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  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 8, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 8, 2025.

    Women’s sports are fighting an uphill battle against our social media algorithms
    Source: The Conversation (Au and NZ) – By Hans Westerbeek, Professor of International Sport Business, Head of Sport Business Insights Group, Victoria University Women’s sport is more and more getting the attention it deserves. Stadiums are filling, television ratings for many sports are climbing and athletes such as the Matildas’ Mary Fowler, triple Olympic gold

    New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement
    Source: The Conversation (Au and NZ) – By Mark Melatos, Associate Professor of Economics, University of Sydney Poetra.RH/Shutterstock The re-election of the Albanese government has led to renewed concern about planned changes to the taxation of investment returns in superannuation funds. Labor’s emphatic victory on Saturday night, including what looks like an increased presence in

    New Caledonia’s political talks – no outcome after three days of ‘conclave’
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific Desk After three solid days of talks in retreat mode, New Caledonia’s political parties have yet to reach an agreement on the French Pacific territory’s future status. The talks, held with French Minister for Overseas Manuel Valls and French Prime Minister’s special advisor Eric Thiers, have since

    Forest home of ‘polar dinosaurs’ 120 million years ago in southern Australia recreated in detail for the first time
    Source: The Conversation (Au and NZ) – By Vera Korasidis, Lecturer in Environmental Geoscience, The University of Melbourne Artwork © Bob Nicholls 2024 Roughly 140 million to 100 million years ago, the piece of land that is modern day Australia was located much further south on Earth. In fact, what is now Victoria was once

    Ovarian cysts can be painful when they burst. When do you need to see a doctor?
    Source: The Conversation (Au and NZ) – By Anna Chruścik, Lecturer in Biomedical Sciences, University of Southern Queensland PeopleImages.com – Yuri A/Shutterstock Cysts are small pockets of fluid that form inside the body. Ovarian cysts are common, affecting around one in ten women. But sometimes they can cause pain – especially when they burst. You

    Keith Rankin Chart Analysis – International Trade over time: gifts with strings
    Analysis by Keith Rankin. The ‘see-saw’ chart above shows the accumulated ‘excess benefits’ that Aotearoa New Zealand, and a few other countries, have enjoyed from international trade over the last 40 years. These are benefits arising from ‘unbalanced trade’ which are in addition to the regular benefits – arising from efficient specialisation – of ‘balanced’

    ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order
    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury Getty Images There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with

    While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?
    Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

    Why is hospital parking so expensive? Two economics researchers explain
    Source: The Conversation (Au and NZ) – By Lisa Farrell, Professor of Economics (Health Economist), RMIT University ThirtyPlus/Shutterstock Imagine having to pay A$39 dollars a day to park your car while visiting your sick child in hospital. For families already struggling in a cost-of-living crisis, hospital parking fees are not just another expense. They can

    Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?
    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong Aritra Deb/Shutterstock At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline
    Source: The Conversation (Au and NZ) – By Emily Baulch, Research Associate, Discipline of Media and Communications, University of Sydney Marvel Studios This piece contains spoilers. Marvel’s men are sad. And that’s a good thing. Thor’s depressed in Avengers: Endgame. Tony Stark has panic attacks in Iron Man 3. Peter grieves in Spider-Man: No Way

    Australia is set to be a renewables nation. After Labor’s win, there’s no turning back
    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney bmphotographer/Shutterstock An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday: In 2022, the Australian people

    Financial Times: The West’s shameful silence on Gaza – do more to restrain Benjamin Netanyahu
    EDITORIAL: The Financial Times editorial board After 19 months of conflict that has killed tens of thousands of Palestinians and drawn accusations of war crimes against Israel, Benjamin Netanyahu is once more preparing to escalate Israel’s offensive in Gaza. The latest plan puts Israel on course for full occupation of the Palestinian territory and would

    ‘Under no illusions’ about France, says author of new Rainbow Warrior book
    Pacific Media Watch The author of the book Eyes of Fire, one of the countless publications on the Rainbow Warrior bombing almost 40 years ago but the only one by somebody actually on board the bombed ship, says he was under no illusions that France was behind the attack. Journalist David Robie was speaking last

    Australia doesn’t have a federal Human Rights Act – but the election clears the way for overdue reform
    Source: The Conversation (Au and NZ) – By Amy Maguire, Professor in Human Rights and International Law, University of Newcastle Master1305/Shutterstock The Albanese government has achieved an historic re-election, substantially building its majority in the House of Representatives. Much has already been written about the potential for a more ambitious legislative program on the back

    Samoa down in RSF media freedom world ranking due to ‘authoritarian pressure’
    Talamua Online News Samoa has dropped in its media and information freedom world ranking from 22 in 2024 to 44 in 2025 in the latest World Press Freedom Index compiled annually by the Paris-based Reporters Without Borders (RSF). For the Pacific region, New Zealand is ranked highest at 16, Australia at 29, Fiji at 40,

    How maximum security prison inmates and officers worked together to create a farm behind bars
    Source: The Conversation (Au and NZ) – By Christian Tietz, Senior Lecturer in Industrial Design, UNSW Sydney Macquarie Correctional Centre Media Unit At Macquarie Correctional Centre in western New South Wales, a story of collaboration and persistence is unfolding. Inmates and prison officers are farming commercial quantities of fresh food in a purpose-built indoor facility.

    Can what you eat during pregnancy and breastfeeding affect whether your child develops food allergies?
    Source: The Conversation (Au and NZ) – By Jennifer Koplin, Evidence and Translation Lead, National Allergy Centre of Excellence; Chief Investigator, Centre of Food Allergy Research; Associate Professor and Group Leader, Childhood Allergy & Epidemiology Group, Child Health Research Centre, The University of Queensland Maria Evseyeva/Shutterstock Many questions pop up when you’re growing or raising

    How do you put a tariff on movies? Here’s what Trump’s plan could mean for Australia
    Source: The Conversation (Au and NZ) – By Mark David Ryan, Professor, Film, Screen, Animation, Queensland University of Technology Kirk Wester/Shutterstock US President Donald Trump’s recent announcement of a plan to impose a 100% tariff on movies “produced in foreign lands” could have a massive impact on the global entertainment industry. Film and television production

    Labor says its second term will be about productivity reform. These ideas could help shift the dial
    Source: The Conversation (Au and NZ) – By Roy Green, Emeritus Professor of Innovation, University of Technology Sydney Summit Art Creations/Shutterstock In his victory speech, Prime Minister Anthony Albanese highlighted social policy as a major factor in Labor’s electoral success, particularly Medicare, housing and cost of living relief. He was justified in doing so. But

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: ICYMI—Hagerty Joins Kudlow on Fox Business to Discuss Trump Administration’s Negotiations With China

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Kudlow on Fox Business to discuss the Trump Administration’s trade negotiations with China.

    *Click the photo above or here to watch*
    Partial Transcript
    Hagerty on the importance of holding China accountable to their end of the trade deal: “I remember being on the phone with you [Larry] during the 2018 G20 when Xi pledged to President [Donald] Trump and stopped fentanyl flowing in the United States. Of course, he didn’t do it. If you think about the $200 billion worth of goods they promised to buy from us in the phase one deal—you were there, you architected this—and they fell through on that too. So, there’s going to be a lot more proof required here. And I think [Treasury] Secretary [Scott] Bessent, Ambassador [Jamieson] Greer are going to be very focused on making certain that whatever the Chinese agreed to, that they’re going to be ascertainable goals, they’re going to be goals that have to be met. And I sure as hell wouldn’t be leading with any sort of forgiveness or easing until we see performance from China.”
    Hagerty on the stark difference between the Biden Admin’s and Trump Admin’s posture towards China: “If you think about it, these partners [other nations] want to extend and deepen their economic relationships with us, Larry. And our economic relationship has to do with security as much as it does our economies and the stronger economic ties. I think the better the opportunity is for us to lock arms from an economic and national security standpoint, and China’s going to see the writing on the walls. They’re going to be left out here. And if you think about the high standard digital trade agreement that we negotiated with Japan in the last administration—you were part of that team—that’s precisely the type of agreement that China could never abide by, with companies like Huawei and contaminated systems like this. So, we are in a position right now like we’ve never been before. I couldn’t agree with you more, [Senator] Kevin [Cramer]. I think that Secretary Bessent and Ambassador Greer have a very strong hand to play as they walk into this. And I’ll just add one more thing, Larry: what a contrast compared to the previous administration that flew four cabinet secretaries over [to China]. Psilocybin mushrooms were on the menu just begging Xi to come to San Francisco for a meeting. Things have definitely changed under President Trump and for the good.”

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung QLED TVs Earn ‘Real Quantum Dot Display’ Certification From TÜV Rheinland

    Source: Samsung

     
    Samsung Electronics today announced that its latest lineup of QLED TVs has received ‘Real Quantum Dot Display’ certification from TÜV Rheinland, an international certification organization based in Germany. The certification verifies that Samsung’s QLED TVs meet global standards for quantum dot display structure, reinforcing the company’s technological leadership in the premium TV market.
     
    The certification confirms that Samsung QLED TVs comply with the International Electrotechnical Commission (IEC) 62595-1-6 standard, which defines the application of quantum dot (QD) light converting unit combined with blue light sources for standard QLED displays.
     
    As part of the certification process, TÜV Rheinland analyzed the light spectrum produced by Samsung QLED TVs and confirmed that it displayed clear separation between red, green and blue — an important marker of color accuracy. This distinction is enabled by quantum dots and may not be as pronounced in displays using alternative materials, which can sometimes cause color mixing or reduced clarity. The results demonstrate how Samsung’s use of quantum dots contributes to delivering vivid and precise color expression.
     
    With the latest certification, Samsung’s QLED TVs are officially validated as true quantum dot displays, further differentiating Samsung’s offerings and strengthening consumer trust in premium television technologies.
     
    “This certification objectively validates that Samsung QLED TVs deliver true quantum dot performance built to international standards,” said Taeyong Son, Executive Vice President of Visual Display Business at Samsung Electronics. “We will continue to drive innovation and strengthen consumer trust as we lead the premium TV market.”
     
    The series that have received certification include the Neo QLED 8K (QN990F, QN950F), Neo QLED 4K (QN90F, QN85F, QN80F, QN70F) and QLED 4K (Q8F, Q7F, Q6F) series.
     
    Quantum dots are ultra-fine nanomaterials, tens of thousands of times smaller than a human hair, renowned for their ability to reproduce precise and vivid colors depending on light wavelength. The method by which quantum dots are integrated into display panels has become a key indicator for evaluating technological advancement in the premium TV segment.
     
    Separately, Samsung’s quantum dot technology has also been recognized by global testing organization Société Générale de Surveillance (SGS) for its excellence in cadmium-free design — an environmentally conscious approach that eliminates the use of cadmium, a toxic heavy metal known to pose risks to human health and the environment.

    MIL OSI Global Banks –

  • MIL-Evening Report: New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement

    Source: The Conversation (Au and NZ) – By Mark Melatos, Associate Professor of Economics, University of Sydney

    Poetra.RH/Shutterstock

    The re-election of the Albanese government has led to renewed concern about planned changes to the taxation of investment returns in superannuation funds.

    Labor’s emphatic victory on Saturday night, including what looks like an increased presence in the Senate, suggests the legislation is likely to become law in the near future.

    Retirement income in Australia

    Australia’s retirement income system comprises two pillars: a government-funded age pension as well as private superannuation.

    Super includes compulsory employer-funded contributions as well as additional personal contributions.

    These two pillars are complementary; a person can receive a pension even if they have private super. But the more super they have, the less pension they are eligible for.

    About 70% of superannuation assets are held in Australian Prudential Regulation Authority (APRA)-regulated funds and 25% are held in self-managed super funds (SMSFs).

    There are two types of tax – and tax concessions – on super. First, employer contributions and capped personal contributions are taxed at a concessional rate of 15%. Second, income earned by a super fund is taxed at 15% for balances in the accumulation phase (when contributions are being made). Income earned in the pension phase is tax-free.

    So what does the proposed reform entail?

    Starting July 1, the government proposes to increase the concessional tax rate on super account earnings in the accumulation phase from 15% to 30% for balances above A$3 million.

    Those affected – about 80,000 super account holders, or 0.5% of the total – will continue to benefit from the existing 15% concessional tax rate on earnings on the first $3 million of their super balance.

    They will also be able to carry forward any loss as an offset against their tax liability in future years.

    The proposed increase in taxes would affect about 80,000 account holders.
    Fizkes/Shutterstock

    Concerns with the proposed reform

    Concerns have been raised this reform implies the taxation of unrealised capital gains on assets held in super accounts, such as shares or property, even if they have not been sold.

    This is, indeed, a significant departure from the status quo. Both APRA-regulated funds and SMSFs are currently only required to pay capital gains tax once the asset is sold and the gain is crystallised.

    The move to tax unrealised capital gains is likely to prove particularly onerous for SMSFs. The typical industry super fund has a diversified portfolio of assets of varying liquidity, including significant cash holdings. But SMSF portfolios are often dominated by a large and illiquid asset (ones that cannot be easily sold and converted into cash) such as a farm or business property.

    As a result, an SMSF facing a large unrealised capital gain, say from an increase in property values, may not have sufficient cash flow to pay the associated tax bill. The SMSF trustee might be forced to prematurely sell assets to meet the fund’s tax liability.

    In the United States, President Joe Biden’s 2025 budget included a similar proposal to tax unrealised capital gains for households with more than US$100 million in wealth.

    Purpose of the proposed reform

    In announcing this initiative, Treasurer Jim Chalmers suggested the motivation was two-fold.

    First, the federal government is facing pressure on the budget bottom line and generous tax concessions for super are becoming expensive.

    Second, current super tax concessions are highly regressive. This means most benefits of the concessions flow to the wealthiest households which, in any case, will not be eligible for the pension.

    The cost of current super concessions to the federal budget is about $50 billion in foregone revenue, according to Treasury. That is almost the cost of the age pension.

    The Grattan Institute argues superannuation has become a “taxpayer-funded inheritance scheme”. A Treasury review found most Australians die with large outstanding super balances.

    The Association of Superannuation Funds of Australia Retirement Standard calculates that, for a comfortable retirement, a couple needs a super balance of about $700,000 if they retire at age 67. The $3 million threshold is out of the ballpark. However, if the threshold is not indexed more people will be affected over time.

    So, is this reform useful?

    According to the government’s Retirement Income Review, the objective of Australia’s super system should be to “deliver adequate standards of living in retirement in an equitable, sustainable and cohesive way”.

    While the proposed tax change aims to improve the equity and sustainability of Australia’s super system, it is not clear how it will work in practice.

    In response to SMSF concerns about the difficulty in paying tax bills, the government’s proposal gives taxpayers 84 days to pay the tax liability instead of the usual 21 days. This hardly mitigates the risk that SMSF trustees may have to liquidate the main asset in their fund.

    The Biden proposal had presented an alternative model, allowing for the tax liability to be paid over several years, not all at once. Alternatively, taxpayers could pay an interest-like charge while deferring their unrealised capital gains tax liability.

    Such alternatives do not appear to have been seriously considered in the Australian government’s proposal.

    Ultimately, though, the question must be asked: is taxing volatile unrealised capital gains really the most effective way to improve equity in, and the sustainability of, the superannuation system?

    Mark Melatos 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. New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement – https://theconversation.com/new-taxes-on-super-didnt-get-much-attention-in-the-election-campaign-but-they-could-be-tricky-to-implement-255871

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Women’s sports are fighting an uphill battle against our social media algorithms

    Source: The Conversation (Au and NZ) – By Hans Westerbeek, Professor of International Sport Business, Head of Sport Business Insights Group, Victoria University

    Women’s sport is more and more getting the attention it deserves.

    Stadiums are filling, television ratings for many sports are climbing and athletes such as the Matildas’ Mary Fowler, triple Olympic gold medallist Jess Fox and star cricketer Ellyse Perry are becoming household names.

    Despite this progress, an invisible threat looms, one that risks undoing years of advocacy and momentum.

    That threat is the algorithm.

    How sports consumption is changing

    As more fans consume sport through digital platforms such as YouTube, TikTok, Instagram and increasingly, AI-curated streaming services such as WSC Sports, the content they see is being selected not by editors but by artificial intelligence (AI).

    Algorithms, trained to maximise engagement and profits, are deciding what appears in your feed, which video auto-plays next, and which highlights are pushed to the top of your screen.

    But here is the problem: algorithms prioritise content that is already popular.

    That usually means men’s sport.

    This creates what researchers call an echo chamber effect, where users are shown more of what they already engage with and less of what they don’t.

    In sport, this can be deeply problematic.

    If a user clicks on highlights from the AFL men’s competition for example, the algorithm will respond by serving up more men’s footy content.

    Over time, content from women’s competitions risks being squeezed out, not because it is unworthy but because it has not yet achieved the same levels of engagement.

    This is not a glitch, it is a structural flaw in how digital platforms are designed to serve content.

    It means women’s sport, already underrepresented in traditional media, risks becoming all but invisible to many users in this AI-driven ecosystem.

    Also, generative AI tools such as ChatGPT, Sora and others don’t just curate content, they now create it.

    Match reports, fan commentary, video summaries and social posts are being generated by machines. But these systems are trained on historical data, which overwhelmingly favours men’s sport.

    So, the more content the algorithm generates, the more it reproduces the same imbalance. What was once human bias is now being automated and scaled across millions of screens.

    This may sound abstract, but it has real-world consequences.

    Young fans raised on algorithmically curated content are less likely to see women’s sport unless they actively search for it. And if they don’t see it, they don’t form emotional attachments to it.

    That has major implications for ticket sales, merchandise, viewership and sponsorship investment.

    An uphill battle

    In short, visibility drives viability. If women’s sport becomes digitally invisible, it risks becoming financially unsustainable.

    A 2024 study in Victoria shows only around 15% of traditional sports media coverage in the state goes to women’s sport. This mirrors a 2019 European Union study across 22 countries, which found 85% of print media coverage is dedicated to male athletes.

    And while progress has been made, particularly during events such as the FIFA Women’s World Cup or the Olympics, regular, everyday visibility remains an uphill battle.

    AI threatens to compound these historic disparities. A 2024 study found algorithms trained on historical data reproduce and even amplify gender bias.

    The very systems that could democratise access to sport content may, in fact, be reinforcing old inequalities.

    What can be done?

    We can’t turn off the algorithm. But we can hold it to account.

    Platforms like YouTube, TikTok and Netflix should be required to undergo independent algorithmic audits.

    These would evaluate whether content recommendation engines are systemically under-representing women’s sport and propose changes.

    In Europe, the Artificial Intelligence Act, one of the world’s first comprehensive AI regulations, requires transparency and oversight for high-risk AI applications. Australia and other countries should consider similar obligations for content platforms.

    Sport organisations and broadcasters need to create intentional pathways for fans to discover women’s sport, even if they haven’t previously engaged with it.

    That means curated playlists, featured stories and digital campaigns that surface content outside the fan’s usual algorithmic bubble.

    Platforms must balance personalisation with diversity.

    We also need better media literacy, especially for younger audiences. Fans should be encouraged to explore beyond what’s served to them, seek out women’s sport channels, and recognise when the algorithm is reinforcing narrow viewing habits.

    Teaching this in schools, sport clubs and community programs could make a big difference.

    An opportunity for Australia

    Australia is well placed to lead this change because our women’s national teams are globally competitive, our domestic leagues are growing and fan appetite is rising.

    But without visibility, this momentum can fade. We must remember that algorithms don’t just reflect our preferences, they shape them.

    In an age where AI can dictate what we see, the battle for attention becomes even more crucial.

    If we want women’s sport to thrive every week, we need to ensure it is seen, heard and valued in the digital spaces where fandom now lives.

    Because in the age of AI, what we don’t see may be just as powerful as what we do.

    Hans Westerbeek 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. Women’s sports are fighting an uphill battle against our social media algorithms – https://theconversation.com/womens-sports-are-fighting-an-uphill-battle-against-our-social-media-algorithms-255001

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: First National Bank Alaska announces unaudited results for first quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, May 07, 2025 (GLOBE NEWSWIRE) — First National Bank Alaska’s (OTCQX:FBAK) net income for the first quarter of 2025 was $17.7 million, or $5.60 per share. This compares to a net income of $13.5 million, or $4.26 per share, for the same period in 2024.

    “The momentum we gained in 2024 propelled the bank to a very strong first quarter performance,” said First National Board Chair and CEO/President Betsy Lawer. “Our unrivaled 600-plus employees are delivering dynamic improvements to services across the bank. By focusing on improving our customer experiences whether in person or online, we are creating efficiencies in our operations, enhancing cybersecurity awareness and reducing the impact of fraud on the bank and our customers. Our balance sheet remains well positioned to support opportunities for Alaskans.”

    Loans totaled $2.6 billion as of March 31, 2025, an increase of $137.1 million during first quarter 2025, and an increase of $237.8 million compared to the same period in 2024. First quarter loan quality was strong with nonperforming loans of $4.2 million, 0.16% of outstanding loans compared to $4.3 million and 0.17% as of Dec. 31, 2024. The provision for credit losses totaled $1.5 million as of March 31, 2025, compared to $0.9 million as of March 31, 2024. The allowance for credit losses as of March 31, 2025 totaled $19.5 million, or 0.75% of total loans.

    First quarter total interest and loan fee income was $56.0 million, a 5.9% decrease from $59.5 million for the first quarter ended March 31, 2024. The bank repaid all borrowings in 2024 reducing earning assets. Interest income to average earning assets increased to 4.61% compared to 4.28% as of March 31, 2024.

    Assets totaled $4.9 billion as of March 31, 2025, decreasing $322.9 million primarily due to the repayments under the Federal Reserve Bank Term Funding Program during 2024. Return on assets as of March 31, 2025, increased to 1.42%, forty-seven basis points higher than first quarter 2024, on strong first quarter net income performance.

    Deposits and repurchase agreements totaled $4.3 billion as of March 31, 2025, compared to $4.2 billion as of March 31, 2024, and $4.4 billion as of Dec. 31, 2024. First quarter activity represented normal seasonal outflow.

    Total interest expense for the quarter decreased $9.2 million compared to the quarter ended March 31, 2024 without interest incurred on borrowed funds. Interest expense to average earning assets decreased to 98 basis points compared to 1.52% as of March 31, 2024. Net interest margin through March 31, 2025, was 3.63% compared to 2.76% for the year ended March 31, 2024.

    Noninterest income for first quarter 2025 was $6.8 million, an increase of 3.5% compared to first quarter 2024. Quarterly improvement occurred in fiduciary, mortgage loan servicing, and bankcard activities. Noninterest expenses for the first quarter of 2025 increased 1.0% compared to the same period in 2024. The efficiency ratio for March 31, 2025, was 49.70% and remains better than First National’s peer groups, both in Alaska and across the nation.

    Shareholders’ equity was $535.1 million as of March 31, 2025, compared to $516.6 million as of Dec. 31, 2024. This $18.5 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of March 31, 2025, was 13.49% compared to 13.60% as of Dec. 31, 2024. Book value per share increased to $168.98, compared to $163.11 as of Dec. 31, 2024. The bank’s March 31, 2025, Tier 1 leverage capital ratio of 11.72% remains above well-capitalized standards.

    ABOUT FIRST NATIONAL BANK ALASKA

    Alaska’s community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2025, Forbes selected First National as the sixth best bank on their America’s Best Banks list, and Newsweek recognized the bank as one of the nation’s Best Regional Banks and Credit Unions. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Marketing, 907-777-3451

       
      Quarter Ended ($ in thousands)
    Financial Overview (Unaudited)
      3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
    Balance Sheet          
    Total Assets $ 4,890,081   $ 4,997,767   $ 5,557,306   $ 5,116,066   $ 5,212,976  
    Total Securities $ 1,882,332   $ 1,928,625   $ 2,602,519   $ 2,197,788   $ 2,404,078  
    Total Loans $ 2,607,081   $ 2,469,935   $ 2,445,596   $ 2,391,593   $ 2,369,282  
    Total Deposits $ 3,580,147   $ 3,679,155   $ 3,728,181   $ 3,698,631   $ 3,665,066  
    Repurchase Agreements $ 716,908   $ 743,193   $ 647,043   $ 615,096   $ 571,463  
    Total Deposits and Repurchase Agreements $ 4,297,055   $ 4,422,348   $ 4,375,224   $ 4,313,727   $ 4,236,529  
    Total Borrowing under the Federal Reserve Bank Term Funding Program $ –   $ –   $ 249,868   $ 249,868   $ 430,000  
    Unrealized loss on marketable securities, net of tax $ (49,465 ) $ (62,985 ) $ (52,020 ) $ (86,857 ) $ (95,809 )
    Total Shareholders’ Equity $ 535,148   $ 516,562   $ 527,864   $ 485,167   $ 470,702  
               
    Income Statement          
    Total Interest And Loan Fee Income $ 56,005   $ 63,439   $ 64,615   $ 56,773   $ 59,493  
    Total Interest Expense $ 11,956   $ 18,591   $ 21,319   $ 16,521   $ 21,168  
    Provision for Credit Losses $ 1,535   $ (118 ) $ (432 ) $ 318   $ 953  
    Total Noninterest Income $ 6,768   $ 7,011   $ 7,293   $ 7,389   $ 6,540  
    Total Noninterest Expense $ 25,334   $ 27,696   $ 25,928   $ 25,637   $ 25,085  
    Provision for Income Taxes $ 6,214   $ 4,350   $ 7,099   $ 6,039   $ 5,351  
    Net Income $ 17,734   $ 19,931   $ 17,994   $ 15,647   $ 13,476  
    Earnings per common share $ 5.60   $ 6.29   $ 5.68   $ 4.94   $ 4.26  
    Dividend per common share $ 4.00   $ 6.40   $ 3.20   $ 3.20   $ 3.20  
               
    Financial Measures          
    Return on Assets   1.42 %   1.22 %   1.15 %   1.08 %   0.95 %
    Return on Equity   13.49 %   13.60 %   12.90 %   12.30 %   11.52 %
    Net Interest Margin   3.63 %   3.12 %   3.04 %   2.98 %   2.76 %
    Interest Income to Average Earning Assets   4.61 %   4.57 %   4.51 %   4.40 %   4.28 %
    Interest Expense to Average Earning Assets   0.98 %   1.45 %   1.47 %   1.42 %   1.52 %
    Efficiency Ratio   49.70 %   53.51 %   53.59 %   54.94 %   56.00 %
               
    Capital          
    Shareholders’ Equity/Total Assets   10.94 %   10.34 %   9.50 %   9.48 %   9.03 %
    Tier 1 Leverage Ratio   0.98 %   1.45 %   1.47 %   1.42 %   1.52 %
    Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio   5.00 %   5.00 %   5.00 %   5.00 %   5.00 %
    Tier 1 (Core) Capital $ 584,613   $ 579,547   $ 579,884   $ 572,024   $ 566,511  
               
    Credit Quality          
    Nonperforming Loans and OREO $ 4,243   $ 4,313   $ 4,186   $ 4,731   $ 28,634  
    Nonperforming Loans and OREO/Total Loans   0.16 %   0.17 %   0.17 %   0.20 %   1.21 %
    Nonperforming Loans and OREO/Tier 1 Capital   0.73 %   0.74 %   0.72 %   0.83 %   5.05 %
    Allowance for Loan Losses $ 19,500   $ 18,025   $ 18,550   $ 19,000   $ 18,800  
    Allowance for Loan Losses/Total Loans   0.75 %   0.73 %   0.76 %   0.79 %   0.79 %
               
    Net interest margin, yields, and efficiency ratios are tax effected.      
    Financial measures are year-to-date.          
    Per common share amounts are not in thousands.        
               

    The MIL Network –

  • MIL-OSI Submissions: Africa – The Islamic Development Bank (IsDB) Group Entities to Host the 13th Private Sector Forum in Algiers, Algeria (20-22 May 2025)

    SOURCE: Islamic Development Bank Group (IsDB Group)

    The forum will enhance public-private partnerships by strengthening collaboration between governments and private enterprises to drive economic diversification and sustainable development

    ALGIERS, Algeria, May 6, 2025/ — The Entities of the Islamic Development Bank (IsDB) Group (www.IsDB.org), including the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), in collaboration with the Islamic Development Bank Group Business Forum (THIQAH), are pleased to announce the 13th edition of the Private Sector Forum (PSF 2025), taking place from May 20 to 22, 2025, at the Abdelatif Rahal International Conference Center in Algiers, Algeria. This prestigious event will take place on the sidelines of the IsDB Group Annual Meetings and is organized under the high patronage of His Excellency Abdelmadjid Tebboune, President of the People’s Democratic Republic of Algeria.

    Under the theme “Diversifying Economies, Enriching Lives” PSF 2025 aims to reinforce the pivotal role of the private sector in fostering sustainable economic growth, enhancing trade and investment flows, and unlocking opportunities for strategic partnerships across the IsDB member countries. The forum will provide an exclusive platform for key stakeholders to explore new business opportunities, exchange knowledge, and strengthen regional and international economic cooperation.

    PSF 2025 will promote investment and trade by highlighting emerging opportunities in key sectors such as infrastructure, energy, technology, healthcare, and finance while facilitating cross-border investments and trade.  The forum will enhance public-private partnerships by strengthening collaboration between governments and private enterprises to drive economic diversification and sustainable development. It will also empower entrepreneurs and startups by providing a dedicated platform to support innovative startups and SMEs through networking, capacity-building, and funding opportunities.  Additionally, it will facilitate business networking by organizing B2B and B2G meetings, fostering strategic alliances between businesses, investors, policymakers, and financial institutions.  Finally, it will showcase success stories and best practices by sharing real-world insights from industry leaders and experts to inspire growth, resilience, and transformation within member economies.

    The event is expected to attract over 1,500 participants, including high-level government officials, chairpersons, presidents, and CEOs of leading local and international companies, multilateral development institutions, chambers of commerce and industry, business associations, investment promotion agencies, individual investors, and entrepreneurs.

    In addition to insightful panel discussions and keynote speeches, PSF 2025 will feature a dedicated exhibition where partners can showcase their projects, services, and investment opportunities. It will include a startup competition designed to foster innovation and highlight groundbreaking business ideas. For the third time, the event will introduce the IsDB Group recognition awards, honoring distinguished organizations and individuals for their contributions to economic development and trade facilitation.

    The forum will welcome prominent speakers, including the Chief Executive Officers of the IsDB Group entities, Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, and Eng. Adeeb Al Aama, CEO of ITFC. These leaders, along with industry experts, will share success stories, experiences, and best practices to further strengthen investment and trade across the IsDB member countries.

    For further details, please visit the event’s official website: www.IsDBG-PSF.org

    About Islamic Development Bank (IsDB):
    The Islamic Development Bank is a multilateral development bank that works to improve the lives of those it serves by promoting social and economic development in Muslim countries and communities around the world and making a difference at scale. Through collaborative partnerships between communities in its 57 member countries, the Bank seeks to equip communities to drive their own economic and social progress at scale, and put the infrastructure in place to enable them to realize their potential. The Bank’s new business model of “making markets work for development” contributes to enhancing the competitiveness of our member countries in strategic industries in order to improve participation and upgrading in global value chains. This is in the field of food and agricultural industries, textiles, clothing, leather, shoes, petrochemicals and petroleum, construction, and Islamic finance. The Bank also promotes innovative and sustainable solutions to the biggest development challenges in the world, and takes advantage of the scientific potential in technology and innovation as strategic drivers of economic growth, and we also work to achieve the United Nations sustainable development goals.

    About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
    About ICIEC:
    ICIEC commenced operations in 1994 to strengthen economic relations between OIC member countries and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its member countries. ICIEC, for the 17th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time “AA-” long-term Issuer Credit Rating by S&P with Stable Outlook.  ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$121 billion in trade and investment. ICIEC activities are directed to several sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

    For more information, visit: http://ICIEC.IsDB.org ,

    About the Islamic Corporation for the Development of the Private Sector (ICD):
    The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). It supports the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari’ah. It also mobilizes additional resources for projects and encourages the development of Islamic finance. ICD’s operations complement the activities of IsDB in member countries and also those of national financial institutions. ICD has 55 member countries and five public financial institutions as its shareholders and has an authorized capital of USD 4 billion.

    About the International Trade Finance Corporation (ITFC):
    The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$ 83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

    About the Islamic Development Bank Group Business Forum (THIQAH):
    The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.IDBGBF.org)

    MIL OSI – Submitted News –

  • MIL-OSI USA: NASA Selects Winners of the 2024-2025 Power to Explore Challenge

    Source: NASA

    Explore This Section

    RPS Home
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    3 min read
    NASA Selects Winners of the 2024-2025 Power to Explore Challenge

    Ten-year-old, Terry Xu of Arcadia, California; 14-year-old, Maggie Hou of Snohomish, Washington; and 17-year-old, Kairat Otorov of Trumbull, Connecticut, winners of the 2024-2025 Power to Explore Student Writing Challenge.
    NASA/David Lam, Binbin Zheng, The Herald/Olivia Vanni, Meerim Otorova

    NASA has chosen three winners out of nine finalists in the fourth annual Power to Explore Challenge, a national writing competition designed to teach K-12 students about the enabling power of radioisotopes for space exploration.

    “Congratulations to the amazing champions and all of the participants!

    Carl Sandifer II
    Program Manager, NASA’s Radioisotope Power Systems Program

    The essay competition asked students to learn about NASA’s radioisotope power systems (RPS), likened to “nuclear batteries,” which the agency has used discover “moonquakes” on Earth’s Moon and study some of the most extreme of the more than 891 moons in the solar system. In 275 words or less, students dreamed up a unique exploration mission of one of these moons and described their own power to achieve their mission goals.
    “I’m so impressed by the creativity and knowledge of our Power to Explore winners,” said Carl Sandifer II, program manager of the Radioisotope Power Systems Program at NASA’s Glenn Research Center in Cleveland.
    Entries were split into three groups based on grade level, and a winner was chosen from each. The three winners, each accompanied by a guardian, are invited to NASA’s Glenn Research Center in Cleveland for a VIP tour of its world-class research facilities this summer.
    The winners are:

    Terry Xu, Arcadia, California, kindergarten through fourth grade
    Maggie Hou, Snohomish, Washington, fifth through eighth grade
    Kairat Otorov, Trumbull, Connecticut, ninth through 12th grade

    “Congratulations to the amazing champions and all of the participants! Your “super powers” inspire me and make me even more optimistic about the future of America’s leadership in space,” Sandifer said.
    The Power to Explore Challenge offered students the opportunity to learn about space power, celebrate their own strengths, and interact with NASA’s diverse workforce. This year’s contest received nearly 2,051 submitted entries from all 50 states, U.S. territories, and the Department of Defense Education Activity overseas.
    Every student who submitted an entry received a digital certificate and an invitation to the Power Up virtual event held on March 21. There, NASA announced the 45 national semifinalists, and students learned about what powers the NASA workforce.
    Additionally, the national semifinalists received a NASA RPS prize pack.
    NASA announced three finalists in each age group (nine total) on April 23. Finalists were invited to discuss their mission concepts with a NASA scientist or engineer during an exclusive virtual event.
    The challenge is funded by the Radioisotope Power Systems Program Office in NASA’s Science Mission Directorate and administered by Future Engineers under a Small Business Innovation Research phase III contract. This task is managed by the NASA Tournament Lab, a part of the Prizes, Challenges, and Crowdsourcing Program in NASA’s Space Technology Mission Directorate.
    For more information on radioisotope power systems visit: https://nasa.gov/rps

    Karen Fox / Erin Morton
    Headquarters, Washington
    301-286-6284 / 202-805-9393
    karen.c.fox@nasa.gov / erin.morton@nasa.gov

    Kristin Jansen
    Glenn Research Center, Cleveland
    216-296-2203
    kristin.m.jansen@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: BadCreditLoans Reviewed: The Top Low Credit Lending Option for Payday Loans

    Source: GlobeNewswire (MIL-OSI)

    Tacoma, May 07, 2025 (GLOBE NEWSWIRE) —

    In This Article, You’ll Discover:

    • How BadCreditLoans.com connects borrowers with payday loans for bad credit using a secure online application system
    • The most common financial pain points faced by low credit borrowers and why traditional lenders often deny them
    • What makes BadCreditLoans a top-rated low credit lending option for emergency loans and same-day funding
    • A detailed breakdown of how the platform works — from eligibility checks to AI-powered loan matching and lender approval
    • Transparent insight into loan terms, interest rates (APR), repayment options, and application timelines
    • Real customer experiences and reviews highlighting ease of use, trustworthiness, and lender access
    • How Bad Credit Loans compares to other payday loan providers in the online lending space
    • Common concerns such as loan security, legitimacy, and data protection — with risk mitigation advice
    • Full pricing details, customer service contact information, and what to expect from the lending process in 2025
    • Important disclaimers regarding loan variability, APR, and pricing changes, with reminders to consult the official website

    TL;DR Summary:

    BadCreditLoans.com has emerged as a leading online solution for consumers searching for payday loans for bad credit and emergency funding with low credit scores. This comprehensive review explores how the platform works, who qualifies, and why it’s one of the top low credit lending options in 2025. From loan matching powered by fintech to flexible repayment terms and secure applications, BadCreditLoans connects borrowers to an expansive network of lenders without requiring perfect credit.

    Whether you’re looking for same-day funding, no credit check loans, or simply want to explore fast online payday loan options, this article outlines every key detail, including eligibility requirements, pricing, and borrower protections. Customer reviews and competitive comparisons are included to help you make an informed decision.

    Disclaimer: Loan offers, terms, and interest rates may vary by lender. Always confirm final pricing and conditions on the official website, as they are subject to change without notice.

    Introduction

    Bad Credit Loans: A Trusted Lifeline for Low-Credit Borrowers

    In today’s economic climate, more individuals than ever are struggling with limited credit access. Whether it’s due to past financial hardships, job loss, or emergency expenses, the reality is that a large segment of the population finds themselves turned away by traditional lenders. That’s where platforms like BadCreditLoans.com come in — a digital service built to help consumers with poor or no credit history connect with potential lenders for payday loans and other urgent cash needs.

    This review is designed for those facing financial uncertainty and wondering:

    Where can I turn when my credit score is low, and bills can’t wait?

    Understanding the Financial Struggles of Bad Credit Borrowers

    Why Borrowers with Bad Credit Face Unique Financial Barriers

    For millions of Americans, financial emergencies don’t wait for a perfect credit score. A single late payment, job loss, medical bill, or sudden expense can significantly lower your credit score, placing you in a category traditional banks often avoid: subprime or low-credit borrowers.

    Traditional lenders typically rely on strict credit scoring models that penalize individuals for missed payments, high credit utilization, or limited credit history. As a result, consumers in need of urgent financial relief, often searching for payday loans for bad credit or emergency loans with bad credit, are denied at the moment they need help most.

    Common Pain Points for Low-Credit Borrowers

    Low-credit borrowers frequently experience a frustrating loop:

    • Loan denial from traditional banks or credit unions, even for small amounts under $1,000
    • Predatory lenders charge extremely high APRs, trapping borrowers in cycles of debt
    • Stigma around credit score requirements, which prevents access to fair options
    • Limited access to short-term funding during medical, housing, or automotive emergencies

    This creates a financial bottleneck, where options become increasingly scarce, even as the need grows more urgent.

    Who’s Affected by These Barriers?

    The challenge of accessing affordable lending doesn’t only impact those with mismanaged finances. Many borrowers seeking low credit score loans are:

    • Gig workers or freelancers with inconsistent income
    • Students or recent graduates with little to no credit history
    • Individuals recovering from past financial hardships, such as divorce or bankruptcy
    • Seniors on fixed incomes who’ve fallen behind on bills
    • Households impacted by inflation or economic downturns

    This diverse group — often labeled “credit invisibles”—may not have extensive borrowing histories, but they do have legitimate, time-sensitive financial needs.

    When Traditional Credit Fails

    When banks say “no,” borrowers are often left with two choices:

    1. Delay essential expenses, risking utilities shut offs or eviction
    2. Turn to risky payday lenders or unregulated financial services

    This is where BadCreditLoans.com stands out. The platform acts as a secure bridge between borrowers and vetted lenders, offering a mobile-first lending experience designed to provide fast approvals, even for those with poor credit histories.

    Disclaimer: Loan approval through BadCreditLoans is not guaranteed. Lending decisions are made solely by third-party lenders, and terms will vary. Always review individual lender terms before accepting an offer.

    Why a Better Option Is Needed in 2025

    With rising costs of living, stagnant wages, and increased reliance on alternative income sources, more consumers are seeking online payday loans and same-day funding options. Unfortunately, the market is also seeing a rise in fraudulent or misleading financial offers.

    Borrowers today demand:

    • Transparent terms with no hidden fees
    • Access to no-credit-check loans or soft credit inquiries
    • Fast decisions and responsive customer support
    • Financial inclusion and flexible repayment plans

    BadCreditLoans.com addresses these concerns by offering a fintech lending platform that uses AI-powered loan matching, giving low-credit borrowers a safer and smarter alternative.

    Don’t wait! Apply now on BadCreditLoans.com and get matched with lenders offering up to $10,000—even with bad credit. Fast, secure, and 100% free!

    Introducing BadCreditLoans.com: A Beacon for Low-Credit Borrowers

    What Is BadCreditLoans.com?

    BadCreditLoans.com is not a direct lender — it’s an online loan aggregator platform that connects individuals with low credit scores to a wide network of potential lenders. The company has operated since 1998 and has established itself as a trusted digital lending gateway for consumers searching for payday loans for bad credit, emergency loans, and no credit check loan options.

    Rather than applying individually to multiple lenders — which can trigger repeated hard inquiries and further damage your credit — BadCreditLoans uses a single, secure online application to match you with lenders willing to work with borrowers in your credit range.

    A Fintech-Driven Solution to Modern Lending Needs

    The platform has adapted to meet the changing landscape of digital finance. Using AI-powered loan matching technology, BadCreditLoans analyzes borrower profiles in real time to pair users with lenders that align with their needs — offeringfast approval loans and same-day funding when available.

    This mobile-first lending experience ensures borrowers can apply and receive results conveniently from their smartphone, tablet, or desktop — 24/7.

    What Makes BadCreditLoans Different?

    Here’s what separates BadCreditLoans from other platforms in the subprime lending space:

    • Broad Network Access: The platform connects borrowers with dozens of reputable lenders, offering a variety of loan products, including personal loans, installment loans, and payday loans.
    • Soft Credit Checks Only: Your credit score will not be affected by the initial application. Many lenders rely on alternative credit scoring or income verification rather than traditional FICO scores.
    • No Fees to Use the Service: BadCreditLoans.com does not charge users for applying or for loan matching.
    • Flexible Loan Options: Loan amounts typically range from $500 to $10,000, with repayment terms from 3 to 60 months, depending on the lender.

    Disclaimer: BadCreditLoans.com is not a lender. All loan decisions, APRs, repayment terms, and eligibility criteria are determined by individual lenders. Always review any loan agreement carefully before accepting.

    A Secure Online Application You Can Trust

    In a digital age filled with scams and unreliable lenders, BadCreditLoans takes security seriously. The platform uses advanced encryption protocols to protect personal and financial information during the application process.

    Borrowers can submit applications confidently, knowing their data is safeguarded and shared only with potential lending partners within the BadCreditLoans network.

    Who Can Benefit Most?

    BadCreditLoans is ideal for:

    • Borrowers with poor or limited credit history
    • Individuals seeking short-term emergency funding
    • Applicants looking for no-credit-check payday loans
    • Consumers who want fast, hassle-free loan comparisons

    In short, if you’re searching for the best loans for bad credit in 2025, BadCreditLoans provides a streamlined, secure path forward — one built for convenience, transparency, and flexibility.

    Bills piling up? Get the funds you need today. Apply at BadCreditLoans.com for quick approval—even with bad credit or no credit. Start now!

    How BadCreditLoans.com Works: A Step-by-Step Guide

    Navigating the Application Process with Ease

    BadCreditLoans.com simplifies what is traditionally a stressful and time-consuming process. By offering a digital loan onboarding experience designed specifically for low-credit borrowers, the platform removes unnecessary friction and helps applicants connect with lenders in minutes.

    Let’s walk through the entire process — from application to funding.

    Step 1 — Submit the Online Application

    The first step is filling out a secure, no-cost online form directly on BadCreditLoans.com. This includes:

    • Full legal name, address, and contact information
    • Employment and income details
    • Bank account information (for direct deposit of funds)
    • Social Security number (used to conduct a soft credit inquiry)

    Unlike traditional banks, this initial application will not harm your credit score. It is designed for borrowers searching for no-credit-check loans or those with low credit scores who need quick funding options.

    Step 2 — Receive Loan Offers from Potential Lenders

    After submitting the application, BadCreditLoans uses AI-powered loan matching to compare your information with its network of partner lenders.

    You may receive multiple offers with varying:

    • Loan amounts (typically $500 to $10,000)
    • Repayment terms (3 months to 60 months)
    • Annual Percentage Rates (APR)
    • Fee structures (origination fees, if applicable)

    Each lender has its own criteria, but most are open to working with credit invisibles, freelancers, gig workers, and others who may have difficulty qualifying through conventional channels.

    Disclaimer: Loan availability, rates, and approval outcomes vary by lender and applicant profile. Always review each lender’s terms before proceeding.

    Step 3 — Review, Accept, or Decline Offers

    One of the platform’s most empowering features is transparency. There is no obligation to accept any offer. You’re free to:

    • Compare multiple offers
    • Read loan documents carefully
    • Ask questions directly to the lender
    • Decline an offer if the terms aren’t right

    BadCreditLoans encourages users to borrow responsibly — a key differentiator from many predatory payday lenders that pressure borrowers into accepting high-APR loans.

    Step 4 — Receive Your Funds

    Upon accepting a loan offer and completing any additional verification steps (such as confirming employment or banking details), many lenders offer:

    • Same-day or next-business-day funding
    • Direct deposit into your checking account

    This is especially valuable for users facing financial emergencies — such as medical bills, utility cutoffs, or urgent home repairs — who need fast approval loans.

    Step 5 — Repayment and Support

    Loan repayment is handled directly between the borrower and the selected lender. Repayment terms are set in advance and may include:

    • Fixed monthly payments
    • Automatic withdrawals from your bank account
    • Prepayment options, often without penalties

    Be sure to confirm:

    • Exact APR and total repayment cost
    • Payment dates and amounts
    • Late fees or grace periods

    Disclaimer: Always read the full loan agreement. Not all lenders allow early repayment without penalty. Terms and conditions vary.

    Why This System Works for Low-Credit Borrowers

    This step-by-step process is designed to provide structure and peace of mind for individuals who typically feel shut out of the lending system. With a mobile-first lending interface, transparent offers, and no upfront fees, BadCreditLoans.com is built to support financial inclusion, not exploitation.

    For users searching for online payday loans, bad credit personal loans, or emergency loans without a credit check, the platform offers a fast, secure, and user-friendly alternative in 2025’s evolving lending market.

    Get same-day payday loans with no upfront fees! BadCreditLoans.com connects you to lenders fast—even if your credit isn’t perfect. Apply now!

    Eligibility Criteria and Requirements

    Understanding who qualifies for a loan through BadCreditLoans.com is essential. The platform is designed to serve individuals who have historically been underserved by traditional financial institutions, including those with bad credit, limited credit history, or unconventional income sources.

    This section outlines the basic qualifications you’ll need to meet, as well as the inclusive approach BadCreditLoans takes in helping more people gain access to emergency funds.

    Who Can Apply?

    To be eligible for a loan offer through BadCreditLoans, you must meet the following minimum requirements:

    • Be at least 18 years old and a legal resident of the United States
    • Possess a valid checking account in your name
    • Have a steady source of income (employment, self-employment, benefits, etc.)
    • Provide a working phone number and email address

    These requirements are intentionally flexible to ensure that individuals in varying financial circumstances — including part-time workers, freelancers, and those recovering from financial setbacks — have an opportunity to apply.

    Credit History Requirements

    One of the most appealing features of BadCreditLoans is its accessibility to individuals with low or no credit scores. Many of the lenders in the network accept applicants who:

    • Have a poor FICO score or no FICO score at all
    • Have past bankruptcies, delinquencies, or charge-offs
    • They are labeled as credit invisibles due to a minimal borrowing history

    The use of soft credit inquiries ensures that submitting an application will not negatively affect your credit score, a crucial feature for those already navigating credit challenges.

    Alternative Approval Metrics

    Unlike traditional banks, many lenders connected through BadCreditLoans look at a broader picture when evaluating your application. They may consider:

    • Employment stability
    • Monthly income vs. existing obligations
    • Bank account activity
    • Alternative credit scoring methods (such as rent, utility, or phone bill payments)

    This inclusive underwriting process helps more people qualify for essential funding, even without a strong credit history. It aligns with emerging trends in fintech that prioritize real-time income verification and cash flow-based decision-making over legacy credit models.

    Designed for Financial Inclusion

    BadCreditLoans supports financial inclusion by helping underserved populations access transparent, regulated lending solutions, not high-interest payday traps. It fills a crucial gap in today’s lending market, providing fast approval options for people who may not have any other viable short-term alternatives.

    If you’ve searched for terms like “low credit score loans,” “bad credit loans online,” or “no credit check payday loans,” this platform is likely one of the most accessible paths forward.

    Disclaimer: Meeting the eligibility requirements does not guarantee loan approval. All loan offers are subject to individual lender evaluation and may vary based on your profile.

    Why wait? Apply now on BadCreditLoans.com to compare real loan offers in minutes—no obligation, no credit damage. Get funded fast!

    Loan Terms, Rates, and Repayment Options

    BadCreditLoans.com doesn’t issue loans directly but facilitates access to a broad range of lending options through its network of financial partners. The terms you receive will depend on the lender, your application details, and the type of loan product you pursue. Still, the platform provides a general structure for what borrowers can expect, giving users a clearer view of their options before committing.

    Loan Amounts

    Borrowers may be eligible for loans ranging from as little as $500 up to $10,000. These amounts can serve a variety of short-term or emergency needs — from utility bills and medical expenses to car repairs and rent payments. The flexibility in loan size ensures that users aren’t forced into borrowing more than they can reasonably afford.

    Interest Rates and APR

    Annual Percentage Rates (APR) typically fall between 5.99% and 35.99%, depending on the lender and the applicant’s financial profile. Factors that affect your APR include:

    • Type of loan selected (e.g., installment vs. payday)
    • Your verified income and monthly obligations
    • Repayment duration
    • Risk assessment performed by the lender

    While these rates are higher than those offered to borrowers with excellent credit, they are often more competitive and transparent than traditional payday loan storefronts.

    Disclaimer: APR ranges are determined by the individual lender and not BadCreditLoans.com. Your final APR will vary based on lender evaluation. Always review your loan offer carefully before accepting.

    Repayment Terms

    Repayment windows generally range from 3 months to 60 months. Short-term loans may require lump-sum repayment within a few weeks, while installment loans offer the convenience of scheduled monthly payments over a longer period.

    Some lenders may offer early payoff options without penalties, giving borrowers a chance to reduce interest by paying ahead of schedule.

    If you’re applying for a small loan to cover urgent costs, many users find repayment periods of 6 to 12 months to be a manageable middle ground, balancing affordability with speed.

    Transparency and Disclosures

    BadCreditLoans.com emphasizes lender transparency. Borrowers will be presented with:

    • Clear breakdowns of loan terms
    • Disclosure of fees, if applicable
    • Exact monthly payment obligations
    • Total repayment amount (including interest)

    There are no application or platform fees charged by BadCreditLoans. However, lenders may include origination fees, late payment penalties, or other costs in their individual agreements.

    Disclaimer: Loan fees, repayment flexibility, and total interest vary by lender. Be sure to read all terms before signing. Prepayment penalties may apply in some cases — always ask your lender directly if you’re unsure.

    Payment Collection Methods

    Most lenders automate repayment through scheduled bank account withdrawals. You’ll need to ensure sufficient funds are available on your agreed-upon payment dates to avoid overdraft fees or late penalties.

    In some cases, lenders offer web-based portals or mobile app support for tracking your repayment progress, updating payment information, or requesting due date changes.

    Who do These Loan Terms Benefit Most

    Borrowers looking for:

    • Flexibility in repayment schedules
    • Fast access to cash without extensive paperwork
    • Loans that don’t penalize poor credit history
    • A transparent agreement with no hidden clauses

    … will likely find these lending structures supportive and adaptive to real-life situations.

    For those seeking “bad credit loans online,” “emergency loans with bad credit,” or “fast approval loans” — this section of the process is where peace of mind starts.

    Disclaimer on Pricing: Loan costs, interest rates, and fees are determined by individual lenders. Pricing is subject to change at any time. Always check the official BadCreditLoans.com website or your lender’s site for the most up-to-date pricing and terms.

    Bad credit won’t hold you back! Submit your free BadCreditLoans.com application now and access emergency loans with flexible terms today!

    Comparing BadCreditLoans.com to Other Lending Platforms

    Borrowers exploring online lending options for bad credit quickly find that not all services deliver the same value. Some platforms are limited in scope, while others may impose hidden fees or fail to prioritize consumer protection. This section outlines how BadCreditLoans.com stands apart from competing services in the low-credit lending space.

    A Broader Network for More Loan Offers

    Unlike many payday loan sites that connect users to just one lender, BadCreditLoans.com gives applicants access to a network of vetted financial providers. This increases the chances of receiving multiple offers, helping users compare loan amounts, APRs, and terms. Borrowers seeking “best loans for bad credit” or “emergency loans with bad credit” benefit from this flexible structure.

    Zero Application Fees

    Many platforms charge upfront service or processing fees, especially those targeting low-credit borrowers. BadCreditLoans.com, in contrast, offers:

    • A free, no-obligation loan request process
    • No hidden fees for using the service
    • Full transparency during the loan-matching stage

    This fee-free approach makes it ideal for those already navigating tight budgets or financial emergencies.

    Credit-Sensitive Approval Model

    While some lenders require a hard credit pull upfront, BadCreditLoans uses a soft credit inquiry during the application process. This means:

    • No impact on your credit score
    • Broader lender participation for those with credit challenges
    • Increased chances of loan approval for credit invisibles or subprime borrowers

    Consumers who’ve faced multiple denials from banks or credit unions often find their first path forward here.

    Transparency and Borrower Control

    The platform gives users the ability to review, decline, or accept any offer without pressure. Each loan offer includes:

    • Clear repayment terms
    • Transparent APR breakdowns
    • Fee disclosures are where applicable
    • Direct access to the lender for further questions

    Borrowers researching “no credit check payday loans” or “safe online lending for bad credit” will appreciate this open, user-centric approach.

    Security and Trust

    BadCreditLoans employs advanced encryption to protect personal data. This is a major differentiator in a space where many digital loan platforms fall short on privacy practices. Data is only shared with verified lending partners, and the application is protected by secure protocols.

    Summary of Key Differentiators

    • BadCreditLoans.com only performs soft credit inquiries
    • Applicants receive multiple loan offers rather than being limited to a single lender
    • No platform fees or application charges are required to use the service
    • Loan terms are flexible and often include longer repayment windows
    • All disclosures and terms are provided upfront to encourage informed decisions
    • Data privacy and security protocols meet industry standards

    These features work together to create a platform that aligns with the needs of borrowers searching for “online payday loans for bad credit” and “fast approval loans with no hidden fees.”

    Disclaimer: Terms, availability, and borrower outcomes vary by lender. Always read individual loan offers carefully and verify details directly with the lender before proceeding.

    Strapped for cash? Apply at BadCreditLoans.com and see real offers in minutes. No fees, no pressure—just fast loan options made for you.

    Customer Testimonials and Reviews

    When evaluating any financial service, especially one tailored to individuals with bad credit, real user feedback is one of the most valuable sources of insight. While platform features and lender terms are important, the true test of a lending service’s effectiveness is how it performs in the real world for people in financial distress.

    BadCreditLoans.com has garnered a solid reputation over the years, largely because of its consistent delivery of fast, accessible, and transparent loan-matching services. This section captures what users are saying and why these experiences matter for those considering using the platform.

    What Customers Are Saying

    Many borrowers turn to BadCreditLoans after facing rejection from traditional banks. For these individuals, being matched with a lender who’s willing to work with a poor credit history is not just helpful — it’s essential.

    Users commonly report:

    • Quick and easy online application process
    • No unnecessary paperwork or hidden terms
    • Fast loan offers, sometimes within minutes
    • Same-day or next-day funding, depending on lender approval
    • Appreciation for being treated with respect despite a low credit score

    These first-hand accounts reveal a recurring theme: borrowers feel they’ve been given a second chance to stabilize their finances. For people who are used to being penalized for past mistakes, that access alone can be life-changing.

    Positive Experiences in Key Areas

    Beyond approval and funding speed, users consistently highlight the following:

    • The ability to compare multiple lenders without pressure to commit
    • Transparent breakdowns of repayment terms and total loan costs
    • No hard credit check required for initial loan inquiries
    • Helpful support when contacting customer service with questions

    This transparency and optionality stand in contrast to many “instant approval” payday loan sites that often steer applicants into rigid or expensive repayment structures without clarity.

    Constructive Criticism and Realistic Expectations

    While the platform has helped many, it’s important to mention that no lending service is without criticism. Some reviewers mention:

    • Higher interest rates from certain lenders
    • Confusion about repayment scheduling
    • Desire for more frequent lender updates after approval

    Most of these critiques are directed at the third-party lenders within the network, not BadCreditLoans itself. This highlights an important point: once a loan offer is accepted, the borrower’s relationship is with the individual lender, not the BadCreditLoans platform.

    Disclaimer: Loan experiences vary by borrower. All terms, communication, and funding schedules are set by third-party lenders. Always ask for clarification on repayment dates and APR prior to signing.

    Reputation in the Online Lending Industry

    BadCreditLoans is frequently listed among the top loan matching platforms for bad credit borrowers, especially those seeking payday loan alternatives. Its long-standing operation, transparent application flow, and no-fee structure continue to position it as a competitive and trustworthy option in the market.

    Borrowers who search for “trusted payday loan options in 2025” or “customer-reviewed bad credit loans” will likely encounter BadCreditLoans as a top result, and with good reason.

    Don’t let bad credit stop you. Get approved for payday loans today at BadCreditLoans.com. Fast, trusted, and secure. Apply now before it’s too late!

    Addressing Potential Concerns and Risks

    Borrowing money with a bad credit score can be intimidating — and with good reason. The lending industry is filled with providers who offer fast cash but bury harmful terms in the fine print. For borrowers seeking urgent funds, it’s easy to overlook the long-term impact of loan agreements made under pressure.

    BadCreditLoans.com is structured to reduce that risk. Still, it’s important to address the most common concerns borrowers have and explain how the platform helps mitigate them.

    Is BadCreditLoans a Scam?

    One of the most frequently asked questions from first-time users is whether BadCreditLoans is legitimate. The answer is yes — the platform has been operating since 1998 and functions as a loan matching service, not a lender.

    • It does not charge you to apply
    • It does not collect payment information for fees
    • It does not require loan acceptance to use the platform

    BadCreditLoans.com connects borrowers with lenders in a transparent, no-pressure environment and protects user information through secure encryption. For those searching “is BadCreditLoans legit or a scam,” this clarity is critical.

    Data Privacy and Security

    When entering personal financial details online, privacy is always a concern. BadCreditLoans uses industry-standard encryption and security protocols to ensure your application data is protected. Your information is shared only with the lenders considering your request.

    This is a major safeguard, especially compared to unregulated sites that may sell your data to marketing companies or unrelated third parties.

    APR and Repayment Risks

    Loan agreements provided by BadCreditLoans’ network of lenders can include a wide range of APRs — some exceeding 30%, depending on the applicant’s risk profile and loan type. While these are clearly disclosed during the offer stage, borrowers must remain cautious.

    Before accepting any offer:

    • Review the total cost of repayment
    • Understand the payment schedule and due dates
    • Confirm whether early repayment penalties apply
    • Contact the lender directly with any questions

    Disclaimer: APRs and fees vary by lender. Always read loan terms carefully. Declining a loan offer will not impact your ability to use the platform again.

    What Happens if You Miss a Payment?

    Missing a payment with any lender can result in late fees, additional interest charges, and possible credit reporting. Most lenders in the BadCreditLoans network offer automated withdrawals and email reminders, but it’s still your responsibility to ensure payments are made on time.

    If you foresee a problem:

    • Contact your lender in advance
    • Request a payment extension or an alternate plan if available
    • Avoid default by staying ahead of any upcoming issues

    This level of borrower control is another reason BadCreditLoans is often preferred over brick-and-mortar payday loan stores, where flexible repayment terms are rare.

    Recognizing Responsible Borrowing Practices

    BadCreditLoans emphasizes responsible borrowing through:

    • Transparent disclosures
    • Soft credit checks that don’t hurt your score
    • No-pressure comparisons between offers
    • No obligation to accept any loan

    These features give borrowers time to make informed decisions and avoid falling into a long-term cycle of high-interest debt.

    Bottom Line on Risk

    Any financial agreement comes with potential downsides. But for consumers seeking payday loans for bad credit or emergency cash options in 2025, BadCreditLoans offers a safer and more transparent alternative to many of the predatory lenders in the market.

    Disclaimer: Not all loan outcomes are ideal for every borrower. If you are unsure about a loan’s terms or repayment structure, consult a financial professional before signing.

    Pricing, Fees, and Contact Information

    When considering any financial product — especially in the subprime lending space — it’s critical to understand the full cost. One of the most valuable features of BadCreditLoans.com is its commitment to transparency: there are no hidden charges for using the platform, and all lender-provided fees are disclosed upfront before any agreement is made.

    Cost to Use the Platform

    There is no fee to submit a loan request through BadCreditLoans.com. You can:

    • Fill out the application for free
    • Receive multiple loan offers with no obligation to accept
    • Compare terms and rates from different lenders at no cost

    This distinguishes the platform from services that charge application or matching fees, often without improving the borrower’s outcomes.

    Possible Lender Fees

    Although the platform itself is free to use, individual lenders within the network may include:

    • Origination fees
    • Late payment penalties
    • Prepayment fees (less common, but possible)
    • Returned payment fees (e.g., due to insufficient funds)

    Lenders are required to disclose all costs, including the APR, total loan repayment amount, and fee structures, before you accept any offer. Reading this information thoroughly is essential to borrowing responsibly.

    Disclaimer: All loan fees and pricing are set by the individual lender, not BadCreditLoans.com. Always review the official loan agreement before accepting. Declining an offer does not cost anything.

    APR Ranges and Total Cost

    APR — or Annual Percentage Rate — is one of the most important numbers to consider. While rates vary, they typically range between 5.99% and 35.99%, depending on your income, credit profile, and loan amount.

    A higher APR means a higher cost of borrowing over time. However, lenders offering short-term payday loans for bad credit may still fall within this range, especially when compared to in-person payday storefronts, where APRs can exceed 400%.

    Disclaimer on Pricing: The lender provides all APRs, fees, and repayment terms. Pricing is subject to change at any time. Please refer to the official website or the individual lender’s page for the most accurate and current details.

    Transparency and Borrower Confidence

    Bad Credit Loans does not attempt to upsell, pressure, or manipulate users into accepting offers. You remain fully in control, and the platform’s fee-free approach makes it accessible to anyone seeking a secure and affordable way to explore bad credit loan options.

    For those researching “payday loans for bad credit” or “trusted bad credit loan providers,” knowing exactly what you’ll pay — and who to contact if you need help — is essential to making informed financial decisions.

    Facing a financial emergency? Apply at BadCreditLoans.com now and unlock low-credit payday loans with no risk to your score. It’s free to try!

    Is BadCreditLoans.com the Right Choice for You?

    Not every lending platform suits every borrower, but for those facing credit challenges, limited options, or urgent financial needs, BadCreditLoans.com is positioned as a strong contender in the online lending space. This section helps you evaluate whether the platform aligns with your situation, financial goals, and borrowing preferences.

    Who Benefits Most from This Platform?

    BadCreditLoans.com is ideal for individuals who:

    • Have a low credit score or limited credit history
    • Need access to emergency funding for bills, repairs, or medical expenses
    • Want to avoid predatory payday lenders or high-interest cash advance storefronts
    • Are you looking for no-pressure, no-fee online lending options
    • Prefer soft credit checks and the ability to compare multiple offers without commitment

    If you’ve been searching for “online payday loans for bad credit,” “fast approval loans with no credit check,” or “trusted lenders for low credit borrowers,” this platform is built with your profile in mind.

    Key Advantages That Set It Apart

    • No upfront fees or hidden platform costs
    • Secure online application with soft credit inquiries
    • Multiple lender offers based on real-time matching
    • Loan amounts from $500 to $10,000 with repayment terms from 3 to 60 months
    • Same-day or next-business-day funding in many cases
    • Support for financial inclusion, including those labeled as “credit invisibles”

    These features work together to provide access, transparency, and a higher degree of borrower control compared to traditional payday loan services.

    Important Considerations Before Applying

    While the platform is designed to simplify the lending process, you should still approach every loan decision with care:

    • Always review each lender’s terms, including APR, fees, and payment schedule
    • Make sure you can meet the monthly payment obligations
    • Only borrow what you need and can realistically repay within the loan window
    • Use the platform’s flexibility to compare offers, not commit to the first one you receive

    Borrowers who rush through this stage often overlook repayment costs or potential penalties, leading to unnecessary financial strain later on.

    Disclaimer: Loan terms, interest rates, and funding timelines are determined by individual lenders. Approval is not guaranteed. Always verify loan details directly with the lender before signing.

    Final Verdict

    BadCreditLoans.com provides a streamlined, secure, and user-focused way to explore financing when traditional options are unavailable. It empowers users to compare offers, maintain control over their decisions, and connect with lenders who understand the realities of bad credit borrowing.

    If you’re facing urgent financial pressure, need a low-credit loan, and want a platform that prioritizes transparency and trust, BadCreditLoans.com offers a compelling path forward.

    Need cash now? Get up to $10,000 even with bad credit. Apply free at BadCreditLoans.com and get lender offers in minutes. No credit harm. Start now!

    Frequently Asked Questions (FAQ)

    What is BadCreditLoans.com and how does it work?

    BadCreditLoans.com is an online loan matching platform that connects individuals with low credit scores to lenders offering payday loans, installment loans, and other short-term financial solutions. Instead of acting as a lender itself, it securely gathers your application information, performs a soft credit inquiry, and uses AI-powered loan matching to present you with offers from vetted lenders — all within minutes.

    Can I get a payday loan with bad credit?

    Yes. One of the key benefits of using Bad Credit Loans is its focus on helping individuals find payday loans for bad credit. Many lenders in the network specialize in working with borrowers who have low or no credit scores, offering flexible terms and approval based on income and other factors.

    Will using BadCreditLoans.com hurt my credit score?

    No. The platform only uses soft credit checks during the application process, which do not impact your credit score. However, if you choose to accept a loan offer, the lender may conduct a hard inquiry prior to finalizing approval.

    Are no credit check loans really available through BadCreditLoans?

    Some lenders in the BadCreditLoans network offer no credit check loans or rely on alternative credit evaluation methods such as income verification, employment history, and banking activity. While not all lenders skip traditional checks, borrowers searching for “no credit check payday loans” will find many accessible options here.

    How much money can I borrow?

    Loan amounts typically range from $500 to $10,000. The exact amount you’re eligible for depends on your application profile, income level, repayment ability, and the lender’s policies. Whether you need a small cash advance or a larger emergency loan, the platform can match you accordingly.

    How fast can I receive the funds?

    Many borrowers receive funds within one business day after accepting a loan offer. Some lenders may offer same-day deposit, especially for smaller amounts. This makes BadCreditLoans a useful option for emergency loans with bad credit when time is critical.

    Disclaimer: Funding timelines vary by lender and application completeness. Always confirm expected deposit dates directly with your lender.

    What are the interest rates and repayment terms?

    Annual Percentage Rates (APR) vary between 5.99% and 35.99%, depending on the lender and your financial profile. Repayment terms generally range from 3 to 60 months. Every loan offer includes detailed disclosures regarding the total repayment amount, monthly payments, and fees.

    Disclaimer: APRs and repayment terms are determined by individual lenders. Always review the full loan agreement before signing.

    Can I repay my loan early?

    Many lenders allow early repayment without penalty, potentially saving you money on interest. Always check your specific loan agreement or contact your lender to confirm prepayment terms.

    What if I miss a payment?

    Missing a payment can result in late fees and negatively impact your credit if the lender reports it. If you anticipate difficulty making a payment, contact your lender immediately. Some lenders may offer payment extensions or restructuring options.

    Is BadCreditLoans.com safe to use?

    Yes. The platform uses secure encryption protocols to protect your personal and financial data. Your information is shared only with lenders who are evaluating your loan request — never with unrelated third parties.

    Who should use BadCreditLoans?

    This platform is best suited for:

    • Individuals seeking low credit score loans
    • Borrowers needing emergency funds with fast approval
    • Consumers looking for payday loan alternatives with more flexible repayment options
    • Applicants who want to compare multiple lenders through one secure online application

    Is there a fee to use BadCreditLoans.com?

    No. The platform is completely free to use. You can apply, compare loan offers, and decline offers without paying any fees to BadCreditLoans.com. However, lenders may include fees in their offers, such as origination charges or late penalties.

    Low credit? No problem. Apply now at BadCreditLoans.com and get matched with lenders offering fast loans and flexible repayment. Start today!

    • Company: BadCreditLoans
    • Email: support@badcreditloans.com
    • Phone Support: 800-245-5626

    Legal Disclaimer and Affiliate Disclosure

    The information provided in this article is for general informational and educational purposes only and does not constitute financial, legal, or professional advice. Every effort has been made to ensure the accuracy, reliability, and timeliness of the content at the time of publication; however, no representations or warranties are made regarding the completeness, accuracy, or applicability of the information, including but not limited to any inadvertent errors, typographical mistakes, or outdated data. Neither the publisher, the authors, the content providers, nor any syndication partners shall be held liable for any direct, indirect, incidental, consequential, or punitive damages arising from the use, reliance upon, or interpretation of the information contained herein.

    The content does not guarantee loan approval, funding timelines, credit outcomes, or financial results. Readers are strongly encouraged to independently verify all information, consult directly with lenders or financial institutions, and seek advice from licensed professionals before making any financial decisions.

    The purpose of this website and its content is to connect potential borrowers with lenders and financial service providers who advertise on this website. The operator of this website is not a lender, broker, or financial institution, and does not make credit decisions or issue loans. This website solely collects information from consumers and transmits it to lenders and third-party providers who may offer loan products that match the consumer’s needs. For consumers who do not qualify for a personal loan, alternative lenders and providers may be recommended.

    This website shall not be construed as an offer or solicitation for a loan. There is no guarantee that a loan application will be approved or that an offer will be extended. The operator of this website does not charge consumers for the service provided and is not an agent or representative of any lender or third-party provider. The operator is compensated by lenders and third-party providers for advertising and marketing services. The time required to receive funds will vary by lender and may also depend on the policies of the borrower’s financial institution. Some lenders may require additional documentation, including faxed materials, before approving or funding a loan.

    This service and the associated lenders or third-party providers may not be available in all states. Availability of loan products is subject to change without notice and may be restricted by applicable laws or lender requirements. Consumers are advised to contact lenders directly with any questions regarding loan terms, conditions, fees, repayment schedules, or other specific details of any loan offer.

    Personal loans and other types of loans accessible through this platform should not be viewed as long-term financial solutions. They are intended to provide short-term financial assistance for immediate needs. Lenders and third-party providers may perform credit checks with one or more credit reporting agencies, which may affect a borrower’s credit score. By submitting a loan request, consumers authorize participating lenders and third-party providers to independently verify submitted information and evaluate creditworthiness. Failure to repay a loan may result in collection efforts, and lenders may report delinquent payment history to credit bureaus, potentially impacting future lending decisions.

    Nothing contained on this website or in this article shall constitute an offer or solicitation for a loan.

    Residents of certain U.S. states may not qualify for a loan due to lender-specific requirements or restrictions. Submission of a loan request form does not guarantee that a lender will offer a loan product or that an offer will be provided with rates or terms satisfactory to the borrower.

    Affiliate Disclosure: This article may contain affiliate links. If a reader clicks on such a link and completes a loan application or transaction, the publisher or associated parties may receive a commission or referral fee at no additional cost to the consumer. Any such affiliate relationship has no impact on the editorial integrity, research process, or opinions expressed in the article. The presence of affiliate links is disclosed in compliance with the Federal Trade Commission’s guidelines for endorsements and testimonials.

    All parties involved in the creation, publication, distribution, and syndication of this article shall be held harmless from any and all claims, damages, liabilities, or legal actions resulting from the use, reliance, or interpretation of the information provided. No warranties of any kind, express or implied, are made regarding the quality, accuracy, or completeness of the information or the services referenced.

    Readers accept full responsibility for evaluating and utilizing any product, service, or loan offer mentioned herein. All terms, conditions, availability, and loan details are subject to change at any time without notice. For the most current information, consumers should refer directly to the official website of the lending platform or individual lenders.

    The MIL Network –

  • MIL-OSI USA: Senators Coons, Curtis introduce bipartisan legislation to help small businesses bring new technologies to market

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and John Curtis (R-Utah) today introduced legislation that would help innovative small businesses commercialize their technologies. The Research Advancing to Market Production (RAMP) for Innovators Act updates the SBIR/STTR programs—often called “America’s seed fund”—to turn more technological research into market-ready products.  
    A companion bill was also introduced today in the House by Representatives Chrissy Houlahan (D-Pa.) and Troy Balderson (R-Ohio). 
    “Innovative small businesses in Delaware and across the country drive our economy further, and we need to cut red tape so that it’s easier for these businesses bring their ideas to customers faster and profit off their research,” said Senator Coons. “The bipartisan RAMP for Innovators Act makes it easier for small businesses conducting government-funded research to more easily commercialize their work, ensuring these grants will strengthen our economy for years to come.” 
    “Utah’s small businesses are the backbone of our state’s economy, representing over 99% of all companies,” said Senator Curtis. “To sustain our economic strength and preserve Utah’s exceptional quality of life, it’s crucial that we empower these businesses to succeed. By improving programs that foster innovation and commercialization, our bipartisan legislation helps entrepreneurs develop new technologies and bring them to market—strengthening our economy and our competitiveness on the world stage.”
    “As an entrepreneur myself, I know the difficulties that small businesses in our Commonwealth and country face in scaling their operations and getting their products to the shelves,” said Representative Houlahan. “Federal programs that support our small businesses need to be both more efficient and more effective in order to make the American dream a reality for small business owners. The RAMP for Innovators Act provides entrepreneurs with streamlined access to the resources, intellectual property protections, and capital they need to scale, compete, and succeed. I’m proud to lead this bipartisan, bicameral legislation to ensure that more of the amazing, innovative technologies developed by American entrepreneurs become a reality, helping our nation maintain its competitive edge.”
    “America’s strength has always come from our ability to foster innovation and empower those willing to take risks,” said Representative Balderson. “The RAMP for Innovators Act ensures that our tech entrepreneurs have the tools they need to grow, compete globally, and transform bold ideas into real products, good-paying jobs, and lasting economic growth in places like Central Ohio and across the country.”
    The RAMP for Innovators Act builds on the success of two competitive programs for developing small business innovation: the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. Currently, federal agencies use these programs to award grants and contracts to small businesses across the country for high-tech research that helps solve Washington’s research and development needs. However, various roadblocks and administrative delays make it hard for these businesses to turn their research into commercial products. The RAMP for Innovators Act cuts red tape around the SBIR/STTR programs to help more of these innovative businesses make money off their ideas on the open market.
    Specifically, the legislation would:
    Streamline and accelerate the SBIR/STTR application and award process
    Provide agencies a fast-track option for making awards to promising small businesses
    Designate a Technology Commercialization Officer at each agency with an SBIR/STTR program
    Provide awardees with robust and flexible technical assistance
    Provide awardees with access to I-Corps training to help bring their technologies to market
    Increase clarity on SBIR/STTR commercialization performance by requiring a metrics-based assessment
    Establish a fast-track patent examination process for awardees
    Senator Coons has long championed small businesses and entrepreneurs up and down Delaware and across the country. Last week, he introduced the bipartisan Made in America Manufacturing Finance Act with Senator Joni Ernst (R-Iowa) to reshape the financial landscape for small businesses. 
    This bill has been endorsed by the Information Technology and Innovation Foundation (ITIF), the University City Science Center, BPC Action, and the Delaware Small Business Development Center.
    “ITIF supports RAMP for Innovators, the Research Advancing to Market Production for Innovators Act, which will further bolster the commercialization potential of SBIR/STTR programs through improvements such as making commercialization potential a stronger consideration in project selection, clarifying that all awardees may use a share of Phase I and II funds for commercially oriented activities, and supporting the ability of innovators to secure intellectual property rights underpinning their inventions through stronger linkages with the PTO,” said Dr. Rob Atkinson, President of ITIF.
    “The University City Science Center heartily endorses the Research Advancing to Market Production for Innovators Act introduced by Senators Coons and Curtis and Representatives Houlahan and Balderson. This legislation would codify language that has already been signed into law to ensure that commercialization is central to the goals of SBIR and STTR. The RAMP for Innovators Act fulfills the mission of the 2016 SBIR/STTR recommendations from the National Advisory Council on Innovation and Entrepreneurship (NACIE) at the Department of Commerce. I was honored to serve as a member of NACIE during this time and believe these recommendations are necessary to fulfill our commercialization needs in this country,” said Tiffany Wilson, CEO of the University City Science Center.
    “American innovation is the foundation upon which U.S. economic competitiveness is built. Commercializing more new technologies helps the United States strengthen its edge over our competitors and ensures taxpayers get a good return on their investment in research and development. BPC Action applauds Senators Coons and Curtis, and Representatives Houlahan and Balderson, for their bipartisan leadership in reintroducing the RAMP for Innovators Act,” said Michele Stockwell, President of BPC Action.
    “Delaware SBDC is pleased to endorse the new SBIR Commercialization Bill, the Research Advancing to Market Production for Innovators Act. There are significant improvements to help entrepreneurs move innovation to commercialization,” said Mike Bowman, Director of Delaware Small Business Development Center. 
    Senators Coons and Curtis are members of the Senate Small Business and Entrepreneurship Committee.  
    You can read the one-pager here.
    You can read the full text of the bill here.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Relief to North Dakota Small Businesses and Private Nonprofits Affected by Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in North Dakota to offset economic losses caused by drought beginning April 15.

    The declaration includes the North Dakota counties of Billings, Burke, Burleigh, Divide, Dunn, Golden Valley, McHenry, McKenzie, McLean, Mercer, Mountrail, Oliver, Sheridan, Slope, Stark, Ward and Williams as well as the Montana counties of Richland, Roosevelt, Sheridan and Wibaux.

    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 3.62% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months after 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 SBA no later than Dec. 22.

    ###

    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 –

  • MIL-OSI USA: Warner, Kaine, Colleagues Introduce Bipartisan Bill to Boost America’s Businesses and Economic Competitiveness

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) and 34 of their Senate colleagues introduced the bipartisan American Innovation and Jobs Act, legislation that will expand and strengthen research and development (R&D) by small businesses and startups throughout the United States by extending and making permanent an expired tax cut that allowed businesses investing in R&D to claim tax credits and deductions when filing federal taxes.
    “Research and development is critical to the success and competitiveness of American businesses and to protecting our status as a global leader in innovation and tech—especially as adversaries like China race to catch up,” said the senators. “At a time when President Trump is slashing federal funding for important research initiatives in everything from medicine to technology, we’re committed to doing all that we can to fight back. That includes introducing this bipartisan legislation to provide tax incentives to support the research and development investments we need to create jobs and stay on top.”
    The American Innovation and Jobs Act would extend and make permanent the ability of small businesses and startups that invest in R&D to claim a tax credit or deduct their investments when filing federal taxes. It would also permanently restore full expensing of R&D costs while allowing businesses to retroactively take advantage of the deduction for the tax years during which full expensing had expired.
    Specifically, the American Innovation and Jobs Act would:
    Expand support for innovative startups by:
    Immediately doubling the cap on the refundable R&D tax credit from $250,000 to $500,000, and ultimately raising it to $750,000 over ten years.
    Expanding access to the R&D tax credit for startups by lowering certain threshold needed to qualify.

    Expand the number of startups eligible to use the refundable R&D credit by:
    Increasing the eligibility threshold from $5 million to $15 million in gross receipts.
    Increasing the period during which startups can claim the credit from 5 years to 8 years after beginning to generate at least $25,000 in revenue.

    The legislation is endorsed by the R&D Coalition, which includes companies of all sizes and many trade associations, including the U.S. Chamber of Commerce, the Business Roundtable, the National Association of Manufacturers, and the Information Technology Industry Council.
    In addition to Warner and Kaine, the legislation is cosponsored by U.S. Senators Todd Young (R-IN), Maggie Hassan (D-NH), James Lankford (R-OK), Jeanne Shaheen (D-NH), Steve Daines (R-MT), John Barrasso (R-WY), Jacky Rosen (D-NV), Thom Tillis (R-NC), Gary Peters (D-MI), Roger Marshall (R-KS), Alex Padilla (D-CA), Tommy Tuberville (R-AL), Patty Murray (D-WA), John Kennedy (R-LA), Amy Klobuchar (D-MN), Pete Ricketts (R-NE), Mark Kelly (D-AZ), Katie Britt (R-AL), Shelley Moore Capito (R-WV), Catherine Cortez Masto (D-NV), Deb Fischer (R-NE), Tammy Baldwin (D-WI), Jerry Moran (R-KS), Ben Ray Luján (D-NM), Bill Hagerty (R-TN), Chris Coons (D-DE), Markwayne Mullin (R-OK), Elissa Slotkin (D-MI), Roger Wicker (R-MS), Angus King (I-ME), Ted Budd (R-NC), Jon Ossoff (D-GA), Jon Husted (R-OH), and Martin Heinrich (D-NM).
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts Statement on Trump Administration’s Plan to Rescind Biden AI Diffusion Rule

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    May 7, 2025

    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) released the following statement after it was announced that the Trump administration plans to rescind the Biden administration’s AI Diffusion rule (AIDR):
    “I am pleased to hear that the Trump administration plans to rescind Biden’s AI Diffusion rule. I look forward to working with the administration to propose a new rule that grows America’s AI leadership and promotes partnership with our friends and allies. We must prevent Communist China from capturing the world market and taking the lead on this technology. We must also make America the world capital of AI.”
    Ricketts recently led a letter to Commerce Secretary Howard Lutnick regarding the need to withdraw this rule before the May 15th compliance deadline.

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    MIL OSI USA News –

  • MIL-OSI USA: PHILADELPHIA – Governor Shapiro, DCED Secretary Siger to Highlight $30 Million Investment in the Philadelphia Navy Yard to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Source: US State of Pennsylvania

    May 08, 2025 – Philadelphia, PA

    ADVISORY – PHILADELPHIA – Governor Shapiro, DCED Secretary Siger to Highlight $30 Million Investment in the Philadelphia Navy Yard to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Governor Josh Shapiro and Department of Community and Economic Development Secretary Rick Siger will join legislators and local leaders to highlight the Shapiro Administration’s $30 million investment in Philadelphia’s Navy Yard Greenway District through the first round of the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program. The PA SITES program helps to build shovel-ready industrial sites across the Commonwealth to attract businesses, investments, and good-paying jobs.

    WHO:
    Governor Josh Shapiro
    Department of Community and Economic Development Secretary Rick Siger
    Senator Nikil Saval
    Representative Morgan Cephas
    Jodie Harris, President of the Philadelphia Industrial Development Corporation
    Mark Seltzer, Managing Director of Ensemble Investments, LLC
    Mark Lynch, Business Manager and Financial Secretary of IBEW Local 98

    WHEN:
    Thursday, May 8, 2024, at 11:00 AM

    WHERE:
    Philadelphia Navy Yard
    1200 Normandy Place,
    Philadelphia, PA 19112

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Colleagues Celebrate Small Businesses During Small Business Week

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Joni Ernst (R-IA) and 81 Senate colleagues in cosponsoring a resolution declaring the week of May 5th as “National Small Business Week.” The measure recognizes the entrepreneurs and innovators that promote growth and create jobs across America. 
    “Small businesses are the heart and soul of the American economy,” said Sen. Tuberville. “Alabama is proud to be home to more than 420,000 small businesses that feed our families and fuel our economy. As a former small business owner, I know firsthand the tremendous challenges that our small business owners face every day. By cutting red tape and lowering taxes, President Trump was a champion for small businesses during his first term. Congress should work with President Trump to help him usher in the golden age of the American small business economy.”
    “Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Sen. Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
    Read full text of the resolution here.
    BACKGROUND:
    Alabama boasts 422,586 small businesses, which account for more than 99% of Alabama’s businesses and nearly half of the workforce in the state.
    Sen. Tuberville has championed small businesses during his entire tenure in Congress. Earlier this year he reintroduced the Repealing Big Brother Overreach Act, which would overturn the disastrous Corporate Transparency Act (CTA) and protect small businesses. He also joined his colleagues in reintroducing the Main Street Certainty Act to make the 2017 Trump-era 20% pass-through business tax deductions permanent.
    MORE:
    ICYMI: Tuberville Joins “Kudlow” on Fox Business to Discuss Trump Trial, Legislation to Protect Small Businesses
    The Corporate Transparency Act Means Jail Time For Small Business Owners
    Congress needs to save small businesses from Big Brother
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Guyana

    Source: IMF – News in Russian

    May 7, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Guyana.[1]

    Guyana’s economic transformation is advancing strongly and broadening in scale. Rapidly expanding oil production, strong non-oil output, and large-scale public infrastructure investment supported the highest real GDP growth rate in the world, averaging 47 percent per year since 2022. Real oil GDP increased by nearly 58 percent in 2024, while real non-oil GDP expanded over 13 percent, reflecting a solid broad-based performance across sectors. Inflation reached 2.9 percent by end-2024, from 2 percent at end-2023, driven largely by higher food prices (affected by international food prices and earlier floods). The overall fiscal deficit widened from 5.1 percent of GDP (11.7 percent of non-oil GDP) in 2022 to 7.3 percent of GDP (21 percent of non-oil GDP) in 2024 reflecting a large increase in capital expenditure. Driven by higher oil exports, Guyana’s current account surplus more than doubled in 2024, reaching about 24½ percent of GDP. By end-2024, gross international reserves surpassed US$1 billion, while the Natural Resource Fund (NRF) accumulated over US$1.1 billion in 2024, reaching US$3.1 billion (over 12½ percent of GDP). 

    The economic outlook remains highly favorable. The economy is expected to grow on average 14 percent per year over the next five years, driven by robust oil production and strong non-oil GDP growth. Positive spillovers from the oil sector and improvements in infrastructure, productivity, and resilience are expected to boost the real non-oil GDP growth to an average of 6¾ percent over the medium term, about 3 percentage points higher than the pre-oil decade average. While inflation is projected to edge up to around 4 percent in 2025, the overall fiscal deficit and the current account surplus are expected to narrow in 2025. Over the medium term, the continued expansion of oil production will further strengthen the external position, with substantial savings accumulation in the NRF.

    Risks to the outlook are broadly balanced. On the upside, additional oil discoveries and productivity-enhancing investments, including to strengthen energy resilience would further bolster Guyana’s long-term economic prospects, while expanding construction activity would support higher short-term non-oil GDP growth. Downside risks stem from overheating pressures which, if not contained, would lead to higher inflation and a real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy. Commodity price volatility in a highly uncertain global environment, including from trade policy and climate shocks could also adversely affect inflation and alter the macroeconomic outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Guyana’s remarkable economic progress to attain high-income status, supported by rapidly expanding oil production and robust non-oil growth. They noted that Guyana’s economic outlook remains highly favorable with balanced risks, strong fundamentals, and a strong external position supported by substantial accumulation of oil revenue in the Natural Resource Fund. They commended the authorities’ commitment to balancing development needs with prudent policies to entrench macroeconomic and fiscal stability.

    Directors concurred that the current fiscal stance is appropriate given development needs. They welcomed the authorities’ commitment to eliminate the overall fiscal deficit over the medium term and further narrow the non-oil primary deficit to levels consistent with ensuring intergenerational equity and preserving fiscal and macroeconomic sustainability. They highlighted the need for a comprehensive medium-term fiscal framework with an explicit anchor and an operational target, along with regular assessments of expenditure related to reaching development objectives. They positively noted the authorities’ continued efforts to strengthen public financial management as well as the low risk of debt distress given low public debt.

    Directors considered the monetary policy stance as appropriately tight to help contain inflation, while noting the need for further tightening if inflation risks escalate. They saw merit in enhancing the monetary policy toolkit and deepening financial markets to help strengthen the effectiveness of monetary policy transmission. They emphasized the need for maintaining consistent policies to support the stabilized exchange rate arrangement, which remains appropriate, and saw merit in assessing whether transitioning to a more flexible exchange rate regime over the medium term could be beneficial as Guyana’s economy continues to transform.

    Directors welcomed the authorities’ commitment to maintain financial stability and continue enhancing financial supervision, including monitoring sectoral lending exposures and related-party lending. They supported the authorities’ efforts to further strengthen risk monitoring, strengthen the macroprudential framework, broaden regulatory coverage, and enhance statistics on balance sheets and real estate prices.

    Directors welcomed the authorities’ efforts to foster inclusive growth and economic diversification, improve the business environment, strengthen climate and energy resilience, and enhance labor market skills. They commended progress in strengthening governance, anti-corruption, official statistics, AML/CFT frameworks, fiscal transparency, and transparency in extractive industries, and supported the continued efforts to strengthen them in line with international standards.

    It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle.

    Table 1. Guyana: Selected Social and Economic Indicators

     

    I.  Social Indicators

     

    Population, 2023 (thousands)

       814

    Life expectancy at birth (years), 2022

    66

    		  

    Under-five mortality rate (per 1,000 live births), 2023

    14

    Human Development Index rank, 2022

    95

    II.  Economic Indicators

     

    Prel.

    Proj.

    2023

    2024

    2025

    (Year-over-year percent change)

    Production and Prices

    Real GDP

    33.8

    43.6

    10.3

    Real non-oil GDP

    12.3

    13.1

    12.9

    Real oil GDP

    46.8

    57.7

    9.5

    Consumer prices (end of period)

    2.0

    2.9

    4.2

    (Percent of non-oil GDP)

    Central Government

    Revenue

    39.3

    43.7

    49.9

    Grants

    0.2

    0.2

    0.4

    Expenditure

    52.7

    64.9

    63.4

    Current

    25.1

    28.9

    30.5

    Capital

    27.7

    36.0

    32.9

    Overall balance (after grants)

    -13.3

    -21.0

    -13.2

    Non-oil primary balance (after grants)

    -26.2

    		  

    -38.4

    		  

    -37.5

    (Percent of GDP)

    Revenue

    17.0

    15.3

    18.6

    Grants

    0.1

    0.1

    0.1

    Expenditure

    22.8

    22.6

    23.7

    Current

    10.8

    10.1

    11.4

    Capital

    12.0

    12.6

    12.3

    Overall balance (after grants)

    -5.7

    -7.3

    -4.9

    Total public sector gross debt

    26.7

    24.3

    28.0

    External

    10.5

    9.0

    13.6

    Domestic

    16.2

    15.2

    14.4

     

    Table 1. Guyana: Selected Social and Economic Indicators (Concluded)

    Prel.

    Proj.

    2023

    2024

    2025

    (Year-over-year percent change)

    Money and Credit

    Broad money

    27.6

    25.3

    17.7

    Domestic credit of the banking system

    24.1

    39.7

    4.9

    External Sector

    Current account balance (US$ million)

    1,679.9

    6,067.9

    2,306.2

       (Percent of GDP)

    9.9

    24.6

    8.9

    Gross official reserves (US$ million)

    896.4

    1,010.1

    1,571.4

    (Percent of GDP)

    5.3

    4.1

    6.1

    Crude oil production (million barrels)

    142.3

    225.4

    246.0

    Memorandum Items:

    Nominal GDP (GY$ billion)

    3,527.5

    5,141.3

    5,383.9

    Nominal non-oil GDP (GY$ billion)

    1,524.6

    1,793.7

    2,010.7

    GDP per capita (US$)

    21,307.2

    30,962.3

    32,326.3

    Guyana dollar/U.S. dollar (period average)

    208.5

    208.5 

    … 

    Sources: Guyana’s authorities; UNDP Human Development Report; World Bank; and IMF staff calculations and projections.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Ranking Member Hoyer Remarks at U.S. Department of the Treasury Oversight Hearing

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – Today, Congressman Steny Hoyer (MD-05), Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government (FSGG), delivered the following remarks at the subcommittee’s oversight hearing on the Department of the Treasury:

    Click here to watch a full video of his remarks.
     

    “Thank you very much, Mr. Chairman, and welcome, Mr. Secretary. This is our first substantive hearing dealing with the devastating actions that the Trump Administration has taken in the first three months of 2025 – actions planned and predicted by Project 2025. I look forward to having more such hearings with other agencies under our jurisdiction – especially the principals of DOGE, OMB, GSA, and OPM, which are having such a profoundly negative impact on our country.

    “What we’ve seen in the first 100 days of this administration is unprecedented, and – so the polls tell us – disturbing to the American people. An irresponsible, incoherent tariff policy has plunged the Americans and global economies into chaos. These past three months, the American economy shrank for the first time since the final days of the pandemic. The stock market fell more in the first 100 days of the Trump Administration than in the first 100 days of any presidency in the past half century. Consumer confidence is [at its] lowest since May of 2020 – the height of Covid-19. That uncertainty has also rattled the bond market, with investors dangerously starting to doubt the full faith and credit of the United States.

    “Most importantly, Americans are hurting. Families see their costs going up. Retirees watch their life savings losing value. Small business owners and farmers risk going under as they struggle to navigate ever-changing tariffs. Our economy is in chaos and so, I think, is our government.

    “Donald Trump, Russell Vought, and Elon Musk are orchestrating an illegal purge of our federal employees. They clearly had a lot of ideas on how to remove these people and dismantle these programs as quickly as possible. Sadly, they had no clue, in my view, as to the devastating consequences of their actions on our country, our government, our allies, and the professionals we rely on to serve the American people.

    “I am particularly concerned about the Internal Revenue Service, which has been severely understaffed and underfunded for decades. So far, the Trump Administration has forced the IRS to cut as many as 11,443 employees – or over 11 percent of its staff. That includes 6,700 workers who were fired at the height of this most recent tax season. Now, the administration is planning to reduce the IRS workforce, I understand, by another 40,000 jobs – or 40 percent. That includes up to half of IRS enforcement staff. Additionally, Trump’s 2026 budget cuts funding for the IRS by 20 percent. These actions at IRS, in my view, and every other government office, have bludgeoned morale, destroyed efficiency, and increased waste.

    “Cutting back on IRS enforcement makes it easier for the wealthiest individuals and corporations to cheat on their taxes and get out of paying what they owe. That, of course, increases what others pay and explodes the deficit. As the President and Congressional Republicans undermine the ability to enforce our existing tax code, they are also pursuing massive tax cuts for the wealthiest among us.

    “Furthermore, DOGE operatives are rifling through IRS databases that contain Americans’ sensitive information, including their financial history, Social Security numbers, immigration status, and more. The story is the same across the federal government. Americans are reeling from this uncertainty in their economy and in their government. They need answers. More than that, they need an adult in the room. That is the role, I hope, the Treasury Department plays – and Mr. Secretary, in particular, yourself.

    “The economy and markets do not lie. We all depend on the Treasury Secretary to communicate clearly and transparently to the President, the Congress, the American people, and, indeed, the world. I’ve mentioned tariffs and the IRS, but I’m also eager to hear, Mr. Secretary from you about our economic approach to the Russian-Ukraine war – especially in light of last week’s mineral deal and recent questions about our sanctions regime on Russia.

    “Former Secretary Mnuchin – whom I believe you know, sir – and I disagreed on some things, but we still found ways to work in a bipartisan fashion to inspire confidence in the economy. Mr. Secretary, I look forward to doing the same with you. Thank you, Mr. Chairman.”

    MIL OSI USA News –

  • MIL-OSI: Kneat Announces Record Revenue for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, May 07, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three months ended March 31, 2025. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $14.7 million in the first quarter, an increase of 37% year over year
    • Annual Recurring Revenue (ARR)1 at March 31, 2025, reaches $63.5 million, an increase of 51% year over year
    • Gross profit and operating expense grow 38% and 21% respectively year over year as progress toward profitability continues

    “Kneat is off to a solid start in 2025, both in terms of continued strong growth and progress toward profitability.  We are encouraged by our customers’ continued intention to orchestrate their validation processes enterprise-wide; and we are committed to enhancing the Kneat Gx platform to help them complete their vision for efficiency, speed and trust in their validation processes.”

    – Eddie Ryan, Chief Executive Officer of Kneat. 

    Q1 2025 Highlights

    • Total revenues increased 37% to $14.7 million in the first quarter of 2025, compared to $10.8 million for the first quarter of 2024. 
    • SaaS revenue for the first quarter of 2025 grew 42% to $13.8 million, versus $9.7 million for the first quarter of 2024.
    • First-quarter 2025 gross profit was $10.9 million, up 38% from $7.9 million in gross profit for the first quarter of 2024.
    • Gross margin in the first quarter of 2025 was 74%, as it was in the first quarter of 2024. 
    • EBITDA1 in the first quarter of 2025 was $5.9 million, compared with ($0.5) million for the first quarter of 2024.
    • Adjusted EBITDA1 in the first quarter of 2025 was $2.3 million, compared with $0.6 million for the first quarter of 2024.
    • Total ARR1 was $63.5 million at March 31, 2025, an increase of 51% from $42.1 million at March 31, 2024.

    1 ARR is a supplementary measure. EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Recent Business Highlights

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat for commissioning, qualification and validation of its manufacturing equipment and facilities.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.
    • In April 2025, Kneat announced that a multinational producer of generic pharmaceuticals signed a Services Agreement with Kneat to digitalize its drawing management process.
    • In May 2025, Kneat saw record attendance at VALIDATE, its annual event convening validation and quality professionals from around the world.  One of the world’s largest events for validation experts to discover, share and apply validation technologies, regulations, and best practices, VALIDATE enabled participants to witness the power of the Kneat Gx platform.
    • Also in May 2025, Kneat announced the expansion of its executive leadership team with the addition of a Chief Innovation Officer Role. Co-founder and Chief Product Officer Kevin Fitzgerald will transition out of his current role and into the Chief Innovation Officer role on June 9. Donal O’Sullivan, an executive with extensive software development and product management leadership, will join Kneat at that time as Chief Product Officer.

    “Kneat closed the quarter with ample cash and a strong balance sheet. Our high-retention customer base continues to grow, and we remain confident in our financial outlook.”

    – Hugh Kavanagh, Chief Financial Officer of Kneat. 

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s first quarter of 2025 results and hold a Q&A session for analysts and investors via webcast on May 08, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    Kneat management use ARR to evaluate and assess the Company’s performance, identify trends affecting its business, formulate financial projections and make financial decisions. The Company believes that ARR is a useful metric for investors as it provides a measure of the value of the recurring revenue at a point in time (end date of the relevant quarter). ARR is based on signed agreements and indicates the level of recurring revenue that the Company would anticipate reporting in a 12-month period based on the full agreed annual SaaS and maintenance fees for existing customers. In specific circumstances, the Company may utilize pricing incentives for limited contract periods. ARR is used by Kneat to assess the expected recurring revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated using the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange gain (loss) and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated May 7, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

     
    Unaudited Condensed Interim Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)
                 
        Three-month
    period ended
    March 31, 2025    		     Three-month
    period ended
    March 31, 2024    		  
        $     $  
    Revenue        
    SaaS license fees   13,805,973     9,718,501  
    Maintenance fees   22,095     70,589  
    Professional services and other   919,573     977,910  
    Total Revenue   14,747,641     10,767,000  
             
    Cost of revenue   (3,823,145 )   (2,834,015 )
    Gross profit   10,924,496     7,932,985  
    Gross margin   74%     74%  
             
    Expenses        
    Research and development   (4,698,665 )   (4,045,548 )
    Sales and marketing   (5,116,477 )   (4,031,684 )
    General and administrative   (2,511,629 )   (2,105,589 )
    Total Expenses   (12,326,771 )   (10,182,821 )
             
    Operating loss   (1,402,275 )   (2,249,836 )
             
    Finance expense   (888,545 )   (867,451 )
    Interest income   198,639     35,076  
    Foreign exchange gain (loss)   4,262,600     (238,763 )
    Income (loss) before income taxes   2,170,419     (3,320,974 )
    Income tax expense   (24,430 )   (15,887 )
    Net income (loss) for the period   2,145,989     (3,336,861 )
             
    Other comprehensive (loss) income        
    Foreign currency translation adjustment to presentation currency   (1,998,521 )   190,894  
    Comprehensive income (loss) for the period   147,468     (3,145,967 )
    Earnings (loss) per share: Basic and diluted   0.02     (0.04 )
             
    Weighted-average number of common shares outstanding:        
    Basic   94,221,072     81,005,029  
    Diluted   97,738,261     81,005,029  
             
    Reconciliation:        
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Finance expense   888,545     867,451  
    Interest income   (198,639 )   (35,076 )
    Income tax expense   24,430     15,887  
    Depreciation charge   177,001     191,221  
    Amortization of intangible assets charge   2,846,747     1,834,211  
    EBITDA   5,884,073     (463,167 )
             
    Adjustments to EBITDA        
    Foreign exchange gain/loss   (4,262,600 )   238,763  
    Stock based compensation   697,019     812,173  
    Adjusted EBITDA   2,318,492     587,769  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statements of Financial Position
                 
        March 31, 2025     December 31, 2024  
        $     $  
    Assets            
                 
    Current assets            
    Cash   74,132,378     58,889,572  
    Amounts receivable   10,958,849     18,377,009  
    Prepayments   2,081,208     1,870,095  
                 
        87,172,435     79,136,676  
    Non-current assets            
    Amounts receivable   3,544,947     2,368,006  
    Property and equipment   6,914,606     6,782,179  
    Intangible asset   39,158,433     36,290,869  
                 
    Total Assets   136,790,421     124,577,730  
                 
    Liabilities            
                 
    Current liabilities            
    Accounts payable and accrued liabilities   9,080,206     8,580,104  
    Contract liabilities   31,037,419     21,631,416  
    Loan payable   5,122,755     4,116,723  
    Lease liabilities   386,207     434,096  
                 
        45,626,587     34,762,339  
    Non-current liabilities            
    Contract liabilities   42,339     33,393  
    Loan payable and accrued interest   18,384,423     19,038,203  
    Lease liabilities   5,800,955     5,671,952  
                 
                 
    Total Liabilities   69,854,304     59,505,887  
                 
    Equity            
    Shareholders’ equity   66,936,117     65,071,843  
                 
    Total Liabilities and Equity   136,790,421     124,577,730  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statement of Cash Flows
                 
        Three-month
    period ended
    March 31, 2025    		     Three-month
    period ended
    March 31, 2024    		  
    Operating activities   $     $  
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Charges to loss not involving cash:        
    Depreciation of property and equipment   177,001     191,221  
    Share-based compensation   697,019     812,173  
    Interest expense   842,563     867,451  
    Tax expense   24,430     15,887  
    Amortization of the intangible asset   2,846,747     1,834,211  
    Amortization of loan issuance costs   45,982     36,957  
    Foreign exchange (gain) loss   (4,262,600 )   238,763  
    Increase in non-current contract liabilities   7,553     58,319  
    Net change in non-cash operating working capital related to operations   14,951,929     7,684,397  
             
    Net cash provided by operating activities   17,476,613     8,402,518  
             
    Financing activities        
    Proceeds received from public equity financing   –     20,000,110  
    Share issuance costs associated with public equity financing   –     (1,626,257 )
    Payment of principal and interest on loans payable   (1,348,282 )   (621,996 )
    Proceeds from the exercise of stock options   774,591     641,700  
    Repayment of lease liabilities   (192,894 )   (181,158 )
             
    Net cash (used in)/provided by financing activities   (766,585 )   18,212,399  
             
    Investing activities        
    Additions to the intangible asset   (5,157,268 )   (4,515,850 )
    Additions to property and equipment   (62,917 )   (8,163 )
    Collection of research and development tax credits   1,850,702     –  
             
    Net cash used in investing activities   (3,369,483 )   (4,524,013 )
             
    Effects of foreign exchange rates on cash   1,902,261     164,519  
             
    Net change in cash during the period   15,242,806     22,255,423  
             
    Cash – Beginning of period   58,889,572     15,252,526  
             
    Cash – End of period   74,132,378     37,507,949  
                 

    The MIL Network –

  • MIL-OSI USA: Ernst’s “Made in America” Bill Earns Support of Iowans

    US Senate News:

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

    WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) and House Small Business Committee Chairman Roger Williams’ (R-Texas) newly unveiled initiative to continue the domestic manufacturing explosion happening under President Trump has earned widespread praise.
    Business leaders in Iowa and across the country have applauded the bipartisan Made in America Manufacturing Finance Act that doubles the loan limit for Small Business Administration (SBA) manufacturing loans to bring back “Made in America.”
    What They Are Saying About the Made in America Manufacturing Finance Act:
    Iowa Association of Business and Industry
    “Iowa’s manufacturers are ready to grow, invest, and lead in the future of American manufacturing – but access to capital is critical,” said Nicole Crain, President. “The Made in America Manufacturing Finance Act is a commonsense solution that will empower small manufacturers to invest in the tools, technology, and facilities they need to compete globally. ABI applauds Senator Ernst and Chairman Williams for their leadership and commitment to strengthening U.S. manufacturing.”
    Iowa Bankers Association
    “The Iowa Bankers Association thanks Senator Joni Ernst for her leadership in proposing the Made in America Manufacturing Finance Act,” said Adam Gregg, President. “Bank leaders in Iowa have advocated for increasing the loan limits in these SBA programs with the goal of driving more investment in communities across the state of Iowa.  Manufacturing is an important piece of Iowa’s economy, and Iowa banks are proud partners in helping small businesses grow and expand.  This proposed legislation will make the work of our Iowa banks even more impactful.”
    Cedar Rapids Metro Economic Alliance
    “Manufacturing is a cornerstone of our region’s economic vitality,” said Barbra Solberg. “By increasing access to capital for small manufacturers, the Made in America Manufacturing Finance Act empowers businesses to expand, innovate and compete globally—while reinforcing our domestic supply chains. We commend Senator Ernst for her leadership as Chair of the Senate Small Business Committee and her commitment to addressing the financial needs of small manufacturers in today’s economy.”
    Greater Burlington Partnership
    “Increasing loan limits for small manufacturers strengthens the backbone of our local economy,” said Amy O’Brien, CEO. “This bipartisan effort will give more Iowa businesses the tools they need to expand operations, invest in new technology, and create quality jobs right here at home. As the cost of doing business continues to rise, we support the recommended increases in borrowing to accommodate our manufacturing businesses.”
    Job Creators Network
    “Senate Small Business Committee Chair Joni Ernst and House Small Business Committee Chairman Roger Williams are standing up for American small businesses by introducing the Made in America Manufacturing Finance Act,” said Alfredo Ortiz, CEO. “This legislation significantly expands access to credit for American manufacturers under the Small Business Administration’s 7(a) and 504 loan programs, providing American manufacturers with the funds they need to invest, expand, and create good manufacturing jobs. This legislation is especially important during this period of high interest rates and scarce access to capital. It will significantly help grow the productive economy and contribute to President Trump’s goal of reshoring critical manufacturing capacity. All legislators on both sides of the aisle should vigorously support it.”
    Small Business & Entrepreneurship Council
    “Increasing the SBA’s 7(a) and 504 loan program limits to $10 million for small manufacturers is a pragmatic reform that will provide entrepreneurs with a modernized level of resources needed to build, transform, or expand manufacturing facilities and capabilities in support of advanced U.S.-based manufacturing,” said Karen Kerrigan, President & CEO. “Small, entrepreneurial firms dominate U.S. manufacturing, and if our goal is to support their competitiveness, growth and innovative capacity, access to appropriate levels of capital is necessary. Leveling up these proven SBA loan programs will help to fuel manufacturing activity and innovation, which is so vital to U.S. economic growth, opportunity, and our global competitiveness. SBE Council strongly supports the Made in America Manufacturing Finance Act.”
    National Small Business Association
    “While the demand for broader access to capital is generalized across the entire small business ecosystem, capital-intensive industries, including manufacturing, face unique challenges,” said Todd McCracken, President & CEO. “Initial investments in these industries, as well as long term development costs and diversification are appreciably more capital intensive than other businesses, as even a small change could result in significant retooling and related costs. Commonsense changes to existing federal support programs for small manufacturers would go a long way to leveling the playing field and allowing American entrepreneurs to invest in the United States. That is why we are pleased to support the Made in America Manufacturing Finance Act of 2025, which would increase the maximum loans small manufacturing companies are eligible for under the existing 7(a) and 504 loan programs.”
    National Association of Development Companies
    “The time is now to increase the 504 manufacturing loan size and foster expansion opportunities for our nation’s small manufacturers,” said Rhonda Pointon, President & CEO. “The National Association of Development Companies (NADCO) and CDCs across the country strongly support the Made in America Manufacturing Finance Act (MAMFA). This legislation would raise the 504 manufacturing loan limit to $10 million – empowering small manufacturers to scale, strengthen domestic production, and create high-quality jobs.”
    National Association of Government Guaranteed Lenders
    “Often, manufacturers need large facilities and/or specialty equipment that can exceed the current SBA loan size limitations,” said Anthony Wilkinson, President & CEO. “Therefore, especially since it has been 15 years since the 7(a) Program maximum loan size was increased to $5 million, we believe that it would be appropriate to consider increasing that maximum to $10 million for loans to small business manufacturers as proposed in your legislation.”

    MIL OSI USA News –

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Special Meeting of Stockholders to be Held on June 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, Fla., May 07, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has filed preliminary proxy materials (“Proxy Materials”) with the U.S. Securities and Exchange Commission in connection with a special meeting of stockholders to be held on June 17, 2025, for its stockholders to consider and vote on proposals necessary to approve the Fund’s conversion from its current investment strategy and redirect the Fund to focus on a “CLO Equity Strategy”. With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

    The Fund’s Board of Directors (“Board”) has fixed May 5, 2025, as the record date for determination of the Fund’s stockholders entitle to notice of and to vote at the Fund’s special meeting.

    The Fund’s special meeting will be held at the Fund’s offices at 119 Washington Avenue, Suite 504, Miami Beach, Florida 33139, on June 17, 2025, at 10:00 a.m., Eastern Time.

    There are three proposals to be considered by the Fund’s stockholders at the special meeting:

    • Proposal 1 seeks approval of an amended and restated investment advisory agreement between the Fund and Thomas J. Herzfeld Advisors, Inc. (the “Adviser”) to permit the Adviser to receive a fee based on “managed assets” and an incentive fee.
    • Proposal 2 seeks approval to revise the Fund’s investment objective from obtaining “long term capital appreciation” to a primary objective of “maximizing risk adjusted total returns” with a secondary objective of “generating high current income;” and to reclassify the Fund’s investment objective as non-fundamental.
    • Proposal 3 seeks approval to amend the fundamental policies of the Fund related to borrowing, the issuance of senior securities, underwriting securities issued by other persons, industry concentration, the purchase or sale of real estate, the purchase or sale of commodities, and making loans to other persons.

    The Investment Company Act of 1940, as amended (the “1940 Act”), requires any change to a fundamental policy and the entering into of the new investment management agreement be approved by “a majority of the outstanding voting securities” of the Fund (as defined under the 1940 Act).

    The Proposals referred to above are discussed in detail in the Proxy Materials filed today with the SEC.

    Additional Information about the Special Meeting

    The Fund is filing today with the SEC its preliminary Proxy Materials (Filing Type: PRE 14A). The Fund’s definitive Proxy Statement currently is anticipated to be filed with the SEC late in May 2025 (Filing Type: DEF 14A). Stockholders can obtain these documents (when available) free of charge from the SEC’s website at www.sec.gov. The definitive Proxy Statement for the Fund also will be posted (when available) on the Fund’s website at www.herzfeld.com/cuba. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863.

    This press release is for informational purposes and is not intended to, and does not, solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the proposed changes is only be made by a definitive Proxy Statement.

    This press release references a preliminary Proxy Materials filed by the Fund. The definitive Proxy Statement has yet to be filed with the Securities and Exchange Commission (the “SEC”). After the definitive Proxy Statement is filed with the SEC, it may be amended or withdrawn.

    The Fund and its directors, officers and employees, and the Adviser, and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the proposed fundamental policy changes and the proposed approval of the investment advisory agreement. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Fund’s directors, officers and employees, and Adviser and its stockholders, officers and employees and other persons by reading the definitive Proxy Statement when it is filed with the SEC.    INVESTORS AND SECURITY HOLDERS OF THE FUND ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY. THE DEFINITIVE PROXY STATEMENT WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND.

    The definitive Proxy Statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted. Security holders may obtain free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

    Contact:
    Thomas Morgan
    Chief Compliance Officer
    Thomas J. Herzfeld Advisors, Inc.
    1-305-777-1660

    The MIL Network –

  • MIL-OSI: ESCO Reports Second Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    St. Louis, May 07, 2025 (GLOBE NEWSWIRE) — ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the second quarter ended March 31, 2025 (Q2 2025).

    Operating Highlights

    • Q2 2025 Sales increased $16.4 million (7 percent) to $265.5 million compared to $249.1 million in Q2 2024.
    • Q2 2025 Entered Orders were $290.8 million for a book-to-bill ratio of 1.10x, resulting in record backlog of $932 million.
    • Q2 2025 GAAP EPS increased 33 percent to $1.20 per share compared to $0.90 per share in Q2 2024.
    • Q2 2025 Adjusted EPS increased 24 percent to $1.35 per share compared to $1.09 per share in Q2 2024.
    • Net cash provided by operating activities was $58 million YTD, an increase of $39 million compared to the prior year period.

    Bryan Sayler, Chief Executive Officer and President, commented, “Q2 was another strong quarter as we delivered 7 percent top line growth, 250 basis points of Adjusted EBITDA margin expansion, and a 24 percent increase in Adjusted EPS compared to the prior year. All three segments delivered solid revenue growth, highlighted by strength across our Navy, commercial aerospace, utility, and Test end-markets.   It was very positive to see orders increase 22 percent over the prior year, with particular strength in both USG and Test.

    “As previously announced, we closed the SM&P acquisition on April 25th. Going forward, SM&P will be known as ESCO Maritime Solutions (Maritime). We are happy to welcome the Maritime employees to the ESCO team. Maritime’s signature and power management solutions meaningfully expand our naval product offerings in both the US and UK. We are optimistic about the future of ESCO and are pleased to have Maritime join us as an integral part of that journey.”       

    Segment Performance

    Aerospace & Defense (A&D)

    • Sales increased $8.7 million (8 percent) to $123.4 million in Q2 2025 from $114.7 million in Q2 2024. The Q2 increase was driven by strength in Navy and aerospace sales.
    • EBIT increased $6.9 million in Q2 2025 to $30.3 million from $23.4 million in Q2 2024. Adjusted EBIT increased $6.7 million in Q2 2025 to $30.3 million (24.6 percent margin) from $23.6 million (20.6 percent margin) in Q2 2024. Margin improvement was driven by price increases and mix, partially offset by inflationary pressures.
    • Entered Orders increased $6 million (5 percent) to $122 million in Q2 2025 compared to $116 million in Q2 2024.   Q2 2025 included a $6M order for PTI’s cartridge actuated devices/propellant actuated devices (CAD/PAD) products. The segment book-to-bill was 0.99x in the quarter, resulting in ending backlog of $605 million.  

    Utility Solutions Group (USG)

    • Sales increased $3.5 million (4 percent) to $90.8 million in Q2 2025 from $87.3 million in Q2 2024. Doble’s sales increased by $3.5 million (5 percent) driven by a strong quarter for offline and protection testing products and services, partially offset by lower cybersecurity/compliance (DUCe) solutions. NRG sales were flat to the prior year due to moderation in renewable energy projects.
    • EBIT increased $3.2 million in Q2 2025 to $20.8 million from $17.6 million in Q2 2024. Adjusted EBIT increased $3.3 million in Q2 2025 to $20.9 million (23.0 percent margin) from $17.6 million (20.1 percent margin) in Q2 2024.   Margin was favorably impacted by leverage on higher volume, price increases and mix, partially offset by inflationary pressures.  
    • Entered Orders increased $13 million (17 percent) to $92 million in Q2 2025. Doble orders increased by $11 million (17 percent) on strong offline test equipment and services orders. NRG orders increased by $2 million (15 percent) driven by solar orders in North America and EMEA.   The segment book-to-bill was 1.02x in the quarter, resulting in ending backlog of $124 million.

    RF Test & Measurement (Test)

    • Sales increased $4.3 million (9 percent) to $51.4 million in Q2 2025 from $47.1 million in Q2 2024. Sales growth was primarily driven by higher Test and Measurement, industrial shielding, and medical services in the US, along with a strong quarter for MPE filters projects.
    • EBIT increased $0.9 million in Q2 2025 to $6.4 million from $5.5 million in Q2 2024. Adjusted EBIT increased $0.7 million in Q2 2025 to $6.4 million (12.4 percent margin) from $5.7 million (12.2 percent margin) in Q2 2024. Margin was favorably impacted by leverage on higher volume, price increases, and cost reduction efforts, partially offset by unfavorable mix and inflationary pressures.  
    • Entered Orders increased $33 million (75 percent) to $77 million in Q2 2025. The increase was primarily driven by a strong quarter for US Test & Measurement, filters, and medical and industrial shielding orders. In addition, orders in China increased $9M in the quarter, primarily related to Test & Measurement projects. The segment book-to-bill was 1.50x in the quarter, resulting in ending backlog of $203 million.

    Business Outlook – 2025

    Guidance for Q3 2025 and FY 2025 is being shown both with and without the impact of Maritime to provide insight into our expectations for Maritime’s impact on the remainder of Q3 2025 (approximately 2 months) and FY 2025 (approximately 5 months).   The transaction costs and purchase accounting amortization associated with the Maritime acquisition have not yet been finalized and are not included in our current business outlook.  

    Consistent with our initial FY 2025 guidance, organic sales are expected to grow 6 to 8 percent in FY 2025. Maritime is expected to contribute sales in the range of $90 to $100 million in FY 2025.

        Guidance Range ($ Millions)
    Sales Guidance excluding Maritime   $ 1,090   $ 1,110
    Maritime Impact   $ 90   $ 100
    Sales Guidance including Maritime   $ 1,180   $ 1,210

    In our Q1 2025 earnings release (dated 2/6/2025), FY 2025 Adjusted EPS guidance was increased to $5.55-$5.75. Due to continued market strength and improvement in operational performance, we are raising our full-year guidance by another $0.10 to $5.65 to $5.85 (18 to 23 percent growth over the prior year). Maritime is expected to contribute Adjusted EPS in the range of $0.20 – $0.30 in FY 2025.     

        Guidance Range
    Previous FY 2025 Adjusted EPS Guidance   $ 5.55   $ 5.75
    Guidance Increase   $ 0.10   $ 0.10
    Updated FY’25 Adjusted EPS Guidance excluding Maritime   $ 5.65   $ 5.85
    Maritime Impact   $ 0.20   $ 0.30
    Updated FY’25 Adjusted EPS Guidance including Maritime   $ 5.85   $ 6.15

    Management’s expectation is for Q3 Adjusted EPS without Maritime to be in the range of $1.50 to $1.60 (15 to 22 percent growth over the prior year quarter). Maritime is expected to add Adjusted EPS in the range of $0.08 to $0.12 in Q3 2025.

        Guidance Range
    Q3 2025 Adjusted EPS Guidance excluding Maritime   $ 1.50   $ 1.60
    Maritime Impact   $ 0.08   $ 0.12
    Q3 2025 Adjusted EPS Guidance including Maritime   $ 1.58   $ 1.72

    Dividend Payment
    The next quarterly cash dividend of $0.08 per share will be paid on July 17, 2025 to stockholders of record on July 2, 2025.

    Conference Call
    The Company will host a conference call today, May 7, at 4:00 p.m. Central Time, to discuss the Company’s Q2 2025 results. A live audio webcast and an accompanying slide presentation will be available in the Investor Center of ESCO’s website. Participants may also access the webcast using this registration link. For those unable to participate, a webcast replay will be available after the call in the Investor Center of ESCO’s website.

    Forward-Looking Statements
    Statements in this press release regarding Management’s intentions, expectations and guidance for fiscal 2025, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.

    Investors are cautioned that such statements are only predictions and speak only as of the date of this presentation, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and the following: the timing and outcome, if any, of the Company’s strategic alternatives review of the VACCO business; the impacts of climate change and related regulation of greenhouse gases; the impacts of labor disputes, civil disorder, wars, elections, political changes, tariffs and trade disputes, terrorist activities, cyberattacks or natural disasters on the Company’s operations and those of the Company’s customers and suppliers; disruptions in manufacturing or delivery arrangements due to shortages or unavailability of materials or components or supply chain disruptions; inability to access work sites; the timing and content of future contract awards or customer orders; the timely appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties or data breaches; the availability of acquisitions; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; material changes in the costs and availability of certain raw materials; material changes in the cost of credit; changes in laws and regulations including but not limited to changes in accounting standards and taxation; changes in interest, inflation and employment rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration and performance of acquired businesses.

    Non-GAAP Financial Measures
    The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.

    EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

    About ESCO
    ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, space, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share amounts)  
        
              Three Months
    Ended
    March 31,
    2025    		   Three Months
    Ended
    March 31,
    2024    		  
                     
    Net Sales     $ 265,519   249,129  
    Cost and Expenses:          
      Cost of sales   156,298   152,347  
      Selling, general and administrative expenses   58,163   55,097  
      Amortization of intangible assets   7,989   8,572  
      Interest expense   2,195   3,226  
      Other expenses (income), net   375   666  
        Total costs and expenses   225,020   219,908  
                     
    Earnings before income taxes   40,499   29,221  
    Income tax expense   9,466   6,002  
                     
        Net earnings $ 31,033   23,219  
                     
          Earnings Per Share (EPS)          
                     
          Diluted – GAAP $ 1.20   0.90  
                     
          Diluted – As Adjusted Basis $ 1.35 (1 ) 1.09 (2 )
                     
          Diluted average common shares O/S:   25,877   25,847  
                     
    (1 ) Q2 2025 Adjusted EPS excludes $0.15 per share of after-tax charges consisting primarily of acquisition related amortization.
                     
    (2 ) Q2 2024 Adjusted EPS excludes $0.19 per share of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share amounts)  
        
              Six Months
    Ended
    March 31, 2025    		   Six Months
    Ended
    March 31, 2024    		  
                     
    Net Sales   $ 512,545     467,443  
    Cost and Expenses:          
      Cost of sales   304,940     286,498  
      Selling, general and administrative expenses   116,947     109,065  
      Amortization of intangible assets   15,982     16,440  
      Interest expense   4,452     5,893  
      Other expenses (income), net   (216 )   872  
        Total costs and expenses   442,105     418,768  
                     
    Earnings before income taxes   70,440     48,675  
    Income tax expense   15,934     10,287  
                     
        Net earnings $ 54,506     38,388  
                     
          Earnings Per Share (EPS)          
                     
          Diluted – GAAP $ 2.11     1.49  
                     
          Diluted – As Adjusted Basis $ 2.42   (1 ) 1.85 (2 )
                     
          Diluted average common shares O/S:   25,854     25,846  
                     
    (1 ) YTD Q2 2025 Adjusted EPS excludes $0.31 per share of after-tax charges consisting primarily of $0.01 of restructuring charges within the Test segment and $0.30 of acquisition related amortization.
                     
    (2 ) YTD Q2 2024 Adjusted EPS excludes $0.36 per share of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.

        
        

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
            GAAP   As Adjusted  
            Q2 2025   Q2 2024   Q2 2025   Q2 2024  
    Net Sales                  
      Aerospace & Defense $ 123,369     114,701     123,369     114,701    
      USG   90,767     87,309     90,767     87,309    
      Test   51,383     47,119     51,383     47,119    
        Totals $ 265,519     249,129     265,519     249,129    
                           
    EBIT                    
      Aerospace & Defense $ 30,296     23,377     30,298     23,640    
      USG   20,779     17,575     20,862     17,575    
      Test   6,369     5,542     6,369     5,745    
      Corporate   (14,750 )   (14,047 )   (9,648 )   (8,260 )  
        Consolidated EBIT   42,694     32,447     47,881     38,700    
        Less: Interest expense   (2,195 )   (3,226 )   (2,195 )   (3,226 )  
        Less: Income tax expense   (9,466 )   (6,002 )   (10,659 )   (7,440 )  
        Net earnings $ 31,033     23,219     35,027     28,034    
                              
    Note 1: Adjusted net earnings of $35.0 million in Q2 2025 exclude $4.0 million (or $0.15 per share) of after-tax charges consisting primarily of acquisition related amortization.
                           
    Note 2: Adjusted net earnings of $28.0 million in Q2 2024 exclude $4.8 million (or $0.19 per share) of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.
                           
    EBITDA Reconciliation to Net earnings:           Q2 2025 –   Q2 2024 –  
            Q2 2025   Q2 2024   As Adjusted   As Adjusted  
    Consolidated EBITDA $ 56,668     46,550     56,895     47,174    
    Less: Depr & Amort   (13,974 )   (14,103 )   (9,014 )   (8,474 )  
    Consolidated EBIT   42,694     32,447     47,881     38,700    
    Less: Interest expense   (2,195 )   (3,226 )   (2,195 )   (3,226 )  
    Less: Income tax expense   (9,466 )   (6,002 )   (10,659 )   (7,440 )  
    Net earnings $ 31,033     23,219     35,027     28,034    
                           

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
            GAAP   As Adjusted  
            YTD Q2 2025   YTD Q2 2024   YTD Q2 2025   YTD Q2 2024  
    Net Sales                  
      Aerospace & Defense $ 237,670     209,434     237,670     209,434    
      USG   177,427     170,293     177,427     170,293    
      Test   97,448     87,716     97,448     87,716    
        Totals $ 512,545     467,443     512,545     467,443    
                           
    EBIT                      
      Aerospace & Defense $ 51,892     40,040     51,920     40,303    
      USG   41,269     35,200     41,352     35,320    
      Test   10,791     7,321     11,256     7,797    
      Corporate   (29,060 )   (27,993 )   (18,959 )   (16,860 )  
        Consolidated EBIT   74,892     54,568     85,569     66,560    
        Less: Interest expense   (4,452 )   (5,893 )   (4,452 )   (5,893 )  
        Less: Income tax   (15,934 )   (10,287 )   (18,390 )   (13,045 )  
        Net earnings $ 54,506     38,388     62,727     47,622    
                              
    Note 1: Adjusted net earnings of $62.7 million in YTD 2025 exclude $8.2 million (or $0.31 per share) of after-tax charges consisting of: $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate, and $0.30 of acquisition related amortization.
                           
    Note 2: Adjusted net earnings of $47.6 million in YTD 2024 exclude $9.2 million (or $0.36 per share) of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring costs (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.
                           
    EBITDA Reconciliation to Net earnings:           YTD   YTD  
            YTD   YTD   Q2 2025 –   Q2 2024 –  
            Q2 2025   Q2 2024   As Adjusted   As Adjusted  
    Consolidated EBITDA $ 102,673     82,123     103,393     83,582    
    Less: Depr & Amort   (27,781 )   (27,555 )   (17,824 )   (17,022 )  
    Consolidated EBIT   74,892     54,568     85,569     66,560    
    Less: Interest expense   (4,452 )   (5,893 )   (4,452 )   (5,893 )  
    Less: Income tax expense   (15,934 )   (10,287 )   (18,390 )   (13,045 )  
    Net earnings $ 54,506     38,388     62,727     47,622    
                           

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands)
       
            March 31,
    2025    		   September 30,
    2024
                 
    Assets          
      Cash and cash equivalents $ 57,397   65,963
      Accounts receivable, net   218,123   240,680
      Contract assets   125,281   130,534
      Inventories   231,200   209,164
      Other current assets   28,752   22,308
        Total current assets   660,753   668,649
      Property, plant and equipment, net   172,081   170,596
      Intangible assets, net   394,594   407,602
      Goodwill   536,222   539,899
      Operating lease assets   38,322   37,744
      Other assets   13,690   14,130
          $ 1,815,662   1,838,620
                 
    Liabilities and Shareholders’ Equity        
      Current maturities of long-term debt $ 20,000   20,000
      Accounts payable   81,244   98,371
      Contract liabilities   128,114   124,845
      Other current liabilities   92,661   106,638
        Total current liabilities   322,019   349,854
      Deferred tax liabilities   72,580   75,333
      Non-current operating lease liabilities   35,948   34,810
      Other liabilities   39,787   39,273
      Long-term debt   68,000   102,000
      Shareholders’ equity   1,277,328   1,237,350
          $ 1,815,662   1,838,620

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (Dollars in thousands)
           
        Six Months
    Ended
    March 31, 2025    		   Six Months
    Ended
    March 31, 2024
    Cash flows from operating activities:        
    Net earnings $ 54,506     38,388  
    Adjustments to reconcile net earnings to net cash        
    provided by operating activities:        
    Depreciation and amortization   27,781     27,555  
    Stock compensation expense   5,323     4,144  
    Changes in assets and liabilities   (27,207 )   (47,869 )
    Effect of deferred taxes   (2,128 )   (2,981 )
    Net cash provided by operating activities   58,275     19,237  
             
    Cash flows from investing activities:        
    Acquisition of business, net of cash acquired     (56,179 )
    Capital expenditures   (15,350 )   (16,301 )
    Additions to capitalized software   (5,465 )   (5,912 )
    Net cash used by investing activities   (20,815 )   (78,392 )
             
    Cash flows from financing activities:        
    Proceeds from long-term debt   66,000     154,000  
    Principal payments on long-term debt and short-term borrowings   (100,000 )   (65,000 )
    Dividends paid   (4,130 )   (4,125 )
    Purchases of common stock into treasury     (7,189 )
    Other   (6,146 )   (1,432 )
    Net cash (used) provided by financing activities   (44,276 )   76,254  
             
    Effect of exchange rate changes on cash and cash equivalents   (1,750 )   471  
             
    Net (decrease) increase in cash and cash equivalents   (8,566 )   17,570  
    Cash and cash equivalents, beginning of period   65,963     41,866  
    Cash and cash equivalents, end of period $ 57,397     59,436  

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Other Selected Financial Data (Unaudited)
    (Dollars in thousands)
       
    Backlog And Entered Orders – Q2 2025   A&D   USG   Test   Total
      Beginning Backlog – 1/1/25 $ 606,687     122,857     177,404     906,948  
      Entered Orders   121,706     92,184     76,950     290,840  
      Sales     (123,369 )   (90,767 )   (51,383 )   (265,519 )
      Ending Backlog – 3/31/25 $ 605,024     124,274     202,971     932,269  
                         
    Backlog And Entered Orders – YTD Q2 2025   A&D   USG   Test   Total
      Beginning Backlog – 10/1/24 $ 600,382     119,943     158,644     878,969  
      Entered Orders   242,312     181,758     141,775     565,845  
      Sales     (237,670 )   (177,427 )   (97,448 )   (512,545 )
      Ending Backlog – 3/31/25 $ 605,024     124,274     202,971     932,269  

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Reconciliation of Non-GAAP Financial Measures (Unaudited)  
             
    EPS – Adjusted Basis Reconciliation – Q2 2025      
      EPS – GAAP Basis – Q2 2025 $ 1.20  
      Adjustments (defined below)   0.15  
      EPS – As Adjusted Basis – Q2 2025 $ 1.35  
             
      Adjustments exclude $0.15 per share consisting primarily of acquisition      
      related amortization.      
      The $0.15 of EPS adjustments per share consists of $5.2 million of pre-tax      
      charges offset by $1.2 million of tax benefit for net impact of $4 million.      
             
    EPS – Adjusted Basis Reconciliation – Q2 2024      
      EPS – GAAP Basis – Q2 2024 $ 0.90  
      Adjustments (defined below)   0.19  
      EPS – As Adjusted Basis – Q2 2024 $ 1.09  
             
      Adjustments exclude $0.19 per share consisting primarily of $0.02 of MPE      
      acquisition backlog charges, $0.02 of restructuring charges within the Test      
      and A&D segments, and $0.15 of acquisition related amortization.      
      The $0.19 of EPS adjustments per share consists of $6.2 million of pre-tax charges      
      offset by $1.4 million of tax benefit for net impact of $4.8 million.      
             
    EPS – Adjusted Basis Reconciliation – YTD Q2 2025      
      EPS – GAAP Basis – YTD Q2 2025 $ 2.11  
      Adjustments (defined below)   0.31  
      EPS – As Adjusted Basis – YTD Q2 2025 $ 2.42  
             
      Adjustments exclude $0.31 per share consisting primarily of $0.01 of restructuring      
      charges within the Test segment and $0.30 of acquisition related amortization.      
      The $0.31 of EPS adjustments per share consists of $10.7 million of pre-tax charges      
      offset by $2.5 million of tax benefit for net impact of $8.2 million.      
             
    EPS – Adjusted Basis Reconciliation – YTD Q2 2024      
      EPS – GAAP Basis – YTD Q2 2024 $ 1.49  
      Adjustments (defined below)   0.36  
      EPS – As Adjusted Basis – YTD Q2 2024 $ 1.85  
             
      Adjustments exclude $0.36 per share consisting primarily of $0.05 of MPE acquisition      
      backlog charges, inventory step-up charges and acquisition costs, $0.02 of      
      restructuring charges, and $0.29 of acquisition related amortization.      
      The $0.36 of EPS adjustments per share consists of $12 million of pre-tax charges      
      offset by $2.8 million of tax benefit for net impact of $9.2 million.      

    SOURCE ESCO Technologies Inc.
    Kate Lowrey, Vice President of Investor Relations, (314) 213-7277

    The MIL Network –

  • MIL-OSI: Symbotic Reports Second Quarter Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Mass., May 07, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its second quarter of fiscal year 2025, which ended on March 29, 2025. Symbotic posted revenue of $550 million, a net loss of $21 million and adjusted EBITDA1 of $35 million for the second quarter of fiscal year 2025.

    By comparison, in the second quarter of fiscal year 2024, Symbotic had revenue of $393 million, a net loss of $55 million and adjusted EBITDA1 of $9 million.

    Cash and cash equivalents increased by $52 million from the prior quarter to $955 million at the end of the second quarter of fiscal year 2025.

    “Our execution has improved, and our margins expanded,” said Symbotic Chairman and Chief Executive Officer Rick Cohen. “With stronger project execution and a compelling roadmap of product innovation, we remain well-positioned to deliver increasing value to our stakeholders.”

    “Second quarter revenue grew by 40% year-over-year, and we delivered a record number of system starts and completes,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking forward, we remain committed to delivering improved execution while investing to support our future growth and innovation.”

    OUTLOOK

    For the third quarter of fiscal 2025, Symbotic expects revenue of $520 million to $540 million, and adjusted EBITDA2 of $26 million to $30 million.

    WEBCAST INFORMATION

    Symbotic will host a webcast today at 5:00 pm ET to discuss its second quarter of fiscal year 2025 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q2-2025.

    ABOUT SYMBOTIC

    Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com. 

    USE OF NON-GAAP FINANCIAL INFORMATION

    Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release contains financial measures that are not recognized under U.S. GAAP (“non-GAAP financial measures”), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business.

    Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net loss excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; equity method investment; internal control remediation; business transformation costs; fair value adjustments on strategic investments; restructuring charges; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by revenue. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.

    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Symbotic’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.

    Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding Symbotic to:

    • meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;
    • expand its target customer base and maintain its existing customer base;
    • realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic’s acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica;
    • realize its outlook, including its system gross margin;
    • anticipate industry trends;
    • maintain and enhance its system;
    • maintain the listing of the Symbotic Class A Common Stock on Nasdaq;
    • execute its growth strategy;
    • develop, design and sell systems that are differentiated from those of competitors;
    • execute its research and development strategy;
    • acquire, maintain, protect and enforce intellectual property;
    • attract, train and retain effective officers, key employees or directors;
    • comply with laws and regulations applicable to its business;
    • stay abreast of modified or new laws and regulations applying to its business;
    • successfully defend litigation;
    • issue equity securities in connection with future transactions;
    • meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;
    • timely and effectively remediate any material weaknesses in its internal control over financial reporting;
    • anticipate rapid technological changes; and
    • effectively respond to general economic and business conditions.

    Forward-looking statements also include, but are not limited to, statements with respect to:

    • the future performance of Symbotic’s business and operations;
    • expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;
    • expectations regarding cash flow, liquidity and sources of funding;
    • expectations regarding capital expenditures;
    • the anticipated benefits of Symbotic’s leadership structure;
    • the effects of pending and future legislation, regulation and trade practices, including tariffs;
    • business disruption;
    • disruption to the business due to Symbotic’s dependency on certain customers;
    • increasing competition in the warehouse automation industry;
    • any delays in the design, production or launch of Symbotic’s systems and products;
    • the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;           
    • any defects in new products or enhancements to existing products;
    • the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of Symbotic’s new products and services and any changes in its product mix that shift too far into lower gross margin products; and
    • any consequences associated with joint ventures and legislative and regulatory actions and reforms.

    Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 4, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC.

    In addition to factors previously disclosed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 filed with the SEC on December 4, 2024 and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business and risks related to the acquisition.

    Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events.

    Annualized, projected and estimated numbers are not forecasts and may not reflect actual results.

    This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.

    INVESTOR RELATIONS CONTACT

    Charlie Anderson
    Vice President, Investor Relations & Corporate Development
    ir@symbotic.com

    MEDIA INQUIRIES
    mediainquiry@symbotic.com

    Symbotic Inc. and Subsidiaries
    Consolidated Statements of Operations
     
      Three Months Ended   Six Months Ended
     (in thousands, except share and per share information) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Revenue:                  
    Systems $ 513,372     $ 464,059     $ 370,693     $ 977,431     $ 718,398  
    Software maintenance and support   6,685       5,525       2,566       12,210       4,735  
    Operation services   29,594       17,109       20,073       46,703       30,142  
    Total revenue   549,651       486,693       393,332       1,036,344       753,275  
    Cost of revenue:                  
    Systems   414,560       381,819       342,124       796,378       626,071  
    Software maintenance and support   2,095       1,884       1,936       3,979       3,662  
    Operation services   25,168       22,951       19,052       48,120       29,266  
    Total cost of revenue   441,823       406,654       363,112       848,477       658,999  
    Gross profit   107,828       80,039       30,220       187,867       94,276  
    Operating expenses:                  
    Research and development expenses   61,540       43,592       46,462       105,133       88,606  
    Selling, general, and administrative expenses   78,347       61,076       48,652       139,421       95,663  
    Total operating expenses   139,887       104,668       95,114       244,554       184,269  
    Operating loss   (32,059 )     (24,629 )     (64,894 )     (56,687 )     (89,993 )
    Other income, net   11,714       7,823       9,812       19,536       16,011  
    Loss before income tax and equity method investment   (20,345 )     (16,806 )     (55,082 )     (37,151 )     (73,982 )
    Income tax expense (benefit)   1,397       (150 )     252       1,248       80  
    Loss from equity method investment   (2,490 )     (1,564 )     —       (4,055 )     —  
    Net loss   (21,438 )     (18,520 )     (54,830 )     (39,958 )     (73,902 )
    Net loss attributable to noncontrolling interests   (17,513 )     (15,044 )     (46,021 )     (32,557 )     (62,257 )
    Net loss attributable to common stockholders $ (3,925 )   $ (3,476 )   $ (8,809 )   $ (7,401 )   $ (11,645 )
                       
    Loss per share of Class A Common Stock:                  
    Basic and Diluted $ (0.04 )   $ (0.03 )   $ (0.09 )     (0.07 )   $ (0.13 )
    Weighted-average shares of Class A Common Stock outstanding:                  
    Basic and Diluted   107,726,978       106,098,566       93,043,769       106,900,622       88,155,791  
                                           

    Symbotic Inc. and Subsidiaries
    Reconciliation of Non-GAAP Financial Measures

    The following table reconciles GAAP net loss to Adjusted EBITDA:

      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Net loss $ (21,438 )   $ (18,520 )   $ (54,830 )   $ (39,958 )   $ (73,902 )
    Interest income   (7,229 )     (7,769 )     (9,795 )     (14,998 )     (15,944 )
    Income tax expense (benefit)   (1,397 )     150       (252 )     (1,248 )     (80 )
    Depreciation and amortization   11,169       6,860       2,468       18,029       5,033  
    Stock-based compensation   47,962       28,741       34,726       76,703       64,188  
    Business Combination transaction expenses   3,298       3,802       —       7,100       —  
    Equity method investment   2,490       1,564       —       4,055       —  
    Internal control remediation   2,175       3,076       —       5,251       —  
    Business transformation costs   2,400       —       —       2,400       —  
    Fair value adjustments on strategic investments   (4,481 )     —       —       (4,481 )     —  
    Restructuring charges   (231 )     —       34,206       (231 )     34,206  
    Joint venture formation fees   —       —       —       —       1,089  
    Equity financing transaction costs   —       —       1,985       —       1,985  
    Adjusted EBITDA $ 34,718     $ 17,904     $ 8,508     $ 52,622     $ 16,575  
                                           

    The following table reconciles GAAP gross profit to Adjusted gross profit:

      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Gross profit $ 107,828     $ 80,039     $ 30,220     $ 187,867     $ 94,276  
    Depreciation   2,949       2,469       88       5,418       181  
    Stock-based compensation   11,264       3,709       5,156       14,973       8,587  
    Restructuring charges   (231 )     —       34,206       (231 )     34,206  
    Adjusted gross profit $ 121,810     $ 86,217     $ 69,670     $ 208,027     $ 137,250  
                                           
    Gross profit margin   19.6 %     16.4 %     7.7 %     18.1 %     12.5 %
    Adjusted gross profit margin   22.2 %     17.7 %     17.7 %     20.1 %     18.2 %
                                           

    The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow:

      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
                       
    Net cash provided by (used in) operating activities $ 269,575     $ 205,027     $ 21,072     $ 474,602     $         (9,078 )
    Purchases of property and equipment and capitalization of internal use software development costs   (20,560 )     (7,357 )     (2,871 )     (27,917 )             (5,864 )
    Free cash flow $ 249,015     $ 197,670     $ 18,201     $ 446,685     $         (14,942 )
                                           

    Symbotic Inc. and Subsidiaries
    Supplemental Common Share Information

    Total Common Shares issued and outstanding:

      March 29, 2025   September 28, 2024
    Class A Common Shares issued and outstanding 108,380,772   104,689,377
    Class V-1 Common Shares issued and outstanding 76,223,325   76,965,386
    Class V-3 Common Shares issued and outstanding 404,309,196   404,309,196
      588,913,293   585,963,959
           
    Symbotic Inc. and Subsidiaries
    Consolidated Balance Sheets
     
    (in thousands, except share data) March 29, 2025   September 28, 2024
    ASSETS
    Current assets:      
    Cash and cash equivalents $ 954,944     $ 727,310  
    Accounts receivable   137,562       201,548  
    Unbilled accounts receivable   160,248       218,233  
    Inventories   146,281       106,136  
    Deferred expenses   4,979       1,058  
    Prepaid expenses and other current assets   93,966       101,252  
    Total current assets   1,497,980       1,355,537  
    Property and equipment, net   123,706       97,109  
    Intangible assets, net   125,793       3,664  
    Goodwill   68,669       —  
    Equity method investment   85,323       81,289  
    Other assets   62,714       40,953  
    Total assets $ 1,964,185     $ 1,578,552  
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable $ 220,027     $ 175,188  
    Accrued expenses and other current liabilities   166,269       165,644  
    Deferred revenue   1,086,297       676,314  
    Total current liabilities   1,472,593       1,017,146  
    Deferred revenue   8,152       129,233  
    Other liabilities   61,866       42,043  
    Total liabilities   1,542,611       1,188,422  
    Commitments and contingencies   —       —  
    Equity:      
    Class A Common Stock, 3,000,000,000 shares authorized, 108,380,772 and 104,689,377 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively   13       13  
    Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,223,325 and 76,965,386 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively   7       7  
    Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 shares issued and outstanding at March 29, 2025 and September 28, 2024   40       40  
    Additional paid-in capital   1,539,378       1,523,692  
    Accumulated deficit   (1,331,326 )     (1,323,925 )
    Accumulated other comprehensive loss   (2,698 )     (2,594 )
    Total stockholders’ equity   205,414       197,233  
    Noncontrolling interest   216,160       192,897  
    Total equity   421,574       390,130  
    Total liabilities and equity $ 1,964,185     $ 1,578,552  
                   
    Symbotic Inc. and Subsidiaries
    Consolidated Statements of Cash Flows
     
      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Cash flows from operating activities:                  
    Net loss $ (21,438 )   $ (18,520 )   $ (54,830 )   $ (39,958 )   $ (73,902 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                  
    Depreciation and amortization   12,279       7,645       3,155       19,924       6,352  
    Equity in net loss from equity method investment   4,055       —       —       4,055       —  
    Foreign currency (gains) losses, net   20       (32 )     (30 )     (12 )     (8 )
    Gain on investments   —       —       (8,745 )     —       (8,745 )
    Loss on disposal of assets   —       201       —       201       —  
    Provision for excess and obsolete inventory   292       688       34,206       980       34,276  
    Stock-based compensation   43,355       26,773       28,065       70,128       57,527  
    Gain from strategic investment fair value adjustment   (4,481 )     —       —       (4,481 )     —  
    Changes in operating assets and liabilities:                  
    Accounts receivable   (3,195 )     67,376       25,328       64,181       (58,461 )
    Inventories   (23,232 )     (10,425 )     (16,353 )     (33,657 )     (17,920 )
    Prepaid expenses and other current assets   89,491       10,317       (9,777 )     99,808       (42,430 )
    Deferred expenses   (1,757 )     (2,164 )     2,106       (3,921 )     (5,046 )
    Other assets   (6,400 )     (1,079 )     440       (7,479 )     (5,466 )
    Accounts payable   13,806       31,145       30,576       44,951       23,315  
    Accrued expenses and other current liabilities   (65,685 )     45,540       (17,600 )     (20,145 )     (1,884 )
    Deferred revenue   230,283       58,336       2,678       288,619       72,644  
    Other liabilities   2,182       (10,774 )     1,853       (8,592 )     10,670  
      Net cash provided by (used in) operating activities   269,575       205,027       21,072       474,602       (9,078 )
    Cash flows from investing activities:                  
    Purchases of property and equipment and capitalization of internal use software development costs   (20,560 )     (7,357 )     (2,871 )     (27,917 )     (5,864 )
    Proceeds from maturities of marketable securities   —       —       140,000       —       290,000  
    Purchases of marketable securities   —       —       (343 )     —       (48,660 )
    Acquisitions of strategic investments   —       (17,992 )     —       (17,992 )     —  
    Cash paid for business acquisitions   (200,000 )     —       —       (200,000 )     —  
    Net cash provided by (used in) investing activities   (220,560 )     (25,349 )     136,786       (245,909 )     235,476  
    Cash flows from financing activities:                  
    Payment for taxes related to net share settlement of stock-based compensation awards   —       (3,012 )     (3,125 )     (3,012 )     (3,181 )
    Net proceeds from issuance of common stock under employee stock purchase plan   3,233       —       3,435       3,233       3,435  
    Distributions to or on behalf of Symbotic Holdings LLC partners   (382 )     (850 )     —       (1,232 )     —  
    Proceeds from issuance of Class A Common Stock   —       —       257,985       —       257,985  
    Proceeds from exercise of warrants   —       —       —       —       158,702  
    Net cash provided by (used in) financing activities   2,851       (3,862 )     258,295       (1,011 )     416,941  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash   50       (84 )     (13 )     (34 )     (15 )
    Net increase in cash, cash equivalents, and restricted cash   51,916       175,732       416,140       227,648       643,324  
    Cash, cash equivalents, and restricted cash – beginning of period   906,086       730,354       488,102       730,354       260,918  
    Cash, cash equivalents, and restricted cash – end of period $ 958,002     $ 906,086     $ 904,242     $ 958,002     $ 904,242  
                       
                       
      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Reconciliation of cash, cash equivalents, and restricted cash:                  
    Cash and cash equivalents $ 954,944     $ 903,034     $ 901,382     $ 954,944     $ 901,382  
    Restricted cash   3,058       3,052       2,860       3,058       2,860  
    Cash, cash equivalents, and restricted cash $ 958,002     $ 906,086     $ 904,242     $ 958,002     $ 904,242  

    1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.

    2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic’s control and/or cannot be reasonably predicted, such as the provision for stock-based compensation.

    The MIL Network –

  • MIL-OSI: SLR Investment Corp. Announces Quarter Ended March 31, 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Net Investment Income of $0.41 Per Share for Q1 2025;

    Declared Quarterly Distribution of $0.41 Per Share;

    Stable NAV/Strong Credit Quality

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $22.1 million, or $0.41 per share, for the first quarter of 2025. On May 7, 2025, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2025, to holders of record as of June 13, 2025.

    As of March 31, 2025, net asset value (“NAV”) was $18.16 per share, compared to $18.20 per share at December 31, 2024.

    “We remain pleased with the composition, quality, and performance of our portfolio on an absolute and relative basis in the first quarter,” said Michael Gross, Co-CEO of SLR Investment Corp. “While the ultimate impact from tariffs remains highly uncertain, we are actively engaged with our portfolio companies and believe that our portfolio, which is heavily collateralized by working capital assets and focused on domestic services businesses, is well positioned for the current environment.”   

    “We are seeing a significant and growing pipeline of asset-based lending investment opportunities driven by both the market dislocation and the retreat of traditional bank lenders which allows us to remain selective while investing in structures that are designed to be more resilient in today’s uncertain environment,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “With conservative portfolio net leverage near the low-end of our target range and available capital of over $800 million, SLRC is well positioned to take advantage of our attractive investment pipeline amidst continued market volatility.”

    FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2025:

    At March 31, 2025:

    Investment Portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio(1) fair value: $3.1 billion
    Non-accruals: 0.4% at fair value, 0.6% at cost of Investment Portfolio
    Net assets: $990.5 million or $18.16 per share
    Leverage: 1.04x net debt-to-equity

    Operating Results for the Quarter Ended March 31, 2025:

    Net investment income: $22.1 million or $0.41 per share
    Net realized and unrealized losses: $2.2 million or $0.04 per share
    Net increase in net assets from operations: $19.9 million or $0.37 per share

    Comprehensive Investment Portfolio Activity(2)for the Quarter Ended March 31, 2025:

    Investments made: $361.3 million
    Investments prepaid and sold: $390.6 million

    (1) The Comprehensive Investment Portfolio for the quarter ended March 31, 2025 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.
    (2) Comprehensive Investment Portfolio activity for the quarter ended March 31, 2025, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.

    Comprehensive Investment Portfolio

    Portfolio Activity

    During the three months ended March 31, 2025, SLRC had Comprehensive Investment Portfolio originations of $361.3 million and repayments of $390.6 million across the Company’s four investment strategies:

    For the Quarter Ended March 31, 2025
    ($mm)
               
    Asset Class Sponsor
    Finance    (1)    		 Asset-based
    Lending(2)    		 Equipment
    Finance(3)    		 Life Science
    Finance    		 Total
    Comprehensive Investment
    Portfolio Activity
    Originations $44.8   $163.8 $128.1   $24.6   $361.3  
    Repayments /
    Amortization    		 $73.0   $98.9 $173.5   $45.2   $390.6  
    Net Portfolio
    Activity    		 ($28.2)   $64.9 $(45.4)   ($20.6)   ($ 29.3)  

    (1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
    (2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.

    Comprehensive Investment Portfolio Composition

    The Comprehensive Investment Portfolio is diversified across approximately 940 unique issuers, operating in over 105 industries, and resulting in an average exposure of $3.2 million or 0.1% per issuer. As of March 31, 2025, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.6% and second lien cash flow exposure was 0.2% of the Comprehensive Investment Portfolio as of March 31, 2025.

    SLRC’s Comprehensive Investment Portfolio composition by asset class as of March 31, 2025 was as follows:

    Comprehensive Investment Portfolio Composition
    (at fair value)    		 Amount Weighted Average Asset Yield(5)
    ($mm) %
    Senior Secured Investments      
    Cash Flow Loans (Sponsor Finance)(1) $ 588.0 19.3 % 10.4 %
    Asset-Based Loans(2) $ 1,121.3 36.7 % 13.8 %
    Equipment Financings(3) $ 1,102.6 36.1 % 11.5 %
    Life Science Loans $ 186.8 6.1 % 12.5 %
    Total Senior Secured Investments $ 2,998.7 98.2 % 12.2 %
    Equity and Equity-like Securities $ 54.2 1.8 %  
    Total Comprehensive Investment Portfolio $ 3,052.9 100.0 %  
    Floating Rate Investments(4) $ 1,872.7 61.8 %  
    First Lien Senior Secured Loans $ 2,942.9 96.4 %  
    Second Lien Senior Secured
    Asset-Based Loans    		 $ 48.0 1.6 %  
    Second Lien Senior Secured
    Cash Flow Loans    		 $ 7.8 0.2 %  

    (1) Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.
    (2) Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.
    (4) Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.
    (5) The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on March 31, 2025 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on March 31, 2025 compared to the portfolio as of March 31, 2025, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of March 31, 2025.

    SLR Investment Corp. Portfolio

    Asset Quality

    As of March 31, 2025, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

    The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

    As of March 31, 2025, the composition of our investment portfolio, on a risk ratings basis, was as follows:

    Internal Investment Rating Investments at Fair Value ($mm) % of Total Portfolio
    1 $622.3 31.0%  
    2 $1,334.9 66.6%  
    3 $39.4 2.0%  
    4 $7.8 0.4%  

    Investment Income Contribution by Asset Class

    Investment Income Contribution by Asset Class(1)
    ($mm)
    For the Quarter
    Ended:    		 Sponsor
    Finance    		 Asset-based
    Lending    		 Equipment
    Finance    		 Life Science
    Finance    		 Total
    3/31/2025 $17.0   $19.5   $9.7   $7.0   $53.2  
    % Contribution   32.0%     36.7%     18.2%     13.1%     100.0%  

    (1) Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.

    SLR Senior Lending Program LLC (SSLP)

    As of March 31, 2025, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total $100 million equity commitment to the SSLP. At quarter end, SSLP had total commitments of $177.0 million at par and total funded portfolio investments of $165.6 million at fair value, consisting of floating rate senior secured loans to 31 different borrowers and an average investment of $5.3 million per borrower. This compares to funded portfolio investments of $178.7 million at fair value across 32 different borrowers at December 31, 2024. During the quarter ended March 31, 2025, SSLP invested $6.6 million in 6 portfolio companies and had $19.9 million of investments repaid.

    In Q1 2025, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.7% on the cost basis of the Company’s investment, consistent with the annualized yield in Q4 2024.

    SLR Investment Corp.’s Results of Operations Quarter Over Quarter   

    Investment Income

    For the fiscal quarters ended March 31, 2025, and 2024, gross investment income totaled $53.2 million and $58.1 million, respectively. The decrease in gross investment income for the year over year three-month periods was primarily due to a decrease in the size of the income producing investment portfolio as well as a decrease in index rates.

    Expenses

    SLRC’s net expenses totaled $31.1 million and $34.2 million, respectively, for the fiscal quarters ended March 31, 2025, and 2024. The decrease in expenses for the year-over-year three-month periods was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings.

    SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal quarters ended March 31, 2025 and 2024, $2 thousand and $46 thousand, respectively, of such performance-based incentive fees were waived.

    Net Investment Income

    SLRC’s net investment income totaled $22.1 million and $23.9 million, or $0.41 and $0.44, per average share, respectively, for the fiscal quarters ended March 31, 2025, and 2024.

    Net Realized and Unrealized Loss

    Net realized and unrealized gain (loss) for the fiscal quarters ended March 31, 2025 and 2024 totaled $(2.2) million and $4.0 million, respectively.

    Net Increase in Net Assets Resulting from Operations

    For the fiscal quarters ended March 31, 2025, and 2024, the Company had a net increase in net assets resulting from operations of $19.9 million and $27.9 million, respectively. For the same periods, earnings per average share were $0.37 and $0.51, respectively.

    Capital and Liquidity

    Credit Facilities

    As of March 31, 2025, the Company had $549.3 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding.

    Unsecured Debt

    On February 18, 2025, the Company closed a private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028. The issuance of notes in the first quarter followed the $49.0 million issuance of unsecured notes in the fourth quarter of 2024 with a maturity date of December 16, 2027. As of March 31, 2025, the Company had $359 million of unsecured notes outstanding and the company does not have any near-term refinancing obligations with the next maturity occurring in December 2026.

    Leverage

    As of March 31, 2025, the Company’s net debt-to-equity ratio was 1.04x compared to 1.03x at December 31, 2024 and 1.16x at March 31, 2024. The Company’s target range is 0.9x to 1.25x net debt-to-equity.

    Available Capital

    As of March 31, 2025, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $800 million of available capital in the aggregate.

    Unfunded Commitments

    As of March 31, 2025, excluding commitments of $72.4 million to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $196.2 million.

    Subsequent Events

    On May 7, 2025, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2025, to holders of record as of June 13, 2025.

    Conference Call and Webcast Information

    The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Thursday, May 8, 2025. All interested parties may participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the call, international callers should dial (203) 518-9708. Participants should reference SLR Investment Corp. and Conference ID: SLRC1Q25. A telephone replay will be available until May 22, 2025 and can be accessed by dialing (800) 925-9527. International callers should dial (402) 220-5388.

    This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website at https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

     

    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share amounts)
     

    Assets

    		 March 31, 2025
    (unaudited)    		 December31,
    2024
    Investments at fair value:        
    Companies less than 5% owned (cost: $1,015,960 and $1,019,357, respectively) $ 1,021,278   $ 1,027,457
    Companies 5% to 25% owned (cost: $105,224 and $103,655, respectively)   89,490     89,945
    Companies more than 25% owned (cost: $918,904 and $916,554, respectively)   893,631     888,232
    Cash   19,931     16,761
    Cash equivalents (cost: $447,074 and $397,510, respectively)   447,074     397,510
    Dividends receivable   17,423     15,375
    Interest receivable   11,645     11,993
    Receivable for investments sold   1,336     1,573
    Prepaid expenses and other assets   1,164     571
    Total assets $ 2,502,972   $ 2,449,417
    Liabilities    
    Debt ($1,048,260 and $1,041,093 face amounts, respectively, reported net of unamortized debt issuance costs of $8,848 and $9,399, respectively.

    $

    1,039,412

    		  

    $

    1,031,694
    Payable for investments and cash equivalents purchased   447,074     397,510
    Management fee payable   7,513     7,739
    Performance-based incentive fee payable   5,523     5,920
    Interest payable   6,040     7,836
    Administrative services payable   4,084     3,332
    Other liabilities and accrued expenses   2,841     2,460
    Total liabilities $ 1,512,487   $ 1,456,491
    Net Assets  
    Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares  
    authorized, respectively, and 54,554,634 and 54,554,634 shares issued and  
    outstanding, respectively $ 546     $ 546  
    Paid-in capital in excess of par   1,117,606       1,117,606  
    Accumulated distributable net loss   (127,667 )     (125,226 )
    Total net assets $ 990,485     $ 992,926  
    Net Asset Value Per Share $ 18.16     $ 18.20  
     
    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
       
      Three months ended
      March 31, 2025   March 31, 2024  
    INVESTMENT INCOME:          
    Interest:    
    Companies less than 5% owned $ 29,174     $ 41,004  
    Companies 5% to 25% owned   1,224       831  
    Companies more than 25% owned   3,235       3,338  
    Dividends:    
    Companies 5% to 25% owned   770       —  
    Companies more than 25% owned   17,796       12,227  
    Other income:    
    Companies less than 5% owned   874       574  
    Companies more than 25% owned   105       125  
    Total investment income   53,178       58,099  
    EXPENSES:    
    Management fees   7,513       7,882  
    Performance-based incentive fees   5,526       5,952  
    Interest and other credit facility expenses   15,840       18,188  
    Administrative services expense   1,361       1,376  
    Other general and administrative expenses   835       895  
    Total expenses   31,075       34,293  
    Performance-based incentive fees waived   (2 )     (46 )
    Net expenses   31,073       34,247  
       Net investment income $ 22,105     $ 23,852  
    REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
    Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned) $ (422)     $ 135  
    Net change in unrealized gain (loss) on investments and cash equivalents:    
    Companies less than 5% owned   (2,780 )     3,484  
    Companies 5% to 25% owned   (2,027 )     1  
    Companies more than 25% owned   3,050       399  
    Net change in unrealized gain (loss) on investments and cash equivalents   (1,757 )     3,884  
    Net realized and unrealized gain (loss) on investments and cash equivalents   (2,179 )     4,019  
    NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 19,926     $ 27,871  
    EARNINGS PER SHARE $ 0.37     $ 0.51  
     

    About SLR Investment Corp.

    SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

    Forward-Looking Statements

    Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and its ability to take advantage of attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for growth of SLRC’s investment pipeline and resiliency of investing structures; the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make; and the anticipated availability of capital. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes or potential disruptions in SLRC’s operations, the economy, financial markets and political environment, including those caused by tariffs and trade disputes with other countries, inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contact
    SLR Investment Corp.
    Investor Relations
    slrinvestorrelations@slrcp.com | (646) 308-8770

    The MIL Network –

  • MIL-OSI: red violet Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., May 07, 2025 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended March 31, 2025.

    “We are extremely pleased to report another record-setting quarter, marking a strong start to 2025,” stated Derek Dubner, red violet’s CEO. “Our team continues to execute, achieving new highs across key financial metrics and underscoring the leverage and durability of our business model. We have generated meaningful momentum and are energized by the opportunities ahead to build on this success throughout the year.”

    First Quarter Financial Results

    For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024:

    • Total revenue increased 26% to $22.0 million.
    • Gross profit increased 37% to $15.8 million. Gross margin increased to 72% from 66%.
    • Adjusted gross profit increased 33% to $18.3 million. Adjusted gross margin increased to 83% from 79%.
    • Net income increased 93% to $3.4 million, which resulted in earnings of $0.25 and $0.24 per basic and diluted share, respectively. Net income margin increased to 16% from 10%.
    • Adjusted EBITDA increased 47% to $8.4 million. Adjusted EBITDA margin increased to 38% from 32%.
    • Adjusted net income increased 53% to $4.8 million, which resulted in adjusted earnings of $0.35 and $0.33 per basic and diluted share, respectively.
    • Net cash provided by operating activities increased 16% to $5.0 million.
    • Cash and cash equivalents were $34.6 million as of March 31, 2025.

    First Quarter and Recent Business Highlights

    • Added 315 customers to IDI™ during the first quarter, ending the quarter with 9,241 customers.
    • Added 21,918 users to FOREWARN® during the first quarter, ending the quarter with 325,336 users. Over 545 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.
    • Paid out a special cash dividend of $0.30 per share on the Company’s common stock to shareholders of record as of January 31, 2025. The dividend, totaling $4.2 million, was paid on February 14, 2025.

    Conference Call

    In conjunction with this release, red violet will host a conference call and webcast today at 4:30pm ET to discuss its quarterly results and provide a business update. Please click here to pre-register for the conference call and obtain your dial in number and passcode. To access the live audio webcast, visit the Investors section of the red violet website at www.redviolet.com. Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the completion of the conference call, an archived webcast of the conference call will be available on the Investors section of the red violet website at www.redviolet.com.

    About red violet®

    At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.

    Company Contact:
    Camilo Ramirez
    Red Violet, Inc.
    561-757-4500
    ir@redviolet.com

    Investor Relations Contact:
    Steven Hooser
    Three Part Advisors
    214-872-2710
    ir@redviolet.com

    Use of Non-GAAP Financial Measures

    Management evaluates the financial performance of our business on a variety of key indicators, including non-GAAP metrics of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and free cash flow (“FCF”). Adjusted EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, excluding interest income, income tax expense, depreciation and amortization, share-based compensation expense, litigation costs, and write-off of long-lived assets and others. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. Adjusted net income is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, adjusted to exclude share-based compensation expense and amortization of share-based compensation capitalized in intangible assets, and to include the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. We define adjusted gross profit as gross profit plus depreciation and amortization of certain intangible assets, and adjusted gross margin as adjusted gross profit as a percentage of revenue. We define FCF as net cash provided by operating activities reduced by purchase of property and equipment, and capitalized costs included in intangible assets.

    FORWARD-LOOKING STATEMENTS

    This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether our strong start to 2025 and the meaningful momentum and opportunities that have been generated will allow us to build on that success throughout the year. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking Statements” and “Risk Factors” in red violet’s Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, as may be supplemented or amended by the Company’s other SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

    RED VIOLET, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share data)
    (unaudited)

        March 31, 2025     December 31, 2024  
    ASSETS:                
    Current assets:                
    Cash and cash equivalents   $ 34,603     $ 36,504  
    Accounts receivable, net of allowance for doubtful accounts of $166 and $188 as of
    March 31, 2025 and December 31, 2024, respectively    		     9,646       8,061  
    Prepaid expenses and other current assets     1,653       1,627  
    Total current assets     45,902       46,192  
    Property and equipment, net     543       545  
    Intangible assets, net     37,488       35,997  
    Goodwill     5,227       5,227  
    Right-of-use assets     1,753       1,901  
    Deferred tax assets     6,597       7,496  
    Other noncurrent assets     1,579       1,173  
    Total assets   $ 99,089     $ 98,531  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                
    Current liabilities:                
    Accounts payable   $ 2,013     $ 2,127  
    Accrued expenses and other current liabilities     1,989       2,881  
    Current portion of operating lease liabilities     343       406  
    Deferred revenue     754       712  
    Dividend payable     –       4,181  
    Total current liabilities     5,099       10,307  
    Noncurrent operating lease liabilities     1,502       1,592  
    Other noncurrent liabilities     640       –  
    Total liabilities     7,241       11,899  
    Shareholders’ equity:                
    Preferred stock—$0.001 par value, 10,000,000 shares authorized, and 0 shares
    issued and outstanding, as of March 31, 2025 and December 31, 2024    		     –       –  
    Common stock—$0.001 par value, 200,000,000 shares authorized, 13,950,797 and
    13,936,329 shares issued and outstanding, as of March 31, 2025 and
    December 31, 2024    		     14       14  
    Additional paid-in capital     89,264       87,488  
    Retained earnings (accumulated deficit)     2,570       (870 )
    Total shareholders’ equity     91,848       86,632  
    Total liabilities and shareholders’ equity   $ 99,089     $ 98,531  
     

    RED VIOLET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share data)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 22,003     $ 17,511  
    Costs and expenses(1):                
    Cost of revenue (exclusive of depreciation and amortization)     3,661       3,756  
    Sales and marketing expenses     5,407       3,712  
    General and administrative expenses     6,174       5,790  
    Depreciation and amortization     2,550       2,270  
    Total costs and expenses     17,792       15,528  
    Income from operations     4,211       1,983  
    Interest income     308       365  
    Income before income taxes     4,519       2,348  
    Income tax expense     1,079       564  
    Net income   $ 3,440     $ 1,784  
    Earnings per share:                
    Basic   $ 0.25     $ 0.13  
    Diluted   $ 0.24     $ 0.13  
    Weighted average shares outstanding:                
    Basic     13,998,028       13,997,064  
    Diluted     14,491,713       14,164,506  
                     
                     
    (1) Share-based compensation expense in each category:                
    Sales and marketing expenses   $ 195     $ 138  
    General and administrative expenses     1,401       1,264  
    Total   $ 1,596     $ 1,402  
     

    RED VIOLET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES:                
    Net income   $ 3,440     $ 1,784  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     2,550       2,270  
    Share-based compensation expense     1,596       1,402  
    Write-off of long-lived assets     2       –  
    Provision for bad debts     62       70  
    Noncash lease expenses     148       134  
    Deferred income tax expense     899       471  
    Changes in assets and liabilities:                
    Accounts receivable     (1,647 )     (806 )
    Prepaid expenses and other current assets     (26 )     (378 )
    Other noncurrent assets     (406 )     156  
    Accounts payable     (114 )     722  
    Accrued expenses and other current liabilities     (1,392 )     (1,347 )
    Deferred revenue     42       (38 )
    Operating lease liabilities     (153 )     (135 )
    Net cash provided by operating activities     5,001       4,305  
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Purchase of property and equipment     (50 )     (65 )
    Capitalized costs included in intangible assets     (2,469 )     (2,327 )
    Net cash used in investing activities     (2,519 )     (2,392 )
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Taxes paid related to net share settlement of vesting of restricted stock units     (202 )     (383 )
    Repurchases of common stock     –       (1,415 )
    Dividend payable     (4,181 )     –  
    Net cash used in financing activities     (4,383 )     (1,798 )
    Net (decrease) increase in cash and cash equivalents   $ (1,901 )   $ 115  
    Cash and cash equivalents at beginning of period     36,504       32,032  
    Cash and cash equivalents at end of period   $ 34,603     $ 32,147  
    SUPPLEMENTAL DISCLOSURE INFORMATION:                
    Cash paid for interest   $ –     $ –  
    Cash paid for income taxes   $ –     $ –  
    Share-based compensation capitalized in intangible assets   $ 382     $ 446  
    Retirement of treasury stock   $ 202     $ 1,942  

    Use and Reconciliation of Non-GAAP Financial Measures

    Management evaluates the financial performance of our business on a variety of key indicators, including non-GAAP metrics of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF. Adjusted EBITDA is a financial measure equal to net income, the most directly comparable financial measure based on GAAP, excluding interest income, income tax expense, depreciation and amortization, share-based compensation expense, litigation costs, and write-off of long-lived assets and others. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. Adjusted net income is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, adjusted to exclude share-based compensation expense and amortization of share-based compensation capitalized in intangible assets, and to include the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. We define adjusted gross profit as gross profit plus depreciation and amortization of certain intangible assets, and adjusted gross margin as adjusted gross profit as a percentage of revenue. We define FCF as net cash provided by operating activities reduced by purchase of property and equipment, and capitalized costs included in intangible assets.

    The following is a reconciliation of net income, the most directly comparable US GAAP financial measure, to adjusted EBITDA:

        Three Months Ended March 31,  
    (Dollars in thousands)   2025     2024  
    Net income   $ 3,440     $ 1,784  
    Interest income     (308 )     (365 )
    Income tax expense     1,079       564  
    Depreciation and amortization     2,550       2,270  
    Share-based compensation expense     1,596       1,402  
    Litigation costs     9       27  
    Write-off of long-lived assets and others     2       7  
    Adjusted EBITDA   $ 8,368     $ 5,689  
    Revenue   $ 22,003     $ 17,511  
                     
    Net income margin     16 %     10 %
    Adjusted EBITDA margin     38 %     32 %

    The following is a reconciliation of net income, the most directly comparable US GAAP financial measure, to adjusted net income:

        Three Months Ended March 31,  
    (Dollars in thousands, except share data)   2025     2024  
    Net income   $ 3,440     $ 1,784  
    Share-based compensation expense     1,596       1,402  
    Amortization of share-based compensation
    capitalized in intangible assets    		     409       275  
    Tax effect of adjustments(1)     (613 )     (308 )
    Adjusted net income   $ 4,832     $ 3,153  
    Earnings per share:                
    Basic   $ 0.25     $ 0.13  
    Diluted   $ 0.24     $ 0.13  
    Adjusted earnings per share:                
    Basic   $ 0.35     $ 0.23  
    Diluted   $ 0.33     $ 0.22  
    Weighted average shares outstanding:                
    Basic     13,998,028       13,997,064  
    Diluted     14,491,713       14,164,506  

    (1) The tax effect of adjustments is calculated using the expected federal and state statutory tax rate. The expected federal and state income tax rate was approximately 26.00% and 25.75% for the three months ended March 31, 2025 and 2024, respectively.

    The following is a reconciliation of gross profit, the most directly comparable US GAAP financial measure, to adjusted gross profit:

        Three Months Ended March 31,  
    (Dollars in thousands)   2025     2024  
    Revenue   $ 22,003     $ 17,511  
    Cost of revenue (exclusive of depreciation and amortization)     (3,661 )     (3,756 )
    Depreciation and amortization related to cost of revenue     (2,500 )     (2,214 )
    Gross profit     15,842       11,541  
    Depreciation and amortization of certain intangible assets(1)     2,452       2,214  
    Adjusted gross profit   $ 18,294     $ 13,755  
                     
    Gross margin     72 %     66 %
    Adjusted gross margin     83 %     79 %

    (1) Depreciation and amortization of certain intangible assets primarily consists of the amortization of capitalized internal-use software development costs, which are included within intangible assets and amortized over their estimated useful lives.

    The following is a reconciliation of net cash provided by operating activities, the most directly comparable US GAAP financial measure, to FCF:

        Three Months Ended March 31,  
    (Dollars in thousands)   2025     2024  
    Net cash provided by operating activities   $ 5,001     $ 4,305  
    Less:                
    Purchase of property and equipment     (50 )     (65 )
    Capitalized costs included in intangible assets     (2,469 )     (2,327 )
    Free cash flow   $ 2,482     $ 1,913  

    In order to assist readers of our consolidated financial statements in understanding the operating results that management uses to evaluate the business and for financial planning purposes, we present non-GAAP measures of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF as supplemental measures of our operating performance. We believe they provide useful information to our investors as they eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. In addition, we use them as an integral part of our internal reporting to measure the performance and operating strength of our business.

    We believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF are relevant and provide useful information frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours and are indicators of the operational strength of our business. We believe adjusted EBITDA eliminates the uneven effect of considerable amounts of non-cash depreciation and amortization, share-based compensation expense and the impact of other non-recurring items, providing useful comparisons versus prior periods or forecasts. Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of revenue. We believe adjusted net income provides additional means of evaluating period-over-period operating performance by eliminating certain non-cash expenses and other items that might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. Adjusted net income is a non-GAAP financial measure equal to net income, adjusted to exclude share-based compensation expense and amortization of share-based compensation capitalized in intangible assets, and to include the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. Our adjusted gross profit is a measure used by management in evaluating the business’s current operating performance by excluding the impact of prior historical costs of assets that are expensed systematically and allocated over the estimated useful lives of the assets, which may not be indicative of the current operating activity. We define adjusted gross profit as gross profit plus depreciation and amortization of certain intangible assets. We believe adjusted gross profit provides useful information to our investors by eliminating the impact of certain non-cash depreciation and amortization, and primarily the amortization of software developed for internal use, providing a baseline of our core operating results that allow for analyzing trends in our underlying business consistently over multiple periods. Adjusted gross margin is calculated as adjusted gross profit as a percentage of revenue. We believe FCF is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business. FCF is a measure used by management to understand and evaluate the business’s operating performance and trends over time. FCF is calculated by using net cash provided by operating activities, less purchase of property and equipment, and capitalized costs included in intangible assets.

    Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, financial measures presented in accordance with US GAAP. In addition, FCF is not intended to represent our residual cash flow available for discretionary expenses and is not necessarily a measure of our ability to fund our cash needs. The way we measure adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF 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.

    SUPPLEMENTAL METRICS

    The following metrics are intended as a supplement to the financial statements found in this release and other information furnished or filed with the SEC. These supplemental metrics are not necessarily derived from any underlying financial statement amounts. We believe these supplemental metrics help investors understand trends within our business and evaluate the performance of such trends quickly and effectively. In the event of discrepancies between amounts in these tables and the Company’s historical disclosures or financial statements, readers should rely on the Company’s filings with the SEC and financial statements in the Company’s most recent earnings release.

    We intend to periodically review and refine the definition, methodology and appropriateness of each of these supplemental metrics. As a result, metrics are subject to removal and/or changes, and such changes could be material.

      (Unaudited)  
    (Dollars in thousands)   Q2’23     Q3’23     Q4’23     Q1’24     Q2’24     Q3’24     Q4’24     Q1’25  
    Customer metrics                                                                
    IDI – billable customers(1)     7,497       7,769       7,875       8,241       8,477       8,743       8,926       9,241  
    FOREWARN – users(2)     146,537       168,356       185,380       236,639       263,876       284,967       303,418       325,336  
    Revenue metrics                                                                
    Contractual revenue %(3)     79 %     79 %     82 %     78 %     74 %     77 %     77 %     74 %
    Gross revenue retention %(4)     94 %     94 %     92 %     93 %     94 %     94 %     96 %     96 %
    Other metrics                                                                
    Employees – sales and marketing   63     65     71     76     86     93     95     90  
    Employees – support   9     9     9     10     10     11     11     11  
    Employees – infrastructure   26     27     27     29     27     29     28     29  
    Employees – engineering   47     47     51     51     56     58     57     62  
    Employees – administration   25     25     25     25     25     26     25     24  

    (1) We define a billable customer of IDI as a single entity that generated revenue in the last three months of the period. Billable customers are typically corporate organizations. In most cases, corporate organizations will have multiple users and/or departments purchasing our solutions, however, we count the entire organization as a discrete customer.

    (2) We define a user of FOREWARN as a unique person that has a subscription to use the FOREWARN service as of the last day of the period. A unique person can only have one user account.

    (3) Contractual revenue % represents revenue generated from customers pursuant to pricing contracts containing a monthly fee and any additional overage divided by total revenue. Pricing contracts are generally annual contracts or longer, with auto renewal.

    (4) Gross revenue retention is defined as the revenue retained from existing customers, net of reinstated revenue, and excluding expansion revenue. Revenue is measured once a customer has generated revenue for six consecutive months. Revenue is considered lost when all revenue from a customer ceases for three consecutive months; revenue generated by a customer after the three-month loss period is defined as reinstated revenue. Gross revenue retention percentage is calculated on a trailing twelve-month basis. The numerator of which is revenue lost during the period due to attrition, net of reinstated revenue, and the denominator of which is total revenue based on an average of total revenue at the beginning of each month during the period, with the quotient subtracted from one. Our gross revenue retention calculation excludes revenue from idiVERIFIED, which is purely transactional and currently represents less than 3% of total revenue.

    The MIL Network –

  • MIL-OSI: Texas Capital Announces Expansion of Corporate and Investment Banking Division

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 07, 2025 (GLOBE NEWSWIRE) — Texas Capital Securities, a subsidiary of Texas Capital Bancshares, Inc. (NASDAQ: TCBI), today announced a significant expansion of the services offered by its Corporate and Investment Bank. The additions to personnel and corresponding enhancements in capabilities build upon the firm’s existing industry-focused Corporate Banking expertise, with significant impact on the breadth and reach of the Investment Bank in advisory and capital markets services. With the addition of professionals across Investment Banking Coverage, Equity Sales and Trading, Equity Research and Corporate Access, Texas Capital has further solidified its status as the premier full-service financial services firm headquartered in Texas.

    “We continue to build product and industry expertise on a platform that values integrity, high-quality advice and delivering tangible results for our clients,” said Rob C. Holmes, Chairman, President & CEO. “Today’s announcement reflects our dedication to serving as the ‘first call’ for business owners, executives and public company Boards of Directors seeking financial services and solutions.”

    Adding to a deep bench of industry veterans and other newly hired personnel, Texas Capital’s key recent senior hires include:

    Capital Markets

    • Robert (Bob) Chen joined Texas Capital from Guggenheim Partners​ to lead the Capital Markets business, including leveraged finance, loan syndications, private capital, equity capital markets and financial sponsor coverage. He brings more than 30 years of experience leading leveraged finance teams across TMT, energy/power, consumer retail, telecom and FIG.
    • Holly Smyth joined Texas Capital from B. Riley Securities to serve as Co-Head of Private Capital, advising private and public companies on debt capital structures. She brings 25 years of experience in debt capital markets and verticals including industrials, healthcare, consumer and business services.

    Investment Banking Coverage

    • Jon Merriman joined Texas Capital from B. Riley Securities to lead Equities. He brings more than 35 years of experience to the role, most recently serving as Chief Business Officer focused on originating and executing transactions in equity capital markets and equities trading. He is a seasoned leader with deep experience in managing fast-growing organizations, having founded, grown and sold Merriman Holdings, Inc., a boutique investment banking platform.
    • Ryan Bernath joined Texas Capital from B. Riley Securities to lead Investment Banking sector coverage. He brings more than 25 years of experience to the role, most recently serving as a Senior Managing Director focused on executing a wide range of mergers and acquisitions and corporate finance transactions for large-cap, mid-cap and small-cap public companies. Prior to B. Riley, he was a senior investment banker at Barclays and Lehman Brothers.

    Equity Sales, Trading & Research

    • Matthew (Matt) Johnson joined Texas Capital from Performance Edge Partners to lead Equity Sales, Trading & Research. He brings more than 25 years of experience managing equity businesses for top investment banking institutions, including Barclays and Lehman Brothers. He has helped build and restructure top-tier equity businesses and led trading teams ranked number one in block trading and consistently in the top five in Institutional Investor surveys.
    • Alex Rygiel joined Texas Capital from B. Riley Securities to lead Equity Research. He brings more than 30 years of experience in equity research, sales and trading with Friedman, Billings, Ramsey & Co. and Donaldson Lufkin & Jenrette.
    • Deena Sullivan and Charles Moreau joined Texas Capital from Oppenheimer & Co. to co-lead Corporate Access. Each brings more than 20 years of experience facilitating impactful dialogue between public company clients and institutional investors, with prior roles encompassing sales, marketing, relationship management, corporate access, institutional equity sales and trading and equity capital markets.

    To facilitate connectivity between Texas Capital clients and key financial centers in the United States, Texas Capital Securities today announced its intention to open offices in Los Angeles and Chicago and to relocate its office in New York City. Sales and trading, including corporate credit, public finance and equity underwriting and other activities, will continue to be conducted from Texas Capital’s trading floor in Dallas, Texas.

    “Texas Capital is positioned to capitalize on our exceptional growth as we serve clients in Texas and beyond as a trusted advisor, intermediary and underwriter,” said Daniel Hoverman, Head of Corporate & Investment Banking. “Our ability to continue to attract market-leading talent, including to our Corporate and Investment Banking team, evidences our continued aspiration to be the dominant financial services firm in the state of Texas, while being relevant nationally and recognized internationally. The ongoing investments in our platform reflect our vision and dedication to facilitating the strategic ambitions and satisfying the increasingly sophisticated needs of our clients.”

    About Texas Capital Bancshares, Inc.
    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

    Trading in securities and financial instruments, strategic advisory, and other investment banking activities are performed by TCBI Securities, Inc., doing business as Texas Capital Securities. TCBI Securities, Inc. is a member of FINRA and SIPC and has registered with the SEC, MSRB, and other state securities regulators as a broker dealer. TCBI Securities, Inc. is a subsidiary of Texas Capital Bancshares, Inc., and an affiliate of Texas Capital Bank. All investing involves risks, including the loss of principal. Past performance does not guarantee future results. Securities and other investment products offered by TCBI Securities, Inc. are not FDIC insured, may lose value and are not bank guaranteed.

    The MIL Network –

  • MIL-OSI: Silvaco Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Achieved gross bookings of $13.7 million and revenue of $14.1 million in the first quarter 2025

    Signed 9 new customers in the first quarter 2025 and expanded relationship with existing customers across key markets including AI, Photonics, and IoT

    Expanded Product Portfolio with the Acquisition of Tech-X Corporation

    SANTA CLARA, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its first quarter 2025 results.

    “We are pleased to have completed our first acquisition since our IPO in the first quarter of 2025, and have since announced our second acquisition of 2025, advancing our inorganic growth strategy and expanding our product portfolio,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We believe our solid fundamentals and focus on innovation position us to sustain strong customer momentum and drive continued growth in our EDA and TCAD product lines through 2025. We are committed to defending shareholder value through performance, transparency, and responsible capital management. We believe the fundamentals of Silvaco are strong—and we’re taking clear, measurable steps to align our market presence with the long-term strength of our business.”

    Commenting on the financial results and outlook, Keith Tainsky, Silvaco’s Interim Chief Financial Officer, added, “Given the current economic uncertainty, we have provided a broad guidance range for the second quarter of 2025. The company remains well positioned to deliver solid growth, supported by strong customer demand. We also updated our full-year guidance and remain confident in our ability to achieve our strategic and financial objectives.”

    First Quarter 2025 and Recent Business Highlights

    • Acquired 9 new customers across key markets including AI infrastructure (Power, Memory, Foundry) Photonics, and IoT markets, which represented approximately 23% of gross bookings for the quarter. We also expanded opportunities with existing customers, which accounted for 38% of gross bookings.
    • Gained momentum with Power, Photonics, and Advanced CMOS customers as they expand adoption of the FTCO platform for their next-generation product development. We announced that Excelliance MOS adopted Silvaco DTCO Flow for next generation silicon carbide devices and our partnership with Korean Kyung Hee University’s Professor Jin Jang on FTCO for next generation display technologies.
    • Expanded SAM by an estimated $600 million with the acquisitions of Cadence’s PPC product line and Tech-X Corporation.
    • Faraday Technology selected Silvaco FlexCAN IP for advanced automotive ASIC design.
    • ProMOS adopted our Victory TCAD solution for the development of next generation silicon photonics devices.
    • On April 29, 2025, Silvaco closed the acquisition of Tech-X Corporation, expanding our product offerings into wafer-level and photonics digital twin modeling.
    • Beginning with this quarter, we will be providing a new performance metric called Annual Contract Value, or ACV. We use ACV internally as a supplemental measure to evaluate the performance of our customer agreements and the underlying momentum of the business. While not a measure calculated in accordance with GAAP, we believe ACV provides additional insight into the scale and timing of customer commitments, which may not be fully reflected in recognized revenue due to the timing of revenue recognition under ASC 606.

    First Quarter 2025 Financial Results

    GAAP Financial Results

    • Revenue of $14.1 million, down 11% year-over-year and down 21% quarter-over-quarter.
      • TCAD revenue of $7.9 million, down 26% year-over-year, primarily due to earlier renewals last year.
      • EDA revenue of $5.1 million, up 8% year-over-year, including the addition of PPC product revenue of $1.9 million.
      • SIP revenue of $1.1 million, up 89% year-over-year, primarily driven by new bookings in automotive and IoT customers.
    • GAAP gross profit and GAAP gross margin were $11.1 million and 79%, respectively, which includes the impact of $0.2 million in stock-based compensation expense, and $0.2 million in amortization of acquired intangible assets, down from $13.9 million and 88% in Q1 2024.
    • GAAP net loss of $19.3 million, compared to a GAAP net income of $1.4 million in Q1 2024.
    • GAAP basic net loss per share of $(0.67), compared to GAAP basic and diluted net income per share of $0.07 in Q1 2024.
    • As of March 31, 2025, cash and cash equivalents and marketable securities totaled $74.5 million.

    Key Operating Indicators and Non-GAAP Financial Results:

    • Gross bookings were $13.7 million, down 15% year-over-year.
    • As of March 31, 2025, the remaining performance obligation balance of $33.7 million, 45% of which is expected to be recognized as revenue in the next 12 months.
    • Non-GAAP gross profit and non-GAAP gross margin were $11.5 million and 82%, respectively, down from $13.9 million and 88% in Q1 2024.
    • Non-GAAP net loss of $1.9 million, compared to non-GAAP net income of $2.4 million in Q1 2024.
    • Non-GAAP diluted net loss per share of $(0.07), compared to non-GAAP diluted net income per share of $0.12 in Q1 2024.
    • On a trailing-twelve-month (TTM) basis ACV was $52.3 million for the first quarter, up 21% year-over-year. This increase was driven by the amount of growth in organic growth of term-based licenses and renewals, as well as the acquisition of PPC. While quarterly revenue may fluctuate, core annual recurring revenue from new bookings has shown consistent annual growth.

    For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures and Other Key Business Metrics” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

    Supplementary materials to this press release, including first quarter 2025 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

    Second Quarter and Full Year 2025 Financial Outlook

    As of May 7, 2025, Silvaco is providing updated guidance for its second quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin and GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses and IPO preparation costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Based on current business trends and conditions, the Company expects for second quarter 2025 the following:

    • Gross bookings in the range of $14.0 million to $18.0 million, which would compare to $19.5 million in the second quarter of 2024.
    • Revenue in the range of $12.0 million to $16.0 million, which would compare to $15.0 million in the second quarter of 2024.
    • Non-GAAP gross margin in the range of 80% to 83%, which would compare to 86% in the second quarter of 2024.
    • Non-GAAP operating loss in the range of ($4.0) million to ($2.0) million, compared to non-GAAP operating income of $1.7 million in the second quarter of 2024.
    • Non-GAAP diluted net loss per share in the range of ($0.10) to ($0.03), compared to net income per share of $0.07 in the second quarter of 2024.

    Based on current business trends and conditions, the Company expects for full year 2025, the following:

    • Gross bookings in the range of $67.0 million to $74.0 million, which would represent a 2% to 13% increase from $65.8 million in 2024.
    • Revenue in the range of $64.0 million to $70.0 million, which would represent a 7% to 17% increase from $59.7 million in 2024.
    • Non-GAAP gross margin in the range of 83% to 86%, which would compare to 86% in 2024.
    • Non-GAAP operating (loss) income in the range of ($2.0) million loss to $1.0 million income, which would compare to $5.5 million income in 2024.
    • Non-GAAP diluted net (loss) income per share in the range of ($0.07) net loss per share to $0.03 net income per share, compared to $0.25 net income per share in 2024.

    Q1 2025 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Wednesday, May 7, 2025
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our ability to successfully integrate recent acquisitions; (u) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (v) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (w) our status as a controlled company; and (x) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligation to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures and Other Key Business Metrics

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and acquisition-related professional fees and retention bonuses. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    Annual Contract Value (“ACV”) is a key performance metric for Silvaco and is useful to investors in assessing the strength and trajectory of the business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue, as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV.

    ACV is composed of the following: (i) the annualized value of term based software licenses with start dates or anniversary dates during the period, plus; (ii) the value of perpetual license contracts with start dates during the period, plus; (iii) the annualized value of maintenance & support as well as any fixed-term services contracts with start dates or anniversary dates during the period, plus; (iv) the value of fixed-deliverable services contracts. Silvaco and the Silvaco logo are registered trademarks of Silvaco Group, Inc. All other trademarks and service marks are the property of their respective owners.

    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands except share and par value amounts)
           
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 29,489     $ 19,606  
    Current marketable securities   45,048       63,071  
    Accounts receivable, net   5,783       9,211  
    Contract assets, net   15,102       11,932  
    Prepaid expenses and other current assets   4,500       3,460  
    Total current assets   99,922       107,280  
    Non-current assets:      
    Non-current marketable securities   —       4,785  
    Property and equipment, net   890       865  
    Operating lease right-of-use assets, net   1,534       1,711  
    Intangible assets, net   9,997       4,369  
    Goodwill   14,337       9,026  
    Non-current portion of contract assets   9,860       12,611  
    Other assets   1,595       1,698  
    Total non-current assets   38,213       35,065  
    Total assets $ 138,135     $ 142,345  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 2,137     $ 3,316  
    Accrued expenses and other current liabilities   32,426       19,801  
    Accrued income taxes   1,728       1,668  
    Deferred revenue, current   8,618       7,497  
    Operating lease liabilities, current   644       744  
    Vendor financing obligation, current   1,191       1,462  
    Total current liabilities   46,744       34,488  
    Non-current liabilities:      
    Deferred revenue, non-current   3,604       3,593  
    Operating lease liabilities, non-current   866       946  
    Vendor financing obligation, non-current   2,995       2,928  
    Other non-current liabilities   333       307  
    Total liabilities   54,542       42,262  
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 , respectively   —       —  
    Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,805,280 and 28,526,615 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   3       3  
    Additional paid-in capital   132,937       130,360  
    Accumulated deficit   (47,285 )     (28,012 )
    Accumulated other comprehensive loss   (2,062 )     (2,268 )
    Total stockholders’ equity   83,593       100,083  
    Total liabilities and stockholders’ equity $ 138,135     $ 142,345  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (Unaudited, in thousands except share and par value amounts)
           
      Three Months Ended March 31,
        2025       2024  
    Revenue:      
    Software license revenue $ 10,009     $ 12,258  
    Maintenance and service   4,083       3,631  
    Total revenue   14,092       15,889  
    Cost of revenue   3,016       1,973  
    Gross profit   11,076       13,916  
    Operating expenses:      
    Research and development   4,800       3,616  
    Selling and marketing   4,719       3,312  
    General and administrative   8,120       4,600  
    Estimated litigation claim   13,069       —  
    Total operating expenses   30,708       11,528  
    Operating (loss) income   (19,632 )     2,388  
    Interest income   863       —  
    Interest and other expense, net   (291 )     (205 )
    (Loss) income before income tax provision   (19,060 )     2,183  
    Income tax provision   213       805  
    Net (loss) income $ (19,273 )   $ 1,378  
    Net (loss) income per share:      
    Basic and diluted $ (0.67 )   $ 0.07  
    Weighted average shares used in computing per share amounts:      
    Basic and diluted   28,694,295       20,000,000  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
           
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net (loss) income $ (19,273 )   $ 1,378  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
    Depreciation and amortization   438       120  
    Stock-based compensation expense   2,277       —  
    Provision for credit losses   10       222  
    Estimated litigation claim   13,069       —  
    Accretion of discount on marketable securities, net   (261 )     —  
    Change in fair value of contingent consideration   35       (8 )
    Changes in operating assets and liabilities:      
    Accounts receivable   3,520       (1,844 )
    Contract assets   440       (3,679 )
    Prepaid expenses and other current assets   (1,026 )     788  
    Other assets   119       (274 )
    Accounts payable   (1,183 )     877  
    Accrued expenses and other current liabilities   55       (729 )
    Accrued income taxes   58       574  
    Deferred revenue   567       (21 )
    Other non-current liabilities   20       24  
    Net cash used in operating activities   (1,135 )     (2,572 )
    Cash flows from investing activities:      
    Maturities of marketable securities   23,000       —  
    Acquisition of Process Proximity Compensation   (11,500 )     —  
    Purchases of property and equipment   (96 )     (10 )
    Net cash provided by (used in) investing activities   11,404       (10 )
    Cash flows from financing activities:      
    Proceeds from loan facility   —       4,250  
    Deferred transaction costs   —       (364 )
    Payroll taxes related to shares withheld from employees   (252 )     —  
    Contingent consideration   (46 )     (13 )
    Payments of vendor financing obligation   (205 )     —  
    Net cash (used in) provided by financing activities   (503 )     3,873  
    Effect of exchange rate fluctuations on cash and cash equivalents   117       27  
    Net increase in cash and cash equivalents   9,883       1,318  
    Cash and cash equivalents, beginning of period   19,606       4,421  
    Cash and cash equivalents, end of period $ 29,489     $ 5,739  
           
    SILVACO GROUP, INC.
    REVENUE
    (Unaudited)
        2024   2025
        Q1 Q2 Q3 Q4 Year   Q1
    Revenue by Region:                
    Americas   27 % 51 % 31 % 40 % 38 %   20 %
    APAC   62 % 41 % 58 % 52 % 53 %   66 %
    EMEA   11 % 8 % 11 % 8 % 9 %   14 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Product Line:                
    TCAD   66 % 69 % 59 % 71 % 68 %   56 %
    EDA   30 % 20 % 24 % 24 % 24 %   36 %
    SIP   4 % 11 % 17 % 5 % 8 %   8 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue Item Category:                
    Software license revenue   77 % 74 % 62 % 78 % 74 %   71 %
    Maintenance and service   23 % 26 % 38 % 22 % 26 %   29 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Country:                
    United States   26 % 50 % 30 % 39 % 37 %   20 %
    China   11 % 17 % 25 % 23 % 18 %   14 %
    Other   63 % 33 % 45 % 38 % 45 %   66 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    SILVACO GROUP, INC.
    GAAP to Non-GAAP Reconciliation
    (Unaudited, in thousands except per share amounts)
     
      Three Months Ended
      3/31/2025   3/31/2024
           
    GAAP Cost of revenue $ 3,016     $ 1,973  
    Less: Stock-based compensation expense   (199 )     —  
    Less: Amortization of acquired intangible assets   (249 )     —  
    Less: Acquisition-related professional fees and retention bonus   (8 )     —  
    Non-GAAP Cost of revenue $ 2,560     $ 1,973  
    GAAP Gross profit $ 11,076     $ 13,916  
    Add: Stock-based compensation expense   199       —  
    Add: Amortization of acquired intangible assets   249       —  
    Add: Acquisition-related professional fees and retention bonus   8       —  
    Non-GAAP Gross profit $ 11,532     $ 13,916  
    GAAP Research and development $ 4,800     $ 3,616  
    Less: Stock-based compensation expense   (244 )     —  
    Less: Acquisition-related professional fees and retention bonus   (18 )     —  
    Less: Amortization of acquired intangible assets   (51 )     (70 ) 
    Non-GAAP Research and development $ 4,487     $ 3,546  
    GAAP Selling and marketing $ 4,719     $ 3,312  
    Less: Stock-based compensation expense   (323 )      —  
    Less: IPO preparation costs   —       -127  
    Non-GAAP Selling and marketing $ 4,396     $ 3,185  
    GAAP General and administrative $ 8,120     $ 4,600  
    Less: Stock-based compensation expense   (1,511 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (726 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (677 )     —  
    Less: Amortization of acquired intangible assets   (62 )     —  
    Less: IPO preparation costs   —       (139 )
    Non-GAAP General and administrative $ 5,144     $ 3,867  
    GAAP Estimated litigation claim $ 13,069     $ —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,069 )     —  
    Non-GAAP Estimated litigation claim $ —     $ —  
    GAAP Operating expenses $ 30,708     $ 11,528  
    Less: Stock-based compensation expense   (2,078 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,795 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (695 )     —  
    Less: IPO preparation costs   —       (266 )
    Less: Amortization of acquired intangible assets   (113 )     (70 )
    Non-GAAP Operating expenses $ 14,027     $ 10,598  
    GAAP Operating (loss) income $ (19,632 )   $ 2,388  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Non-GAAP Operating (loss) income $ (2,495 )   $ 3,318  
    GAAP Net (loss) income $ (19,273 )   $ 1,378  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Add (Less): Change in fair value of contingent consideration   35       (8 )
    Add (Less): Foreign exchange (gain) loss   205       130  
    Add (Less): Income tax effect of non-GAAP adjustment   (5 )     (33 )
    Non-GAAP Net (loss) income $ (1,901 )   $ 2,397  
    GAAP Net income (loss) per share:      
    Basic and diluted: $ (0.67 )   $ 0.07  
    Non-GAAP Net income (loss) per share:      
    Basic and diluted $ (0.07 )   $ 0.12  
    Weighted average shares used in GAAP and non-GAAP net income (loss) per share:      
    Basic and diluted   28,694,295       20,000,000  
           

    Investor Contact:
    Greg McNiff
    investors@silvaco.com 

    Media Contact:
    Farhad Hayat
    press@silvaco.com

    The MIL Network –

  • MIL-OSI: Encore Capital Group Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Favorable purchasing conditions continue in U.S. market
    • Global portfolio purchases up 24% to $368 million, including record $316 million in U.S.
    • Global collections up 18% to $605 million, including record $454 million in U.S.
    • Earnings per share of $1.93

    SAN DIEGO, May 07, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the first quarter ended March 31, 2025.

    “Encore’s 2025 is off to a strong start, which is reflected in every measure of our first quarter financial performance,” said Ashish Masih, President and Chief Executive Officer. “Portfolio purchases in Q1 of $368 million were up 24% compared to the first quarter last year and collections of $605 million were up 18%. Our collections performance helped earnings more than double compared to last year, as first quarter earnings per share of $1.93 was up 103% compared to the $0.95 per share we delivered a year ago.”

    “Our MCM business in the U.S. continues to deliver very strong results. Empowered by the ongoing favorable supply environment, MCM portfolio purchases in the first quarter were a record $316 million, up 34% compared to the year ago quarter, at very attractive returns. MCM also delivered record collections of $454 million in the first quarter, up 23% compared to Q1 a year ago, driven by superior execution.”

    “Our Cabot business in Europe delivered a solid first quarter. Portfolio purchases of $51 million were in line with Cabot’s historical trend and collections of $150 million were up 7% compared to the first quarter last year.”

    “As a result of our strong start to the year and our continued investment and operational execution, we are reiterating our guidance for 2025 which we originally established in February. We anticipate our global portfolio purchasing this year will exceed the $1.35 billion of purchases we made in 2024 and we expect our year-over-year collections growth to be 11% to $2.4 billion. As always, we remain committed to the critical role we play in the consumer credit ecosystem and to helping consumers restore their financial health,” said Masih.

    In the first quarter, the company repurchased $10 million of its shares of common stock.

    Financial Highlights for the First Quarter of 2025:

      Three Months Ended March 31,
    (in thousands, except percentages and earnings per share)   2025     2024   Change
    Portfolio purchases(1) $ 367,851   $ 295,714   24 %
    Average receivable portfolios(2) $ 3,864,450   $ 3,499,910   10 %
    Estimated Remaining Collections (ERC) $ 8,862,661   $ 8,307,294   7 %
    Collections $ 604,807   $ 510,887   18 %
    Revenues $ 392,775   $ 328,386   20 %
    Operating expenses $ 263,432   $ 244,795   8 %
    Net income $ 46,796   $ 23,239   101 %
    Earnings per share $ 1.93   $ 0.95   103 %

    ______________________

    (1)   Includes U.S. purchases of $316.4 million and $236.5 million, and Europe purchases of $51.5 million and $59.2 million in Q1 2025 and Q1 2024, respectively.

    (2)   Represents the average of receivable portfolios for the quarter (receivable portfolios at the beginning and end of the quarter divided by 2).

    Conference Call and Webcast

    Encore will host a conference call and slide presentation today, May 7, 2025, at 2:00 p.m. Pacific / 5:00 p.m. Eastern time, to present and discuss first quarter results.

    Members of the public are invited to access the live webcast via the Internet by logging in on the Investor Relations page of Encore’s website at encorecapital.com. To access the live conference call by telephone, please pre-register using this link. Registrants will receive confirmation with dial-in details.

    For those who cannot listen to the live broadcast, a replay of the webcast will be available on the Company’s website shortly after the call concludes.
    Non-GAAP Financial Measures

    This news release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company has included information concerning adjusted EBITDA because management utilizes this information in the evaluation of its operations and believes that this measure is a useful indicator of the Company’s ability to generate cash collections in excess of operating expenses through the liquidation of its receivable portfolios. Adjusted EBITDA has not been prepared in accordance with GAAP and should not be considered as an alternative to, or more meaningful than, net income and net income per share as indicators of the Company’s operating performance. Further, this non-GAAP financial measure, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. A reconciliation of Adjusted EBITDA to its most directly comparable GAAP financial measure is below.

    About Encore Capital Group, Inc.

    Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers.

    Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com.

    Forward Looking Statements

    The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results (including purchases and collections), performance, supply and pricing, liquidity, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent report on Form 10-K, as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.

    Contact:

    Bruce Thomas
    Encore Capital Group, Inc.
    Vice President, Global Investor Relations
    bruce.thomas@encorecapital.com

    SOURCE: Encore Capital Group, Inc.

    FINANCIAL TABLES FOLLOW

     
    ENCORE CAPITAL GROUP, INC.
    Condensed Consolidated Statements of Financial Condition
    (In Thousands, Except Par Value Amounts)
    (Unaudited)
      March 31,
    2025    		   December 31,
    2024
    Assets      
    Cash and cash equivalents $ 187,117     $ 199,865  
    Receivable portfolios, net   3,952,531       3,776,369  
    Property and equipment, net   82,014       80,597  
    Other assets   228,514       225,090  
    Goodwill   519,410       507,808  
    Total assets $ 4,969,586     $ 4,789,729  
    Liabilities and Equity      
    Liabilities:      
    Accounts payable and accrued liabilities $ 234,000     $ 233,545  
    Borrowings   3,790,698       3,672,762  
    Other liabilities   125,827       116,091  
    Total liabilities   4,150,525       4,022,398  
    Commitments and Contingencies      
    Equity:      
    Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no
    shares issued and outstanding    		   —       —  
    Common stock, $0.01 par value, 75,000 shares authorized, 23,510 and 23,691
    shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively    		   235       237  
    Additional paid-in capital   9,645       19,297  
    Accumulated earnings   956,723       909,927  
    Accumulated other comprehensive loss   (147,542 )     (162,130 )
    Total stockholders’ equity   819,061       767,331  
    Total liabilities and stockholders’ equity $ 4,969,586     $ 4,789,729  
     

    The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”) included in the condensed consolidated statements of financial condition above. Most assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities exclude amounts where creditors or beneficial interest holders have recourse to the general credit of the Company.

     
      March 31,
    2025    		   December 31,
    2024
    Assets      
    Cash and cash equivalents $ 37,113   $ 23,875
    Receivable portfolios, net   907,079     895,704
    Other assets   4,583     3,699
    Liabilities      
    Accounts payable and accrued liabilities   3,148     2,946
    Borrowings   626,879     599,830
    Other liabilities   2,644     887
               
    ENCORE CAPITAL GROUP, INC.
    Condensed Consolidated Statements of Income
    (In Thousands, Except Per Share Amounts)
    (Unaudited)
      Three Months Ended
    March 31,
        2025       2024  
    Revenues      
    Portfolio revenue $ 345,218     $ 315,852  
    Changes in recoveries   21,464       (12,409 )
    Total debt purchasing revenue   366,682       303,443  
    Servicing revenue   22,547       20,379  
    Other revenues   3,546       4,564  
    Total revenues   392,775       328,386  
    Operating expenses      
    Salaries and employee benefits   105,932       104,184  
    Cost of legal collections   68,013       58,721  
    General and administrative expenses   41,018       36,241  
    Other operating expenses   34,252       30,367  
    Collection agency commissions   6,873       7,434  
    Depreciation and amortization   7,344       7,848  
    Total operating expenses   263,432       244,795  
    Income from operations   129,343       83,591  
    Other expense      
    Interest expense   (70,530 )     (55,765 )
    Other income   1,647       2,666  
    Total other expense   (68,883 )     (53,099 )
    Income before income taxes   60,460       30,492  
    Provision for income taxes   (13,664 )     (7,253 )
    Net income $ 46,796     $ 23,239  
           
    Earnings per share:      
    Basic $ 1.96     $ 0.98  
    Diluted $ 1.93     $ 0.95  
           
    Weighted average shares outstanding:      
    Basic   23,879       23,784  
    Diluted   24,269       24,468  
                   
    ENCORE CAPITAL GROUP, INC.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited, In Thousands)
      Three Months Ended March 31,
        2025       2024  
    Operating activities:      
    Net income $ 46,796     $ 23,239  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   7,344       7,848  
    Other non-cash interest expense, net   3,544       3,727  
    Stock-based compensation expense   3,424       3,357  
    Changes in recoveries   (21,464 )     12,409  
    Other, net   1,737       887  
    Changes in operating assets and liabilities      
    Other assets   (3,499 )     (6,223 )
    Accounts payable, accrued liabilities and other liabilities   7,401       5,740  
    Net cash provided by operating activities   45,283       50,984  
    Investing activities:      
    Purchases of receivable portfolios, net of put-backs   (362,712 )     (291,367 )
    Collections applied to receivable portfolios   259,589       195,035  
    Purchases of property and equipment   (6,990 )     (6,861 )
    Other, net   9,835       12,311  
    Net cash used in investing activities   (100,278 )     (90,882 )
    Financing activities:      
    Payment of loan and debt refinancing costs   (255 )     (10,202 )
    Proceeds from credit facilities   246,426       248,549  
    Repayment of credit facilities   (185,831 )     (696,351 )
    Proceeds from senior secured notes   —       500,000  
    Repayment of senior secured notes   —       (9,770 )
    Repurchase and retirement of common stock   (10,004 )     —  
    Other, net   (9,999 )     23,564  
    Net cash provided by financing activities   40,337       55,790  
    Net (decrease) increase in cash and cash equivalents   (14,658 )     15,892  
    Effect of exchange rate changes on cash and cash equivalents   1,910       (1,266 )
    Cash and cash equivalents, beginning of period   199,865       158,364  
    Cash and cash equivalents, end of period $ 187,117     $ 172,990  
           
    Supplemental disclosures of cash flow information:      
    Cash paid for interest $ 41,303     $ 46,469  
    Cash paid for income taxes, net of refunds   1,247       1,542  
    Supplemental schedule of non-cash investing activities:      
    Receivable portfolios transferred to real estate owned $ 1,040     $ 2,045  
                   
    ENCORE CAPITAL GROUP, INC.
    Supplemental Financial Information
    Reconciliation of Non-GAAP Metrics
    Adjusted EBITDA
      Three Months Ended
    March 31,
    (in thousands, unaudited)   2025       2024  
    GAAP net income, as reported $ 46,796     $ 23,239  
    Adjustments:      
    Interest expense   70,530       55,765  
    Interest income   (1,546 )     (1,368 )
    Provision for income taxes   13,664       7,253  
    Depreciation and amortization   7,344       7,848  
    Stock-based compensation expense   3,424       3,357  
    Net loss (gain) on derivative instruments(1)   —       (195 )
    Acquisition, integration and restructuring related expenses(2)   248       2,319  
    Adjusted EBITDA $ 140,460     $ 98,218  
    Collections applied to principal balance(3) $ 244,300     $ 214,551  

    ________________________

    (1)   Amount represents gain or loss recognized on derivative instruments that are not designated as hedging instruments or gain or loss recognized on derivative instruments upon dedesignation of hedge relationships. We adjust for this amount because we believe the gain or loss on derivative contracts is not indicative of ongoing operations.
    (2)   Amount represents acquisition, integration and restructuring related expenses. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
    (3)   Amount represents (a) gross collections from receivable portfolios less (b) debt purchasing revenue, plus (c) proceeds applied to basis from sales of real estate owned (“REO”) assets and, when applicable, other receivable portfolios. A reconciliation of “collections applied to receivable portfolios, net” to “collections applied to principal balance” is available in the Form 10-Q for the period ending March 31, 2025.

    The MIL Network –

  • MIL-OSI: Veeco Announces Over $35 Million in Advanced Packaging Lithography System Orders From IDM & OSAT Customers

    Source: GlobeNewswire (MIL-OSI)

    PLAINVIEW, N.Y., May 07, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) today announced its received over $35 million of orders for its AP300™ Lithography systems in recent quarters from a wide-range of IDM and OSAT customers. The orders are expected to be delivered in 2025, and are supporting capacity expansions driven by several end markets, including AI and high-performance computing. Veeco’s Advanced Packaging Lithography business is expected to deliver strong year-over-year growth in 2025.

    Veeco’s AP300™ Lithography systems offer industry-leading performance specifically designed for Advanced Packaging applications, lower total cost of ownership, industry-leading uptime, and process flexibility. Recent orders highlight accelerating market demand for Veeco’s lithography systems given the tools’ ability to handle next generation advanced packaging process needs, such as copper (Cu) pillar for 2.5/3D packaging, flip chip bumping, fan-out WLP (FOWLP) and high-density fan-out packaging.

    “Global megatrends such as AI and high-performance computing are driving strong demand for enabling technologies in advanced packaging,” commented Adrian Devasahayam, Ph.D., Veeco’s Senior Vice President, Product Line Management. “Customers require a lithography platform that can handle a wide range of advanced packaging process needs with best-in-class process capabilities and low cost of ownership. Our AP300 platform is distinguished as a solution that sets the industry standard for challenging advanced packaging processes required for high-performance, next-generation devices.”

    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 –

  • MIL-OSI USA: Shaheen, Colleagues Introduce Bill to Support New Businesses with Major Expansion of Startup Tax Deduction

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – During the start of National Small Business Month, U.S. Senator Jeanne Shaheen (D-NH), a top member and former Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, joined by U.S. Senators Jacky Rosen (D-NV) and Tammy Baldwin (D-WI), introduced the Tax Relief for New Businesses Act – legislation that would provide tax relief to entrepreneurs looking to start a small business and reduce barriers for startups. The bill would increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
    “Small businesses are the lifeblood of the Granite State’s economy, but it’s getting more costly and difficult for local entrepreneurs to open up shop,” said Senator Shaheen. “Our commonsense Tax Relief for New Businesses Act would give entrepreneurs a helping hand up so they can succeed and fuel job growth.”
    The Tax Relief for New Businesses Act is also co-sponsored by U.S. Senators Chris Coons (D-DE), Elissa Slotkin (D-MI), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Ruben Gallego (D-AZ), Amy Klobuchar (D-MN), Martin Heinrich (D-NM) and Angela Alsobrooks (D-MD).
    “Repeated research has demonstrated that new businesses – ‘startups’ – are a critical driver of economic growth, job creation, and opportunity expansion,” said John Dearie, President of Center for American Entrepreneurship. “But launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That’s why the Tax Relief for New Businesses Act is so important. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.”
    “Starting a business is a vote of confidence in the future,” said Richard Trent, Executive Director of Main Street Alliance. “Men and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.”
    As a former small business owner and now a top member of the Small Business and Entrepreneurship Committee, Shaheen fights for New Hampshire’s—and America’s—small businesses. During her time as Chair of the committee, Shaheen focused on addressing some of the biggest challenges small business owners face, reporting key legislation out of committee that included critical improvements to the State Trade Expansion Program (STEP) and improved access to federal contracting opportunities for small businesses.
    In February, Shaheen introduced the bipartisan Small Business Technological Advancement Act which would help small business owners integrate digital tools into their businesses by clarifying that small businesses can utilize the Small Business Administration’s (SBA) 7(a) loan program to finance technology that supports daily operations, including inventory management, product delivery and accounting systems. Earlier this year, she introduced the bipartisan Helping Small Businesses THRIVE Act with Senator Bill Cassidy (R-LA) that would direct SBA to create a new program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Republicans Celebrate Small Businesses Driving America into the Golden Age

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Joni Ernst (R-IA), and a group of Senate Republicans introduced legislation declaring this week “National Small Business Week” to recognize the important role small businesses play in creating jobs and fueling the economy.
    “We need an economy which works for small business,” said Dr. Cassidy. “Small businesses create the majority of new jobs. That is President Trump’s goal, that is my goal.”
    “Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Senator Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
    Senator Cassidy introduced the THRIVE Act to level the playing field for small businesses by directing the Small Business Administration to create a program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses.
    Cassidy and Ernst were joined by U.S. Senators Chuck Grassley (R-IA), Jon Husted (R-OH), James Lankford (R-OK), John Kennedy (R-LA), John Cornyn (R-TX), Susan Collins (R-ME), James Risch (R-ID), Ted Cruz (R-TX), Shelley Moore Capito (R-WV), Mitch McConnell (R-KY), Steve Daines (R-MT), Jim Justice (R-WV), Thom Tillis (R-NC), Mike Crapo (R-ID), Roger Marshall (R-KS), Tommy Tuberville (R-AL), Katie Britt (R-AL), Dan Sullivan (R-AK), Kevin Cramer (R-ND), John Boozman, (R-AK), Marsha Blackburn (R-TN), Josh Hawley (R-MO), John Barrasso (R-WY), John Curtis (R-UT), Jim Banks (R-IN), Deb Fischer (R-NE), Eric Schmitt (R-MO), Cynthia Lummis (R-WY), Todd Young (R-IN), John Hoeven (R-ND), Tim Scott (R-SC), Mike Rounds (R-SD), Lindsey Graham (R-SC), John Thune (R-SD), Cindy Hyde-Smith (R-MS), Rick Scott (R-FL), and Jerry Moran (R-KS), 
    “Small businesses are the backbone of Louisiana’s economy and create good jobs across our country,” said Senator Kennedy. “This National Small Business Week, I’m proud to recognize everything small businesses do for America and keep fighting to throw out bad regulations that hold our economy back.”
    “Small businesses are the backbone of Idaho’s economy,” said Senator Risch. “During National Small Business Week, I’m proud to recognize the hard-working entrepreneurs who employ our neighbors, give back to our communities, and make the Gem State a special place to live and grow.”
    “National Small Business Week holds a special place in my heart because I know all too well the pressures and joy that come with owning a business and signing the front of a paycheck,” said Senator Scott. “This week I join my colleagues in celebrating their innovation, resilience, and drive that not only creates jobs but fosters community and inspires entrepreneurship across America. As a former small business owner myself, I’m committed to supporting them and ensuring they have the resources they need to thrive and succeed.”
    “As the son of a small business owner, I understand how vital small businesses are to Indiana’s economy,” said Senator Young. “I’m proud to stand with Hoosier small business owners and will continue advocating for policies that help them thrive.”
    “We can’t do Made-in-America without Ohio’s hardworking small business owners, entrepreneurs and job creators,” said Senator Husted. “This week recognizes their work to fuel our economy and drive the country forward, and I’ll continue supporting pro-growth policies that make the American dream achievable.”
    “We know that small businesses drive America’s innovations and economic strength,” said Senator Grassley. “Here in Iowa, they make up 99.3 percent of all businesses, and nearly half of Iowa employees work for a small business. In marking this special week, our resolution recognizes the power of small businesses and honors the men and women who work hard to keep our communities vibrant.”
    “Small businesses are the backbone of Wyoming’s economy,” said Senator Barrasso. “To celebrate National Small Business week, we honor these job creators in Wyoming and across the country. Senate Republicans will continue to work with President Trump to roll back harmful regulations and taxes so America’s small businesses can continue to thrive.”
    “In West Virginia, small businesses are an essential part of our economy, making up more than 98% of the businesses in our state and employing nearly half of our workforce,” said Senator Capito. “During National Small Business Week, I am proud to join my colleagues in recognizing and celebrating the critical contributions small businesses, like the female-owned Dolly’s Diner in Princeton I visited recently, make in West Virginia and across our country.”
    “By designating this week as National Small Business Week, we honor the small business owners who embody the entrepreneurial spirit that makes Texas the economic powerhouse it is today,” said Senator Cornyn.
    “Maine’s small businesses are the bedrock of Maine’s local economies and drive job creation throughout our state,” said Senator Collins. “As Chair of the Senate Appropriations Committee, I remain committed to championing small businesses, the job creating engines that power our nation’s economy.”
    “Fighting for hardworking families, small businesses, and local Main Streets across Alabama has always been a top priority for me,” said Senator Britt. “Small businesses are the backbone of our nation’s economy, and I’m proud to recognize our incredible job creators and entrepreneurs this Small Business Week. I remain steadfastly committed to advancing policies that slash burdensome red tape, provide access to opportunities and resources, and unleash American ingenuity.”
    “Small businesses are at the heart of Tennessee’s economy and a cornerstone of our communities,” said Senator Blackburn. “As we mark National Small Business Week, I’m honored to celebrate these hardworking entrepreneurs. Under President Trump’s new Golden Age for America, we are seeing small businesses start to thrive again. I’ll keep fighting in the Senate to stop the largest tax hike in history and to advance pro-growth policies that cut red tape, lower taxes, and foster an environment where small businesses across America and Tennessee can continue to grow and prosper.”
    “This resolution reaffirms our commitment to supporting entrepreneurs and small business owners in the Cowboy State who demonstrate incredible resilience and determination,” said Senator Lummis. “As they pursue their American dream, they sacrifice countless hours through hard work to overcome challenges and build something meaningful for their families and communities.”
    “Alaska’s small businesses are the cornerstone of our economy, keeping our communities strong and economically vibrant,” said Senator Sullivan. “Our local businesses are the first to give back—contributing to local causes, hiring people who live here, and listening to the needs of the people in our communities. I’m glad to join Senator Ernst in introducing a resolution that acknowledges the incredible work done by small businesses across the country to invest in their communities. I look forward to continuing to work with Alaska’s small businesses to support our crucial, innovative entrepreneurs.”
    “Small businesses are a driving force of North Dakota’s economy, fueling growth, creating jobs and supporting strong communities,” said Senator Hoeven. “Designating this week as National Small Business Week highlights the dedication and impact of entrepreneurs and small business owners both in our state and across the country.”
    “Small businesses employ over 65 percent of Montana’s workforce and represent 99 percent of all businesses in Montana, which boosts our local economies and creates new jobs in our communities,” said Senator Daines. “I’m proud to join my colleagues in celebrating National Small Business Week to recognize all the entrepreneurs and business owners whose innovation and hard work helps keep both Montana and our country a great place to live, work, and raise a family.”
     “I am proud to join my colleagues in celebrating National Small Business Week. Small businesses are the backbone of America, and thanks to the leadership of President Trump our nation’s entrepreneurs are finally empowered again with the resources and support they need to see their dreams come true,” said Senator Scott. “I’ve run businesses small and large, and I know the hard work these folks put in day-in and day-out to keep their doors open and employees on payroll. This week is a time to recognize these hardworking Americans who support our economy and create jobs in their communities as they live their American dream.”
    “Small businesses power our economy and represent core American values like hard work, taking risks and the pursuit of success,” said Senator Boozman. “I am pleased to join my colleagues in celebrating National Small Business week to applaud their local and regional investments that create jobs and sustain communities across Arkansas as well as nationwide. These entrepreneurs deserve our recognition and total support.”
    “Small businesses are the backbone of communities across America, and they represent the heart of Mississippi’s economy and way of life,” said Senator Hyde-Smith. “National Small Business Week is a time to celebrate the American dream, the drive of our entrepreneurs, and the ingenuity that powers growth and opportunity.  I’m proud to support this resolution and honor the small businesses that keep Mississippi strong and our nation thriving.”
    “As a former small business owner, I fully understand the challenges that small businesses face,” said Senator Marshall. “That’s why I remain committed to prioritizing Main Street over Wall Street by cutting red tape and taxes, opening new markets, and ensuring small businesses have the capital they need to grow and thrive. This week, we proudly recognize the lifeblood of our economy by honoring the remarkable contributions of small businesses and officially designating this week as National Small Business Week.”
    “Small businesses are the lifeblood of Idaho’s economy,” said Senator Crapo. “Idaho’s 200,131 small businesses have an outsized impact–making up 99.2 percent of businesses in the state and employing 56.6 percent of all Idaho employees.  I applaud the owners and employees who roll up their sleeves every day, work hard and power our economy.”

    MIL OSI USA News –