thousands, except share and per share amounts)

	Successor			Predecessor
	Three months ended March 31, 2025			Three months ended March 31, 2024
Revenue	$	224		$	224

Operating Expenses
Cost of sales		184			—
General and administrative		19,676			7,904
Sales and marketing		2,096			1,183
Research and development		6,253			1,669
Goodwill impairment		233,213			—
Total Operating Expenses		261,422			10,756

Loss from Operations		(261,198	)		(10,532	)

Non-operating (Expense) and Income
Interest expense, net		(1,538	)		(405	)
Net gain on investments		—			5,189
Net loss on investments – due to related parties		—			(186	)
Change in fair value of financial liabilities		16,429			(478	)
Equity method investment (loss) gain		(6,756	)		5
Realized gain on conversion of available for sale investment		1,507			—
Loss on extinguishment of related party debt		(3,538	)		—
Loss on conversion of promissory notes		—			(1,119	)
Miscellaneous other income		21			—
Total Non-operating Income		6,125			3,006

Loss before income taxes		(255,073	)		(7,526	)

Income tax benefit		(1,399	)		—
Net Loss		(253,674	)		(7,526	)
Less: net loss attributable to
Non-redeemable non-controlling interest		(110,677	)		(2,307	)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders		(142,997	)		(5,219	)

Basic and diluted loss per share	$	(3.10	)
Basic and diluted weighted average common shares		46,252,922

Other comprehensive loss, net of taxes:
Unrealized loss on available for sale debt securities – related party		(880	)		—
Reclassification of realized gain on conversion of available for sale investments		(1,507	)		—
Total other comprehensive loss, net of taxes		(2,387	)		—

Total comprehensive loss, net of taxes		(256,061	)		(7,526	)
Less: comprehensive loss attributable to
Non-redeemable non-controlling interest		(110,677	)		(2,307	)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$	(145,384	)	$	(5,219	)

See accompanying notes to condensed consolidated financial statements.

Innventure, Inc. and Subsidiaries Condensed Consolidated Statements of Changes in Unitholders’ Deficit (Predecessor) (Unaudited) (in thousands, except share and per share amounts)

	Class B Preferred		Class B-1 Preferred		Class A		Class C		Accumulated Deficit			Accumulated OCI		Non- Controlling Interest			Total (Deficit) Equity
December 31, 2023		38,122		3,323		1,950		844		(64,284	)		—		1,559			(18,486	)
Net loss		—		—		—		—		(5,219	)		—		(2,307	)		(7,526	)
Units issued to non-controlling interest		—		—		—		—		—			—		3,503			3,503
Issuance of preferred units, net of issuance costs		7,566		—		—		—		—			—		—			7,566
Unit-based compensation		—		—		—		51		—			—		345			396
Issuance of units to non-controlling interest in exchange of convertible promissory notes		—		—		—		—		—			—		8,443			8,443
Accretion of redeemable units to redemption value		—		—		—		—		(4,415	)		—		—			(4,415	)
March 31, 2024	$	45,688	$	3,323	$	1,950	$	895	$	(73,918	)	$	—	$	11,543		$	(10,519	)

See accompanying notes to condensed consolidated financial statements.

Innventure, Inc. and Subsidiaries Condensed Consolidated Statements of Changes in Mezzanine and Stockholders’ Equity (Deficit) (Successor) (Unaudited) (in thousands, except share and per share amounts)

	Stockholders’ Equity																						Mezzanine Equity
	Preferred Stock				Common Stock																		Preferred Stock
	Shares		Amount		Shares	Amount		Additional Paid-In Capital			Accumulated Deficit			Accumulated OCI			Non- Controlling Interest			Total Stockholders’ Equity			Shares	Amount
December 31, 2024	1,102,000		$	—	44,597,154	$	4	$	502,865		$	(78,262	)	$	909		$	340,777		$	766,293		—	$	—
Net loss	—			—	—		—		—			(142,997	)		—			(110,677	)		(253,674	)	—		—
Series B Preferred Stock buyback	(5,000	)		—	—		—		(50	)		—			—			—			(50	)	—		—
Series B Preferred Stock issued for paid-in-kind dividends	21,808			—	—		—		218			—			—			—			218		—		—
Issuance of common shares, net of issuance costs	—			—	161,964		—		1,927			—			—			—			1,927		—		—
Vesting of earnout shares	—			—	2,344,682		1		873			—			—			—			874		—		—
Other comprehensive gain, net of taxes	—			—	—		—		—			—			(2,387	)		—			(2,387	)	—		—
Conversion of related party notes	—			—	—		—		—			—			—			—			—		2,310,848		23,108
Issuance of Series C Preferred Stock, net	—			—	—		—		—			—			—			—			—		575,000		5,663
Non-controlling interest issued and related transfers	—			—	—		—		(26,303	)		—			—			33,249			6,946		—		—
Distributions to Stockholders	—			—	—		—		—			(26	)		—			—			(26	)	—		—
Stock-based compensation	—			—	—		—		4,943			—			—			898			5,841		—		—
Accrued preferred dividends	—			—	—		—		(217	)		—			—			—			(217	)	—		(44	)
March 31, 2025	1,118,808		$	—	47,103,800	$	5	$	484,256		$	(221,285	)	$	(1,478	)	$	264,247		$	525,745		2,885,848	$	28,727

See accompanying notes to condensed consolidated financial statements.

Innventure, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands, except share and per share amounts)

	Successor			Predecessor
	Three months ended March 31, 2025			Three months ended March 31, 2024
Cash Flows Used in Operating Activities
Net loss	$	(253,674	)	$	(7,526	)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation		5,841			396
Interest income on debt securities – related party		(91	)		—
Change in fair value of financial liabilities		(16,429	)		478
Change in fair value of payables due to related parties		—			186
Non-cash interest expense on notes payable		510			230
Net (gain) loss on investments		—			(5,189	)
Equity method investment gain (loss)		6,756			(5	)
Realized gain on conversion of available for sale investments		(1,507	)		—
Loss on extinguishment of related party debt		3,538			—
Loss on conversion of promissory notes		—			1,119
Deferred income taxes		(1,899	)		—
Depreciation and amortization		5,548			—
Goodwill impairment		233,213			—
Payment of patent installment		(525	)		—
Non-cash rent costs		61			—
Other, net		—			67
Changes in operating assets and liabilities:
Accounts receivable		46			—
Prepaid expenses and other current assets		(122	)		(136	)
Inventory		(42	)		—
Accounts payable		1,587			1,234
Accrued employee benefits		1,943			1,329
Accrued expenses		565			488
Stock-based compensation liability		(442	)		—
Income taxes payable		500			—
Other current liabilities		(73	)		(68	)
Net Cash Used in Operating Activities		(14,696	)		(7,397	)

Cash Flows Used in Investing Activities
Investment in available-for-sale debt securities – equity method investee		(2,337	)		—
Advances to equity method investee		—			(2,540	)
Acquisition of property, plant and equipment		(917	)		(640	)
Net Cash Used in Investing Activities		(3,254	)		(3,180	)

Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs		3,675			7,116
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs		4,907			3,503
Payment of debts		(300	)		(460	)
Distributions to Stockholders		(26	)		—
Payment of promissory notes to related parties		—			—
Repurchase of Preferred Stock		(50	)		—
Cash Flows Provided by Financing Activities		8,206			10,159

Net Decrease in Cash, Cash Equivalents and Restricted Cash		(9,744	)		(418	)
Cash, Cash Equivalents and Restricted Cash Beginning of period		11,119			2,575
Cash, Cash Equivalents and Restricted Cash End of period	$	1,375		$	2,157

See accompanying notes to condensed consolidated financial statements.

Innventure, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands, except share and per share amounts)

	Successor		Predecessor
	Three months ended March 31, 2025		Three months ended March 31, 2024
Supplemental Cash Flow Information
Cash paid for interest	$	1,127	$	55
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value		—		4,415
Issuance of units to non-controlling interest in exchange of convertible promissory notes		—		7,324
Conversion of working capital loans to equity method investee into investments in debt securities – related party		4,375		—
Extinguishment of debt with Series C Preferred Stock		14,000		—
Contribution of Series C Preferred Stock to equity method investee		5,783		—
Conversion of AFX available-for-sale term loan into equity method investments		8,757		—
Issuance of stock in exchange for services		4,002		—
Equity reallocation between non-controlling interest and additional paid-in capital		26,304		—

See accompanying notes to condensed consolidated financial statements.

Innventure, Inc. and Subsidiaries Non-GAAP Financial Measures (in thousands, except share and per share amounts)

	Successor		Predecessor
	Three months ended March 31, 2025		Three months ended March 31, 2024
Net loss	(253,674	)	(7,526	)
Interest expense, net⁽¹⁾	1,538		405
Depreciation and amortization expense	5,548		—
Income tax benefit	(1,399	)	—
EBITDA	(247,987	)	(7,121	)
Transaction and other related costs⁽²⁾	—		3,272
Change in fair value of financial liabilities⁽³⁾	(16,429	)	478
Stock-based compensation⁽⁴⁾	5,841		396
Goodwill impairment⁽⁵⁾	233,213		—
Loss on extinguishment of related party debt⁽⁶⁾	3,538		—
Loss on conversion of promissory notes	—		1,119
Adjusted EBITDA	(21,824	)	(1,856	)

(1) Interest Expense, net, includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs.
(2) Transaction and other related costs – For the three months ended March 31, 2025 (Successor) and three months ended March 31, 2024 (Predecessor), this is comprised of consulting, legal, and other professional fees related to the Business Combination.
(3) Change in fair value of financial liabilities – For the three months ended March 31, 2025 (Successor), the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability and the earnout liability. For the three months ended March 31, 2024 (Predecessor), this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
(4) Stock based compensation – For the three months ended March 31, 2025 (Successor), stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the three months ended March 31, 2024 (Predecessor), stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
(5) Goodwill impairment – For the three months ended March 31, 2025 (Successor), the Company recognized a goodwill impairment charge due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market during late February and March. There was no similar goodwill impairment charge for the three months ended March 31, 2024 (Predecessor).
(6) Loss on extinguishment of related party debt – For the three months ended March 31, 2025 (Successor), the Company extinguished certain related party debts by issuing Series C Preferred Stock. There was no loss on extinguishment of related party debt for the three months ended March 31, 2024 (Predecessor).

The MIL Network –

May 16, 2025

MIL-OSI USA: Kentucky Homeowners With Privately-Owned Road and Bridge Damage May Be Eligible for FEMA Assistance

Source: US Federal Emergency Management Agency 2

strong>FRANKFORT, Ky. – If you had a privately-owned road or bridge damaged or destroyed by the April severe storms, FEMA or the U.S. Small Business Administration (SBA) may provide financial assistance for replacement or repairs.
FEMA Assistance
FEMA may provide funds to repair privately-owned access roads and bridges that were damaged by the storms. To qualify, you must be the owner, and the home must serve as your primary residence.
A FEMA inspection is needed to determine if repairs are necessary for a vehicle to access the property. In addition, you must meet the following conditions:

A FEMA inspection determines repairs are necessary to provide drivable access to the primary residence.
The applicant is responsible, or shares responsibility with other homeowners, for maintaining the privately-owned access route to their primary residence.
The privately-owned access route is the only access to the applicant’s primary residence, and repair or replacement is necessary for the safety of occupants, allowing access for emergency vehicles or equipment.

When multiple households share a privately-owned access route, assistance is shared among applicants, requiring additional coordination and documentation between FEMA and each applicant. Applicants may be eligible for funds to repair a private road or bridge damaged in the disaster, even if their primary residence did not sustain damage.
U.S. Small Business Administration (SBA) Disaster Loans
The U.S. Small Business Administration (SBA), FEMA’s federal partner in disaster recovery, may also be able to help. Homeowners who share private access roads and bridges with other homeowners may be eligible for SBA disaster loans.
Agricultural property is not eligible, but a private access road to the farmer’s residence, the residence itself and personal contents may be eligible under disaster home loan criteria.
Please contact your Kentucky Farm Service Agency (USDA Service Center Locator).
For more information, call the SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov.
For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

MIL OSI USA News –

May 16, 2025
MIL-OSI Security: South Florida Tax Preparer, Two Others Charged with Conspiring to Defraud Covid-19 Relief Program

Source: United States Department of Justice (National Center for Disaster Fraud)

MIAMI –The last of three defendants made his initial appearance in Miami federal court yesterday to face an indictment charging the men with conspiracy to commit wire fraud while scheming to fraudulently obtain Paycheck Protection Program (PPP) loans.

PPP loans were intended to provide economic relief to small businesses during the Covid-19 pandemic. According to the allegations in the indictment, between May 2020 and March 2021, Guillermo Lopez Carrazana, Christian Mendoza, and Max Alberto Mera Ulloa, all residents of Miami-Dade County, conspired to submit over 165 false and fraudulent PPP loan applications to the U.S. Small Business Administration (SBA), which administered the emergency relief program under the CARES Act. The PPP was designed to help businesses maintain payroll and cover essential expenses during the pandemic. It is alleged that the defendants received $6.5 million in COVID relief money through the fraud.

It is alleged that Carrazana, Mendoza (a tax preparer) and Ulloa owned and operated various businesses, including G LUX LLC, Global Tax & Accounting Group Corp, CM Logistics Systems LLC and Max Mera Corporation. Along with others, the defendants allegedly submitted fraudulent loan applications that misrepresented payroll and employee information to obtain large sums of money under false pretenses.

The indictment further alleges that the defendants engaged in a kickback scheme, offering and receiving payments in exchange for referring additional individuals to participate in the fraudulent loan applications. It is also alleged that the defendants and the other fraudsters did not use the proceeds of the PPP loans for their intended purpose, instead they used the funds to enrich themselves.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, Special Agent in Charge Brett D. Skiles of the FBI, Miami Field Office, and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI), Miami Field Office made the announcement.

FBI Miami and IRS-CI, Miami Field Office are investigating the case. Assistant U.S. Attorney Roger Cruz is prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 25-cr-20178.

###

MIL Security OSI –

May 16, 2025
MIL-OSI Economics: Verizon’s Red Hot Deal Days are back with the season’s biggest sale: phones, watches, tablets and more, on us
Source: Verizon

Headline: Verizon’s Red Hot Deal Days are back with the season’s biggest sale: phones, watches, tablets and more, on us
NEW YORK – Verizon just announced its hottest deals of the season with “Red Hot Deal Days,” from May 15 through May 28. As the first and only provider in the industry offering all new and existing myPlan and myHome customers a three-year price lock guarantee, Verizon is committed to providing its customers peace of mind and big savings.

“We’re providing our best deals and value as a thank you for our customers,” said Sowmyanaran Sampath, Verizon Consumer CEO. “Price, value and savings are top of mind for people today – every dollar counts. That’s why we’re proud to offer these deals as an added benefit alongside our three year price lock. We’re not just meeting expectations; we’re setting a new standard for what customers should expect from their mobile and home internet provider.”

This year for Red Hot Deal Days, new and existing mobile customers can score a smartphone, watch, and tablet with ANY myPlan, on us, plus Ray Ban Meta glasses with select Unlimited plans. So, whether you want the iPhone 16 Pro, the Samsung Galaxy S25+ or the Google Pixel 9 Pro – there’s a deal for you, ALL ON US! AND new home internet customers can get a $400 credit on select Samsung home tech at Best Buy and more. This special event has something for everyone, featuring incredible deals on the latest tech accessories, from Father’s Day gifts to graduation gifts, to travel essentials for vacation and more. It’s the perfect lead-up to summer!

Savings on the hottest tech for Mobile and Home customers

Verizon mobile customers who upgrade or add a line on ANY myPlan can enjoy one of three mobile bundles with select phone trade-in and service plan for watch and tablet, plus Ray-Ban Meta Glasses (Up to $299, for those who add a new line on Unlimited Plus or Unlimited Ultimate plans):

Apple: Get the iPhone 16 Pro, Watch Series 10 and iPad (A16), on us.

Google: Get the Pixel 9 Pro, Pixel Watch 3 and Tab S10 FE, on us.

Samsung: Get the Galaxy S25+, Galaxy Watch Ultra and Tab S10 FE, on us.

New Verizon Home Internet customers who sign up for select plans can enjoy:

Price-lock guarantee for 3-5 years, depending on plan

$400 off select Samsung home tech at Best Buy

The YouTube Premium Perk for 6 months (then $10/mo after)

and Ray-Ban Meta Glasses (Up to $299), all on us.

For families looking for wearable tech:
StreamTV Soundbar: Get the latest StreamTV Soundbar for only $149.99 (Save $250)

StreamTV: Get the Verizon StreamTV device for only $19.99 (Save $50)

And for a limited time, save even more by getting 25% cash back as a statement credit when you use your Verizon Visa® Card on eligible electronic and accessory purchases at Verizon.

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Samsung Home Tech: Offer valid thru 5.28.25 for a $400 credit via promo code to be used toward the single item purchase of select Samsung home tech (eligible TVs, appliances, laptops, tablets, monitors, and speakers) with a minimum retail price of $800. Product selection may vary. Offer not valid on Samsung smartphones. For new home internet customers who install eligible Verizon Home Internet services and redeem w/in 30 days thereafter, or by no later than 7.27.25, whichever is first. Promo code must be redeemed online at bestbuy.com/verizonsamsungpromotion. Verizon reserves the right to charge back the value of the Samsung credit if eligible service is canceled w/in 180 days. One offer per eligible Verizon account, while supplies last. Samsung and related trademarks are owned by Samsung Electronics Co., Ltd. Verizon is not affiliated with Best Buy. Purchase, delivery, installation, and other charges are the subject to Best Buy’s terms & conditions.

Ray-Ban Meta Glasses: Mobile: Offer valid through 5.28.25 for select Ray-Ban Meta glasses, with retail value up to $299, w/ purchase of eligible smartphone on device payment w/new smartphone line on postpaid Unlimited Plus or Unlimited Ultimate plan. Must maintain eligible services for 30 days and redeem offer w/in 60 days thereafter, or by no later than 09.25.25, whichever is first. Glasses redeemed on Meta.com. Verizon reserves the right to charge back the value of the Ray-Ban Meta promotional device(s) if eligible service is canceled w/in 180 days or eligibility req’s are no longer met. Limit 1 offer per Verizon account. While supplies last. Home: Offer valid through 5.28.25 for select Ray-Ban Meta glasses, with retail value up to $299. For new home internet customers who activate/install and maintain eligible 5G Home Plus, LTE Home Plus, Fios 2 Gig or Fios 1 Gig internet services in good standing for 65 days and redeem offer w/in 60 days thereafter, or by no later than 10.30.25, whichever is first. Glasses redeemed on Meta.com. Verizon reserves the right to charge back the value of the Ray-Ban Meta promotional device(s) if eligible service is canceled w/in 180 days. Limit 1 offer per Verizon account. While supplies last.

(Apple) Phone: $999.99 (128 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Apple, Google, Motorola or Samsung; trade-in terms apply. Apple Intelligence requires iOS 18.1 or later. Apple Watch/iPad: Up to $499.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Apple Watch/iPad. Less up to $500 promo credit per device applied over 36 mos; 0% APR. All promo credits for iPhone/Apple Watch/iPad offers end if eligibility req’s per device are no longer met.

(Google) Phone: $999.99 (128 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Google, Apple, Motorola or Samsung; trade-in terms apply. Tablet/Watch: Up to $599.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Tablet/Watch. Less up to $600 promo credit per device applied over 36 mos; 0% APR. All promo credits for Phone/Watch/Tablet offers end if eligibility req’s per device are no longer met.

(Samsung) Phone: $999.99 (256 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Samsung, Apple, Google or Motorola; trade-in terms apply. Tablet/Watch: Up to $649.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Tablet/Watch. Less up to $650 promo credit per device applied over 36 mos; 0% APR. All promo credits for Phone/Watch/Tablet offers end if eligibility req’s per device are no longer met.

Price Guarantee: myPlan: Applies to the then-current base monthly rate charged by Verizon for your talk, text, and data; excludes taxes, fees, surcharges, additional plan discounts or promotions, and third-party services. Price guarantee is void if any of the lines are canceled or moved to an ineligible plan. Plan perks, taxes, fees, and surcharges are subject to change.

myHome: Price guarantee for 3-5 years, depending on internet plan, for new and existing myHome customers. Applies only to the then-current base monthly rate exclusive of any other setup and additional equipment charges, discounts or promotions, plan perk and any other third-party services.

YouTube Premium: Offer valid thru 5.28.25. Requires an eligible Verizon Home Internet (“VHI”) plan. $10/mo perk credit ends after 6 mos or if perk is canceled or line is moved to an ineligible plan during the 6-mo promo period. After 6 mos, perk bills as $10/mo unless perk is canceled or unregistered. Must be 18 years of age or older to enroll. After enrolling in the YouTube Premium perk, you will need to complete account setup to use the service. Enrolling in the YouTube Premium perk may affect existing subscriptions to YouTube Premium. Managing subscriptions may be required to avoid multiple subscriptions and corresponding charges. One offer per eligible VHI account. Subject to YouTube Terms of Service & YouTube Premium and Music Premium Terms of Use.

Gizmo Watch: $149.99 purchase on service plan req’d. Less $75 promo credit applied over 36 mos.; promo credit ends if eligibility req’s are no longer met; 0% APR.

Verizon Visa Card: Purchases subject to credit approval. Offer available 5/15/25 at 3 AM ET – 5/29/25 at 3 AM ET. Excludes phones, smartwatches, tablets, laptops and gift cards. Offer is based on purchase price, excluding taxes and shipping and other fees. Offer is not combinable with the Accessories Financing Offer. Maximum purchase total of $1,000 on eligible accessories & electronics purchases at Verizon. $250 maximum statement credit during offer period. Statement credit will be applied to your Verizon Visa Card account within 1-2 billing cycles from offer end date. Verizon Visa Card account needs to be in good standing at time statement credit is applied to qualify. Statement credit cannot be used to satisfy the required monthly payment on your credit card account and may not be redeemed for cash or cash equivalent. The Verizon Visa Signature® Card is issued by Synchrony Bank, pursuant to a license from VISA USA Inc.
MIL OSI Economics –
May 16, 2025
MIL-OSI USA: Warren, Schmitt Renew Bipartisan Fight for More Competition in Pentagon’s AI and Cloud Contracting
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren

May 15, 2025

Bicameral bill aligns with new White House guidelines on AI contracting for government agencies

Text of Bill (PDF) | Text of One-Pager (PDF)

Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Eric Schmitt (R-Mo.) reintroduced the bipartisan, bicameral Protecting AI and Cloud Competition in Defense Act to ensure that the Department of Defense (DoD)’s contracting for artificial intelligence (AI) and cloud computing tools prioritizes resiliency and competition. The bill reins in Big Tech monopolies and prevents them from cutting out competitors in the AI and cloud computing markets.

Representatives Sara Jacobs (D-Calif.), Pat Fallon (R-Texas), and Chris Deluzio (D-Pa.) introduced the bill in the House of Representatives.

The reintroduction comes as the White House has released new guidelines on AI procurement that encourage federal agencies to avoid vendor lock-in and to ensure that government data is protected and not used to train commercial AI models.

The AI and cloud computing industries are highly concentrated, and a few Silicon Valley companies control the markets the DoD relies on for cloud infrastructure, foundation models, and data infrastructure. DoD has already awarded $9 billion in contracts to Google, Oracle, Microsoft, and Amazon to build its cloud computing network, and requested an additional $1.8 billion for AI programs for Fiscal Year 2025. The Protecting AI and Cloud Competition in Defense Act would ensure that DoD’s new contracts protect competition in the AI and cloud computing markets, instead of giving an unfair advantage to a few big players. The bill also encourages DoD to consider cloud computing services from multiple providers so the agency isn’t locked in by a single tech company.

Specifically, the bill would:
- Require DoD — when contracting with AI and cloud computing companies that make $50 million or more with DoD annually — to hold a competitive award process, ensure that the government maintains exclusive rights to access and use of all government data, mitigate barriers to entry faced by small businesses and nontraditional contractors, and consider multi-cloud technology unless doing so is infeasible or presents a danger to national security.
- Require DoD’s Chief Digital and Artificial Intelligence Office (CDAO) to ensure that government data provided for the purpose of development and operation of AI products to DoD will not be disclosed or used without DoD authorization, and such government data, if stored on vendor systems, has appropriate protections.
- Require DoD to publish a report every four years on competition, innovation, barriers to entry, and market power concentration in the AI sector, with recommendations for legislative and administrative action.
Senators Warren and Schmitt first introduced the Protecting AI and Cloud Competition in Defense Act in December 2024.

“It’s a mistake to let Silicon Valley monopolize our AI and cloud computing tools because it doesn’t just stifle innovation, it increases costs and threatens our national security,” said Senator Warren. “Our bill will make sure the military can access cutting-edge tools and will keep our markets strong and our information secure.”

“The Department of Defense’s procurement system must encourage competition instead of allowing a select group of companies to dominate the awards process. We must move away from policies that create risk concentration, and stifle innovation to instead adopt policies that create opportunities for emerging A.I. defense companies. I am proud to be leading this bill that promotes this smart policy, as well as encourage innovation so the U.S. can continue to lead A.I.,” said Senator Eric Schmitt.

“Competition always pushes the limits of creativity, innovation, and excellence – whether in AI or any other field. That’s why the Department of Defense needs to prioritize competition in its AI and cloud computing contracts to ensure we deploy the best technologies to protect and strengthen our national security. I’m proud to help lead this bicameral legislation that will make our country safer, stronger, and more competitive on the global stage,” said Congresswoman Sara Jacobs.

“The Department of Defense needs to shape up its federal tech procurement process to protect data and public money from the failures of concentrated power and a lack of competition,” said Congressman Chris Deluzio. “Policies like the Protecting AI and Cloud Competition in Defense Act will promote real competition in the defense technology sector to help keep our military strong, fortified, and ready for anything.”

“By relying on free market principles, the Department of Defense can help ensure competition and innovation when it comes to the bidding process for government AI and cloud contracts,” said Congressman Pat Fallon. “It’s our duty to ensure the DOD is picking the winners now and, in the future, to keep ahead of our competitors. Due to the varied cyber threats facing our nation today, we must also ensure that AI and cloud related data is secure when it is held exclusively by the federal government. For these reasons, the Protecting AI and Cloud Competition in Defense Act is the next step forward Congress must take in the interest of US national security.”

The Protecting AI and Cloud Competition in Defense Act is endorsed by Economic Securities Project Action and the Open Markets Institute.

Senator Warren has been a leader in the fight to rein in Big Tech and boost competition in the tech and defense sectors:
- In May 2025, Secretary of the Army, Daniel P. Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts, after pressure from Senator Warren.
- In April 2025, Senator Elizabeth Warren secured a commitment from Mr. Michael Cadenazzi, nominee to be the next Assistant Secretary of Defense for Industrial Base Policy, to support AI competition and innovation in defense contracting.
- In April 2025, Senators Elizabeth Warren and Ron Wyden (D-Ore.) wrote to cloud service providers Google and Microsoft with concerns that their respective partnerships with AI developers Anthropic and OpenAI may violate antitrust laws, leading to fewer choices and higher prices for businesses and consumers using AI tools.
- In January 2025, at a hearing of the Senate Armed Services Committee, a Palantir Executive agreed with Senator Elizabeth Warren that legal loopholes should not enable companies to price-gouge the military.
- In September 2024, Senator Warren wrote to Assistant Attorney General of the Antitrust Division at the United States Department of Justice (DOJ) Jonathan Kanter in support of the DOJ’s ongoing probe into Nvidia’s potentially anticompetitive behavior.
- In February 2024, Senator Warren delivered the keynote address at RemedyFest, where she called out Big Tech for their anti-competitive tactics that have led to market consolidation and record profits.
- In January 2024, at a hearing of the Committee on Banking, Housing and Urban Affairs, Senator Warren questioned Emily Kilcrease, Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security, on the national security risks posed by digital trade rules that allow tech companies to collect, sell, and store Americans’ data wherever is cheapest, including China.
- In December 2023, Senators Warren, Amy Klobuchar (D-Minn.), and Bernie Sanders (I-Vt.), along with U.S. Representatives Mary Gay Scanlon (D-Pa.), Hank Johnson (D-Ga.), Pramila Jayapal (D-Wash.), Jan Schakowsky (D-Ill.), Lori Trahan (D-Mass.), and Rosa DeLauro (D-Conn.), sent a letter to President Biden, urging him to continue to reject any trade or policy proposals from Big Tech that would deem the European Union’s Digital Markets Act (DMA) to be discriminatory or an illegal trade barrier, in order to protect the administration’s shared pro-competition priorities with its European allies.
- In November 2023, Senator Warren and U.S. Representative Jan Schakowsky (D-Ill.), led 10 lawmakers in a letter to President Joe Biden, commending his administration’s actions countering Big Tech’s influence in trade negotiations, and asking him to replace “digital trade” provisions lobbied for by Big Tech in Indo-Pacific Economic Framework (IPEF) negotiations with new language to ensure regulatory agencies and Congress are able to counter Big Tech abuses and develop a new model for digital rules in trade agreements that promotes competition and protects workers, consumers, and small businesses.
- In July 2023, Senators Warren and Graham introduced the Bipartisan Digital Consumer Protection Commission Act which would rein in Big Tech by establishing a new commission to regulate online platforms. The commission would have concurrent jurisdiction with FTC and DOJ, and would be responsible for enforcing the new statutory provisions in the bill and implementing rules to promote competition, protect privacy, protect consumers, and strengthen our national security.
- In May 2023, Senator Warren released a 22-page investigative report: Big Tech’s Big Con: Rigging Digital Trade Rules to Block Antitrust Regulation. The investigation, based on a review of previously undisclosed emails, reveals that Big Tech is using its revolving door hires to gain backdoor access to key United States Trade Representative and Commerce Department officials, undermining the Biden Administration’s promises to end rigged trade deals and protect workers, consumers, and the environment.
- In October 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo underscoring the dangers of Big Tech’s digital trade agenda, following up on a letter the lawmakers sent to Secretary Raimondo in July 2022 requesting additional information about the revolving door between Commerce and Big Tech and its potential impact on global digital trade rules.
- In July 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo raising questions about the revolving door between the Department of Commerce and Big Tech companies, and its potential impact on global digital trade rules.
MIL OSI USA News –
May 16, 2025
MIL-OSI Global: Why we’ve fallen out of love with dating apps

Source: The Conversation – UK – By Anh Luong, Assistant Professor of Business Analytics, Warwick Business School, University of Warwick

pathdoc/Shutterstock

Dating apps have transformed how people meet romantic partners. But they seem to be falling out of favour.

Data shows that last year, four of the biggest dating apps in the UK lost over a million users between them. And research my colleague and I worked on suggested that this is because people have become frustrated and bored with digital matchmaking.

The frustration is usually the result of inconsiderate behaviour from other app users. And the boredom appears to stem from a growing belief that the AI used by these apps seems to prioritise short-term engagement metrics over meaningful connections.

This marks a significant shift from earlier online dating websites, which were notably more transparent about how they tried to establish authentic connections. Often this was through detailed answers to compatibility quizzes or personality assessments.

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For example, OkCupid.com (founded 2004) asked users a wide range of multiple-choice questions. It then went further by also asking them to specify the responses to those same questions they wanted to see from prospective partners.

In contrast, today’s dating apps increasingly rely on less transparent AI which seems to be based on simplistic engagement metrics (number of swipes, frequency of texts, time spent on the app) rather than a path to genuine compatibility.

The result is often a selection of vague, fleeting connections that do not amount to meaningful relationships. And the business model of today’s dating apps – selling increased visibility and access to matches – creates a challenging environment for many users to find the matches they want.

Because of this, many users experience a sense of dissatisfaction which manifests itself in four stages.

It begins with what I call a “boredom cycle”. General boredom prompts many daters to use the app in the first place, but resulting conversations often turn into uninspired and lacklustre exchanges. This adds to the boredom, which then spreads and grows throughout the entire dating app network.

After that is a general sense of disappointment, as users become jaded from regular “ghosting” (cutting off communication without notice), “flaking” (cancelling dates at the last minute), and mundane message exchanges which don’t lead to actual dates.

This all leads to a third stage of “algorithmic cynicism”. At this point, users become increasingly sceptical of dating app algorithms, suspecting that their primary function is to encourage the purchase of certain features rather than to establish authentic connections.

Finally, communication fatigue kicks in. Users go through the motions of swiping and texting with a sense that there are no better alternatives. It all becomes a somewhat hollow experience which ultimately drives many away from the platforms completely.

Swipe on, swipe off

Research has also shown that the initial rise of online dating usage among millennials coincided with early enthusiasm about social media. But this enthusiasm has diminished.

Social media users are now increasingly suspicious (and vigilant) about the risks of misinformation, scams, and offensive content.

‘And how’s the algorithm working out for you guys so far?’
Monkey Business Images/Shutterstock

Despite all of this, people still seek connections through dating platforms – whether for casual or long-term partnerships. So perhaps the issue is not with digital dating itself, but with how the industry uses AI. And an alternative is possible.

In related research on human-AI joint decision-making, my colleagues and I found that when people interact with an imperfect AI system, but also receive clear feedback about the their own behaviour patterns and how the AI responds, they can help to correct errors.

That research focused on financial decisions, but dating apps could do a similar thing by openly providing daters with personalised insights about how AI algorithms are responding to their activity. This is something that no dating app currently does.

Instead, they let users adjust certain filters, such as age, location and ethnicity. But then they use AI to create “revealed preferences” based on people’s patterns of engagement with the app, like swiping and messaging. These “revealed preferences” seem to greatly influence the kinds of profiles that the dating apps’ AI recommends.

For example, even if someone says they are keen to date people across a wide age range, the app may still end up recommending profiles of a narrower age group, because the user has tended to swipe right on those in the past. Because of this, users have expressed concerns that the AI could be adding unwanted limitations to their potential dating pool.

In the AI of the beholder

Indeed, our research shows that a cynical view of dating app algorithms is a key reason why something as potentially exciting as finding a romantic partner can become so dreadfully boring.

Addressing this issue, by simply explaining to daters how AI interprets their use of the app (the swipes, the matches, and actual dates) could be a valuable selling point. Giving users freedom to adjust other filters besides demographics, such as those related to their values and interests, could further increase interest.

This would represent a return to the more transparent match-making principles of earlier dating websites, but with the benefits of the latest technology.

Our research suggests that as dating app users grow ever more discerning, they will demand greater transparency and an improved overall dating app experience. The industry’s future may ultimately depend on whether companies can shift focus from impersonal engagement metrics to fostering authentic connections.

And platforms which embrace transparency and empower users could make many fall in love with dating apps all over again.

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

– ref. Why we’ve fallen out of love with dating apps – https://theconversation.com/why-weve-fallen-out-of-love-with-dating-apps-249333

MIL OSI – Global Reports –

May 16, 2025
MIL-OSI USA: Grassley Announces Staff Traveling Office Hours in 12 Iowa Counties

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Sen. Chuck Grassley’s (R-Iowa) staff will hold traveling office hours in 12 counties from May 22 to May 23. Iowans seeking assistance with a federal agency or wishing to share their views may stop by during the scheduled hours listed below.
NOTE: Senator Grassley will not be in attendance. He will be represented by his regional directors: Noah Schrad of Des Moines and Jacob Bossman of Sioux City.
“For 45 years, I’ve made it a point to hold meetings in every county, every year. I can’t meet face-to-face with all three million Iowans, so in addition to mail and telephone communication, my staff holds traveling office hours to ensure my constituents’ concerns are heard and their problems are addressed,” said Grassley. “I encourage Iowans needing assistance to stop by during these upcoming traveling office hours to meet with my staff, or contact one of my offices.”
The schedule is as follows:
Thursday, May 22
Woodbury County
9 – 10 a.m.
Little Courthouse
105 N 2nd Street
Anthon
Regional Director Jacob Bossman
Ida County
10:30 – 11:30 a.m.
Lohff-Schumann Community Center
301 Lohff-Schumann Drive
Holstein
Regional Director Jacob Bossman
Adair County
11 a.m. – 12 p.m.
Greenfield Public Library – Study Room
202 S 1st Street
Greenfield
Regional Director Noah Schrad
Cherokee County12 – 1 p.m.
Cherokee Chamber of Commerce
201 W Main Street
Cherokee
Regional Director Jacob Bossman
Guthrie County
2 – 3 p.m.
Panora Public Library – Meeting Room
102 N 1st Street
Panora
Regional Director Noah Schrad
O’Brien County
2:30 –3:30 p.m.
Paullina Community Building – Laue Room
127 S Main Street
Paullina
Regional Director Jacob Bossman
Friday, May 23
Osceola County
9:45 – 10:45 a.m.Ashton State Bank – Basement Community Room317 3rd Street
Ashton
Regional Director Jacob Bossman
Story County
11 a.m. – 12 p.m.
Nevada Public Library – Study Room 2
631 K Avenue
Nevada
Regional Director Noah Schrad
Lyon County
11:30 a.m. – 12:30 p.m.
Inwood Community Center
103 S Main Street
Inwood
Regional Director Jacob Bossman
Sioux County
2:15 – 3:15 p.m.
Hawarden Public Library
803 10th Street
Hawarden
Regional Director Jacob Bossman
Marshall County
2:30 – 3:30 p.m.
Marshalltown Public Library – Community Meeting Room
105 W Boone Street
Marshalltown
Regional Director Noah Schrad
Plymouth County
3:30 – 4:30 p.m.
Akron City Hall
220 Reed Street
Akron
Regional Director Jacob Bossman
-30-

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: May 15, 2025 SEEC Energy and Commerce Members Slam Republicans’ Attack on American Health and Affordability Washington, D.C. – This week, House Sustainable Energy and Environment Coalition (SEEC) members on the House Energy and Commerce Committee slammed House Republicans’ obscene budget reconciliation plan to gut life-saving pollution reduction programs, raise Americans’ electricity bills, cut off critical… Read More
Source: United States House of Representatives – Representative Kevin Mullin California (15th District)

Washington, D.C. – This week, House Sustainable Energy and Environment Coalition (SEEC) members on the House Energy and Commerce Committee slammed House Republicans’ obscene budget reconciliation plan to gut life-saving pollution reduction programs, raise Americans’ electricity bills, cut off critical support for high-tech American manufacturing, and legalize corruption for oil and gas companies. These members included SEEC Co-Chairs Reps. Doris Matsui (CA) and Paul Tonko (NY) and were joined by their fellow SEEC colleagues Reps. Nanette Barragán (CA), Kathy Castor (FL), Yvette Clarke (NY), Debbie Dingell (MI), Jennifer McClellan (VA), Kevin Mullin (CA), Alexandria Ocasio-Cortez (NY), Scott Peters (CA), Kim Schrier (WA), and Darren Soto (FL).

“Republicans are ramming through a disastrous, ugly budget bill that is going to cause widespread harm to Americans and our environment. Why? So they can give massive tax cuts to billionaires, corporations, and oil companies. Republicans want to strip health care away from over 13.7 million Americans who rely on Medicaid, which will raise prices for the privately insured too,” said Congressman Mullin. “The bill also cuts funding for clean energy innovation while allowing oil and gas companies to buy their way out of having to follow environmental laws. This will stagnate American progress in developing affordable, sustainable solutions to meet our energy needs. This isn’t efficiency, it’s cruelty and Republicans are making it clear that they don’t care about raising costs for working families.”

“Republicans’ reconciliation bill is a shameless sell-out to corporations at the expense of hard-working Americans’ health and prosperity,” said Congresswoman Matsui. “This bill eliminates and defunds pollution protections and pollution reduction programs that my constituents rely on, illegally and insidiously clawing back funding that is already supporting projects in communities across this country. In my district, La Familia Counseling Center was poised to do transformative work with their Community Change Grant—but Republicans are gutting that progress to pay for tax breaks for their billionaire friends. As if that weren’t enough, Republicans’ bill contains a shocking and outrageous attempt to legalize corruption for oil and gas companies, allowing polluting corporations to simply buy all the permits they need to build a pipeline through American communities, no questions asked. This kind of bribery is how dictatorships operate. This is not how America works. We cannot allow this egregious corruption to become law.”

“My Republican colleagues claim they are going after the clean energy programs that are, in their words ‘reckless’ and favor ‘wokeness over sensible policy,’” said Congressman Tonko. “Which programs are those? Is it the $12 million in unobligated funds to reduce air pollution in schools? How about DOE money to train contractors to retrofit people’s homes? What about money to upgrade our ports with the latest and greatest technologies? These are just a few examples of commonsense investments that are being targeted today that are creating American jobs and deploying new technologies that will indeed reduce pollution. And when you start to list them out, you can see how ridiculous this proposal is. But why on Earth would Republicans be doing this? Well, we know these funds will be used to partially offset yet another round of tax cuts, the benefits of which will overwhelmingly go to the wealthiest.”

“Republican cuts to environmental justice grants will directly harm the health of our communities,” said Congresswoman Barragán. “Medicaid helps many access and afford health care in vulnerable communities with clean air and water challenges. Yet, Republicans have proposed the largest Medicaid cut in history. It’s all connected and Republicans want to go backward on the environment and health care access.”

“You should hold on to your wallets, because House Republicans are coming after your electric bills to pay for a massive tax giveaway to billionaires like Elon Musk,” said Congresswoman Castor. “Because let’s face it, American families are being financially squeezed right now – especially my neighbors in Florida still struggling to rebuild from Hurricanes Helene and Milton. Utility companies in at least 19 states have hiked rates as much as $40 per month since the Trump administration began. Republicans have not brought forth a single bill to lower energy costs for hardworking American families. Instead, what they’re offering today is a handout to big oil companies and polluters and the impact will be to raise your electric bill.”

“There’s nothing and no one House Republicans won’t betray just to fund obscene tax breaks for their wealthy donors,” said Congresswoman Clarke. “By taking an axe to the critical programs Americans rely on to protect them from the climate crisis, reduce pollution, and keep energy affordable, our colleagues across the aisle have once again proven they are incapable of putting the needs of their communities above the demands of their billionaire puppet masters.”

“What this bill does is create total chaos for the auto industry in repealing EPA’s emission standards for light and medium-duty vehicles and NHTSA’s corporate average fuel economy standards. What the domestic auto industry needs now more than anything is certainty. My priority is to protect American jobs, maintain our competitive edge in automotive manufacturing, ensure the United States leads in technology and innovation, and that we cede our leadership to nobody,” said Congresswoman Dingell. “Our policies must reflect the priorities on the ground, prioritize consumer choice and offer a practical, ambitious path forward. To remain competitive, the US must align with the global shift towards hybrids, electric vehicles, and down the road, who else knows what other technology. Here’s a fact. The global marketplace wants electric vehicles and I will be damned if I let China beat us in that market.”

“I know the Trump Administration and some of my colleagues on the other side of the aisle don’t like the word environmental justice, but what environmental justice is designed to do is recognize that there are communities in this country — white, black, low-income, urban and rural — where energy projects were put in place with no input from the community, where the people didn’t have the resources to fight back or even knew what was happening,” said Congresswoman McClellan. “These are the same communities that have some of the poorest health outcomes in the country. We should want to help address centuries of injustice and invest in those communities, but this bill guts those programs altogether – that’s not justice.”

“In my time here in Congress, I have participated in investigations of large corporations that have poisoned communities across the country. A lot of times, these communities were poisoned due to large corporations that were exploiting corrupt loopholes in the law in order to poison the most vulnerable communities in America,” said Congresswoman Ocasio-Cortez. “And I deeply fear that there is a loophole and similar provision in this bill. This bill allows gas companies to pay $1 million in order for their project to bypass the traditional permitting process. In fact, this bill allows natural gas pipeline projects to pay a fee of $10 million to cut the line and bypass the normal permitting process. Allowing massive corporations to simply cut a check to bypass the very real reasons why permitting exists in the first place, poses a deep and grave danger to people across the country.”

“Last Congress, my Republican colleagues were insistent that we should have an all-of-the-above energy strategy, one that leveraged our natural resources, unleashed American innovation, and cut through bureaucratic red tape,” said Congressman Peters. “Which is why I am confused that we are considering a reconciliation bill that picks winners and losers, and elevates expensive, outdated, and inefficient sources like coal over cheap American-made energy like solar, wind, and storage. Why does this bill provide government-backed insurance to coal plants, as the President of the United States single-handedly kills hundreds, if not thousands, of clean energy jobs across the country by illegally targeting projects and weaponizing the permitting process?”

“This bill completely bypasses communities and landowners, and these ‘pay-to-play’ provisions put not just a thumb but an entire arm, maybe a body on the scale favoring oil and gas,” said Congresswoman Schrier. “It’s giant corporations like Shell, BP, Chevron. They’re the ones that have the wherewithal to pay to bypass all permitting requirements. This bill is more of the ‘drill baby drill’ agenda that we hear every week from our Republican colleagues. I’m all for streamlining permitting to address energy demand and infrastructure that has real impacts on our communities. But there’s ways to streamline permitting and get new energy resources online without sidelining solar, wind, nuclear, hydropower, or hydrogen projects. Streamlining permitting is key if we’re going to meet energy demand. Clean power should have the same opportunity as oil and gas and we shouldn’t be disregarding important environmental protections.”

“This is a bad deal for the South, whether it’s consumers in Florida or whether it’s all these high-paying jobs going to all these Southern states. This is a job killer,” said Congressman Soto. “In addition, adding in defunding of interstate transmission lines. I’ve heard from both sides of the aisle how often this is critical. So why in the world would you defund the interstate transmission lines? That makes no sense. That will raise energy prices. It will prevent efficiencies in the market. And it will prevent different states from specializing in new types of energy, whether it’s modular nuclear or renewable energy that’s being formulated here in Florida.”

Background

House Republicans are gutting critical pollution protections and pollution reduction programs, raising American household energy costs, pulling the rug out from under America’s manufacturing sector, and creating a brazen new “pay-to-play” bribery scheme for polluting corporations. Here’s what the bill does:
- Repeals and rescinds funding from Environmental Protection Agency programs that protect Americans from pollution and help American households save money on energy costs and medical bills. Some of these programs include:
  - Greenhouse Gas Reduction Fund that is dedicated to lowering energy bills and cutting pollution.
  - Environmental and Climate Justice Block Grants that support disadvantaged communities to reduce pollution and pollution-related health impacts in their communities.
  - Methane Emissions and Waste Reduction Incentive Program to reduce pollution and waste from the oil and gas sector, improving the health and economic well-being of overburdened communities, while also saving energy.
  - Clean Heavy Duty Vehicle Program that helps communities replace old polluting diesel engines and vehicles—some of the dirtiest vehicles on the road—with new, clean vehicles.
  - Clean Ports Program that helps improve air quality around U.S. ports and address the public health and environmental impacts to surrounding communities.
- Repeals life-saving Clean Air Act standards for vehicle pollution and fuel efficiency that help Americans save money at the pump and improve health outcomes in our communities.
- Eliminates funding for the Department of Energy Loan Programs and the Advanced Industrial Facilities Deployment Program that help commercialize next-generation American-made technology, bringing manufacturing back to America and creating good-paying jobs, while also developing cutting-edge technologies that save Americans money and reduce pollution in American communities.
- Creates a pay-to-play bribery scheme for polluters that allows oil and gas companies to pay a fee and bypass standard permitting, environmental reviews, and judicial review processes. Whether it’s a natural gas pipeline or a natural gas export terminal, companies can simply buy all the permits they need to build their pipeline through your community. This is blatant and unconscionable corruption.
Republicans had multiple opportunities to improve the bill and ensure that Americans’ pocketbooks, health, and livelihoods are protected, but Republicans repeatedly rejected Democratic amendments, including Democratic-led efforts to:
- Ensure that this bill does not raise energy costs for American households. Representative Castor’s amendment would have required the U.S. Energy Information Administration to publish the impacts of the Energy Subtitle of the bill on monthly energy costs for American households.
- Protect the health and safety of our families and communities. Representative Dingell’s amendment would have prevented the repeal of the Greenhouse Gas Reduction Fund.
- Hold polluters accountable and prevent the legalization of corruption under this bill. Representative Ocasio-Cortez’s amendment would have required the Inspector General of the Department of Energy to certify that this bill will not increase risks of corruption or ‘pay-to-play’ politics.
- Protect American energy independence and deliver cheap energy to Americans. Representative Auchincloss’ amendment would have prevented the energy provisions from going into effect until the Secretary of Energy certifies that tariffs on energy imports are no greater than they were on January 19, 2025.
###

MIL OSI USA News –
May 16, 2025
MIL-OSI: Aleran Software’s Digital Commerce Platform Is Certified by SAP as Built with SAP Business Technology Platform
Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, May 15, 2025 (GLOBE NEWSWIRE) — Aleran Software announced today that its digital commerce platform is now certified by SAP^® as built with SAP Business Technology Platform (SAP BTP), SAP’s platform for the Intelligent Enterprise.

Aleran helps mid-market B2B manufacturers, wholesalers and distributors quickly and easily orchestrate omni-channel B2B sales and commerce. It does this with an AI-fueled holistic commerce platform that simplifies complex product configuration and pricing by delivering customer portals, B2B eCommerce, end-to-end sales order management, and AI-powered catalog embedded buying – all with minimal IT support.

“Discrete manufacturers often believe their products, pricing, or go-to-market models are too complex for online selling. In fact, it’s surprisingly easy to do,” said Aleran CEO Alex Sayyah. “We’ve focused on making it easy to implement our cloud-based platform with minimal IT, and easy for customers to find, price and buy what they need so your sales and channel partners can focus on creating sustainable, value-driven customer relationships.”

Aleran’s cloud-based platform is available on the SAP Store and is purpose-built to support make-to-stock, make-to-order and engineer-to-order companies that have complex product, pricing or sales processes. Key capabilities include:
- Automated native configuration, order, quote management, and pricing functionality designed to accelerate the sales process.
- Customer portals for self-service ordering and re-ordering and viewing and managing quotes and invoices, lowering the cost of sales.
- Simplified and improved customer experience with AI Sales Agent and catalog-embedded buying.
One global industrial and mechatronic manufacturing company with over $1 billion in sales was able to increase its average customer spend by 20% and decrease sales operations costs by over 50% by adding Aleran’s digital commerce platform to complement its traditional sales processes.

SAP Integration and Certification Center (SAP ICC) has certified that Aleran’s digital commerce platform is built with SAP BTP, extending the capabilities of SAP S/4HANA^® to orchestrate omni-channel sales through tailored B2B e-commerce features. SAP BTP helps companies connect and integrate their business processes and data with SAP and third-party applications to make well-informed decisions and meet their evolving needs.

About Aleran

Aleran Software provides the first holistic, all-in-one commerce platform purpose-built for discrete manufacturing, industrial distributors and wholesalers. Aleran’s connected commerce platform helps manufacturers simplify, unify, and accelerate sales online, offline and everywhere they sell. Based in Minneapolis, Aleran empowers manufacturers with the ability to sell easily, efficiently, and economically by seamlessly integrating with core business technology, including ERP, CRM, and WMS systems, while also streamlining and digitizing the entire sales process. Aleran’s full suite of features enables manufacturers to easily create e-commerce buying experiences for individual customers at scale, launch personalized pricing and promotion, leverage AI-enabled suggested selling, automate configurable pricing and quoting and much more. Learn more about Aleran at www.aleran.com.

^{SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.}

An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c03daea-135b-4c72-821d-3cce8036010b

The MIL Network –
May 16, 2025
MIL-OSI USA: Ernst Unleashing Iowa Manufacturing

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – During a hearing on unleashing the great American industrial comeback, U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) discussed how Washington can drive investment into small manufacturers.
She spoke with Iowan John Mickelson on how Washington can support the flow of private capital to small businesses across the country to empower manufacturers to build and grow right here in America.

Click here to watch Chair Ernst’s questioning.
Click here to download photos from the hearing.
Ernst started off by highlighting success stories of reshoring manufacturing and creating good-paying jobs before emphasizing the important role of Small Business Investment Companies (SBICs) in bolstering American businesses critical to our economic and national security.
Mickelson emphasized how the Small Business Administration’s (SBA) programs have ensured that capital flows to small manufacturers to allow them to invest in new equipment, hire more employees, and grow their business.
Hearing witness Brian Riley, whose small business builds bikes right here in the United States, explained how Ernst’s Made in America Manufacturing Act would help small manufacturers grow.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Fischer Joins POLITICO’s Security Summit to Discuss Defense Budget, DOD Spectrum Airwaves, Golden Dome

US Senate News:

Source: United States Senator for Nebraska Deb Fischer

Today, U.S. Senator Deb Fischer (R-Neb.) joined POLITICO’s Security Summit to discuss defense spending, retaining the Department of Defense’s (DOD) access to wireless frequencies in the lower 3 gigahertz (GHz) and key portions of the 7/8 GHz spectrum bands, and how the Trump administration could not complete its Golden Dome Missile Defense Shield should the DOD be forced to vacate spectrum frequencies.

Click here to watch the full conversation.

Fischer on Supporting a Strong Defense Budget:

“On the Senate Armed Services Committee, for the last 3 years of the previous administration, President Biden sent us a budget, and in a bipartisan way in the Senate we’ve, for the most part, a strong majority of the Committee agreed that it was not enough.”

“I am not happy with the way OMB is trying to turn this. President Trump has said he wants peace through strength. In order to have peace through strength, we have to continue to have a defense budget that meets the needs of our military, of our military members, and to meet those growing threats that we see in this world.”

“There are a number of us that would like to see a much more robust budget.”

Fischer on DOD Retaining Spectrum Access:

“It’s extremely important for the Department of Defense to maintain their ownership and access of the lower 3 but also parts of 7 and 8 [GHz].”

Fischer on House Spectrum Provisions in Reconciliation:

“I think it needed to go much further, much further. I personally cannot accept it as it came out of the E&C Committee.”

“I’m also on the Commerce Committee, and that Committee is looking at spectrum as well in having a pipeline established and also a spectrum auction.”

“In the E&C bill, it put the pipeline in and somewhat defined it for the lower three. But there’s no definition for auction authority for the FCC, so they could go outside of that since they have the authority and be able to auction other bands, whether it’s the lower three or seven – eight [GHz].”

“I believe in the Senate, we must be able to have complete definitions on what bands DOD needs. And this is again, for a number of radars, a number of sensors, and a number of assets I can’t tell you about, how important that is.”

“When it comes to the idea that this is going to be the silver bullet for reconciliation, I disagree with that as well.”

Fischer on Golden Dome Execution:

“We’ve been working closely with the White House, and they have been very supportive working closely with the Department of Defense. And every time a military commander is asked about Golden Dome and spectrum, the need for spectrum, they will bluntly say … it [Golden Dome] will not happen if the Department loses access to the spectrum they have.”

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Baldwin, Moody, Welch Introduce Bipartisan Bill to Give Tax Relief to Victims of Fraud, Scams, Theft, and Disasters

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI), Ashley Moody (R-FL), and Peter Welch (D-VT) introduced legislation to give relief to those who have been victims of fraud, scams, thefts, accidents, and other personal casualty losses. The Tax Relief for Victims of Crimes, Scams, and Disasters Act reinstates the tax deduction for personal casualty and theft losses and ensures victims of scams, robberies, storms, and fires do not have to pay taxes on stolen assets and further wipe out their hard-earned savings and financial security.
“When Wisconsinites fall victim to a fraud or scam, the last thing they should have to worry about is being slapped with an unexpected tax bill once tax season rolls around,” said Senator Baldwin. “I am proud to work with my Republican and Democratic colleagues to introduce this commonsense bill to help make sure if someone is down and out, they have one less thing to worry about than being hit with a tax bill.”
“As hurricane season is around the corner, I will continue supporting policies that protect Floridians from scammers and fraudsters,” said Senator Moody. “My Tax Relief for Victims of Crimes, Scams and Disasters Act will provide commonsense tax relief for victims, often seniors, who have been financially devastated by scams, crimes or destruction from disasters. This legislation will help folks get back on their feet when they experience hardship. When I was Attorney General of Florida, I made sure to fight for Floridians who fell victim to scams, and I will continue bringing this fight to D.C. so that folks have the protections they need.”
“It’s outrageous that folks scammed out of their life’s savings are hit with large tax bills. I’m proud to introduce this bill to reinstate this important tax deduction to provide crucial financial relief to those victimized by scams and theft,” said Senator Welch. “Vermont experienced catastrophic floods in July of 2023 and 2024. We know firsthand that victims of floods, storms, and fires go through so much—the last thing they should worry about is being penalized for a natural disaster.”
Companion legislation will be introduced in the U.S. House by Representatives Jamie Raskin (D-MA-08) and Greg Steube (R-FL-17).
“Americans who fall prey to scams and rip-offs deserve relief, not massive tax bills from the IRS,” said Rep. Raskin. “Our bipartisan legislation will help millions of Americans, including one of my constituents who was defrauded out of her entire retirement savings and then hit with an enormous tax penalty. I am proud to work with my colleagues on both sides of the aisle in the House and the Senate to bring a measure of justice to victims of scams, thefts and disasters.”
Until 2018, the federal government allowed victims of crimes and unexpected, uninsurable disasters to deduct these losses from their taxes with a provision called the Casualty and Theft Loss Deduction. Today, scam victims and homeowners are on the hook for tens or hundreds of thousands of dollars in federal taxes unless their misfortunes meet a narrow set of criteria.
The growing sophistication of cybercriminal networks has led to a rapid proliferation in fraud for the past five years. In 2024 alone, American taxpayers reported $16.6 billion in cyber fraud to the FBI. The average victim of elder fraud lost $83,000. Natural disasters are also on the rise during a period of increasing insurance premiums and unexpected claim denials.
Senator Baldwin introduced this legislation last year after hearing the story of one Wisconsin woman who was scammed out of her entire savings, investments, and 401(k), more than $200,000 in total, and was forced to pay more than $15,000 in taxes.
Without a reinstatement of the casualty and theft loss deduction, Americans who are victims of theft and non-federally declared disasters will continue to face hefty federal tax bills that the IRS is obligated to enforce.
The Tax Relief for Victims of Crimes, Scams, and Disasters Act:
Reinstates the tax deduction for personal casualty loss and provides retroactive coverage to taxpayers who suffered losses in the years that followed.
Ensures that victims who suffered losses since 2017 are able to file an amended tax return accounting for their personal casualty loss.
“The Elder Justice Coalition commends Senators Baldwin, Moody and Welch for introducing the Tax Relief for Victims of Crimes, Scams, and Disasters Act,” said Bob Blancato, National Coordinator of the Elder Justice Coalition. “It is unconscionable that older scam victims who lose hundreds of thousands of dollars face the compounded misery of having to pay taxes on the money lost. Scams are rampant in this nation and serve to exploit the most vulnerable older adults. We hope Senator Baldwin’s bill can be made part of a future tax package. Tax relief for scam victims is tax fairness.”
“The Financial Services Institute (FSI) is proud to support the Tax Relief for Victims of Crimes, Scams and Disasters Act,” said Dale Brown, President & CEO of Financial Services Institute. “Owing taxes on stolen retirement funds makes an already painful situation worse. Main Street Americans cannot afford to lose their life savings, which they rely upon for a financially secure retirement. This bill will provide some relief to victims and mitigate damages as they work with their trusted financial advisor to recover losses and regain their financial footing.”
“With widespread financial fraud and scams impacting many Americans’ retirement security and financial livelihoods, CFP Board enthusiastically supports this critical piece of legislation that would lessen the impact of financial loss. We look forward to seeing this bill get to the finish line,” said Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel at CFP Board.
“Victims of disasters and theft are taken advantage of far too often,” said Shannon McGahn, EVP & Chief Advocacy Officer for the National Association of REALTORS®. The National Association of REALTORS® is grateful to Representatives Steube and Raskin, along with Senators Moody and Baldwin, for reintroducing the Tax Relief for Victims of Crimes, Scams, and Disasters Act, bipartisan legislation to restore the Casualty and Theft Loss Deduction. This deduction, if reinstated, would ensure that homeowners—especially seniors—who fall victim to uninsurable and unexpected disasters or theft can deduct their losses from their federal taxes. The legislation would protect homeowners from becoming victims again after a disaster, and NAR applauds Congress for putting this legislation forward again.
“For many years, the AICPA has urged Congress to enact timely, uniform and permanent tax legislation, rather than providing delayed tax relief through separate individual bills following each disaster,” said Melanie Lauridsen, Vice President of Tax Policy and Advocacy, American Institute of CPAs. “Disasters regularly affect taxpayers at all times of the year. However, our current system does not provide fair and reliable tax relief for victims of casualties and thefts. We commend Representatives Steube and Raskin and Senators Moody and Baldwin on introducing legislation that will finally right this wrong, and we look forward to working with them to bring this long overdue relief to American taxpayers.”
The legislation is endorsed by the AARP, The Elder Justice Coalition, the National Association of Consumer Advocates, AICPA-CIMA, National Association of Enrolled Agents, National Association of Realtors, American Land Title Association, CFP Board, Investment Adviser Association, Financial Services Institute, Aspen Institute Financial Security Program, Association of Mature American Citizens, National Association of Government Defined Contribution Administrators, Operation Shamrock, SPARK Institute.
A one-pager on this legislation is available here. Full text of the bill is available here.

MIL OSI USA News –

May 16, 2025
MIL-OSI United Kingdom: Sunderland beaches named amongst the best in the country

Source: City of Sunderland

Sunderland’s ever popular Roker and Seaburn beaches have been named among the best in the country in the 2025 Seaside Awards.

The awards from leading environmental charity Keep Britain Tidy are presented to the best beaches in England and celebrate the quality and diversity of its coastline.

Councillor Lindsey Leonard, Cabinet Member for Environment, Transport and Net Zero at Sunderland City Council, said: “We’re delighted that both Roker and Seaburn beaches will be proudly flying the national Seaside Awards flag again this year after being recognised as being among the best in England for their quality, cleanliness, and management. We’re also delighted that Roker Beach has once again been awarded a prestigious blue flag – a symbol of the highest standards in water quality, cleanliness, and visitor facilities.

“And the award of a Seaside Award for Seaburn Beach – alongside a ‘Good’ rating for water quality – reflects the high standards maintained across the seafront. It continues to be a fantastic place for residents and visitors to enjoy the seaside and one of the city’s most popular destinations for residents and visitors. Our teams work tirelessly to keep our coastline clean, welcoming, and safe all year round, and this continued recognition through national awards is a testament to that hard work.”

Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, added: “We’re fortunate in having a stunning coastline, with much loved award-winning beaches and panoramic views and its own growing food and drink scene, as well as fantastic facilities for families and we’re looking forward to welcoming the many people who enjoy them all year round.

“We’ve also just recently confirmed the expansion of Sunderland BID to our seafront – an exciting development that will unlock even more potential across Roker and Seaburn – helping us strengthen our coast-to-city visitor journey and support businesses in one of our most-loved locations so we’re really excited about the future of Roker and Seaburn and making the most of the many attractions they have to offer.”

Millions of pounds worth of investment in the regeneration of the city’s seafront have seen it going from strength to strength in recent years, with new developments including the Seaburn Inn hotel, Stack and a host of new restaurants and cafes, including Blacks Corner Tram Shelter, North and the Tin of Sardines making it a magnet for residents and visitors alike.

While a new play area at Seaburn with digital play, sand and sensory zones which was designed with the help of local school children has significantly increased the family offer.

The recent launch of a new Seafront Business Improvement District (BID) is set to bring further significant benefits to the seafront by creating a vibrant, welcoming and safe environment and improving links with the city centre and Sheepfolds to attract more visitors and boost the local economy.

Sunderland City Council has also recently launched a city wide app to help residents, businesses and visitors to get the best out of the city by getting all the latest updates on local events and attractions.

Downloading The Sunderland App allows users to discover hidden gems from cosy cafes to gourmet restaurants, navigate their way around the city using interactive maps and unlock exclusive deals and discounts: The Sunderland App – MySunderland

People can also take advantage of free Superfast WiFI covering the city centre, right along to the seafront too to download the app and use it without using up their data: Free Sunderland Wi-Fi – MySunderland

While www.mysunderland.co.uk is the place to go to keep up with everything you need to know about the city’s offer.

MIL OSI United Kingdom –

May 16, 2025
MIL-OSI United Kingdom: Secretary of State visit highlights NI company’s major growth under Windsor Framework
Source: United Kingdom – Executive Government & Departments

News story

Secretary of State visit highlights NI company’s major growth under Windsor Framework

Secretary of State for Northern Ireland visits food distribution company, PRM, as figures from the Northern Ireland Statistics and Research Agency show the Northern Ireland economy grew faster than the UK as a whole in the final quarter of 2024.
Secretary of State Hilary Benn with CEO and Founder of PRM Group Philip Morrow and Company Director Lynne Morrow.

The Secretary of State for Northern Ireland today [Wednesday 14 May] visited PRM, a leading food distribution company based in Lisburn. While there, he learned more about the significant growth the company has seen from having the benefit of dual market access provided under the Windsor Framework. This status, unique only to Northern Ireland, allows the free movement of goods between Northern Ireland and Great Britain and the EU.

PRM has said that dual market access to both the UK and EU is a major factor behind its growth strategy, which over the past year has enabled it to commit to a £15m investment in its Lisburn headquarters paired with the creation of 40 additional jobs.

The NI Composite Economic Index (NICEI) from the Northern Ireland Statistics and Research Agency (NISRA) shows that in each of the five sectors it tracks, Northern Ireland grew in output between October and December 2024. Output rose by 0.9% in Q4, contributing to a yearly growth in output of 3.6% across NI. Whilst for the UK overall, Q4 growth was 0.1% and yearly growth was 1.4%.

Today’s visit follows the Prime Minister’s recent announcement of two new trade deals with the US and India. Both deals will open up new export opportunities for businesses across Northern Ireland, providing them with full market access to two of the world’s largest economies and enabling them to grow further and thrive. Sectors said to benefit the most from these trade deals include agricultural food products, biotechnology manufacturing and whiskey.

Speaking after his visit, the Secretary of State, Hilary Benn, said:

“PRM’s expansion is a great example of how dual market access is helping Northern Ireland’s businesses to expand and create more jobs.

“With full access to both the UK and EU markets, and now new trade opportunities with the US and India, Northern Ireland is uniquely placed for success.

“These are tangible benefits that are strengthening Northern Ireland’s economy and creating prosperity.”

Philip Morrow, CEO and Founder of PRM Group, said:

“While Brexit brought with it understandable apprehension, there’s no doubt that the Windsor Framework has unlocked unique advantages for businesses and individuals in Northern Ireland.

“We have found ourselves in a very favourable position perfectly positioned between the UK and EU with full access to both markets. That’s an enviable place to be, and it’s been instrumental in shaping our investment decisions and future growth.

“At PRM, it’s allowed us to commit £15 million to expanding our Lisburn headquarters and create over 40 new jobs. Businesses here have been handed the key to the best of both worlds and that’s something we should champion, celebrate and capitalise on.”

Our Plan for Change sets out a bold vision for Northern Ireland’s economic future – to go further and faster in driving growth, attracting investment, and putting more money in the pockets of working people. Expanding international trade, cutting red tape and supporting innovation are key pillars to this plan.

The government continues to operate the Duty Reimbursement Scheme, allowing companies to claim back any additional duties paid on goods deemed “at risk” of entering the EU, ensuring fairness and competitiveness.

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Published 15 May 2025
MIL OSI United Kingdom –
May 16, 2025
MIL-OSI: Solutions30 announces the appointment of three new CEOs for France, Germany and Belgium
Source: GlobeNewswire (MIL-OSI)

Solutions30, the European leader in multi-technical field services for the telecommunications, energy, and IT sectors, announces the appointment of Antoine Mirabel as CEO of its operations in France. He succeeds Amaury Boilot, who had been serving in this role on an interim basis since June 2023, in addition to his group-level responsibilities. The Group also announces the appointment of Oliver Fidorra as Co-CEO of its operations in Germany, alongside Luc Brusselaers, who also serves as the Group’s Chief Revenue Officer. Finally, in Belgium, Axel Vandevenne has been appointed Co-CEO, tasked with leading and developing local operations alongside Raf Winnelinckx.

Antoine Mirabel was previously an Associate Partner at Bain & Company. With nearly 15 years of experience in strategy and management consulting, particularly focused on the energy sector, he brings deep expertise in performance improvement, operational excellence, integration, and extensive experience in digital transformation projects. Antoine Mirabel is a graduate of Télécom Paris and HEC. Following a transition period with Antoine Mirabel, Amaury Boilot will retain his role as Group Secretary General, which includes oversight of the Group’s administrative and financial management.

Oliver Fidorra brings nearly 20 years of experience in the construction sector, with particular expertise in fiber optic deployment, energy infrastructure, building technical equipment, and civil engineering. Prior to joining Solutions30, he served as Regional Director North and was a member of the management team at Vitronet.

Axel Vandevenne, with Solutions30 since 2018, has held several managerial positions within the Group, demonstrating strong operational leadership. Prior to joining the Group, he gained solid experience in the telecommunications sector, having worked for the two largest Belgian operators, Proximus and Telenet, where he served as Director of Operations. He holds both a Master of Engineering and a Master of Business. His appointment as Co-Managing Director for Belgium is part of an ongoing effort to strengthen the organization in this strategic market. In this context, Jonathan Crauwels will refocus on his role as Chief Financial Officer of Solutions30 Belgium.

Gianbeppi Fortis, Chairman of the Management Board of Solutions30, stated: “We welcome Antoine and Oliver, whose expertise and leadership will be invaluable assets in supporting the Group’s development. Antoine will lead the transformation of our French operations, successfully initiated by Amaury, with the objective of tripling revenue in energy services by 2026. Meanwhile, Oliver, alongside Luc, will drive the continued growth of our operations in Germany, where we are also targeting a threefold increase in revenue by 2026. In Belgium, Axel and Raf will work closely together to build a sustainable organizational structure and support our growth.”

About Solutions30 SE

Solutions30’s mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike, especially with regard to the digital transformation and the energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.

Visit our website to learn more: www.solutions30.com

Contact

Individual Shareholders:

actionnaires@solutions30.com – Tel: +33 1 86 86 00 63

Analysts/Investors:
investor.relations@solutions30.com

Press – Image 7:
Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

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The MIL Network –
May 16, 2025
MIL-OSI USA: SBA Relief Still Available to Montana Small Businesses and Private Nonprofits Affected by Wildfires

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Montana of the June 16 deadline to apply for low interest federal disaster loans to offset economic losses caused by wildfires beginning July 12, 2024.

The disaster declaration covers the Montana counties of Big Horn, Carbon, Carter, Custer, Garfield, Musselshell, Petroleum, Powder River, Rosebud, Treasure and Yellowstone as well as the Wyoming counties of Big Horn, Campbell, Crook and Sheridan.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to the SBA no later than June 16.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

May 16, 2025

MIL-OSI USA: SBA Relief Still Available to Arkansas Small Businesses and Private Nonprofits Affected by Adverse Weather

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Arkansas of the June 16 deadline to apply for low interest federal disaster loans to offset economic losses caused by adverse weather conditions occurring in July and August 2024.

The disaster declarations cover the counties listed below:

Declaration Number	Primary Counties	Neighboring Counties	Incident Type	Incident Date	Deadline
AR 20782	Jefferson	Arkansas, Cleveland, Grant, Lincoln, Lonoke and Pulaski	Excessive Rain and High Winds	July 8–9, 2024	6/16/25
AR 20783	Pope	Conway, Johnson, Logan, Newton, Searcy, Van Buren and Yell	High Winds and Lightning	Aug. 16–18, 2024	6/16/25

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to SBA no later than June 16.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

May 16, 2025

MIL-OSI USA: SBA Relief Still Available to Louisiana Small Businesses and Private Nonprofits Affected by Hurricane Francine

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Louisiana of the June 16 deadline to apply for low interest federal disaster loans to offset economic losses caused by Hurricane Francine occurring Sept. 9-12, 2024.

The disaster declaration covers the Louisiana parishes of Ascension, Assumption, East Baton Rouge, Iberia, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Charles, St. James, St. John the Baptist, St. Martin, St. Mary, St. Tammany, Tangipahoa and Terrebonne.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to the SBA no later than June 16.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Second Annual Outside Festival to Showcase Vital Role of Outdoor Recreation Industry in Colorado
Source: US State of Colorado

New Events to Feature Colorado Small Businesses

DENVER – Today, Gov. Polis and the Colorado Outdoor Recreation Industry Office (OREC), a division of the Colorado Office of Economic Development and International Trade (OEDIT), joined Outside Interactive Inc., Denver Mayor Mike Johnston and Visit Denver to preview the second annual Outside Festival and Summit taking place in Denver May 29 – June 1, 2025. This growing flagship event promotes access to Colorado’s incredible outdoors while highlighting the contributions of the outdoor recreation industry to the state’s thriving economy, including new opportunities to showcase Colorado’s small businesses.

“Colorado’s great outdoors industry is one of our state’s critical economic drivers, as well as a path for so many Coloradans and visitors to enjoy our wild, open spaces. This festival celebrates all things outdoors in Colorado and we are excited for another great year. I hope to see my fellow Coloradans coming out to enjoy the festival,” said Governor Jared Polis.

“In 2023, the outdoor recreation industry contributed $17.2 billion to our state’s economy, compared to $13.9 billion just the year before. This growth underscores the vital role the sector plays in generating job growth and stimulating local economies. The Outside Festival is a powerful way to expand this momentum, while ensuring more people have equitable access to the outdoors,” said Eve Lieberman, Executive Director of OEDIT.

Last year, the inaugural Outside Festival drew 18,000 attendees, 40% of whom came from outside of Denver and 20% from outside the state. Thirty-one percent of ticket buyers identified as BIPOC, and the Festival generated an estimated $16 million in economic impact. The Outside Summit, which convened outdoor leaders, government officials, prominent influencers and tech innovators to discuss the future of the outdoor recreation industry, drew 500 participants, 47% of whom came from out of state.

“The inaugural Outside Festival exceeded our expectations, drawing people from across the state and beyond to celebrate Colorado’s incredible outdoors,” said OREC Director Conor Hall. “Like the outdoor recreation industry as a whole, this growing event is an important economic driver. We are thrilled to support its development while promoting Colorado’s small businesses and increasing equitable and safe access to the outdoors.”

This year, the Festival will include two new opportunities to showcase the small businesses so essential to Colorado’s outdoor recreation industry:
- Camp Colorado – A new exhibit space within the Outside Festival will feature outdoor recreation industry businesses, nonprofits and destinations from across the state, giving attendees the opportunity to explore Colorado products and services designed to get more people outdoors.
- Outside Ignite – As part of the Outside Summit, outdoor industry and active lifestyle startups will have the opportunity to hone their business pitches, gain valuable exposure and compete for a prize worth $100,000.
A Community Engagement Council established last year and chaired by OREC will continue to support outreach to youth and communities that have historically encountered barriers to participation in outdoor recreation, including partnerships with organizations like Adaptive Adventures, Great Outdoors Colorado, Next 100 and many more.

“Last year’s Outside Festival and Summit created an inspiring space for outdoor enthusiasts, seasoned adventurers, and visionary leaders to connect and celebrate Colorado’s incredible outdoors and the strength of our national industry,” said Robin Thurston, CEO of Outside Interactive. “We’re thrilled to host an even bigger event this year, continuing to build this vital community, expand outdoor access, and drive economic growth within our category.”

This Outside Festival is driven by a partnership between OREC, Outside Interactive Inc., and VISIT DENVER, sponsored by Capital One and REI Co-Op. To support the festival’s continued development, the Colorado Economic Development Commission approved $350,000 to help implement the 2025 event. Outside and the State of Colorado invite the entire outdoor community to join this celebration of the spirit of adventure, music, and togetherness at the Outside Festival this summer in Denver. For more information, including tickets, please visit www.theoutsidefestival.com.

About Outside Interactive Inc.

Outside Interactive Inc. is the premier destination for outdoor inspiration, activation, and reward. Each month, Outside reaches 80 million of the most active consumers in the world across its network of 25 media, digital, and technology platforms, creating an experience for both longtime adventurers and those just getting started. Outside’s mission is to get everyone outside. Outside’s subscription offering, Outside+, bundles best-in-class storytelling, videos, gear reviews, mapping apps, online courses, discounted event access, and more to help people experience healthy, connected, and fulfilling lives. Learn more at outsideinc.com.

About VISIT DENVER, The Convention & Visitors Bureau

Celebrating 115 years of promoting The Mile High City, VISIT DENVER is a nonprofit trade association that contracts with the City of Denver to market Denver as a convention and leisure destination, increasing economic development in the city, creating jobs and generating taxes. Denver welcomed more than 36.3 million visitors in 2022, generating $9.4 billion in spending, while supporting tens of thousands of jobs and making Tourism one of the city’s largest industries. Learn more about Denver on the VISIT DENVER website or at Tourism Pays Denver.

About the Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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MIL OSI USA News –
May 16, 2025
MIL-OSI USA: Hickenlooper, Colleagues File Amicus Brief Against Trump Admin’s Illegal Attempt to Shutter Consumer Financial Protection Bureau

US Senate News:

Source: United States Senator for Colorado John Hickenlooper
Illegally closing the agency will leave American consumers more vulnerable to scams and fraud
WASHINGTON – U.S. Senator John Hickenlooper, along with 44 of his Senate Democratic colleagues, filed an amicus brief in support of a lawsuit against the Trump administration’s illegal firings of Consumer Financial Protection Bureau (CFPB) workers. The senators emphasized that the administration does not have the authority to abolish the CFPB without congressional approval and that any effort to undermine the agency will hurt American consumers.
“When Congress establishes an agency, that agency is required by law to exist,” wrote the senators. “The Administration’s actions, if allowed to occur, would not just be unconstitutional – they would also be disastrous.”
The CFPB defends American consumers against predatory lending and unfair practices like junk fees. It has returned $20 billion to American consumers since its establishment in 2011.
On the Senate floor, Hickenlooper previously called out the Trump administration’s effort to gut the CFPB and leave Coloradans vulnerable to scams, junk fees, and high-cost loans. Hickenlooper serves as the Ranking Member of the Senate Commerce Committee’s Subcommittee on Consumer Protection, Product Safety and Data Security.
Full amicus brief is available HERE.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: OPIM Professor Fasheng Xu, a ‘Forward-Thinking’ Scholar, Wins Early Career Award

Source: US State of Connecticut

Fasheng Xu, a professor of Operations and Information Management (OPIM), has been awarded the 2025 Chelliah Sriskandarajah Early Career Research Accomplishments Award, a global honor bestowed on just one scholar annually.

The award, presented at the Production & Operations Management Society’s (POMS) annual conference in Atlanta last weekend, recognizes exceptional research contributions by a scholar who completed his or her doctorate in the last six years.

“Since joining UConn two years ago, Fasheng has made outstanding contributions to our research and teaching,’’ said professor Cuihong Li, head of the OPIM department. “He has enhanced our expertise in supply chain finance, risk management, and the integration of emerging technologies, particularly blockchain and Generative AI, into supply-chain management.”

“He exemplifies the qualities of a forward-thinking scholar, constantly exploring the evolving landscape of business and technology, analyzing their impact on supply chains and their intersections with other business functions, and bringing the latest insights into the classroom,’’ she said.

The Sriskandarajah award was created to recognize and reward exceptional faculty who have made significant accomplishments to the field and broadened, extended or altered the way production and operations management is conceptualized, practiced, and viewed.

Most recently, Xu’s research has focused on Generative AI, addressing questions about AI governance, market dynamics, and organizational transformation, including how companies can optimally integrate human and GenAI capabilities to enhance decision-making and drive innovation.

Xu said GenAI intrigues him. “I think GenAI will be more disruptive than other recent emerging technologies I’ve studied, and it’s a fascinating area that opens up new frontiers for both research and teaching,’’ he said.

Regardless of topic, Xu focuses his research to join theoretical rigor with actionable insights for the business community. One example is a series of articles he co-authored recently exploring the impact of blockchain technology adoption in various supply chain settings, identifying both the benefits and challenges. He typically has about 10 research projects underway at all times.

Xu also recently applied his knowledge to create a new UConn MBA course on supply chain finance, equipping students with analytical tools and practical knowledge to address real-world challenges. Creating a course from scratch was demanding, but something he enjoyed. Recently, he also led two faculty development workshops on the use of Generative AI for enhancing productivity in teaching and research.

His work has appeared in leading journals, including three papers each in Management Science and Manufacturing & Service Operations Management. Xu has also reviewed more than 130 manuscripts for leading journals.

Xu, who is based at the Stamford campus, said he was drawn to UConn because of the faculty’s research productivity, and that he has been able to collaborate with many of his colleagues here on new projects. He joined the faculty after working as an assistant professor of supply chain management at Syracuse University, where he was an award-winning faculty member. Xu earned his Ph.D. in Operations Management at Olin Business School at Washington University in St. Louis.

Xu credited Li’s encouragement and unwavering support as a factor in his receipt of the award.

“I likely wouldn’t have applied if it weren’t for Professor Li, who strongly believed in the quality and impact of my work,” he said. “I’m truly grateful for her mentorship and advocacy. Having my research recognized in this way has been a meaningful and motivating boost.”

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Huizenga, Foster, Moolenaar, and Krishnamoorthi Introduce the Chip Security Act to Detect and Prevent Illegal AI Chip Smuggling
Source: United States House of Representatives – Congressman Bill Huizenga (MI-02)

Today, Congressman Bill Huizenga (R-MI), Congressman Bill Foster (D-IL), Chairman of the House Select Committee on the Chinese Communist Party John Moolenaar (R-MI), Ranking Member of the House Select Committee on the Chinese Communist Party Raja Krishnamoorthi (D-IL), House Intelligence Committee Chairman Rick Crawford (R-AR), House Intelligence Committee Member Josh Gottheimer (D-NJ), House Intelligence Committee Member Darin LaHood (R-IL), and House Foreign Affairs Committee Member Ted Lieu (D-CA), introduced the Chip Security Act.

The Chip Security Act would require advanced chip manufacturers to implement technical security measures to detect and prevent smuggling to unauthorized countries and end-users. This legislation responds to ongoing reports of AI chips being smuggled into China, where they are used to power state-controlled AI projects. Despite export controls, smuggling networks and front companies continue to move U.S.-made chips into restricted countries.

“American innovation and AI computing technology has the potential to change everything from how we complete daily tasks to unlocking the next era of scientific breakthroughs” said Congressman Bill Huizenga. “In order for the United States to maintain our technological advantage, we must employ safeguards to help ensure these advanced AI chips are not being shipped to bad actors who would use them for nefarious purposes. The Chips Security Act is a bipartisan solution that strengthens our ability to protect American interests as well as our technological advances.”

“As Congress’ chip designer, AI programmer, and PhD physicist, I know that we have the technical tools to prevent powerful AI technology from getting into the wrong hands. With advanced AI chips being smuggled into China and posing a national security risk, Congress must act,” said Congressman Bill Foster. “I’m proud to lead the effort on this bipartisan legislation, which is an important step in protecting our exports and ensuring that U.S. technology is not used to undermine democracy and global stability.”

“For too long, the Chinese Communist Party has exploited weaknesses in our export control enforcement system—using shell companies and smuggling networks to divert sensitive U.S. technology, fuel the PLA’s military advancement, and extend its surveillance capabilities to further its repression,” said Congressman John Moolenaar, Chairman of the China Select Committee. That puts our national security and our leadership in artificial intelligence at risk. This bipartisan bill closes those gaps with real safeguards to keep our most advanced chips out of the wrong hands. I’m proud to work with my colleagues on both sides of the aisle, and we’re committed to getting this legislation across the finish line and signed into law.”

“This bipartisan legislation will help ensure our most advanced technologies don’t end up in the wrong hands,” said Congressman Raja Krishnamoorthi, Ranking Member of the China Select Committee. “I’m proud to join my colleagues, including Congressman Foster—whose deep expertise and leadership on science and national security issues continue to strengthen our country—in introducing this commonsense measure.”

The bill would require:
- Location Verification: High-end AI chips must have the ability to identify their location before they are exported.
- Mandatory Reporting: Companies exporting these products must report any credible information about the diversion of the product, including if the location has changed.
- Additional Technical Requirements: Requires the Secretary of Commerce to assess second-level security mechanisms to prevent misuse or diversion of these chips.
- Enforcement: Provides the Secretary of Commerce enforcement capabilities to verify that the exported chips have not been diverted.
This issue was highlighted in the House Select Committee on the Chinese Communist Party’s recent report on DeepSeek.

The Chip Security Act legislative text is available here. Companion legislation to the Chip Security Act has been introduced in the U.S. Senate by Senator Tom Cotton (R-AR).

MIL OSI USA News –
May 16, 2025
MIL-OSI Australia: Get ready for business
Source: New places to play in Gungahlin

Our focus

New businesses sometimes make mistakes with their registration, reporting and recordkeeping responsibilities. It’s important new business owners understand their obligations to ensure they’re getting it right from the start.

If your hobby has turned into a profit-making business, you are responsible for your tax, super and registration obligations. Setting up your business correctly from the start will make it easier to meet these obligations.

How to get it right

If you’re planning on starting, or have recently started a new business, we have Ready for business information to help you navigate your obligations.

Here are the top 7 things you need to know when starting a business.
1. Use digital tools and maintain accurate records to help you manage daily activities and cash flow. Explore our key rules and free resources to strengthen your business practices.
2. There are some registrations you will need to complete when you start a business, for example registering for an ABN or a business name.
3. You can claim a tax deduction for most business expenses if they are directly related to earning your income. Remember to keep records and only claim the business portion of mixed-use expenses.
4. The type of business structure you set up will affect your tax and registration requirements. It’s important to choose the right business structure and understand your obligations.
5. If you’re an employer, it’s important you know you have extra responsibilities and obligations.
6. You need to lodge and pay your taxes on time. You can prepay your estimated income tax liability, through pay as you go (PAYG) instalments. You can voluntarily enter PAYG instalments to help you smooth out your cashflow and avoid a large tax bill when you lodge your tax return.
7. Businesses that maintain accurate records, lodge and pay on time and avoid errors not only steer clear of penalties and general interest charge but also become more resilient when facing challenges.
Example: Barry’s photography hobby takes flight

Barry works an office job Monday to Friday and enjoys taking photos of birds in his spare time. Barry has become well known by members of his local community as a talented photographer.

Over the past 12 months Barry has been approached to photograph local events and demand for his skills is increasing. Barry charges a fee for each event and is now earning money from his photos.

With the growing interest, Barry cuts back on his office work and starts to invest more time into photography. Barry sets up a website, sets up a booking system and starts advertising his services online. He also buys more photography equipment to improve his production quality, so he can earn more from each event.

Barry wants to know if his photography side hustle is a business. He looks at all his activities together and determines he is running a business because he:
- intends to make a profit to supplement his salary and wage income
- set up a regular schedule for these activities
- operates in a business-like way (he has a plan and system for making a profit).
End of example
Know your responsibilities as an employer

Whether you’re hiring your first worker, or you’re an experienced employer, it’s important you understand and meet your employer obligations. This includes:

Keep up to date

Learn more by taking our free self-paced online courses at Essentials to strengthen your small businessExternal Link.

You can also:
- subscribe to our free Small business newsletter to get updates that might impact your business
- contact your tax professional to obtain advice specific to your business needs.
MIL OSI News –
May 16, 2025
MIL-OSI Canada: Government Continues to Deliver for Saskatchewan Residents as Spring Sitting Concludes
Source: Government of Canada regional news

Released on May 15, 2025

With the Spring sitting of the Legislature concluding today, Premier Scott Moe highlighted the Government of Saskatchewan’s balanced 2025-26 Budget and how it is delivering for you.

“Our government continues to prioritize safety in our communities and ensuring services are available to all residents when and where they need them,” Moe said. “Saskatchewan is a growing and vibrant province that continues to benefit from a strong economy even in uncertain times. Record investments were made this year to keep Saskatchewan an affordable place to live, work and raise a family.”

In this year’s budget, record investments continue to be made in health care, education and community safety, in addition to delivering more affordability measures than ever before.

New affordability measures include:
- The Fertility Treatment Tax Credit, helping individuals or couples cover costs associated with fertility treatments.
- Doubling the Active Families Benefit tax credit and raising the qualifying income threshold to $120,000 will make accessing children’s sports, arts, cultural and recreational activities more affordable.
- Seniors receive an increase in the senior supplement amount by $500 annually for the next four years, starting in 2025 – over and above the impact of indexation.
- An increase to the Personal Care Home Benefit will help more than 2,000 low-income seniors with the cost of living in a licensed personal care home.
- The Graduate Retention Program has also increased, with a maximum benefit of $24,000 for students who live and work in Saskatchewan after graduating from a post-secondary institution.
- The Saskatchewan Advantage Scholarship provides up to $3,000 for Grade 12 students who will be attending post-secondary institutions in the province.
- All education property tax mill rates have been reduced to absorb the increase in property assessment values and ensure this assessment year is revenue neutral for the province. This change will save property owners in the province more than $100 million annually.
- Reinstating the Home Renovation Tax Credit saves residents up to $420 and seniors $525 annually in provincial income tax.
- The First-Time Homebuyers’ Tax Credit maximum benefit increased to $1,575, making homeownership more attainable for first-time homebuyers, and the PST Rebate on New Home Construction was made permanent.
- The Disability Tax Credit and the Disability Tax Credit supplement for children under 18 both increase by 25 per cent, in addition to indexation.
- The Caregiver Tax Credit also increases by 25 per cent, in addition to indexation, which provides financial support for families who care for adult children or parents with physical or mental impairments.
- The Small Business Tax Rate permanently remains at one per cent, which benefits more than 35,000 small businesses and saves them over $50 million annually in corporate income taxes.
- The Small and Medium Enterprise Investment Tax Credit provides a non-refundable tax credit for individuals or corporations that invest in the equity of eligible Saskatchewan small and medium enterprise, while the Saskatchewan Class 1 Truck Driver Training Rebate Program supports individuals seeking their commercial driving license.
Additionally, legislation introduced and passed this year aims to promote community safety. Amendments to The Construction Codes Act allow the development of a pilot framework intended to help eligible municipalities dispose of these structures as well as provide a training opportunity for local volunteer fire departments. Amendments to The Safe Public Spaces (Street Weapons) Act include fentanyl, methamphetamine and hypodermic needles as categories of street weapons recognizing the significant risks these items present to public safety. New regulations under The Trespass to Property Amendment Regulations, 2025, will allow police to immediately enforce the Act against individuals partaking in activities such as public intoxication and drug use as it will be automatically considered trespassing in public spaces or businesses.

This April, the Government of Saskatchewan was pleased to reach a new agreement between the Government-Trustee Bargaining Committee (GTBC) and the Teachers’ Bargaining Committee. This new agreement recognizes the important role of teachers and provides certainty for teachers, students and their families.

Health care continues to be a priority for the government with continued investment into new and enhanced services and the Health Human Resources Action Plan to ensure services are staffed. The new Regina Breast Health Centre started welcoming patients this spring offering a co-location of essential services to streamline care, reduce wait times and improve patient experiences in what can often be a challenging time. Success continues to be made with recruitment guided by the Health Human Resources Action Plan to recruit, train, incentivize and retain more staff in the province. To continue that work, Saskatchewan’s Rural and Remote Recruitment

Incentive (RRRI) program has been expanded to an additional 16 communities for a total of 70. This incentive of up to $50,000 for a three-year return-in-service is offered to new, permanent full-time employees in nine high-priority health occupations in rural and remote communities experiencing or at risk of service disruptions due to staffing challenges. A recruitment campaign also launched recently encouraging physicians from the United States to consider practicing in Saskatchewan.

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For more information, contact:

MIL OSI Canada News –
May 16, 2025
MIL-OSI: EXL named a Leader in 2025 Gartner® Magic Quadrant™ for Finance and Accounting Business Process Outsourcing

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — EXL [NASDAQ: EXLS], a global data and AI company, has been named a Leader in the 2025 Gartner Magic Quadrant for Finance and Accounting (F&A) Business Process Outsourcing (BPO).

The Gartner research report evaluated 16 F&A service providers according to a uniform set of criteria, placing companies into four Quadrants: Leaders, Visionaries, Niche Players and Challengers. Gartner defines Leaders as companies that “execute well against their current vision and are well positioned for tomorrow.”

The report noted: “Enhanced F&A BPO offerings that meet finance’s need for more automated transactional processing focus on providing process transformation expertise, often combined with proprietary or partnered process automation technologies, including the use of AI and machine learning. Buyers benefit from these types of agreements by maturing their processes, adopting technologies that require minimum human intervention, and driving more competitive processing costs.” This is the fourth consecutive year that EXL has been named a Leader in this report.

“The demands on the modern finance department are steadily increasing, as new accounting and compliance requirements have created a vital need for faster, more accurate flow of information,” said Vikas Bhalla, president and head of AI services and operations. “Our data and AI-led approach is helping clients rise to meet these challenges, while creating new opportunities for optimization and growth.”

EXL was recognized as a Customers’ Choice in the 2025 Gartner^® Peer Insights™ Voice of the Customer for Finance and Accounting Business Process Outsourcing Services. As of May 13, 2025, EXL has an overall rating of 4.7 out of 5 in the Finance and Accounting Business Process Outsourcing market, based on 68 reviews on Gartner Peer Insights™.

To learn more about EXL finance and accounting services click here.

Source: Gartner, Magic Quadrant for Finance and Accounting Business Process Outsourcing, Jan Ambergen, Jeffrin Francis, Miles Onafowora, 14 April 2025

Peer Contributors, Voice of the Customer for Finance and Accounting Business Process Outsourcing Services, February 2025

Gartner and Peer Insights are trademarks of Gartner, Inc. and/or its affiliates. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contacts
Media
Keith Little
+1 703-598-0980
media.relations@exlservice.com

Investor Relations
John Kristoff
+1 212 209 4613
IR@exlservice.com

The MIL Network –

May 16, 2025
MIL-OSI Economics: Changes in the Financial Markets and Resolution and Financial Stability Departments

Source: Czech National Bank

At its meeting on 15 May 2025, the Bank Board of the Czech National Bank (CNB) approved changes in the bank’s organisational structure with effect from 1 June 2025.

The Resolution Division will be transferred from the Financial Markets and Resolution Department to the Financial Stability Department. This change is aimed at leveraging synergies in fulfilling one of the CNB’s primary objectives, namely maintaining the long-term stability of the financial system. In connection with this change, the departments concerned will be renamed the Financial Markets Department and the Financial Stability and Resolution Department on 1 June.

At the same time, the Bank Board decided to appoint Petr Frydrych new Executive Director of the Financial Markets Department with effect from 1 June. Ondřej Strádal will become the Department’s Deputy Executive Director. He will remain in charge of the Reserves Management Division. Daniel Krejčí will head up the Interventions Division.

Petr Frydrych graduated from the Faculty of Mathematics and Physics at Charles University in Prague. He joined the CNB’s Reserves Management Division in 1995, where he held the post of portfolio manager. He was appointed Director of the Reserves Management Division in 2001 and Director of the Interventions Division in 2005, and now serves as Deputy Executive Director of the Financial Markets and Resolution Department. He has long focused on monetary policy implementation in his work.

Ondřej Strádal graduated from the Institute of Economic Studies of the Faculty of Social Sciences at Charles University and qualified as a Chartered Financial Analyst in 2003. He began his career at the CNB as a money market broker and then worked as a portfolio manager responsible for international reserves management. After that, he worked at the London branch of Goldman Sachs. Between 2016 and 2019, at the decision of the Bank Board, he held the post of Advisor to the Executive Director at the International Monetary Fund in Washington. In 2008–2016 and since 2019, he has served as Director of the CNB’s Reserves Management Division, where he manages a team of portfolio managers.

Daniel Krejčí graduated from the Faculty of Finance and Accounting at the Prague University of Economics and Business and from the Institute of Economic Studies of the Faculty of Social Sciences at Charles University. In 1995–2007, he worked at ČSOB in various positions, ultimately as director of interest rate and commodity derivatives trading for clients. He joined the CNB in 2007, where he held the post of Deputy Executive Director of the Risk Management and Transactions Support Department responsible for the Risk Management Division until 2019. Since 2019, he has worked as a chief dealer and Deputy Director of the Reserves Management Division at the CNB.

Jakub Holas
Director, Communications Division

MIL OSI Economics –

May 16, 2025
MIL-OSI USA: VIDEO: Rep. Castor Slams GOP Plan to Rip Health Care from Nearly 14 Million Americans to Fund Tax Cuts for the Ultra-Rich

Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

WASHINGTON, D.C. – After more than 26 hours of debate in the Energy and Commerce Committee, Rep. Kathy Castor (FL-14) delivered closing remarks exposing the impact of House Republicans’ plan to gut health care for nearly 14 million Americans. The House Republicans’ budget proposal slashes roughly $800 billion from Medicaid and other critical health care initiatives that serve low- and middle-income families to pay for $4.5 trillion in tax cuts that overwhelmingly benefit billionaires and big corporations.

“Almost 14 million Americans will lose their health coverage to give the richest Americans a large, permanent tax cut, while working families will see eventual tax increases. They’re going to add $5 trillion to the debt. It’s fiscally irresponsible, and it is morally wrong,” said Castor. “Now, at the outset of our hearing that began over 24 hours ago, Democrats highlighted folks back home who rely on Medicaid, and the Republicans protested. They said none of those people are going to lose their health care. Well, here’s what we know. The nonpartisan, independent CBO (Congressional Budget Office) says 14 million Americans will lose care. And why won’t people believe what the Republicans are saying? It’s because the Republicans have a track record of opposing affordable health care, while Democrats have championed the health of our neighbors. We do not believe that you should be bankrupt if you get a diagnosis. This is smart policy. We want people to be productive and healthy.”

Watch Castor’s remarks here.

A transcript of her full remarks follows below:

“Well, thank you, Mr. Chairman. This amendment says that none of the provisions of this Title shall take effect if any of the provisions result in reduced access to coverage under the Health Title. And as we bring this debate in for a landing today, I want to say to my Democratic colleagues, I’m so proud to stand with you. You’re eloquent and fearless. And to Chairman Guthrie and my Republican colleagues, I want to thank you. I appreciate your respectful tenor of the debate.

“But we’ve learned a lot since the Republicans sprung this cruel and costly tax and spending package on Americans late in the dark of night, on Mother’s Day no less, rushing it to committee without a hearing, shrouding the health care debate—starting that at 1 AM in the middle of the night—but here’s what we know. Almost 14 million Americans will lose their health coverage to give the richest Americans a large, permanent tax cut, while working families will see eventual tax increases. They’re going to add $5 trillion to the debt. It’s fiscally irresponsible, and it is morally wrong. 14 million Americans. That’s the combined population of the states of Kentucky and Virginia. Some of the largest health care cuts ever proposed in American history, harming not just our neighbors, but providers, doctors, nurses, hospitals, therapists, who provide care.

“So this is going to impact all Americans. Here’s how. They’re going to bury people in costly paperwork. You slip up? No care. [They’re] Going to make it harder to enroll. No care. They’re going to shrink the enrollment periods. No care. They’re going to choke off the ability of states and providers to fund care. So no care there either. They’re going to raise premiums and price people out, so they lose care. Eligible parents and families will be forced to jump through hoops when instead, they should be focused on setting their kids up for success in life. It will be harder for families to access long-term care, or [to] stay in their homes and live in dignity.

“Now, at the outset of our hearing that began over 24 hours ago, Democrats highlighted folks back home who rely on Medicaid, and the Republicans protested. They said none of those people are going to lose their health care. Well, here’s what we know. The nonpartisan, independent CBO says 14 million Americans will lose care. And why won’t people believe what the Republicans are saying? It’s because the Republicans have a track record of opposing affordable health care, while Democrats have championed the health of our neighbors. We do not believe that you should be bankrupt if you get a diagnosis. This is smart policy. We want people to be productive and healthy.

“In fact, you can go all the way back to the 1960s when it was a Democratic president and a Democratic Congress, who originally passed Medicaid and Medicare into law. Or maybe something more in the modern era. [In] 2010, when a Democratic president and a Democratic Congress, as the rolls of the uninsured reached 25 percent in the state of Florida, passed the Affordable Care Act to outlaw discrimination for preexisting conditions. We passed a law that said kids can stay on their parents’ plan to age 26. We expanded Medicaid. Twenty-one million Americans now have health coverage because of Medicaid expansion. That ultimately cut the uninsured rate in half. We’re now at a historic low in the number of uninsured. We were constraining spending.

“But see, the Republicans have a track record, because they fought it every step of the way. There wasn’t one Republican vote for the Affordable Care Act. And then, go to 2017, the first Trump Administration, Republicans in this committee fought to repeal the ACA. Contrast that to the Democratic record. We passed the Inflation Reduction Act, [including] key reforms to lower health care costs. [We] directed Medicare to negotiate prices for the highest cost drugs. We capped the price of insulin at $35, a $2,000 cap for everyone on Medicare, and enhanced premium tax credits. The track record, again, not one GOP vote here.

“In 2021, [in] the midst of a maternal mortality crisis, we gave states a new option to provide Medicaid postpartum coverage. [Now here] In 2025, at the outset of this Congress, the Republicans are turning a blind eye. They’re going down the same old path to rip health coverage away. It doesn’t have to be like this. [p]eople in America deserve affordable, reliable care, and that’s what we intend to fight for. From this day forward, no matter if you pass this bill out of this committee, we’re not going to give up. We’re going to stand up for our neighbors back home. See them. See them, listen to them. Empower them. Support them. Don’t rip away their coverage to fund a massive tax giveaway for the wealthy.”

MIL OSI USA News –

May 16, 2025

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