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  • MIL-OSI: Buxton Helmsley Announces Corporate Transformation, Director and Officer Appointments

    Source: GlobeNewswire (MIL-OSI)

    Announces Recent Corporate Transformation and Further Plans Involving Reimagined Enterprise

    Announces Commencement of USD$50mm Private Placement of Common Stock Ownership in Buxton Helmsley Parent Company, Having Received Immediate Subscriptions, and Exploring Possible Direct Listing on New York Stock Exchange

    Substantial Majority of Offering Proceeds to Be Temporarily Allocated Toward Launch of Inaugural Fund, with Parent Company Investors Obtaining Fee-Free Indirect Fund Exposure and Unique Economic Benefits Not Experienced by Unaffiliated Limited Partners

    Alexander E. Parker, Ranked Among the Top 15% of Global Activist Investors by Engagement Volume According to Bloomberg’s “Activism League Tables,” Appointed as Chairman of the Board and Chief Executive Officer

    Appoints Independent Financial Industry Veterans Charles Garcia, Rumbi Petrozzello, and Beth Haddock to Board of Directors

    Appoints Tenured Financial and Venture Capital Professional Johnathan Flickinger as Executive Vice President and Chief Financial Officer

    Appoints Former BNP Paribas and UBS Equity Research Head Weiyee In [殷 維一] as Head of Capital Markets Research

    Plans to Form The Buxton Helmsley Foundation, to Begin Operations in Q4 2025

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Buxton Helmsley, Inc. (together with certain of its affiliates, “BH”, “we”, or the “Company”), a New York City-based alternative asset manager, today announced a series of actions taken between February and April 2025. These initiatives follow the continued success of its flagship low-correlation defensive activism strategy, which has consistently captured opportunities across market cycles. BH has also unveiled plans involving a USD$50 million private placement of common stock in parent company Buxton Helmsley, Inc. (offering unique benefits to investors distinct from underlying BH fund offerings):

    • Commencement of USD$50 Million Private Placement of Common Stock in Parent Company, Buxton Helmsley, Inc. – BH has commenced a Rule 506(c) private placement of USD $50 million of common stock (the “New Private Offering”). Immediately prior to commencement (under Rule 506(b)), BH secured initial subscriptions. A substantial majority of the proceeds from the New Private Offering will be allocated to sponsoring BH’s inaugural investment fund, carrying forward an expanded version of the defensive activism strategy developed by Alexander E. Parker. This initiative further solidifies the Buxton Helmsley name among the top 15% of global activist investors by engagement volume, as ranked within Bloomberg’s “Activism League Tables.” BH has also begun exploring a potential direct listing of its common stock on the New York Stock Exchange.

      BH is preparing to launch its largest investor advocacy initiative to date, targeting a global corporation with a market capitalization of over $5 billion. Evidence of extensive insider trading among senior executives and “hush money” payments to whistleblowers is anticipated to drive an immediate, majority board refresh, allowing for BH to thereafter unlock significant operational and financial improvements. Given the anticipated media coverage and heightened investor interest once the initiative becomes public, pricing for future BH common stock sales will likely be adjusted upward following the public disclosure of this latest and largest campaign. Prospective investors wishing to participate under the current terms of the New Private Offering are encouraged to inquire about investing before the public announcement.

      Interested investors should inquire via e-mail at ir@buxtonhelmsley.com.

    • Commencement of Investor Discussions and Acceptance of New Private Offering Subscriptions – BH has initiated discussions with investment banks, high-net-worth individuals, family offices, and institutional investors, and has begun accepting New Private Offering subscriptions. All investors must be accredited, and reasonable steps will be taken to verify accreditation in accordance with U.S. securities laws. The New Private Offering is not being conducted in any jurisdiction where such an offering would be unlawful under that jurisdiction’s securities laws, and eligibility screening will apply to all investors, regardless of domicile.
    • Appoints Financial Industry Veterans Charles Garcia, Rumbi Petrozzello, and Beth Haddock to Board of Directors:
      • Charles Garcia – Mr. Garcia serves as the Chair of the Nominating and Governance Committee and a Member of Audit Committee at BH, where he contributes his expertise in executive leadership, corporate governance, and financial oversight. With significant experience across capital markets and financial services, he brings valuable perspective to the Company’s leadership structure. Before joining BH, Mr. Garcia founded Climb Leadership International, a company dedicated to fostering leadership excellence at Fortune 500 companies, financial institutions, and financial technology firms. His distinguished career includes serving as a Managing Director at Citadel and Director of Business Development at BlackRock. Mr. Garcia began his professional journey at Bloomberg LP, where he spearheaded the company’s strategic expansion across Latin America. Beyond his corporate achievements, Mr. Garcia has made significant academic contributions as an adjunct professor at Columbia University, and as a professor and Assistant Dean at Long Island University Post’s School of Business. His combined experience in financial markets, leadership development, and academia provides BH with comprehensive governance expertise.
      • Rumbi B. Petrozzello, CPA CFF CFE – Ms. Petrozzello serves as the Chair of the Audit Committee and a Member of the Nominating and Governance Committee at BH, where she contributes her extensive expertise in accounting, forensic investigation, and compliance oversight. As a Certified Public Accountant (CPA), Certified in Financial Forensics (CFF), and a Certified Fraud Examiner (CFE), she brings critical financial governance skills to the firm’s leadership team. Before joining BH, Ms. Petrozzello established herself as a principal at Rock Consulting, where she provides specialized consulting services focused on internal control adequacy and litigation support for accounting and financial matters. At Seramount, a professional services and research firm, she serves as Head of Strategy, Consulting, driving initiatives to advance high-performing, inclusive workplaces. Her leadership experience includes serving as past President of the New York State Society of CPAs, in addition to actively serving as a member of the Board of Directors of the American Institute of Certified Public Accountants (AICPA). Ms. Petrozzello’s combination of forensic accounting expertise, strategic consulting experience, and professional leadership provides BH with exceptional financial oversight capabilities.
      • Beth Haddock, Esq. – Ms. Haddock serves on the Audit Committee and the Nominating and Governance Committee at Buxton Helmsley, bringing over 25 years of strategic leadership in financial services, fintech, and corporate governance. She has held leadership roles across diverse environments, from large public multinationals to privately held startups, with revenues ranging from under $100 million to over $10 billion. Her background includes leadership roles at AXA S.A., Brown Brothers Harriman, Guggenheim Investments, and AdvisorEngine (acquired by Franklin Templeton), driving growth through strategic corporate development, risk management, and operational execution. Beth’s expertise spans finance, regulation, and market development, with notable initiatives including the launch of new European Union service centers, successful government grant applications, compliance program redesigns, and global fund expansion. With over seven years of experience in emerging technologies, she is well-versed in regulatory strategy, compliance, and litigation. Beth has led high-impact legal and compliance departments, holds a patent for measuring return on investment with relation to compliance initiatives, and is the author of Triple Bottom-Line Compliance, where she advocates for pragmatic, sustainable governance frameworks that deliver protection, productivity, and long-term value.
    • Appoints Alexander E. Parker as Chairman of the Board and Chief Executive Officer – Mr. Parker’s defensive and transformative investor engagement campaigns have resulted in the Buxton Helmsley name, over the course of approximately a decade, being ranked among the top 15% of global activist investors (according to Bloomberg, based on investor engagement volume). With a proven track record of impact-oriented investing to resolve market integrity issues and to catalyze positive corporate transformations, Mr. Parker has successfully led the firm’s investor advocacy initiatives by combining straightforward business acumen with a deep knowledge of securities, accounting, and legal obligations at publicly traded companies. Before establishing his leadership at BH, Mr. Parker built a reputation as an effective whistleblower, with securities regulators subsequently charging violations at entities he identified. His investor engagement campaigns have gained recognition in prestigious publications, including The Harvard Law School Forum on Corporate Governance. Mr. Parker studied finance and economics at Mercy University of New York City, where he participated in the school’s honors business program. Based in Manhattan, he maintains an influential network that advances Buxton Helmsley’s investor objectives. Mr. Parker has been featured in leading financial publications including The Wall Street Journal, Bloomberg, MarketWatch, The Irish Times, and TheStreet.com. As a licensed investment professional through the Financial Industry Regulatory Authority (FINRA) and a FINRA-appointed arbitrator, he brings additional credibility and regulatory insight to his leadership role.
    • Appoints Johnathan J. Flickinger as Executive Vice President and Chief Financial Officer – Mr. Flickinger has been appointed to serve as Executive Vice President and Chief Financial Officer at BH, bringing nearly a decade of experience in financial management and private equity operations. His career spans public multinational organizations and high-growth startups, where he has led initiatives to scale internal operations and strengthen financial reporting. Prior to joining BH, Mr. Flickinger held roles at AngelList, Unilever, and The Livekindly Collective. He has overseen compliance operations for emerging venture firms, global financial planning and analysis initiatives, and has included implementation of post-acquisition financial reporting controls across international organizations. Before joining BH, Johnathan founded a venture-backed fintech company delivering an AI-native solution for registered investment advisors. Recognized for his ability to build scalable financial infrastructure, Mr. Flickinger brings to the firm a distinctive blend of corporate finance acumen, entrepreneurial perspective, and strategic leadership.
    • Appoints Weiyee In [殷 維一] as Head of Capital Markets Research – Mr. In serves as the Head of Capital Markets Research and Chair of the Expert Advisory Board at BH, where he leverages his extensive background as a publishing Wall Street analyst and senior executive at global financial institutions. With expertise spanning technology, media, and telecommunications (TMT) equities, Mr. In has played a pivotal role in shaping investment strategies across multinational banks, including UBS and BNP Paribas. Mr. In has also engaged in digital asset custody and institutional trading at several chartered financial institutions. Over his career, he has held leadership roles in equity research, sustainability strategy (ESG), and regulatory advisory, developing AI-driven solutions for financial compliance frameworks such as MiFID II, GDPR, and AML/KYC regulations. A native of New York City, Mr. In has spent much of his career as an expatriate, working in London, Paris, Hong Kong, Taiwan, and across Southeast Asia. As an active angel investor and advisor, he has contributed to fintech, AI, data analytics, and industrial automation startups across Asia and Europe. His work in digital ledger technology (DLT) integration, trade analytics, and financial custody solutions has driven innovation in institutional investment and regulatory compliance.
    • Revocation of Historical “Buxton Helmsley” Trademark Licensees – On February 24, 2025, BH acquired the “Buxton Helmsley” trademark and related intellectual property (the “BH IP”) from BH founder Alexander E. Parker. Immediately prior to BH’s acquisition of the BH IP, Mr. Parker formally revoked the authorization to use the BH IP from two unaffiliated entities (Buxton Helmsley Holdings, Inc. and The Buxton Helmsley Group, Inc.), both of which have no shared economic interest or affiliation with BH. BH expressly disclaims any and all activities of these entities for which it is entirely unaffiliated. Immediately after BH’s acquisition of the BH IP, BH filed for formal registration of the BH IP with the USPTO.
    • Formation of Buxton Helmsley USA, Inc. – Following the formation and acquisition of the BH IP, BH formed Buxton Helmsley USA, Inc., a newly-registered exempt reporting advisor, having filed the necessary documents with the State of New York.
    • Plans to Form The Buxton Helmsley Foundation in Q4 2025 – As part of its continuing commitment to driving positive public impact, BH plans to establish The Buxton Helmsley Foundation (the “BHF”) in Q4 2025. Concurrent with the formation of BHF, BH will appoint a board of trustees to manage the charitable affairs of BHF. BHF will focus on strategic philanthropy, including medical research and innovation, development of education and economic opportunity, and whistleblower protection. BHF will manage its endowment, comprised of contributions from BH and external donors, to drive a long-term and sustainable impact.

      Mr. Parker intends to donate to BHF his direct personal economic interest in a pending lawsuit filed against defendants Assertio Holdings, Inc. and its Chief Executive Officer, Brendan P. O’Grady. The suit alleges defamation per se (the “Assertio Defamation Claim”) arising from the defendants’ response to a scheme of clinical data fraud alleged by multiple former executives-turned-whistleblowers of an Assertio subsidiary (specifically, Spectrum Pharmaceuticals, Inc., the maker of cancer drug Rolvedon, previously clinically tested as Rolontis). Mr. Parker will request that the BHF board of trustees earmark such funds for allocation to cancer-focused causes.

      To view the official court filing for Mr. Parker’s Assertio Defamation Claim: https://www.buxtonhelmsley.com/asrt/

      The official court transcript from the most recent hearing in which Mr. Parker is a party to (though, BH and its affiliates are not a party to): https://www.buxtonhelmsley.com/asrt/

    “This transformation marks a defining moment in Buxton Helmsley’s trajectory,” said Alexander E. Parker, Chairman and Chief Executive Officer. “What was once a broader, multi-pronged enterprise has now been reimagined as a focused, high-conviction enterprise dedicated solely to alternative asset management. With this sharpened mission and a newly fortified leadership team of industry-leading professionals, Buxton Helmsley is positioned to deliver institutional-grade strategy, integrity-driven investing, and scalable impact. The launch of our $50 million private offering, alongside the formation of The Buxton Helmsley Foundation, underscores our commitment to shaping capital markets and societal outcomes alike, with both precision and purpose, to leave a long-term legacy.”

    Accredited investors interested in the USD$50 million New Private Offering may obtain more details at: https://www.buxtonhelmsley.com/news-and-insights/announcements/our-next-chapter

    About Buxton Helmsley

    Buxton Helmsley, Inc. is a New York City-based alternative asset management firm, managing both active and passive investment strategies across a range of asset classes, with a general focus on opportunities in North America and Europe. The firm’s investment approach is based on deep fundamental analysis and risk management, with a focus on ensuring disclosure obligations are being upheld under applicable accounting standards and securities laws.

    Disclosures Related to Private Offering

    The information provided within this press release by Buxton Helmsley, Inc. (“BH”) and its affiliates is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any securities or investment products. This information does not constitute investment, legal, tax, or other advice. BH makes no representation or warranty as to the accuracy, completeness, or reliability of the information contained herein.

    BH is an alternative asset manager and has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”) and, as such, investors will not be entitled to the benefits of the Investment Company Act. Investments in BH may involve a high degree of risk and may employ speculative investment practices. Past performance is not indicative of future results. The value of investments may fluctuate, and investors may lose the entire amount invested. Investment in any of the investment funds or securities offered by BH is available only to eligible investors pursuant to the relevant offering documents, which should be read in their entirety.

    BH and its affiliates, officers, directors, employees, and agents shall have no liability for any loss or damage arising from reliance on the information contained herein. Access to this website may be restricted under the securities laws in certain jurisdictions. Readers should verify that they are permitted to access this information under applicable law, given that this information may be republished. BH disclaims any and all liability for any unlawful access to this information.

    Cautionary Statement Regarding Forward-Looking Statements

    The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “explores,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” and/or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans, or goals are forward-looking and are subject to various risks, uncertainties, and assumptions. There is no assurance that any idea or assumption herein is, or will be proven, correct, or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if any of BH’s underlying assumptions prove to be incorrect, any actual results may vary materially from any outcomes indicated or suggested by these statements. Accordingly, any and all forward-looking statements should not be regarded nor interpreted as a representation by BH that any and/or all future plans, estimates, or expectations contemplated will ever be achieved.

    The MIL Network –

  • MIL-OSI: NOTICE OF VIRTUAL ANNUAL GENERAL MEETING OF COINSHARES INTERNATIONAL LIMITED ON 30 MAY 2025

    Source: GlobeNewswire (MIL-OSI)

    Notice is hereby given that the Annual General Meeting of CoinShares International Limited (the “Company”) will take place on Friday, 30 May 2025 at 14:00 BST in the form of a hybrid virtual event at 2 Hill Street, St Helier, Jersey, JE2 4UA.

    The entire Annual General Meeting will be broadcast live online (audio and video) via Wavecast.io and will be open for all shareholders who are entered in the Company’s stock register on the record day of the Annual General Meeting. The exercise of shareholder rights, in particular the exercise of voting rights, requires registration for the meeting in due time and in the proper form and will be performed by poll during the meeting or by granting power of attorney to Company proxies. The location of the Annual General Meeting for the purposes of the minutes is the Company’s registered office, 2 Hill Street, St Helier, Jersey, JE2 4UA. 


     RIGHT TO ATTEND THE ANNUAL GENERAL MEETING AND NOTICE

    Shareholders wishing to attend the Annual General Meeting must:

    1. on the record date, which is 16 May 2025, be registered in the Company’s share register maintained by Euroclear Sweden AB. Shareholders, whose shares are registered in the name of a nominee, must temporarily register the shares in their own name at Euroclear Sweden AB. Shareholders whose shares are registered in the name of a nominee must, no later than 15 May 2025, via their nominee, temporarily register the shares in their own name in order to be entitled to participate at the general meeting. In order to re-register shares in time, shareholders should make the request via their nominee in good time before this date.
    2. notify the Company of any intended participation at the general meeting no later than 15 May 2025. Notice of participation at the general meeting may be given by following the registration instructions detailed on the Reports Portal on the Company’s website or here. Upon notification, the shareholder must state their full name, personal identification number (date of birth for non-Swedish investors) or corporate registration number, postal and email address, as well as the number of shares held.

    PROPOSED AGENDA

    1. Opening of the Annual General Meeting
    2. Election of the Chairman of the Annual General Meeting
    3. Preparation and approval of voting list
    4. Approval of the agenda
    5. Determination of whether the general meeting has been duly convened
    6. Election of one person to certify the minutes
    7. Presentation of the Annual Report, consolidated financial statements and the audit report
    8. Resolution regarding the adoption of the group income statement and group balance sheet
    9. Determination of the number of members of the Board of Directors and the number of Auditors
    10. Determination of remuneration to the Board of Directors and the Auditor
    11. Election of the Board of Directors and the Auditor
    12. Resolution on the approval of the Board of Director’s Remuneration Report
    13. Resolution regarding authorising the Board of Directors to decide on repurchase and transfer of own shares
    14. Resolution regarding amendments to the Company’s articles of association
    15. Closing of the Annual General Meeting

    PROPOSALS FOR RESOLUTIONS

    ITEM 2: OPENING OF THE MEETING AND ELECTION OF CHAIRMAN OF THE GENERAL MEETING

    The Nomination Committee, appointed in accordance with the instruction for the Nomination Committee as resolved by the Annual General Meeting on 20 June 2022 and comprising of the Chairman of Nomination Committee, Michael Carlton (appointed by Daniel Masters), Jean-Frédéric Mognetti (appointed by Mognetti Partners Limited),  Paul Davison (appointed by Russell Newton) and Johan Lundberg (representative of the Board of CoinShares International Limited), proposes that Daniel Masters, Chairman, be appointed as the Chair of the Annual General Meeting 2025.

    ITEM 3: PREPARATION AND APPROVAL OF THE VOTING LIST

    The voting list proposed for approval is the voting list drawn up by the Company Secretary, based on the register of shareholders provided by Euroclear Sweden AB, shareholders having given notice of participation and being present at the Meeting, and postal votes received.

    ITEMS 9-11: DETERMINATION OF REMUNERATION TO THE BOARD OF DIRECTORS AND THE AUDITORS, ELECTION OF THE BOARD OF DIRECTORS AND THE AUDITORS AND ELECTION OF THE CHAIRMAN OF THE BOARD OF DIRECTORS

    The Nomination Committee proposes that:

    Item 9

    The Board of Directors shall consist of 6 directors and that the Company should have one registered public auditor’s firm as auditor. 

    Item 10

    To increase the remuneration of the Board of Directors to the amount of GBP 70,000 per annum to each of the non-employed Directors, which includes all committee membership and committee chair positions. The proposed increase in the remuneration reflects the increased responsibilities associated with the move to the regulated segment of Nasdaq Stockholm in 2022, as well as ensuring that the Company can continue to attract and retain the right candidates for the Board of Directors. It is proposed that remuneration to the Chairman remain unchanged at GBP 125,000 per annum, provided that the Chairman is not an employee.

    Remuneration to the Auditor be paid in accordance with approved invoices.

    Item 11

    For the period up to the end of the Annual General Meeting in 2026, Jean-Marie Mognetti, Carsten Køppen, Johan Lundberg, Viktor Fritzén and Christine Rankin be re-elected as members of the Board of Directors and that Daniel Masters be re-elected as the Chairman of the Board.

    Baker Tilly International (including any of its affiliates or member firms) (collectively, “Baker Tilly”) be elected to serve as the Company’s auditor for the period ending at the conclusion of the Annual General Meeting in 2026, unless the Board elects to appoint another audit firm that, at the time of appointment, audits an equal or greater number of Securities and Exchange Commission (SEC) registrants than Baker Tilly, based on the most recent data published by a recognized and independent provider of audit industry data, such as Audit Analytics or a comparable organization that tracks and reports on the number of SEC registrants audited by accounting firms. Information regarding the candidates nominated by the Nomination Committee for re-election to the Board of Directors is available on the Company’s website under the Investor Relations section.

    ITEM 12: RESOLUTION ON APPROVAL OF THE BOARD OF DIRECTOR’S REMUNERATION REPORT 

    Under the Swedish Corporate Governance Code, the Board of Director’s is required to prepare a report for each financial year regarding paid and outstanding remuneration to Board members, the CEO and the deputy CEO who are covered by the guidelines. As the Company has no deputy CEO and the Board members do not receive any remuneration other than that decided by the Annual General Meeting, the report for the financial year 2024 only covers the Company’s CEO. According to the Swedish Corporate Governance Board’s rules on remuneration to senior executives and on incentive programs, the report must contain an overview of each of the outstanding and concluded incentive programs completed during the year.

    The Board of Directors suggests that the Annual General Meeting approve the remuneration report for the financial year 2024.

    ITEM 13: RESOLUTION REGARDING AUTHORISING THE BOARD OF DIRECTORS TO DECIDE ON REPURCHASE AND TRANSFER OF OWN SHARES 

    The Board of Directors proposes that the Annual General Meeting resolves to authorise the Board of Directors to decide on purchases of the Company’s own shares in accordance with the following, main terms:

    1. Share repurchases may be made on Nasdaq Stockholm or any other regulated market.
    2. The authorisation may be exercised on one or more occasions before the 2026 Annual General Meeting.
    3. The maximum number of own shares that may be repurchased so that the Company’s holding of shares at any given time does not exceed 15% of the total number of shares in the Company.
    4. Repurchases of the Company’s own shares on Nasdaq Stockholm (or any other regulated market) may only be made at a price of no more than 5% above the average trading price of the 5 business days prior to the repurchase.
    5. Payment for the shares shall be made in cash.

    In addition, the Board of Directors proposes that the Annual General Meeting resolves to authorise the Board of Directors to decide on transfer of own shares, with or without deviation from the shareholders’ preferential rights, in accordance with the following, main terms:

    1. Transfers may be made on (i) Nasdaq Stockholm or (ii) outside of Nasdaq Stockholm in connection with the acquisition of companies, operations, or assets.
    2. The authorisation may be exercised on one or more occasions before the 2026 Annual General Meeting.
    3. The maximum number of shares that may be transferred corresponds to the number of shares held by the Company at the point in time of the Board of Directors’ decision on transfer.
    4. Transfers of shares on Nasdaq Stockholm (or any other regulated market)  may only be made at a price of no more than 5% above the average trading price of the shares 5 business days prior to the transfer. For transfers outside of Nasdaq Stockholm, the price shall be set so that the transfer is made at market terms, except for delivery of shares in connection with employee stock option programs.
    5. Payment for transferred shares may be made in cash, through in-kind payment, or through set-off against claims with the Company.

    The purpose of the authorisations is to give the Board of Directors greater scope to act and the opportunity to adapt and improve the Company’s capital structure and thereby create further shareholder value, and/or capitalise on or take advantage of any attractive acquisition, investment or related opportunities. The authorisation may also be used in order to enable delivery of shares in connection with employee stock option programs.

    The Board of Directors shall have the right to decide on other terms for repurchases and transfers of own shares in accordance with its authorisation. The Board of Directors also has the right to authorise the Chairman, the CEO, or the person designated by the Board to make such minor adjustments that may be necessary in connection with the execution of the Board’s decision to repurchase or transfer shares.

    A valid resolution in favour of the Board’s proposal requires the approval of shareholders with at least sixty-seven percent (67%) of the votes and shares represented at the Annual General Meeting.

    ITEM 14: RESOLUTION REGARDING AMENDMENTS TO THE COMPANY’S ARTICLES OF ASSOCIATION

    The Board of Directors proposes that the Company’s Articles of Association be amended by deletion of the existing articles 3.6.2, 17.2.7 and 24.12 and the insertion of new articles 3.6.2, 17.2.7 and 24.12 as follows:

    “3.6.2            the Directors may, by unanimous consent only, during any period of two consecutive calendar years, resolve to allot and issue in one or more tranches such number of ordinary shares (including, for the avoidance of doubt, any shares issued pursuant to, in connection with or upon conversion of any subsequently issued convertible bonds) as does not in the aggregate exceed twenty five percent (25%) of the total number of ordinary shares in issue (excluding any ordinary shares held in treasury) at 9am on 1st January of such year (rounded down to the nearest whole share), without the offer, issue  or allotment of such shares or the issue or conversion of any subsequently issued convertible bonds being subject to the provisions of Article 3.2 provided always that any such allotment, issue, or conversion is effected solely in connection with bona fide transactions for business purposes only (and for the avoidance of doubt the terms of this Article 3.6.2 shall not include the issuance of shares or convertible securities as consideration or compensation  for services rendered by employees, consultants, directors, or any other individuals in a personal capacity) and provided further that any issuance or allotment to any natural person pursuant to this Article 3.6.2 shall be subject to the unanimous approval of the remuneration committee as required by and in accordance with the terms of reference for such remuneration committee and shall not in aggregate in any calendar year exceed five percent (5%) of the total number of ordinary shares in issue at the time of such offer;” 

    “17.2.7          the creation of any charge or other security over any assets or property of a Group Company to secure borrowings, or indebtedness in the nature of borrowings, of that Group Company which, when aggregated with all other such borrowings or indebtedness, would exceed £200,000,000 (OTHER THAN in the ordinary course of its Business, and, DISREGARDING any amounts borrowed from other Group Companies) provided always that, subject to applicable law, nothing in these Articles (including without limitation this provision) shall restrict or prevent or be deemed to restrict or prevent the issuance by the Company of any corporate or convertible bonds or other debt instruments on an unsecured basis.”

    “24.12           Notwithstanding anything to the contrary within these Articles, meetings of the Board shall be held at such locations and in such manner, and resolutions of Directors passed in writing shall be signed, so as to cause the Company to:

                         24.12.1    be resident for taxation purposes in Jersey; and

                         24.12.2   comply with the Taxation (Companies – Economic Substance) (Jersey) Law 2019.”,

    (such proposed amendments together, the “Board Proposals”).

    A valid resolution in favour of the Board Proposals requires the approval of shareholders with at least sixty-seven percent (67%) of the votes and shares represented at the Annual General Meeting.

    NUMBER OF SHARES AND VOTES

    The total number of shares in the Company as of the date hereof amounts to 66,678,210 shares, with a corresponding number of votes. The Company holds 883,259 own shares.

    FURTHER INFORMATION

    Copies of accounts, audit report, remuneration report, proxy form, complete proposals and all other relevant documents are available on the Company’s website.

    The shareholders are hereby notified regarding the right to, at the annual general meeting, request information from the Board of Directors and the CEO.

    Jersey, 1 May 2025
     CoinShares International Limited
    The Board of Directors

    About CoinShares

    CoinShares is Europe’s largest and leading digital asset investment and trading group by AuM, managing billions of assets on behalf of a global client base. Our mission is to expand investing into digital assets with our trusted, regulated, best-in-class product suite that provides investors with trust and transparency when accessing cryptocurrencies. We believe that Bitcoin and blockchain networks are landmark innovations that will fundamentally reshape the global financial system and the way we interact digitally, and investors should be able to participate in this transformation. CoinShares is publicly listed on the Nasdaq Stockholm under ticker CS and the OTCQX under the ticker CNSRF. CoinShares has multiple touchpoints with financial regulatory bodies around the world, including the AMF, JFSC and FINRA.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    Attachments

    The MIL Network –

  • MIL-OSI: Lloyds Bank PLC: 2025 Q1 Interim Management Statement

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 01, 2025 (GLOBE NEWSWIRE) —

    Lloyds Bank plc
    Q1 2025 Interim Management Statement
    1 May 2025

    Member of the Lloyds Banking Group

    FORWARD LOOKING STATEMENTS

    This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

    FINANCIAL REVIEW

    Income statement

    The Group’s profit before tax for the first three months of 2025 was £1,177 million, 26% lower than the same period in 2024. This was driven by higher operating expenses and a higher impairment charge. Profit after tax was £881 million (three months to 31 March 2024: £1,159 million).

    Total income for the first three months of 2025 was £4,371 million, broadly in line with the same period in 2024 (three months to 31 March 2024: £4,385 million). Net interest income of £3,244 million was up 4% on the prior year (three months to 31 March 2024: £3,127 million), driven by a higher margin and higher average interest-earning assets. Other income decreased by 10% to £1,127 million (three months to 31 March 2024: £1,258 million). The decrease in other income reflected improved performance in UK Motor Finance, with fleet growth and higher average vehicle rental values, which was more than offset by negative market volatility and a reduction in income from fellow Lloyds Banking Group undertakings.

    Total operating expenses of £2,884 million were 6% higher than in the prior year. This reflects higher costs, combining inflationary pressures, timing of strategic investment including planned higher severance front-loaded into the first quarter of 2025 and business growth costs, partly offset by cost savings and continued cost discipline. This is alongside higher operating lease depreciation, as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices over 2024.

    No net remediation charge was recognised by the Group in the first three months of 2025 (three months to 31 March 2024: £25 million). There have been no further charges relating to motor finance commission arrangements. The Supreme Court heard the appeal of the Wrench, Johnson and Hopcraft decision in early April and has stated that it is likely to produce its judgment in July. The FCA has indicated that the decision will inform its next steps in the discretionary commission arrangements (DCA) review and that it will confirm within six weeks of the decision if it is proposing a redress scheme and if so, how it will take that forward. The FCA has also noted that its next steps on non-DCA complaints will be informed by the decision.

    The impairment charge was £310 million, up from £70 million in the three months to 31 March 2024. Asset quality remained resilient in the quarter. The charge included strong portfolio performance in Retail, more than offset by a higher charge in Commercial Banking, partly due to the non-recurrence of a release from loss rates used in the model in 2024. The charge also included a £100 million central adjustment to address downside risks to the base case related to the potential impact from US tariff policies announced at the start of April. These were becoming apparent around the balance sheet date and were determined to not be fully captured within the modelled divisional ECL allowances. This is partially offset by benefits to the MES from small increases to house price and wage growth expectations.

    FINANCIAL REVIEW (continued)

    Balance sheet

    Total assets were £5,143 million, or 1%, higher at £616,356 million at 31 March 2025 (31 December 2024: £611,213 million).

    Financial assets at amortised cost were £3,135 million higher at £508,032 million (31 December 2024: £504,897 million) with increases in loans and advances to customers. This included growth of £4,807 million in UK mortgages and growth across UK Retail unsecured loans, credit cards, UK Motor Finance and the European retail business. Lending balances reduced in Commercial Banking as a result of repayments of government-backed lending. The growth in loans and advances to customers was partly offset by a £908 million reduction in reverse repurchase agreements, a £302 million reduction in loans and advances to banks and a £1,474 million reduction in debt securities.

    Cash and balances at central banks decreased 1% to £42,000 million. Financial assets held at fair value through profit or loss increased by £733 million, due to increased reverse repurchase agreements. Derivative financial assets were £520 million lower at £3,715 million (31 December 2024: £4,235 million), driven by interest rate and currency movements in the period. Financial assets at fair value through other comprehensive income were stable in the period at £30,682 million. Other assets were £1,853 million higher, primarily reflecting increased settlement balances.

    Total liabilities were £3,230 million higher at £574,696 million (31 December 2024: £571,466 million). Customer deposits of £456,574 million increased in the period by £4,780 million. Retail deposits increased by £2,637 million in the period, driven by net inflows to limited withdrawal and fixed term deposits alongside higher current account balances. Commercial Banking deposits were up in the quarter, aided by short term balances.

    Other liabilities increased by £1,034 million reflecting increased settlement balances, while debt securities in issue decreased by £2,789 million, with higher levels of maturities in the period.

    Total equity increased to £41,660 million at 31 March 2025 (31 December 2024: £39,747 million). The increase primarily reflected profit attributable to ordinary shareholders alongside unwind of the cash flow hedge reserve and issuance of an AT1 capital instrument in February 2025 to Lloyds Banking Group plc.

    Capital

    The Group’s common equity tier 1 (CET1) capital ratio reduced to 13.6% at 31 March 2025 from 13.7% at 31 December 2024. Profit for the first three months of the year was offset by the accrual for foreseeable ordinary dividends and an increase in risk-weighted assets.

    The Group’s total capital ratio at 31 March 2025 remained at 19.9% (31 December 2024: 19.9%). The increase in CET1 capital and the issuance of a new AT1 capital instrument were offset by the increase in risk-weighted assets and a reduction in tier 2 capital reflecting an instrument call and other movements.

    Risk-weighted assets increased by £3,955 million to £190,951 million at 31 March 2025 from £186,996 million at 31 December 2024. This reflects the impact of lending growth, but also includes a temporary c.£2.5 billion increase primarily due to hedging activity that is expected to reverse by the third quarter. The growth in risk-weighted assets was partly offset by continued optimisation activity and other movements.

    The Group’s UK leverage ratio increased to 5.5% at 31 March 2025 from 5.4% at 31 December 2024, reflecting an increase in the total tier 1 capital position, partially offset by an increase in the leverage exposure measure. The latter reflects increases across loans and advances and other assets, due in part to lending growth, partially offset by a reduction in the measure for securities financing transactions.

     
    CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
               
      Three
    months
    ended
    31 Mar
    2025
    £m    		     Three
    months
    ended
    31 Mar
    2024
    £m    		  
           
    Net interest income 3,244     3,127  
    Other income 1,127     1,258  
    Total income 4,371     4,385  
    Operating expenses (2,884 )   (2,728 )
    Impairment (310 )   (70 )
    Profit before tax 1,177     1,587  
    Tax expense (296 )   (428 )
    Profit after tax 881     1,159  
           
    Profit attributable to ordinary shareholders 774     1,069  
    Profit attributable to other equity holders 98     86  
    Profit attributable to equity holders 872     1,155  
    Profit attributable to non-controlling interests 9     4  
    Profit after tax 881     1,159  
               
     
    CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
               
      At 31 Mar
    2025
    £m    		     At 31 Dec
    2024
    £m    		  
               
    Assets          
    Cash and balances at central banks 42,000     42,396  
    Financial assets at fair value through profit or loss 3,054     2,321  
    Derivative financial instruments 3,715     4,235  
    Financial assets at amortised cost 508,032     504,897  
    Financial assets at fair value through other comprehensive income 30,682     30,344  
    Other assets 28,873     27,020  
    Total assets 616,356     611,213  
    Liabilities          
    Deposits from banks 3,899     3,144  
    Customer deposits 456,574     451,794  
    Repurchase agreements 38,474     37,760  
    Due to fellow Lloyds Banking Group undertakings 3,981     4,049  
    Financial liabilities at fair value through profit or loss 4,538     4,630  
    Derivative financial instruments 5,327     5,787  
    Debt securities in issue at amortised cost 42,492     45,281  
    Other liabilities 12,844     11,810  
    Subordinated liabilities 6,567     7,211  
    Total liabilities 574,696     571,466  
    Total equity 41,660     39,747  
    Total equity and liabilities 616,356     611,213  
               

    ADDITIONAL FINANCIAL INFORMATION

    1.  Basis of presentation

    This release covers the results of Lloyds Bank plc together with its subsidiaries (the Group) for the three months ended 31 March 2025.

    The Group’s Q1 2025 Interim Pillar 3 Disclosures can be found at: www.lloydsbankinggroup.com/investors/financial-downloads.html.

    Accounting policies

    The accounting policies are consistent with those applied by the Group in its 2024 Annual Report and Accounts.

    2.  Loans and advances to customers and expected credit loss allowance

    At 31 March 2025 Stage 1
    £m    		     Stage 2
    £m    		   Stage 3
    £m    		   POCI
    £m    		   Total
    £m    		     Stage 2
    as % of
    total    		   Stage 3
    as % of
    total
    Loans and advances to customers                          
    UK mortgages 275,816     31,912   4,137   6,016   317,881     10.0   1.3
    Credit cards 13,875     2,327   261   –   16,463     14.1   1.6
    UK unsecured loans and overdrafts 9,660     1,325   171   –   11,156     11.9   1.5
    UK Motor Finance 14,197     2,491   131   –   16,819     14.8   0.8
    Other 18,462     471   151   –   19,084     2.5   0.8
    Retail 332,010     38,526   4,851   6,016   381,403     10.1   1.3
    Business and Commercial Banking 25,778     2,946   1,160   –   29,884     9.9   3.9
    Corporate and Institutional Banking 36,705     2,528   1,007   –   40,240     6.3   2.5
    Commercial Banking 62,483     5,474   2,167   –   70,124     7.8   3.1
    Other1 (414 )   –   –   –   (414 )        
    Total gross lending 394,079     44,000   7,018   6,016   451,113     9.8   1.6
                               
    Customer related ECL allowance (drawn and undrawn)
    UK mortgages 52     245   322   179   798          
    Credit cards 199     308   130   –   637          
    UK unsecured loans and overdrafts 167     240   114   –   521          
    UK Motor Finance2 170     118   75   –   363          
    Other 14     14   38   –   66          
    Retail 602     925   679   179   2,385          
    Business and Commercial Banking 133     183   172   –   488          
    Corporate and Institutional Banking 108     149   323   –   580          
    Commercial Banking 241     332   495   –   1,068          
    Other3 50     50   –   –   100          
    Total 893     1,307   1,174   179   3,553          
                               
    Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers
      Stage 1
    %    		     Stage 2
    %    		   Stage 3
    %    		   POCI
    %    		   Total
    %    		          
    UK mortgages –     0.8   7.8   3.0   0.3          
    Credit cards 1.4     13.2   49.8   –   3.9          
    UK unsecured loans and overdrafts 1.7     18.1   66.7   –   4.7          
    UK Motor Finance 1.2     4.7   57.3   –   2.2          
    Other 0.1     3.0   25.2   –   0.3          
    Retail 0.2     2.4   14.0   3.0   0.6          
    Business and Commercial Banking 0.5     6.2   14.8   –   1.6          
    Corporate and Institutional Banking 0.3     5.9   32.1   –   1.4          
    Commercial Banking 0.4     6.1   22.8   –   1.5          
    Other         –   –            
    Total 0.2     3.0   16.7   3.0   0.8          
                                   

    1 Contains central fair value hedge accounting adjustments.
    2 UK Motor Finance includes £178 million relating to provisions against residual values of vehicles subject to finance leases.
    3 Other includes a £100 million central adjustment that has not been allocated to specific portfolios.

    ADDITIONAL FINANCIAL INFORMATION (continued)

    3.  UK economic assumptions

    Base case and MES economic assumptions

    The Group’s base case scenario is for a slow expansion in gross domestic product (GDP) and a modest rise in the unemployment rate alongside small gains in residential and commercial property prices. Inflationary pressures remain persistent, but gradual cuts in UK Bank Rate are expected to continue during 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.

    The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the first quarter of 2025. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included. The Group’s approach to generating alternative economic scenarios is set out in detail in note 19 to the financial statements of the Group’s 2024 annual report and accounts.

    The Group had included assumptions for expected tariffs and potential responses in its quarter-end base case conditioning assumptions prior to announcements at the start of April. Initial non-UK tariffs announced in the first few days of April and the immediate market response were larger than expected. Accordingly, the Group has adopted a £100 million central adjustment to reflect the potential ECL impact, informed by high level sensitivity to key UK economic metrics based on tariff scenarios. Subsequent developments through April were judged to relate to conditions after the balance sheet date and will be reflected in the second quarter reporting period.

    UK economic assumptions – base case scenario by quarter

    Key quarterly assumptions made by the Group in the base case scenario are shown below. GDP growth is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.

    At 31 March 2025 First
    quarter
    2025
    %    		 Second
    quarter
    2025
    %    		 Third
    quarter
    2025
    %    		 Fourth
    quarter
    2025
    %    		 First
    quarter
    2026
    %    		 Second
    quarter
    2026
    %    		 Third
    quarter
    2026
    %    		 Fourth
    quarter
    2026
    %
                     
    Gross domestic product growth 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4
    Unemployment rate 4.6 4.7 4.8 4.8 4.8 4.8 4.8 4.8
    House price growth 3.8 3.8 2.4 1.7 1.3 1.7 1.9 1.8
    Commercial real estate price growth 2.6 2.8 2.7 1.3 0.9 0.7 0.8 1.1
    UK Bank Rate 4.50 4.25 4.00 4.00 3.75 3.75 3.50 3.50
    CPI inflation 2.8 3.6 3.6 3.5 3.0 2.8 2.6 2.7
                     

    ADDITIONAL FINANCIAL INFORMATION (continued)

    3.  UK economic assumptions (continued)

    UK economic assumptions – scenarios by year

    Key annual assumptions made by the Group are shown below. GDP growth and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.

    At 31 March 2025 2025
    %    		   2026
    %    		   2027
    %    		   2028
    %    		   2029
    %    		   2025-2029
    average
    %    		  
                 
    Upside            
    Gross domestic product growth 1.3   2.2   1.6   1.5   1.4   1.6  
    Unemployment rate 4.1   3.2   3.1   3.1   3.2   3.3  
    House price growth 2.9   5.9   6.8   5.4   4.3   5.1  
    Commercial real estate price growth 6.1   5.7   2.6   1.0   0.4   3.2  
    UK Bank Rate 4.43   4.72   4.86   5.06   5.20   4.85  
    CPI inflation 3.3   2.8   2.8   3.1   3.0   3.0  
                 
    Base case            
    Gross domestic product growth 0.8   1.4   1.6   1.6   1.5   1.3  
    Unemployment rate 4.7   4.8   4.6   4.5   4.5   4.6  
    House price growth 1.7   1.8   1.9   2.5   2.9   2.1  
    Commercial real estate price growth 1.3   1.1   1.2   0.6   0.3   0.9  
    UK Bank Rate 4.19   3.63   3.50   3.50   3.50   3.66  
    CPI inflation 3.4   2.8   2.5   2.5   2.4   2.7  
                 
    Downside            
    Gross domestic product growth (0.2 ) (0.9 ) 0.9   1.5   1.5   0.6  
    Unemployment rate 5.6   7.4   7.6   7.3   7.0   7.0  
    House price growth 0.5   (3.4 ) (6.7 ) (4.2 ) (1.1 ) (3.0 )
    Commercial real estate price growth (4.7 ) (5.7 ) (1.7 ) (2.2 ) (2.3 ) (3.4 )
    UK Bank Rate 3.83   1.67   0.96   0.65   0.42   1.51  
    CPI inflation 3.4   2.8   2.0   1.5   1.0   2.1  
                 
    Severe downside            
    Gross domestic product growth (1.1 ) (2.3 ) 0.7   1.4   1.5   0.0  
    Unemployment rate 6.8   10.0   10.2   9.7   9.3   9.2  
    House price growth (0.6 ) (8.4 ) (13.8 ) (9.6 ) (5.0 ) (7.6 )
    Commercial real estate price growth (12.5 ) (13.3 ) (7.1 ) (5.7 ) (4.9 ) (8.8 )
    UK Bank Rate – modelled 3.38   0.39   0.09   0.03   0.01   0.78  
    UK Bank Rate – adjusted1 4.25   2.94   2.80   2.76   2.75   3.10  
    CPI inflation – modelled 3.4   2.5   1.3   0.4   (0.2 ) 1.5  
    CPI inflation – adjusted1 3.8   3.8   3.2   2.7   2.4   3.2  
                 
    Probability-weighted            
    Gross domestic product growth 0.5   0.6   1.3   1.5   1.5   1.1  
    Unemployment rate 5.0   5.6   5.6   5.4   5.4   5.4  
    House price growth 1.4   0.5   (0.8 ) 0.1   1.3   0.5  
    Commercial real estate price growth (0.4 ) (1.0 ) (0.1 ) (0.7 ) (1.0 ) (0.6 )
    UK Bank Rate – modelled 4.07   3.04   2.81   2.76   2.74   3.08  
    UK Bank Rate – adjusted1 4.16   3.30   3.08   3.04   3.01   3.32  
    CPI inflation – modelled 3.4   2.7   2.3   2.1   1.9   2.5  
    CPI inflation – adjusted1 3.4   2.9   2.5   2.4   2.2   2.7  
                             
    1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks to the Group’s base case view in an economic environment where the risks of supply and demand shocks are seen as more balanced.
                             

    CONTACTS

    For further information please contact:

    INVESTORS AND ANALYSTS
    Douglas Radcliffe
    Group Investor Relations Director
    020 7356 1571
    douglas.radcliffe@lloydsbanking.com

    Rohith Chandra-Rajan
    Director of Investor Relations
    07786 988936
    rohith.chandra-rajan@lloydsbanking.com

    Nora Thoden
    Director of Investor Relations – ESG
    020 7356 2334
    nora.thoden@lloydsbanking.com

    Tom Grantham
    Investor Relations Senior Manager
    07851 440 091
    thomas.grantham@lloydsbanking.com

    Sarah Robson
    Investor Relations Senior Manager
    07494 513 983
    sarah.robson2@lloydsbanking.com

    CORPORATE AFFAIRS
    Matt Smith
    Head of Media Relations
    07788 352 487
    matt.smith@lloydsbanking.com

    Emma Fairhurst
    Media Relations Senior Manager
    07814 395 855
    emma.fairhurst@lloydsbanking.com

    Copies of this Interim Management Statement may be obtained from:
    Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
    The statement can also be found on the Group’s website – www.lloydsbankinggroup.com

    Registered office: Lloyds Bank plc, 25 Gresham Street, London, EC2V 7HN
    Registered in England No. 2065

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI: Cyabra to Participate in Upcoming Investor Conferences in May

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, May 01, 2025 (GLOBE NEWSWIRE) — Cyabra Strategy Ltd. (“Cyabra”), a leading AI platform for real-time disinformation detection, today announced its participation at the following investor conferences in May:

    20th Annual Needham Technology, Media, & Consumer Virtual Conference

    Participants: Dan Brahmy, Co-Founder and Chief Executive Officer, and Yael Sandler, Chief Financial Officer.

    Format: Company management will be available for virtual one-on-one meetings throughout the day. To schedule a meeting, please contact your Needham representative directly.

    When: Monday, May 12.

    The Ladenburg Thalmann Technology Innovation EXPO25

    Participant: Dan Brahmy, Co-Founder and Chief Executive Officer.

    Format: Company presentation and one-on-one meetings.

    When: Wednesday, May 21, in New York, NY, with the company presenting at 11:30am ET.

    About Cyabra

    Cyabra is a real-time AI-powered platform that uncovers and analyzes online disinformation and misinformation by uncovering fake profiles, harmful narratives, and GenAI content across social media and digital news channels. Cyabra’s AI solutions protect corporations and governments against brand reputation risks, election manipulation, foreign interference, and other online threats. Cyabra’s platform leverages proprietary algorithms and NLP solutions, gathering and analyzing publicly available data to provide clear, actionable insights and real-time alerts that inform critical decision-making. Cyabra uncovers the good, bad, and fake online.

    Cyabra has entered into a business combination agreement (the “Business Combination Agreement”) with Trailblazer Merger Corporation I (NASDAQ: TBMC) (“Trailblazer”), a blank-check special-purpose acquisition company.

    For more information, visit www.cyabra.com.

    Investor Relations Contact:
    Miri Segal
    MS-IR
    msegal@ms-ir.com

    Media Contact:
    Jill Burkes
    Jill@cyabra.com
    Signal Contact: Jillabra.24

    About Trailblazer

    Trailblazer Merger Corporation I (Nasdaq: TBMC) is a blank check company formed and entered into a merger, shared exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. For more information, visit: www.trailblazermergercorp.com

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to certain products that will be the subject of a proposed transaction between Trailblazer Merger Corporation I (“Trailblazer”) and Cyabra Strategy Ltd. (“Cyabra”). All statements other than statements of historical facts contained in this press release, including statements regarding Cyabra’s business strategy, products, research and development costs, plans and objectives of management for future operations, and future results of current and anticipated product offerings, are forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed transaction: the ability to complete the Business Combination or, if Trailblazer does not consummate such Business Combination, any other initial business combination; expectations regarding Cyabra’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and Cyabra’s ability to invest in growth initiatives and pursue acquisition opportunities; the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the outcome of any legal proceedings that may be instituted against Trailblazer or Cyabra following announcement of the Business Combination Agreement and the transactions contemplated therein; the inability to complete the proposed Business Combination due to, among other things, the failure to obtain Trailblazer stockholder approval; the risk that the announcement and consummation of the proposed Business Combination disrupts Cyabra’s current operations and future plans; the ability to recognize the anticipated benefits of the proposed Business Combination; unexpected costs related to the proposed Business Combination; the amount of any redemptions by existing holders of Trailblazer’s common stock being greater than expected; limited liquidity and trading of Trailblazer’s securities; geopolitical risk and changes in applicable laws or regulations; the size of the addressable markets for Cyabra’s products and services; the possibility that Trailblazer and/or Cyabra may be adversely affected by other economic, business, and/or competitive factors; the ability to obtain and/or maintain the listing of Combined Company’s Common Stock on Nasdaq following the Business Combination; operational risk; and the risks that the consummation of the proposed Business Combination is substantially delayed or does not occur.

    Important Information for Investors and Stockholders

    An affiliate of Trailblazer has filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC which includes a preliminary proxy statement of Trailblazer and a preliminary prospectus of the affiliate. Once the Registration Statement has been declared effective, a definitive Proxy Statement/Prospectus will be mailed to Trailblazer’s shareholders as of a record date to be established for voting on the merger. Trailblazer and its affiliates may also file other relevant documents regarding the merger with the SEC. Trailblazer’s shareholders and other interested persons are advised to read the preliminary Proxy Statement/Prospectus and any amendments thereto and, once available, the definitive Proxy Statement/Prospectus, in connection with Trailblazer’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the merger, because these documents will contain important information about the parties to the merger. Shareholders may also obtain a copy of any preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the merger and other documents filed with the SEC by Parent and its affiliates, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: Trailblazer’s Chief Development Officer at 510 Madison Avenue, Suite 1401, New York, NY 10022.

    Participants in the Solicitation

    Cyabra, Trailblazer, and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Trailblazer stockholders regarding the transaction. Information about Trailblazer’s directors and executive officers and their ownership of Trailblazer’s securities is set forth in Trailblazer’s most recent Annual Report on Form 10-K filed with the SEC, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed Transactions when it becomes available.

    No Offer or Solicitation

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval. No sale of securities shall occur in any jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under applicable laws.

    The MIL Network –

  • MIL-OSI: SAIC Awarded New $55 Million Mission Integration Contract From Space Development Agency

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., May 01, 2025 (GLOBE NEWSWIRE) — Science Applications International Corp. (NASDAQ: SAIC) has been awarded the Proliferated Warfighter Space Architecture (PWSA) Tranche 3 Program Integration (T3PI) contract from the Space Development Agency (SDA). This new $55 million contract spans a five-year performance period and is set for a May 1, 2025, program start.

    The PWSA is a constellation populated with multi-vendor space vehicles for the Transport, Tracking and Custody Layers and an associated ground system designed to address critical Department of Defense capability gaps associated with closing challenging kill chains with precision and speed. The Tranche 3 space layers will provide multi-band global communications access and persistent encrypted connectivity for warfighter missions, global missile defense, augmented Position, Navigation and Timing and 24/7, all-weather custody of time-sensitive targets. Under this new contract, SAIC will deliver mission-first management of enterprise requirements, schedule, engineering, technical reviews and risk to help address the complexity of integrating multiple Tranche 3 space layers, the ground segment, the existing space segments and operational users.

    “T3PI is a strategic win for SAIC because it demonstrates our proven expertise in mission integration and digital engineering,” said David Ray, SAIC executive vice president of Space and Intelligence Business Group. “But most importantly, it’s a win for warfighters as SAIC works with our robust ecosystem of partners, including the Space Development Agency and U.S. Space Force to integrate threat kill chains at speed. Ultimately, this work increases warfighter lethality and decision dominance in all domains – land, sea, air, space and cyber.”

    As America’s leading Mission Integrator, SAIC delivers advanced technology solutions for national imperatives including all-domain warfighting and next-generation space capabilities. The Fortune 500 company is already working with SDA on the innovative Battle Management Command, Control and Communications (BMC3) program which securely delivers apps to in-orbit satellites. For SDA’s Tranche 3 Layers, SAIC has assembled a highly experienced team to provide comprehensive systems engineering support to ensure seamless mission integration of the PWSA space, ground and user segments. This approach guarantees a tailored, scalable and secure solution for space operations, aligned with SDA’s planned launch windows.

    “Beyond delivering next-gen warfighting capabilities, T3PI highlights the need of a data-centric mission integration approach for the space, intelligence and military communities,” Ray continued. “For new national imperatives like Golden Dome for America missile defense, premier mission integrators will be essential to fuse existing all-domain systems with newly created infrastructure using advanced commercial technologies like digital engineering, AI, cloud and multi-level security. We’re excited to get started on T3PI so that we can efficiently maximize value for the American taxpayers with speed and scale for the best mission outcomes.”

    About SAIC 
    SAIC® is a premier Fortune 500 mission integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets include secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

    We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.5 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

    Media Contact: 
    Darryn C. James
    Darryn.C.James@saic.com

    The MIL Network –

  • MIL-OSI: NANO Nuclear Announces Opening Keynote Presentation and Platinum Sponsorship at the Upcoming Reuters Events: SMR & Advanced Reactor 2025 Conference

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., May 01, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it is the Platinum Sponsor of the upcoming Reuters Events: SMR & Advanced Reactor 2025, to be held in Nashville, Tennessee on 12-13, May 2025.

    NANO Nuclear Energy Chief Executive Officer James Walker will lead the opening keynote presentation titled, “The Growth of U.S. Advanced Reactors — Wall Street’s Success Story” at 9:00am on May 12th. In the presentation, he will explore how U.S. policy shifts, global energy demand, and the availability of clean energy focused investment capital are hastening the commercialization of advanced nuclear reactors, including small nuclear reactors (known as SMRs) like those being developed by NANO Nuclear, and how NANO Nuclear capitalized on these trends to become the best performing initial public offering in the U.S. of 2024.

    “Reuters Events offer a valuable opportunity to engage with stakeholders and leading innovators in the SMR and advanced reactor field,” said James Walker, Chief Executive Officer of NANO Nuclear. “I’m excited for NANO Nuclear to be the leading sponsor and to personally participate in this year’s conference to discuss NANO Nuclear’s journey and mission, and gain insights from the broader community shaping the future of nuclear technology.”

    Reuters Events: SMR & Advanced Reactor 2025 is the only senior-level meeting point for the SMR community, where 600+ leaders from utilities, financiers, reactor developers, technology providers and regulators unite to create meaningful connections, share trusted insights, and obtain lessons-learned to inform your multi-billion-dollar strategy at pace.

    “This conference unites some of the most forward-thinking innovators in the advanced reactor space,” said Professor Massimiliano Fratoni, Senior Director and Head of Reactor Design of NANO Nuclear. “It’s an excellent forum to learn about the direction of the nuclear industry and exchange ideas with those driving progress. I’m looking forward to the informative sessions on offer.”

    “NANO Nuclear is executing on schedule, and we expect the next 12 months to include several important regulatory and operational milestones that will help secure our leadership in the U.S. microreactor race,” said Jay Yu, Founder and Chairman of NANO Nuclear. “The achievement of these milestones would be key as we advance toward construction, demonstration, regulatory licensing and eventual commercialization and deployment for our cutting-edge reactors. I look forward to discussing our progress with investors and industry peers at the upcoming Reuters SMR & Advanced Reactor Conference.”

    A replay of Mr. Walker’s presentation if produced by Reuters Events: SMR & Advanced Reactor 2025 will be available on NANO Nuclear’s website for at least 30 days following the presentation at https://ir.nanonuclearenergy.com/news-events/events.

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release, the conference presentation referred to herein, and statements of NANO Nuclear’s management in connection with this news release and such presentation contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release and the related presentation, forward-looking statements may include those related to NANO Nuclear’s development, demonstration and regulatory licensing plans and goals, as well as the anticipated future benefits to NANO Nuclear of being a publicly traded company. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Liquidia Corporation to Report First Quarter 2025 Financial Results on May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    MORRISVILLE, N.C., May 01, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, announced today that it will report its first quarter 2025 financial results on Thursday, May 8, 2025. The company will host a webcast at 8:30 a.m. Eastern Time to discuss its financial results and provide a corporate update.

    The webcast will be available on Liquidia’s website at https://liquidia.com/investors/events-and-presentations. A rebroadcast of the event will be available and archived for a period of one year at the same location.

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).  The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    The MIL Network –

  • MIL-OSI: Binah Capital Group Expands Executive Team with Appointment of Industry Veteran Ryan Marcus as Chief Business Development and Engagement Officer

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, Inc. (“Binah Capital”) (NASDAQ: BCG), a leading financial services enterprise that owns and operates a network of firms empowering independent financial advisors, today welcomed Ryan Marcus as its new Chief Business Development and Engagement Officer.

    In his new role, Mr. Marcus will work closely with Binah Capital’s broker-dealers, including PKS Investments, Cabot Lodge Securities and World Equity Group, to develop and implement long-term business strategies. He will focus on enhancing market presence, building a unified value proposition and driving sustainable growth across the organization.

    Mr. Marcus brings a strong record of results-driven leadership, strategic growth execution and a deep understanding of the wealth management space. Known for his authentic, relationship-focused approach, Mr. Marcus has built a career around driving engagement and unlocking value for financial services organizations. He most recently served in senior roles at MarketCounsel, where he led business development and client engagement initiatives.

    “Ryan is a rare talent and industry builder who understands how trust, transparency and long-term value are created and maintained,” said Craig Gould, CEO of Binah Capital Group. “His deep relationships and intuitive grasp of the advisor landscape will strengthen our ability to deliver unparalleled support to our partners. We’re thrilled to welcome him as a senior executive at Binah and look forward to working together to execute on our strategic growth plans.”

    “MarketCounsel has been so much more than a job to me—it’s been a huge part of my life for over a decade. My colleagues have become part of my family, and being part of such a powerful brand has been both personally and professionally rewarding,” said Marcus. “Being Brian Hamburger’s right hand and personal friend through so many chapters has been one of the most meaningful and fulfilling experiences. As I take this next step and join the leadership team at Binah Capital Group, I look forward to making just as big of an impact here as I have at MarketCounsel.”

    Mr. Marcus’s hiring signifies a meaningful step forward for Binah Capital as it continues to invest in experienced talent to spearhead innovative growth strategies to further enhance our solutions and services.

    About Binah Capital Group

    Binah Capital Group (“Binah Capital”, “Binah” or the “Company,” is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

    For more, please visit: www.binahcap.com

    Contact:

    Binah Capital Investor Relations
    ir@binahcap.com

    Binah Capital Public Relations
    media@binahcap.com

    The MIL Network –

  • MIL-OSI: Parker Reports Fiscal 2025 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, May 01, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended March 31, 2025, that included the following highlights (compared with the prior year quarter):

    Fiscal 2025 Third Quarter Highlights:

    • Sales were $5.0 billion; organic sales growth was 1%
    • Net income was $961 million, an increase of 32%, or $904 million adjusted, an increase of 6%
    • EPS were $7.37, an increase of 33%, or $6.94 adjusted, an increase of 7%
    • Segment operating margin was 23.2%, an increase of 170 bps, or 26.3% adjusted, an increase of 160 bps
    • YTD cash flow from operations increased 8% to $2.3 billion, or 15.8% of sales
    • Repurchased $650 million of shares in the quarter

    “Our third quarter performance demonstrates the strength of our business and our global team’s ability to continue to deliver record results,” said Jenny Parmentier, Chairman and Chief Executive Officer. “All reported businesses showed substantial margin expansion and helped us surpass 26% adjusted segment operating margin for the first time. We also produced record earnings per share, generated record cash flow from operations, and repurchased $650 million of shares. We recently announced a 10% increase in our quarterly cash dividend and are committed to our strategy of actively deploying capital to drive shareholder value, including acquisitions and increased share repurchase activity, depending on market conditions.”

    “The resiliency of our portfolio coupled with the power of our business system, The Win Strategy™, has enabled us to consistently deliver strong results through business cycles. With our decentralized structure and the agility of our global teams, we are confident in our ability to manage through macroeconomic uncertainty, including tariffs. We are fully committed to achieving our fiscal year 2029 financial targets.”

    This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

    Outlook

    Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

    • Sales growth in fiscal 2025 of approximately (1%), with organic sales growth of approximately 1%; divestitures of (1.5%) and unfavorable currency of (0.5%)
    • Total segment operating margin of approximately 22.7%, or approximately 25.9% on an adjusted basis
    • EPS of $25.92 to $26.12, or $26.60 to $26.80 on an adjusted basis, and includes the effect of announced tariffs fully offset by mitigation actions

    Segment Results

     
    Diversified Industrial Segment
     
    North America Businesses 
    $ in mm FY25 Q3   FY24 Q3   Change   Organic Growth
    Sales $ 2,031     $ 2,231     -9.0 %   -3.5 %
    Segment Operating Income $ 467     $ 490     -4.8 %    
    Segment Operating Margin   23.0 %     22.0 %   100 bps    
    Adjusted Segment Operating Income $ 513     $ 538     -4.8 %    
    Adjusted Segment Operating Margin   25.2 %     24.1 %   110 bps    
                           
    • Achieved record adjusted segment operating margin
    • Softness in transportation, off-highway and energy markets
    • Orders positive for second consecutive quarter
           
    International Businesses
    $ in mm FY25 Q3   FY24 Q3   Change   Organic Growth
    Sales $ 1,358     $ 1,434     -5.3 %   -2.8 %
    Segment Operating Income $ 312     $ 310     0.7 %    
    Segment Operating Margin   23.0 %     21.6 %   140 bps    
    Adjusted Segment Operating Income $ 340     $ 337     1.2 %    
    Adjusted Segment Operating Margin   25.1 %     23.5 %   160 bps    
                           
    • Achieved record adjusted segment operating margin
    • Organic growth: 2% APAC; (7%) EMEA; 8% LA
    • Orders accelerate on long-cycle strength
     
    Aerospace Systems Segment
    $ in mm FY25 Q3   FY24 Q3   Change   Organic Growth
    Sales $ 1,572     $ 1,409     11.6 %   11.7 %
    Segment Operating Income $ 373     $ 289     28.9 %    
    Segment Operating Margin   23.7 %     20.5 %   320 bps    
    Adjusted Segment Operating Income $ 451     $ 376     19.8 %    
    Adjusted Segment Operating Margin   28.7 %     26.7 %   200 bps    
                           
    • Achieved record sales on continued aftermarket strength
    • Delivered record adjusted segment operating margin
    • Aerospace backlog increased to a record $7.3 billion
       
    Order Rates
       
      FY25 Q3
    Parker +9 %
    Diversified Industrial Segment – North America Businesses +3 %
    Diversified Industrial Segment – International Businesses +11 %
    Aerospace Systems Segment +14 %
         
    • Parker order rates increased to 9% reflecting our transformed portfolio and long-cycle strength
    • Aerospace orders increased to 14% driven by strength in both commercial and defense
    • Orders remained positive across all reported businesses

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

    Contacts:  
    Media: Financial Analysts:
    Aidan Gormley Jeff Miller
    216-896-3258 216-896-2708
    aidan.gormley@parker.com jeffrey.miller@parker.com
       
       

    Notice of Webcast
    Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2025 third quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

    Note on Orders The company reported orders for the quarter ending March 31, 2025, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margin for Parker and by segment; (d) adjusted segment operating income for Parker and by segment and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

    Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.

     
    CONSOLIDATED STATEMENT OF INCOME
     
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands, except per share amounts)   2025       2024       2025       2024  
    Net sales $ 4,960,349     $ 5,074,356     $ 14,606,926     $ 14,742,791  
    Cost of sales   3,129,951       3,279,650       9,249,899       9,478,961  
    Selling, general and administrative expenses   784,355       816,337       2,415,565       2,496,830  
    Interest expense   95,942       123,732       309,835       387,229  
    Other income, net   (44,713 )     (65,406 )     (404,230 )     (228,872 )
    Income before income taxes   994,814       920,043       3,035,857       2,608,643  
    Income taxes   33,628       193,309       427,494       548,780  
    Net income   961,186       726,734       2,608,363       2,059,863  
    Less: Noncontrolling interests   320       160       535       611  
    Net income attributable to common shareholders $ 960,866     $ 726,574     $ 2,607,828     $ 2,059,252  
                   
    Earnings per share attributable to common shareholders:              
    Basic earnings per share $ 7.48     $ 5.65     $ 20.28     $ 16.03  
    Diluted earnings per share $ 7.37     $ 5.56     $ 19.97     $ 15.82  
                   
    Average shares outstanding during period – Basic   128,442,623       128,502,829       128,619,515       128,467,209  
    Average shares outstanding during period – Diluted   130,320,802       130,593,026       130,576,225       130,169,331  
                   
                   
    CASH DIVIDENDS PER COMMON SHARE              
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Amounts in dollars)   2025       2024       2025       2024  
    Cash dividends per common share $ 1.63     $ 1.48     $ 4.89     $ 4.44  
                   
                   
     
    RECONCILIATION OF ORGANIC GROWTH
     
    (Unaudited) Three Months Ended
      As Reported           Adjusted
      March 31, 2025   Currency   Divestitures   March 31, 2025
    Diversified Industrial Segment (7.6 )%   (1.5 )%   (2.9 )%   (3.2 )%
    Aerospace Systems Segment 11.6 %   (0.1 )%   — %   11.7 %
    Total (2.2 )%   (1.0 )%   (2.1 )%   0.9 %
                   
    (Unaudited) Nine Months Ended
      As Reported           Adjusted
      March 31, 2025   Currency   Divestitures   March 31, 2025
    Diversified Industrial Segment (6.5 )%   (1.0 )%   (1.7 )%   (3.8 )%
    Aerospace Systems Segment 14.3 %   0.1 %   — %   14.2 %
    Total (0.9 )%   (0.7 )%   (1.2 )%   1.0 %
                     
                     
     
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
     
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025       2024       2025       2024  
    Net income attributable to common shareholders $ 960,866     $ 726,574     $ 2,607,828     $ 2,059,252  
    Adjustments:              
    Acquired intangible asset amortization expense   135,964       141,216       414,211       438,763  
    Business realignment charges   10,379       8,468       40,740       35,914  
    Integration costs to achieve   5,447       13,256       18,751       29,676  
    Gain on sale of building   —       —       (10,461 )     —  
    Gain on divestitures   —       —       (249,748 )     (25,651 )
    Saegertown incident   7,725       —       7,725       —  
    Tax effect of adjustments1   (36,689 )     (38,779 )     (82,337 )     (108,403 )
    Discrete tax benefit2   (179,849 )     —       (179,849 )     —  
    Adjusted net income attributable to common shareholders $ 903,843     $ 850,735     $ 2,566,860     $ 2,429,551  
                   
                   
     
    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
     
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Amounts in dollars)   2025       2024       2025       2024  
    Earnings per diluted share $ 7.37     $ 5.56     $ 19.97     $ 15.82  
    Adjustments:              
    Acquired intangible asset amortization expense   1.04       1.08       3.17       3.36  
    Business realignment charges   0.08       0.06       0.31       0.27  
    Integration costs to achieve   0.04       0.10       0.14       0.23  
    Gain on sale of building   —       —       (0.08 )     —  
    Gain on divestitures   —       —       (1.91 )     (0.20 )
    Saegertown incident   0.06       —       0.06       —  
    Tax effect of adjustments1   (0.28 )     (0.29 )     (0.61 )     (0.82 )
    Discrete tax benefit2   (1.37 )     —       (1.37 )     —  
    Adjusted earnings per diluted share $ 6.94     $ 6.51     $ 19.68     $ 18.66  
                   
    1 This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
    2 Release of a tax valuation allowance.
     
     
    BUSINESS SEGMENT INFORMATION
     
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025     2024       2025       2024  
    Net sales              
    Diversified Industrial $ 3,388,759   $ 3,665,643     $ 10,097,723     $ 10,798,644  
    Aerospace Systems   1,571,590     1,408,713       4,509,203       3,944,147  
    Total net sales $ 4,960,349   $ 5,074,356     $ 14,606,926     $ 14,742,791  
    Segment operating income              
    Diversified Industrial $ 779,103   $ 800,211     $ 2,273,211     $ 2,359,299  
    Aerospace Systems   372,908     289,339       1,034,078       778,711  
    Total segment operating income   1,152,011     1,089,550       3,307,289       3,138,010  
    Corporate general and administrative expenses   43,698     56,782       148,756       162,340  
    Income before interest expense and other expense (income), net   1,108,313     1,032,768       3,158,533       2,975,670  
    Interest expense   95,942     123,732       309,835       387,229  
    Other expense (income), net   17,557     (11,007 )     (187,159 )     (20,202 )
    Income before income taxes $ 994,814   $ 920,043     $ 3,035,857     $ 2,608,643  
                   
                   
     
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
     
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025       2024       2025       2024  
    Diversified Industrial Segment sales $ 3,388,759     $ 3,665,643     $ 10,097,723     $ 10,798,644  
                   
    Diversified Industrial Segment operating income $ 779,103     $ 800,211     $ 2,273,211     $ 2,359,299  
    Adjustments:              
    Acquired intangible asset amortization   61,600       66,409       189,434       201,669  
    Business realignment charges   10,249       6,953       38,492       32,877  
    Integration costs to achieve   2,072       1,292       3,477       3,302  
    Adjusted Diversified Industrial Segment operating income $ 853,024     $ 874,865     $ 2,504,614     $ 2,597,147  
                   
    Diversified Industrial Segment operating margin   23.0 %     21.8 %     22.5 %     21.8 %
    Adjusted Diversified Industrial Segment operating margin   25.2 %     23.9 %     24.8 %     24.1 %
                   
                   
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025       2024       2025       2024  
    Aerospace Systems Segment sales $ 1,571,590     $ 1,408,713     $ 4,509,203     $ 3,944,147  
                   
    Aerospace Systems Segment operating income $ 372,908     $ 289,339     $ 1,034,078     $ 778,711  
    Adjustments:              
    Acquired intangible asset amortization   74,364       74,807       224,777       237,094  
    Business realignment charges   35       (12 )     429       318  
    Integration costs to achieve   3,375       11,964       15,274       26,374  
    Adjusted Aerospace Systems Segment operating income $ 450,682     $ 376,098     $ 1,274,558     $ 1,042,497  
                   
    Aerospace Systems Segment operating margin   23.7 %     20.5 %     22.9 %     19.7 %
    Adjusted Aerospace Systems Segment operating margin   28.7 %     26.7 %     28.3 %     26.4 %
                   
           
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025       2024       2025       2024  
    Total net sales $ 4,960,349     $ 5,074,356     $ 14,606,926     $ 14,742,791  
                   
    Total segment operating income $ 1,152,011     $ 1,089,550     $ 3,307,289     $ 3,138,010  
    Adjustments:              
    Acquired intangible asset amortization   135,964       141,216       414,211       438,763  
    Business realignment charges   10,284       6,941       38,921       33,195  
    Integration costs to achieve   5,447       13,256       18,751       29,676  
    Adjusted total segment operating income $ 1,303,706     $ 1,250,963     $ 3,779,172     $ 3,639,644  
                   
    Total segment operating margin   23.2 %     21.5 %     22.6 %     21.3 %
    Adjusted total segment operating margin   26.3 %     24.7 %     25.9 %     24.7 %
                                   
                                   
     
    CONSOLIDATED BALANCE SHEET
     
    (Unaudited) March 31,   June 30,
    (Dollars in thousands)   2025     2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 408,735   $ 422,027
    Trade accounts receivable, net   2,852,833     2,865,546
    Non-trade and notes receivable   281,789     331,429
    Inventories   2,822,547     2,786,800
    Prepaid expenses   253,436     252,618
    Other current assets   157,800     140,204
    Total current assets   6,777,140     6,798,624
    Property, plant and equipment, net   2,821,566     2,875,668
    Deferred income taxes   271,431     92,704
    Investments and other assets   1,215,201     1,207,232
    Intangible assets, net   7,370,524     7,816,181
    Goodwill   10,461,946     10,507,433
    Total assets $ 28,917,808   $ 29,297,842
           
    Liabilities and equity      
    Current liabilities:      
    Notes payable and long-term debt payable within one year $ 1,951,543   $ 3,403,065
    Accounts payable, trade   1,980,967     1,991,639
    Accrued payrolls and other compensation   473,725     581,251
    Accrued domestic and foreign taxes   356,506     354,659
    Other accrued liabilities   851,725     982,695
    Total current liabilities   5,614,466     7,313,309
    Long-term debt   7,421,370     7,157,034
    Pensions and other postretirement benefits   389,891     437,490
    Deferred income taxes   1,399,612     1,583,923
    Other liabilities   692,644     725,193
    Shareholders’ equity   13,390,974     12,071,972
    Noncontrolling interests   8,851     8,921
    Total liabilities and equity $ 28,917,808   $ 29,297,842
           
           
     
    CONSOLIDATED STATEMENT OF CASH FLOWS
     
      Nine Months Ended
    (Unaudited) March 31,
    (Dollars in thousands)   2025       2024  
    Cash flows from operating activities:      
    Net income $ 2,608,363     $ 2,059,863  
    Depreciation and amortization   677,665       696,463  
    Stock incentive plan compensation   129,766       128,682  
    Gain on sale of businesses   (253,043 )     (23,667 )
    (Gain) loss on property, plant and equipment and intangible assets   (8,531 )     5,847  
    Net change in receivables, inventories and trade payables   (101,351 )     (244,268 )
    Net change in other assets and liabilities   (514,937 )     (427,509 )
    Other, net   (229,171 )     (48,334 )
    Net cash provided by operating activities   2,308,761       2,147,077  
    Cash flows from investing activities:      
    Capital expenditures   (304,153 )     (283,328 )
    Proceeds from property, plant and equipment   31,871       8,905  
    Proceeds from sale of businesses   622,697       75,561  
    Other, net   (5,745 )     4,561  
    Net cash provided by (used in) investing activities   344,670       (194,301 )
    Cash flows from financing activities:      
    Net payments for common stock activity   (856,925 )     (237,689 )
    Acquisition of noncontrolling interests   —       (2,883 )
    Net payments for debt   (1,193,952 )     (1,193,373 )
    Dividends paid   (630,168 )     (571,583 )
    Net cash used in financing activities   (2,681,045 )     (2,005,528 )
    Effect of exchange rate changes on cash   14,322       (16,946 )
    Net decrease in cash and cash equivalents   (13,292 )     (69,698 )
    Cash and cash equivalents at beginning of year   422,027       475,182  
    Cash and cash equivalents at end of period $ 408,735     $ 405,484  
           
           
    RECONCILIATION OF FORECASTED ORGANIC GROWTH  
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted net sales ~ (1%)
    Adjustments:  
    Currency 0.5%
    Divestitures 1.5%
    Adjusted forecasted net sales ~ 1%
       
       
    RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
       
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted segment operating margin ~ 22.7%
    Adjustments:  
    Business realignment charges 0.3%
    Costs to achieve 0.1%
    Acquisition-related intangible asset amortization expense 2.8%
    Adjusted forecasted segment operating margin ~ 25.9%
       
     
       
    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
       
    (Unaudited)  
    (Amounts in dollars) Fiscal Year 2025
    Forecasted earnings per diluted share $25.92 to $26.12
    Adjustments:  
    Business realignment charges 0.47
    Costs to achieve 0.17
    Acquisition-related intangible asset amortization expense 4.22
    Net gain on divestitures (1.91)
    Gain on sale of building (0.08)
    Saegertown incident 0.06
    Tax effect of adjustments1 (0.88)
    Discrete tax benefit2 (1.37)
    Adjusted forecasted earnings per diluted share $26.60 to $26.80
       
    1 This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
       
    2 Release of a tax valuation allowance.  
       
    Note: Totals may not foot due to rounding
     
     
    SUPPLEMENTAL INFORMATION
     
    BUSINESS SEGMENT INFORMATION
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025     2024     2025     2024
    Net sales              
    Diversified Industrial:              
    North America businesses $ 2,030,970   $ 2,231,478   $ 6,059,302   $ 6,571,587
    International businesses   1,357,789     1,434,165     4,038,421     4,227,057
                   
    Segment operating income              
    Diversified Industrial:              
    North America businesses $ 467,064   $ 490,452   $ 1,378,194   $ 1,458,355
    International businesses   312,039     309,759     895,017     900,944
                           
                           
       
    RECONCILIATION OF ORGANIC GROWTH
       
    (Unaudited) Three Months Ended
      As Reported             Adjusted
      March 31, 2025   Currency     Divestitures   March 31, 2025
    Diversified Industrial Segment:                
    North America businesses (9.0 )%   (0.8 )%   (4.7 )%   (3.5 )%
    International businesses:                
    Europe (8.6 )%   (1.7 )%   — %   (6.9 )%
    Asia Pacific (0.8 )%   (3.0 )%   — %   2.2 %
    Latin America (0.2 )%   (8.1 )%   — %   7.9 %
    International businesses (5.3 )%   (2.5 )%   — %   (2.8 )%
                     
    (Unaudited) Nine Months Ended
      As Reported             Adjusted
      March 31, 2025   Currency     Divestitures   March 31, 2025
    Diversified Industrial Segment:                
    North America businesses (7.8 )%   (0.6 )%   (2.7 )%   (4.5 )%
    International businesses:                
    Europe (8.1 )%   (0.4 )%   — %   (7.7 )%
    Asia Pacific 0.8 %   (1.9 )%   — %   2.7 %
    Latin America (3.3 )%   (13.9 )%   — %   10.6 %
    International businesses (4.5 )%   (1.8 )%   — %   (2.7 )%
                       
                       
     
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
     
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025       2024       2025       2024  
    Diversified Industrial Segment:              
    North America businesses sales $ 2,030,970     $ 2,231,478     $ 6,059,302     $ 6,571,587  
                   
    North America businesses operating income $ 467,064     $ 490,452     $ 1,378,194     $ 1,458,355  
    Adjustments:              
    Acquired intangible asset amortization   40,209       43,945       124,169       133,327  
    Business realignment charges   4,218       3,058       13,106       8,892  
    Integration costs to achieve   1,038       841       2,088       2,348  
    Adjusted North America businesses operating income $ 512,529     $ 538,296     $ 1,517,557     $ 1,602,922  
                   
    North America businesses operating margin   23.0 %     22.0 %     22.7 %     22.2 %
    Adjusted North America businesses operating margin   25.2 %     24.1 %     25.0 %     24.4 %
                   
           
      Three Months Ended   Nine Months Ended
    (Unaudited) March 31,   March 31,
    (Dollars in thousands)   2025       2024       2025       2024  
    Diversified Industrial Segment:              
    International businesses sales $ 1,357,789     $ 1,434,165     $ 4,038,421     $ 4,227,057  
                   
    International businesses operating income $ 312,039     $ 309,759     $ 895,017     $ 900,944  
    Adjustments:              
    Acquired intangible asset amortization   21,391       22,464       65,265       68,342  
    Business realignment charges   6,031       3,895       25,386       23,985  
    Integration costs to achieve   1,034       451       1,389       954  
    Adjusted International businesses operating income $ 340,495     $ 336,569     $ 987,057     $ 994,225  
                   
    International businesses operating margin   23.0 %     21.6 %     22.2 %     21.3 %
    Adjusted International businesses operating margin   25.1 %     23.5 %     24.4 %     23.5 %
                                   

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Inaugurates ‘Corporate Bhavan’ in Kolkata; New Multi-Office Facility brings MCA Departments Under One Roof

    Source: Government of India

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Inaugurates ‘Corporate Bhavan’ in Kolkata; New Multi-Office Facility brings MCA Departments Under One Roof

    New Seven-Storey Corporate Bhavan Features Smart Design and Green Infrastructure

    Country’s First Facilitation Centre of Prime Minister Internship Scheme (PMIS) also Launched at Corporate Bhavan, Kolkata; aims to Connect Youth with Corporate Internship Opportunities

    Posted On: 01 MAY 2025 4:30PM by PIB Delhi

    The Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman inaugurated the ‘Corporate Bhavan’ in New Town, Kolkata today. This new facility will house different offices of the Ministry of Corporate Affairs, including Regional Directorate (East), Registrar of Companies, Official Liquidator, SFIO, NCLT (Kolkata Bench) and IBBI under one roof.

    Speaking on the Occasion, Smt. Nirmala Sitharaman said that Corporate Bhawan will become a true single-window interface for companies, insolvency professionals, auditors, startups, and investors seeking timely corporate regulatory services.

    The consolidation of services at the Corporate Bhawan will help significantly cut costs, accelerate approval process, and improve operational efficiency – all of which will help enhance Ease of Doing Business, Smt. Nirmala Sitharaman added.

    Addressing officers of the Ministry of Corporate Affairs, Smt. Nirmala Sitharaman also stated that our regulatory frameworks must not only safeguard good governance but also enable enterprise, encourage formalisation, and build trust in our systems.

    The Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman said that the first ever ‘Prime Minister Internship Scheme (PMIS) Facilitation Centre’ is also located in the Corporate Bhavan, Kolkata. It will help the aspiring Interns in getting the information and issues related to their application.

    The seven stories building has a built-up area of about 13,239 square meters and the total project costed around Rs. 150.43 crores. It is designed with a focus on energy efficiency, waste recycling, smart parking, and the well-being of its occupants. Equipped with CO2 sensors in the AHU, the building ensures proper indoor air quality.

    The event celebrated the launch of the first ever ‘Prime Minister Internship Scheme (PMIS) Facilitation Centre’ on the 7th floor of the Corporate Bhawan.

     

    The MCA CII PMIS Centre, a collaborative initiative between the Ministry of Corporate Affairs (MCA) and  Confederation of Indian Industry (CII), aims to connect eligible youth (aged 21-24) with internship opportunities offered by participating companies. Through a dedicated three-member team, the centre will focus on identifying eligible candidates who are not in full-time education or employment, providing comprehensive guidance, and facilitating their registration and application in the PM Internship Scheme.

    The PMIS Facilitation Centre shall :

    − Facilitate PMIS registration and application process for eligible candidates

    − Provide professional career counselling and guidance

    − Match candidate qualifications and interests with suitable internship opportunities

    − Create awareness about professional opportunities through outreach programmes

    *****

    NB/AD

    (Release ID: 2125779) Visitor Counter : 140

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: NASA STEM Programs Ignite Curiosity Beyond the Classroom

    Source: NASA

    When curiosity takes flight, learning knows no bounds. The impact of supporting STEM education extends far beyond the classroom, shaping the future of innovation and exploration. NASA Engages is the agency’s outreach website that connects NASA experts and resources with communities, educators, and students across the country. Led by NASA’s Office of STEM Engagement, the platform fosters collaboration between educators, organizations, and NASA employees to inspire the next generation.

    NASA employees dedicate their time and expertise through NASA Engages, whether they’re passionate about robotics, flight research, or inspiring young minds to pursue STEM careers. One example of this is Aero Fair, a STEM program led by the California Office of STEM Engagement at NASA’s Armstrong Flight Research Center in Edwards, California. This initiative brings aeronautics directly to students, with NASA Armstrong professionals visiting classrooms – both in person and virtually – to engage students during three-day experiences that allow them to learn about aeronautics, meet NASA professionals, and explore potential career paths they might not have previously considered.
    “When volunteers step up to help inspire and facilitate learning in the classroom, they are benefiting not only the students they interact with, but our future generation as well,” says Giovanna Camacho, Pathways systems engineering intern at NASA Armstrong, who volunteered at the event.
    Chloe Day, a student at Tropico Middle School in Rosamond, California, said Aero Fair inspired her to consider a STEM career. “When NASA employees were talking about what they do and how they help our world today, it made me feel like I want to do it too.”
    Educators can request an Aero Fair experience through NASA’s STEM Gateway. These programs “give students a chance to see themselves as real problem-solvers and innovators,” said Shauna Tinich, a Tropico Middle School teacher. “The most beneficial part of Aero Fair is the real-world connection to STEM. The connection to NASA makes it real and exciting for the students.”

    The NASA Engages website matches outreach opportunities to employee skills and interests, while educators and community organizations can use the website to request public speakers, classroom visits, and educational support at events.
    For many volunteers, the experience is just as inspiring as it is for the students. “Every time I volunteer, I walk out inspired,” Camacho said. “It motivates me to continue my pursuit of making a difference.”
    Gary Laier, center liaison for the Small Business Innovation Research and Small Business Technology Transfer programs at NASA Armstrong, and Aero Fair volunteer, agreed: “It’s a rewarding experience for students, teachers, and NASA volunteers alike. I enjoy the opportunity to inspire youth and get them excited about their futures.”
    By participating in outreach activities like Aero Fair, career panels, or events, NASA employees not only help ignite curiosity and provide knowledge to students and the community but also strengthen NASA’s connection to the communities it serves.

    Educators, organizations, and community groups can connect with NASA in two ways. Through NASA Engages, external groups can request NASA support for their own events – such as inviting a NASA speaker or arranging classroom visits and providing outreach materials. Meanwhile, NASA STEM Gateway provides opportunities for individuals to participate in NASA-developed STEM events, internships, and programs like Aero Fair. To request NASA participation in an event or to learn more about NASA STEM opportunities, visit https://stemgateway.nasa.gov/nasaengages/s/.

    MIL OSI USA News –

  • MIL-OSI USA: Kentucky Survivors Can Apply for FEMA Assistance and SBA Disaster Loan at the Same Time After April Storms

    Source: US Federal Emergency Management Agency

    Headline: Kentucky Survivors Can Apply for FEMA Assistance and SBA Disaster Loan at the Same Time After April Storms

    Kentucky Survivors Can Apply for FEMA Assistance and SBA Disaster Loan at the Same Time After April Storms

    FRANKFORT, Ky

    – In addition to applying for FEMA assistance, homeowners and renters in designated Kentucky counties have the option to apply for a low-interest disaster loan from the U

    S

    Small Business Administration at various stages of their recovery

    While FEMA doesn’t require survivors to apply for an SBA loan before being considered for FEMA assistance, the SBA can offer financial support to individuals and business owners to aid their recovery

    Homeowners and renters in Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties can apply for federal assistance

    How To Apply for FEMA AssistanceSurvivors in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties who have disaster-caused damage or loss from the April storm can apply for federal disaster assistance under the major disaster declaration DR-4864 in several ways:Online at DisasterAssistance

    gov

    Visit any Disaster Recovery Center

    To find a center close to you, visit fema

    gov/DRC, or text DRC along with your Zip Code to 43362 (Example: “DRC 29169”)

    Use the FEMA mobile app

    FEMA works with every household on a case-by-case basis

    Call the FEMA Helpline at 800-621-3362

    It is open 7 a

    m

    to 10 p

    m

    Eastern Daylight Time

    Help is available in many languages

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service

     The deadline to apply under DR-4864-KY is June 25

    How to Apply for SBA Disaster LoansThe SBA offers disaster loans to assist businesses, private nonprofits, homeowners and renters with their recovery

    Homeowners and renters are eligible to apply for disaster loans to repair or replace disaster-damaged or destroyed real estate and damaged or destroyed personal property

    Businesses and nonprofits are eligible to apply for loans to cover physical damage

    Economic Injury Disaster Loans (EIDLs) are also available to qualified businesses and nonprofits to help meet working capital needs caused by the disaster

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    minh

    phan
    Wed, 04/30/2025 – 20:00

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center in Johnson County To Permanently Close, Help Is Still Available

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. – The Disaster Recovery Center in Johnson County is permanently closing at 7 p.m. April 30.
     
    The Disaster Recovery Center in Johnson County is located at:
     
    KCTCS Mayo Campus, Auditorium Building C, 508 Third St., Paintsville, KY 41240 
    Working hours are 9 a.m. to 7 p.m. Eastern Time, Monday through Wednesday.
    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will also be available at the recovery centers to assist survivors.
    Click here to find centers that are already open in Kentucky. You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U.S. Small Business Administration. No appointment is needed. 
    Kentucky homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson and Woodford counties can apply for federal assistance.
    You can visit any Disaster Recovery Center to get in-person assistance. No appointment is needed. To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362.
    You don’t have to visit a center to apply for FEMA assistance. There are other ways to apply: online at DisasterAssistance.gov, use the FEMA App for mobile devices or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.
    When you apply, you will need to provide:

    A current phone number where you can be contacted.
    Your address at the time of the disaster and the address where you are now staying.
    Your Social Security Number.
    A general list of damage and losses.
    Banking information if you choose direct deposit.
    If insured, the policy number or the agent and/or the company name.

    For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Mercer County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Mercer County

    Disaster Recovery Center Opens in Mercer County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Mercer County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Mercer County is located at: Mercer County Health Department, 900 N

    College St

    , Harrodsburg, KY 40330 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 – 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

     Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 14:07

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Anderson County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Anderson County

    Disaster Recovery Center Opens in Anderson County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Anderson County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

     The new Disaster Recovery Center in Anderson County is located at: Anderson County Community Center, 1026 County Park Road, Lawrenceburg, KY 40342 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1-7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U

    S

    Small Business Administration

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    If you are unable to visit a center, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from February 14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

    The deadline to apply under DR-4864-KY is June 25

    Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 13:24

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Clark County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Clark County

    Disaster Recovery Center Opens in Clark County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Clark County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Clark County is located at: Clark County Emergency Operations Center, 200 Maryland Ave

    , Winchester, KY 40391 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 – 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

     Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 13:59

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Jessamine County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Jessamine County

    Disaster Recovery Center Opens in Jessamine County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Jessamine County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Jessamine County is located at: Jessamine County Senior Citizens Center, 111 Hoover Drive, Nicholasville, KY 40356 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 – 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

     Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 13:57

    MIL OSI USA News –

  • MIL-OSI: FTC Solar Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • First quarter revenue of $20.8 million, up 58% q/q, above target
    • Cost efficiencies drive operating expenses to multi-year low
    • Seeing increased customer interest and activity including bid activity up 60% y/y
    • Upsized promissory note offering expected to close in Q2
    • Strengthened Board of Directors with addition of two new members

    AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the first quarter that ended March 31, 2025.

    “We’re pleased to report first quarter results which were ahead of target mid-points on all metrics,” said Yann Brandt, President and Chief Executive Officer of FTC Solar. “In recent months we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 gigawatts with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects. 

    “Much of our recent momentum has been driven by the significant expansion of our innovative and differentiated 1P product line, including high wind offerings up to 150mph, terrain-following options, large stow range, compatibility across module manufacturers and types, and the upcoming availability of 100% domestic content. This compelling product line has helped drive significant increases in customer visits, bidding volume, average project size and customer access.

    “Overall, I’m bullish on the long-term potential and prospects for FTC Solar. We’re well positioned in a growth market to take significant share, with the right combination of people and products, providing the best value for our customers. Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.”

    Summary Financial Performance: Q1 2025 compared to Q1 2024

        U.S. GAAP     Non-GAAP(c)  
        Three months ended March 31,  
    (in thousands, except per share data)   2025     2024     2025     2024  
    Revenue   $ 20,803     $ 12,587     $ 20,803     $ 12,587  
    Gross margin percentage     (16.6 %)     (16.7 %)     (14.4 %)     (13.7 %)
    Total operating expenses   $ 7,113     $ 10,394     $ 6,645     $ 8,702  
    Loss from operations(a)   $ (10,560 )   $ (12,502 )   $ (9,750 )   $ (10,655 )
    Net loss   $ (3,819 )   $ (8,771 )   $ (10,801 )   $ (10,873 )
    Diluted loss per share(b)   $ (0.58 )   $ (0.70 )   $ (0.84 )   $ (0.87 )
      (a)   Adjusted EBITDA for Non-GAAP
      (b)   Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024
      (c)   See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures
           

    The contracted portion of the company’s backlog1 now stands at approximately $482 million. 

    First Quarter Results
    Total first-quarter revenue was $20.8 million, which was above our target range. This revenue level represents an increase of 57.6% compared to the prior quarter and an increase of 65.3% compared to the year-earlier quarter due to higher product volumes.

    GAAP gross loss was $3.4 million, or 16.6% of revenue, compared to gross loss of $3.8 million, or 29.1% of revenue, in the prior quarter. Non-GAAP gross loss was $3.0 million or 14.4% of revenue. The result for this quarter compares to non-GAAP gross loss of $1.7 million in the prior-year period.

    GAAP operating expenses were $7.1 million. On a non-GAAP basis, operating expenses were $6.6 million. This result compares to non-GAAP operating expenses of $8.7 million in the year-ago quarter. 

    GAAP net loss was $3.8 million or $0.58 per diluted share, compared to a loss of $12.2 million or $0.96 per diluted share in the prior quarter and a net loss of $8.8 million or $0.70 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $5.9 million net gain from the change in fair value of the warrant liability, gain from collection of a contingent earnout payment and other non-cash items, was $9.8 million, compared to Adjusted EBITDA losses of $9.8 million(2) in the prior quarter and $10.7 million in the year-ago quarter.

    Subsequent Events
    The company announced today the appointments of Darrell Jackson and Max Sultan to its Board of Directors. The appointments were effective as of April 28, 2025.

    Mr. Jackson brings more than 30 years of executive and Board leadership experience to FTC Solar. He has been the CEO of The Efficace Group, an executive coaching and consulting firm, since 2018. Prior to Efficace, he served as President and CEO of Seaway Bank and Trust Company. Earlier in his career, he spent more than 19 years at Northern Trust Company, serving in various roles, including as EVP and President of Wealth Management, and spent approximately 14 years with BMO Harris. Mr. Jackson currently serves on the Janus Henderson Funds Board of Trustees, is an independent director for Amalgamated Financial Corporation, and is on the Board of Directors of two privately held companies, Dome Construction, Inc., and William R. Gray and Company. Mr. Jackson earned a BA in Communications from St. Xavier University and holds an Executive MBA degree from the Kellogg Graduate School of Management at Northwestern University.

    Mr. Sultan is currently a partner at Applied Value Group, a strategy and operations management consulting firm, having joined the firm in August 2013. He has led consulting engagements on issues including sourcing and supply chain, product design and innovation, and commercial excellence, and has worked with several renewable energy clients. Mr. Sultan has been a member of the Board of Directors of ES Solar, a private residential and commercial installer based in Utah since June 2023. He has previously served on the Boards of Applied Value Technologies and Division 5, LLC. Mr. Sultan holds a Bachelor of Business Administration degree from the Goizueta Business School at Emory University. Mr. Sultan was nominated to the Board by AV Securities, Inc., pursuant to the terms of the Promissory Note placement which closed in December 2024.

    Outlook
    For the second quarter, we expect revenue at the midpoint of our guidance range to show continued sequential growth relative to the first quarter. We continue to expect 2025 revenue to be weighted toward the second half and continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.

    (in millions)   1Q’25
    Guidance    		   1Q’25
    Actual    		   2Q’25
    Guidance(3)
    Revenue   $18.0 – $20.0   $20.8   $19.0 – $24.0
    Non-GAAP Gross Loss   $(4.8) – $(2.3)   $(3.0)   $(4.4) – $(2.0)
    Non-GAAP Gross Margin   (26.6%) – (11.7%)   (14.4%)   (23.4%) – (8.5%)
    Non-GAAP operating expenses   $7.7 – $8.4   $6.6   $7.8 – $8.6
    Non-GAAP adjusted EBITDA   $(13.3) – $(10.0)   $(9.8)   $(13.3) – $(10.0)
                 

    First Quarter 2025 Earnings Conference Call
    FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its first quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

    About FTC Solar Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

    Footnotes
    1. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.
    2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on March 31, 2025.
    3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.

    Forward-Looking Statements
    This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    FTC Solar Investor Contact:
    Bill Michalek
    Vice President, Investor Relations
    FTC Solar
    T: (737) 241-8618
    E: IR@FTCSolar.com

     
    FTC Solar, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (unaudited)
     
        Three months ended March 31,  
    (in thousands, except shares and per share data)   2025     2024  
    Revenue:            
    Product   $ 18,202     $ 10,905  
    Service     2,601       1,682  
    Total revenue     20,803       12,587  
    Cost of revenue:            
    Product     20,111       12,367  
    Service     4,139       2,328  
    Total cost of revenue     24,250       14,695  
    Gross loss     (3,447 )     (2,108 )
    Operating expenses            
    Research and development     924       1,439  
    Selling and marketing     1,136       2,388  
    General and administrative     5,053       6,567  
    Total operating expenses     7,113       10,394  
    Loss from operations     (10,560 )     (12,502 )
    Interest expense     (711 )     (317 )
    Interest income     6       181  
    Gain from disposal of investment in unconsolidated subsidiary     3,204       4,085  
    Gain from change in fair value of warrant liability     4,604       —  
    Other income, net     4       36  
    Loss from unconsolidated subsidiary     (112 )     (265 )
    Loss before income taxes     (3,565 )     (8,782 )
    (Provision for) benefit from income taxes     (254 )     11  
    Net loss     (3,819 )     (8,771 )
    Other comprehensive income (loss):            
    Foreign currency translation adjustments     28       (181 )
    Comprehensive loss   $ (3,791 )   $ (8,952 )
    Net loss per share:            
    Basic(*)   $ (0.30 )   $ (0.70 )
    Diluted(*)   $ (0.58 )   $ (0.70 )
    Weighted-average common shares outstanding:            
    Basic(*)     12,888,695       12,556,938  
    Diluted(*)     14,588,972       12,556,938  

    ___________

    (*) Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
     
    FTC Solar, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited)
     
    (in thousands, except shares and per share data)   March 31, 2025     December 31, 2024  
    ASSETS            
    Current assets            
    Cash and cash equivalents   $ 5,909     $ 11,247  
    Accounts receivable, net of allowance for credit losses of $1,625 and $1,717 at March 31, 2025 and December 31, 2024, respectively     44,238       39,709  
    Inventories     6,828       10,144  
    Prepaid and other current assets     14,123       15,028  
    Total current assets     71,098       76,128  
    Operating lease right-of-use assets     959       1,149  
    Property and equipment, net     1,951       2,217  
    Goodwill     7,173       7,139  
    Equity method investment     842       954  
    Other assets     2,038       2,341  
    Total assets   $ 84,061     $ 89,928  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities            
    Accounts payable   $ 14,636     $ 12,995  
    Accrued expenses     23,245       20,134  
    Income taxes payable     407       325  
    Deferred revenue     2,237       5,306  
    Other current liabilities     10,373       10,313  
    Total current liabilities     50,898       49,073  
    Long-term debt     10,169       9,466  
    Operating lease liability, net of current portion     344       411  
    Warrant liability     4,916       9,520  
    Other non-current liabilities     2,206       2,422  
    Total liabilities     68,533       70,892  
    Commitments and contingencies            
    Stockholders’ equity            
    Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of March 31, 2025 and December 31, 2024     —       —  
    Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 13,068,309 and 12,853,823 shares issued and outstanding as of March 31, 2025 and December 31, 2024     1       1  
    Treasury stock, at cost; 1,076,257 shares as of March 31, 2025 and December 31, 2024     —       —  
    Additional paid-in capital     367,601       367,318  
    Accumulated other comprehensive loss     (514 )     (542 )
    Accumulated deficit     (351,560 )     (347,741 )
    Total stockholders’ equity     15,528       19,036  
    Total liabilities and stockholders’ equity   $ 84,061     $ 89,928  
     
     
    FTC Solar, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited)
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Cash flows from operating activities            
    Net loss   $ (3,819 )   $ (8,771 )
    Adjustments to reconcile net loss to cash used in operating activities:            
    Stock-based compensation     280       1,639  
    Depreciation and amortization     302       404  
    Gain from change in fair value of warrant liability     (4,604 )     —  
    Gain from sale of property and equipment     (3 )     —  
    Amortization of debt discount and issue costs     210       177  
    Paid-in-kind non-cash interest     492       —  
    Provision (credit) for obsolete and slow-moving inventory     —       177  
    Loss from unconsolidated subsidiary     112       265  
    Gain from disposal of investment in unconsolidated subsidiary     (3,204 )     (4,085 )
    Warranties issued and remediation added     1,045       838  
    Warranty recoverable from manufacturer     80       98  
    Credit loss provisions(reversals)     (92 )     670  
    Deferred income taxes     426       225  
    Lease expense and other     327       309  
    Impact on cash from changes in operating assets and liabilities:            
    Accounts receivable     (4,437 )     (1,770 )
    Inventories     3,316       (116 )
    Prepaid and other current assets     918       45  
    Other assets     (216 )     (226 )
    Accounts payable     1,688       3,989  
    Accruals and other current liabilities     2,539       (6,200 )
    Deferred revenue     (3,069 )     1,285  
    Other non-current liabilities     (415 )     (523 )
    Lease payments and other, net     (359 )     (287 )
    Net cash used in operations     (8,483 )     (11,857 )
    Cash flows from investing activities:            
    Purchases of property and equipment     (83 )     (432 )
    Proceeds from sale of property and equipment     3       —  
    Equity method investment in Alpha Steel     —       (1,035 )
    Proceeds from disposal of investment in unconsolidated subsidiary     3,204       4,085  
    Net cash provided by investing activities     3,124       2,618  
    Cash flows from financing activities:            
    Proceeds from stock option exercises     3       —  
    Net cash provided by financing activities     3       —  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     18       (59 )
    Decrease in cash, cash equivalents and restricted cash     (5,338 )     (9,298 )
    Cash and cash equivalents at beginning of period     11,247       25,235  
    Cash, cash equivalents and restricted cash at end of period   $ 5,909     $ 15,937  
     

    Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

    We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer (“CEO”) transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

    The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
    (in thousands, except percentages)   2025     2024  
    U.S. GAAP revenue   $ 20,803     $ 12,587  
    U.S. GAAP gross loss   $ (3,447 )   $ (2,108 )
    Depreciation expense     173       168  
    Stock-based compensation     243       216  
    Severance costs     34       —  
    Non-GAAP gross loss   $ (2,997 )   $ (1,724 )
    Non-GAAP gross margin percentage     (14.4 %)     (13.7 %)
     

    The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
    (in thousands)   2025     2024  
    U.S. GAAP operating expenses   $ 7,113     $ 10,394  
    Depreciation expense     (129 )     (102 )
    Amortization expense     —       (134 )
    Stock-based compensation     (37 )     (1,423 )
    CEO transition     (160 )     —  
    Non-routine legal fees     —       (33 )
    Reverse stock split     (1 )     —  
    Severance costs     (141 )     —  
    Non-GAAP operating expenses   $ 6,645     $ 8,702  
     

    The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
    (in thousands)   2025     2024  
    U.S. GAAP loss from operations   $ (10,560 )   $ (12,502 )
    Depreciation expense     302       270  
    Amortization expense     —       134  
    Stock-based compensation     280       1,639  
    CEO transition     160       —  
    Non-routine legal fees     —       33  
    Reverse stock split     1       —  
    Severance costs     175       —  
    Other income, net     4       36  
    Loss from unconsolidated subsidiary     (112 )     (265 )
    Adjusted EBITDA   $ (9,750 )   $ (10,655 )
     

    The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
        2025     2024  
    (in thousands, except shares and per share data)   Adjusted
    EBITDA    		     Adjusted Net
    Loss    		     Adjusted
    EBITDA    		     Adjusted Net
    Loss    		  
    Net loss per U.S. GAAP   $ (3,819 )   $ (3,819 )   $ (8,771 )   $ (8,771 )
    Reconciling items –                        
    Provision for (benefit from) income taxes     254       —       (11 )     —  
    Interest expense     711       —       317       —  
    Interest income     (6 )     —       (181 )     —  
    Amortization of debt discount and issue costs in interest expense     —       210       —       177  
    Depreciation expense     302       —       270       —  
    Amortization of intangibles     —       —       134       134  
    Stock-based compensation     280       280       1,639       1,639  
    Gain from disposal of investment in unconsolidated subsidiary(a)     (3,204 )     (3,204 )     (4,085 )     (4,085 )
    Gain from change in fair value of warrant liability(b)     (4,604 )     (4,604 )     —       —  
    CEO transition(c)     160       160       —       —  
    Non-routine legal fees(d)     —       —       33       33  
    Reverse stock split(e)     1       1       —       —  
    Severance costs(f)     175       175       —       —  
    Adjusted Non-GAAP amounts   $ (9,750 )   $ (10,801 )   $ (10,655 )   $ (10,873 )
                             
    Adjusted Non-GAAP net loss per share (Adjusted EPS):                        
    Basic(g)   N/A     $ (0.84 )   N/A     $ (0.87 )
    Diluted(g)   N/A     $ (0.84 )   N/A     $ (0.87 )
                             
    Weighted-average common shares outstanding:                        
    Basic(g)   N/A       12,888,695     N/A       12,556,938  
    Diluted(g)   N/A       12,888,695     N/A       12,556,938  
    (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
    (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
    (c) In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions over the next two years, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
    (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
    (e) We incurred incremental professional fees in 2025 relating to final reconciliation of information relating to our stock compensation awards as a result of the Reverse Stock Split that was consummated effective November 29, 2024.
    (f) Severance costs in 2025 were due to restructuring changes.
    (g) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

    The MIL Network –

  • MIL-OSI: 21Shares and Sui Join Forces to Expand Global Access to Sui Network

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — 21Shares, one of the world’s leading cryptocurrency exchange traded product providers, has entered a strategic partnership with Sui, the Layer-1 network, to expand global reach as interest in the ecosystem continues to grow.

    “Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out,” said Duncan Moir, President of 21Shares. “We operate based on conviction but also investor demand, and our planned roadmap with Sui is a reflection of both.”

    This partnership, which will produce product collaborations, research reports, and other initiatives, highlights the growth of institutional interest in the Sui ecosystem. With impressive speed, throughput, and scalability, Sui has become a destination for real-world asset tokenization, including stablecoins and DeFi.

    Global experience, U.S. expansion

    Headquartered in Zurich, Switzerland, 21Shares has spent years building out a robust suite of digital asset services in Europe and is now increasingly focused on the U.S. market.

    “Partnering with Sui speaks to where we see the future of blockchain infrastructure heading,” said Federico Brokate, Head of U.S. Business at 21Shares. “We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time.”

    Scalable blockchain infrastructure designed for consumers & institutions alike

    Sui is a high-performance, secure Layer-1 blockchain developed by former Meta engineers, designed for mass adoption through its object-centric architecture. Its ability to execute transactions in parallel with sub-second finality delivers unmatched speed and scalability, while maintaining a developer-friendly and intuitive user experience. Sui’s infrastructure powers consumer-facing products like the recently launched SuiPlay0X1 gaming console, and simplifies onboarding through features like zkLogin, which enable gasless transactions to entice mainstream users. Sui also supports institutional-grade applications, including Ondo’s tokenized treasuries and ATHEX’s on-chain fundraising platform for Greece’s stock exchange. By bridging Web2-like familiarity with Web3 functionality, Sui is built to serve both everyday users and enterprises alike.

    “Sui was designed to become the global coordination layer for digital assets,” said Kevin Boon, President at Mysten Labs, the original contributor to Sui. “21Shares sees value in that work and is committed to making the ecosystem more accessible throughout the world.”

    About 21Shares

    21Shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com

    Media Contact
    Matteo Valli
    matteo.valli@21shares.com

    Alethea Jadick
    ajadick@sloanepr.com

    About Sui

    Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, please visit https://sui.io

    Contact: media@sui.io

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof.

    The MIL Network –

  • MIL-OSI Economics: WTO, IFC launch joint publication on trade finance in Central America and Mexico

    Source: World Trade Organization

    The report finds that trade and supply chain finance (TSCF) supports 8 per cent of Mexico’s goods trade, 12 per cent of Guatemala’s, and 10 per cent of Honduras’s. In the case of Mexico, only about a quarter of merchandise importers and exporters have any access to financing. These are among the lowest access rates across surveyed economies, despite supply chain finance having made some inroads in Mexico’s economy and, to a lesser extent, in Guatemala and Honduras.

    The report underscores that there is significant potential to grow and diversify the currently concentrated market for TSCF. Model-based projections show that doubling TSCF coverage and aligning costs with advanced economy standards could raise exports and imports by up to 8.9 per cent in Honduras, 7.8 per cent in Guatemala and 7.4 per cent in Mexico – adding more than USD 90 billion in combined trade volume.

    In her opening remarks at the launch, DDG Hill underlined the importance of the WTO-IFC collaboration on trade finance given its key role in enabling trade. Citing the Asian Development Bank (ADB) estimation of a USD 2.5 trillion global trade finance gap in 2023, mainly in developing economies, she noted that “inadequate access to trade finance functions in effect as a prohibitive trade cost, holding back trade and closing off economic opportunities for firms and people.”

    This is particularly relevant in the case of micro, small and medium-sized enterprises and women-owned businesses that “find it particularly hard to access trade finance,” she added.

    This is the third and last edition of a short series of reports on trade finance in developing economies aimed at improving understanding of the trade finance ecosystem, the constraints to trade finance and gaps in provisions. The first report focused on West Africa (Côte d’Ivoire, Ghana, Nigeria, Senegal) in 2022 and the second on the Mekong region (Cambodia, Lao PDR and Viet Nam) in 2023-24.

    The joint WTO-IFC work on trade finance springs from a 2021 joint statement by the WTO Director-General Ngozi Okonjo-Iweala and IFC Managing Director Makhtar Diop, pledging to enhance cooperation to improve the analytics, identification, and detection of trade finance gaps in order to better direct capacity building and other resources to where unmet demand is greatest.

    DDG Hill stressed that in the countries and regions studied so far, only a limited share of trade is supported by trade and supply chain finance, whereas in advanced economies this share is at least 60 per cent. “In each of the regions we examined, trade finance was heavily concentrated. Too few banks directing too little finance towards a small group of well-established and large traders,” she said.

    Doubling the trade finance coverage of trade would increase trade flows by a significant amount and help diversify trade geographically. “More trade finance means not only more trade integration, but also more socioeconomic inclusion through trade,” she added.

    Looking ahead, DDG Hill emphasized that the WTO will continue its work – whether in the trade finance field, through its investment facilitation efforts or through the implementation of its Trade Facilitation Agreement – to reduce international trade costs. In many emerging economies, reducing the cost of shipping, financing and border clearance is key to being competitive internationally. “The adoption of digital technologies is paramount in this regard,” she noted.

    “We remain at our members’ disposal for promoting trade finance solutions and engaging in expert discussions, such as today’s, with support from multilateral development banks and development financial institutions,” DDG Hill said. She noted that “these efforts help address persistent gaps in trade finance access, especially for small and medium enterprises, and support broader goals of trade inclusion, economic diversification, and digital transformation.” Her full remarks (in Spanish) are here.

    Policy recommendations included in the report point at strengthening supply chain markets through regulatory harmonization, digital innovation, improved risk assessments and better access for small and women-owned firms. International organizations and development banks can also play a key role through capacity building, liquidity support and risk-sharing facilities.

    The launch was followed by a presentation of the report and a panel discussion bringing together representatives of the WTO, IFC, the International Chamber of Commerce (ICC), the Mexican government and the Instituto Tecnológico Autónomo de México (ITAM).

    The publication can be found here.

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    MIL OSI Economics –

  • MIL-OSI USA: Governor Newsom expands affordable housing and supportive services for rural Californians with $118.9 million in new federal funding

    Source: US State of California 2

    Apr 30, 2025

    What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive services.

    SACRAMENTO—The California Department of Housing and Community Development (HCD) today announced nearly $118.9 million in awards from three federally funded programs to address homelessness by funding development of 487 affordable rental homes, supporting emergency shelters and homeless outreach, and providing rapid rehousing and supportive services needed to help low-income Californians attain and maintain housing stability.

    “Our nation’s housing crisis doesn’t end at city limits, and we must ensure housing and services are available to all members of our communities. We are grateful for this additional federal funding to ensure that our rural and tribal communities receive the housing support they need and deserve.”

    Governor Gavin Newsom

    In 2021, the U.S. Congress appropriated $5 billion from the American Rescue Plan Act to reduce homelessness nationwide. Of that amount, $512 million was awarded directly to California communities by the U.S. Department of Housing and Urban Development (HUD). Another $155 million went to HCD to implement HOME Investments Partnerships American Rescue Plan (HOME-ARP) programs in California for those non-entitlement jurisdictions—specifically rural communities and unincorporated areas—that did not receive funding directly from HUD.

    HCD’s HOME-ARP Rental Housing (RH) program announced ten awards totaling $89 million, including two awards to Tribal Entities. The Yurok Indian Housing Authority and Big Valley Band of Pomo Indians received a combined $18.7 million to fund 31 HOME-ARP assisted units.

    “Housing affordability and homelessness affect all areas, not just our large, metro areas,” said Tomiquia Moss, Business, Consumer Services and Housing Secretary. “The State works diligently to provide and channel funding to all counties, to provide local providers the support needed to ensure programs in their communities deliver real results. This funding does just that and I pledge our continued support for local governments in their work to lessen and eliminate homelessness and create more affordable housing.”

    “By providing much-needed resources to rural and tribal communities, these awards help address our homelessness crisis and meet the critical needs of these residents,” said HCD Director Gustavo Velasquez. “Federal support ensures the state continues its stride toward providing housing stability and affordability for all.”

    The HOME-ARP RH awards announced today will fund much-needed affordable rental housing in the counties of Del Norte, El Dorado, Kings, Lake, Madera, Mendocino, Merced, Monterey, and Placer. The ten projects awarded will include a total of 487 affordable rental homes, including 184 HOME-ARP funded units for low-income households and other qualifying populations. This includes people experiencing or at risk of homelessness, those fleeing violence or human trafficking, and others at greatest risk of housing instability.

    HCD also announced six awards totaling $26.4 million from its HOME-ARP Housing Plus Support Program (HPSP) to support households who are currently experiencing homelessness, as well as those who will benefit from services designed to prevent homelessness.

    For more information about the awards, visit California Housing and Community Development’s website here.

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    Apr 29, 2025

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    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 4.29.25

    Source: US State of California 2

    Apr 29, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Kristina “Kris” Thayer, of Raleigh, North Carolina, has been appointed Director of The Office of Environmental Health Hazard Assessment. Thayer has been Director of the Director of the Integrated Risk Information System Division at the United States Environmental Protection Agency since 2019, where she has held multiple positions since 2017, including Director of the Integrated Risk Information System and Director of the Chemical and Pollution Assessment Division. She held multiple positions at the National Toxicology Program at the National Institute of Environmental Health Sciences from 2003 to 2017, including Deputy Director of the Division of Analysis, Director of the Office of Health Assessment and Translation, Director of the Center for the Evaluation of Risks to Human Reproduction, Staff Scientist at the Center for the Evaluation of Risk to Human Reproduction, Deputy Director of the Office of Risk Assessment Research, and Staff Scientist in the Office of Liaison and Scientific Review. Thayer is a member of the Society of Toxicology. She earned a Doctor of Philosophy degree in Biological Sciences from the University of Missouri, Columbia and a Bachelor of Science degree in Psychology from Pennsylvania State University, University Park. This position requires Senate confirmation, and compensation is $217,000. Thayer is a Democrat.

    Jason D. Johnson, of Redlands, has been appointed Undersecretary of Operations at the California Department of Corrections and Rehabilitation. Johnson has been Acting Undersecretary of Operations since 2024 at the California Department of Corrections and Rehabilitation, where he has held several positions since 2006, including Director of the Division of Adult Parole Operations, Chief Deputy Regional Administrator, Parole Administrator I, Parole Agent III Supervisor, Parole Agent II Supervisor, and Parole Agent I. Johnson was a Probation Officer II at San Bernardino County Probation Department from 2001 to 2006. He is a member of the Los Angeles County Police Chiefs’ Association, the Orange County Chiefs’ and Sherriffs’ Association, and the National Association of Blacks in Criminal Justice. Johnson earned a Master of Business Administration from the University of Redlands and a Bachelor of Arts in Criminal Justice from California State University, Fullerton. This position requires Senate confirmation, and the compensation is $239,796. Johnson is a Democrat.

    Joshua Prudhel, of Ceres, has been appointed Warden of Sierra Conservation Center, where he has been serving as Acting Warden since 2024. Prudhel was Chief Deputy Administrator at California State Prison, Sacramento from 2022 to 2024. He was a Correctional Administrator at California State Prison, Corcoran in 2022. Prudhel was Acting Chief Deputy Administrator at Correctional Training Facility from 2021 to 2022. He was a Correctional Administration at California State Prison, Corcoran from 2020 to 2021. Prudhel was Captain at California Health Care Facility from 2016 to 2020, where he was previously a Correctional Lieutenant from 2014 to 2016. He was a Correctional Lieutenant at California State Prison, Corcoran from 2011 to 2014, where he was previously a Correctional Sergeant from 2008 to 2011. Prudhel was a Correctional Sergeant at Deuel Vocational Institution from 2007 to 2008, and at Correctional Training Facility from 2005 to 2007. He was a Correctional Officer at San Quentin Rehabilitation Center from 2003 to 2005, and at Richard A. Mcgee Correctional Training Center from 2002 to 2003. Prudhel is a member of the California Correctional Supervisors Organization. This position does not require Senate confirmation, and the compensation is $193,524. Prudhel is a Republican.

    Megan Mekelburg, of Sacramento, has been appointed Deputy Secretary for Legislation at the California Natural Resources Agency. Mekelburg has been Deputy Appointments Secretary in the Office of Governor Gavin Newsom since 2024. She was Senior Associate at Environmental & Energy Consulting from 2023 to 2024. Mekelburg was Legislative Director in the Office of Senator Aisha Wahab in the California State Senate in 2023. She held multiple roles in the Office of Senator Josh Newman in the California State Senate from 2021 to 2023, including Legislative Director and Acting Chief of Staff. Mekelburg held multiple roles in the Office of Senator Henry Stern in the California State Senate from 2019 to 2021, including Legislative Aide and Executive Assistant. She earned a Master of Arts degree in Public Policy and Administration from California State University, Sacramento and a Bachelor of Arts degree in Sociology from University of California, Davis. This position does not require Senate confirmation, and the compensation is $160,008. Mekelburg is a Democrat.

    Matthew Sage, of Fair Oaks, has been appointed Commander of the State Threat Assessment Center at the Governor’s Office of Emergency Services. Sage has been the Deputy Commander of Intel/Analysis at the Governor’s Office of Emergency Services since 2023. He was an Account Executive at Echo Analytics Group from 2021 to 2022. He was a Supervisory Intelligence Specialist at the Department of the Army from 2015 to 2021. Sage was an Operations and Integrations Officer at Dyncorp International from 2012 to 2015. He was a Staff Officer at Sytera LLC. from 2011 to 2012. Sage was an Atmospherics Manager at AECOM/McNeill Technologies in 2011. He served as rank E-5 in the United States Army from 2006 to 2010. This position does not require Senate confirmation, and the compensation is $161,062. Sage is registered without party preference.

    Davina Hurt, of Belmont, has been appointed to the California Water Commission. Hurt has been the California Climate Policy Director at Pacific Environment since 2025. She was an Attorney/Civic Advocate at Davina Hurt Esq. from 2005 to 2024. Hurt held multiple positions with the City of Belmont from 2015 to 2024, including Mayor, Vice Mayor, and City Councilmember. She was a Campaign Manager at the Democratic Volunteer Center from 2014 to 2015. Hurt was a Securities Case Assistant at Heller Ehrman White and McAuliffe LLP from 2004 to 2005. She was a Senior Counsel and Civic Advocate at Tyson and Mendes LLP in 2004. Hurt was a Law Clerk at Bay Area Legal Aid from 2002 to 2004. She was a Law Clerk at the United States District Court for Northern District of California from 2002 to 2003. Hurt was a Summer Associate at Milberg, Weiss, Bershad, Hynes & Lerach LLP in 2002. She earned a Juris Doctor Degree from Santa Clara University School of Law and a Bachelor of the Arts degree in History and Political Science from Baylor University. This position requires Senate confirmation, and compensation is $100 per diem. Hurt is a Democrat.

    Peter Stern, of San Francisco, has been appointed to the California Horse Racing Board. Stern has been Chief Revenue Officer at Skedulo and an Advisor at Berkeley SkyDeck since 2025. He held several roles at Authorium from 2024 to 2025, including Advisor and Executive Vice President. He was the Co-Founder of VoiceBrain from 2021 to 2023. He was a Commissioner at California State Lottery Commission from 2019 to 2022. He held several positions at Inxeption from 2017 to 2021, including Executive Vice President of Business Operations and Senior Vice President of Corporate Development. Stern was the Airport Commissioner at the San Francisco International Airport from 2010 to 2019. He was Chief Revenue Officer at Skedulo from 2015 to 2017. Stern was the Chief Revenue Officer at Autopilot from 2013 to 2015. Stern was the Vice President of Sales at Kenandy, Inc. from 2011 to 2013. He held numerous positions at Salesforce from 2007 to 2011, including Vice President of Enterprise Corporate Sales and Corporate Sales Manager. Stern was Regional Manager at Oracle from 2005 to 2007. He was an Account Executive at Macromedia from 2002 to 2004. Stern was an Account Executive at Oracle from 2000 to 2000. This position requires Senate confirmation, and the compensation is $100 per diem. Stern is registered without party preference.

    Dyan Whyte, of Berkeley, has been appointed to the California State Mining and Geology Board. Whyte has been the Chief Financial Officer at Dataway US since 2019. She held multiple positions at the California Regional Water Quality Control Board, San Francisco Bay Region from 1988 to 1999, including Assistant Executive Officer and Senior Engineering Geologist. Whyte earned a Master of Science degree in Environmental Geology from University of California, Berkeley and a Bachelor of Science degree in Environmental Studies and Geology from California State University, Sonoma. This position requires Senate confirmation, and the compensation is $100 per diem. Whyte is a Democrat.

    Press Releases, Recent News

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    Apr 29, 2025

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    Apr 28, 2025

    News SACRAMENTO — Governor Gavin Newsom today issued the following statement congratulating newly elected Canadian Prime Minister Mark Carney:“Jennifer and I warmly congratulate Prime Minister Mark Carney on his party’s election victory in Canada. California looks…

    MIL OSI USA News –

  • MIL-OSI: Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, CA, May 01, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty finance company, today announced its financial results for the fiscal quarter ended March 31, 2025.

    Financial Highlights for the Quarter Ended March 31, 2025

    • Total investment income was $77.6 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $86.6 million ($1.05 per share) for the first fiscal quarter of 2025. Adjusted total investment income was $77.2 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $87.1 million ($1.06 per share) for the first fiscal quarter of 2025. The decrease was driven by lower interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.
    • GAAP net investment income was $39.1 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.3 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower interest expense and income-based (“Part I”) incentive fees (net of fees waived).
    • Adjusted net investment income was $38.7 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.7 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower adjusted total investment income, partially offset by lower interest expense and lower Part I incentive fees (net of fees waived).
    • Net asset value (“NAV”) per share was $16.75 as of March 31, 2025, down as compared with $17.63 as of December 31, 2024. The decline from December 31, 2024 primarily reflected losses on certain debt and equity investments.
    • Originated $407.0 million of new investment commitments and received $279.4 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2025. The weighted average yield on new debt investments was 9.5%.
    • Total debt outstanding was $1,470.0 million as of March 31, 2025. The total debt to equity ratio was 1.00x, and the net debt to equity ratio was 0.93x, after adjusting for cash and cash equivalents.
    • Oaktree Capital I, L.P. purchased $100.0 million of shares of OCSL common stock on February 3, 2025 at the Company’s net asset value as of January 31, 2025, which was $17.63 per share and represented a 10% premium to the closing stock price.
    • The Company issued $300 million of unsecured notes during the quarter ended March 31, 2025 that mature on February 27, 2030 and bear interest at a rate of 6.340%. In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement under which the Company receives a fixed interest rate of 6.340% and pays a floating interest rate of the three-month SOFR plus 2.192% on a notional amount of $300.0 million. Additionally, the Company repaid $300 million of unsecured notes that matured on February 25, 2025.
    • Liquidity as of March 31, 2025 was composed of $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity under the Company’s credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.
    • A quarterly and supplemental cash distribution was declared of $0.40 per share and $0.02 per share, respectively, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

    “Certain challenged portfolio company investments weighed on our results in the second quarter. We are focused on resolving these issues while also positioning our portfolio to deliver more consistent performance going forward,” stated Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer.

    “We are focused on further diversifying our portfolio by selectively investing in companies we believe are well positioned to deliver attractive returns given overall market uncertainty caused by tariffs, inflation and high interest rates. Historically, in periods of market volatility, our firm-wide DNA has enabled us to capitalize on opportunities while others are sidelined, and we have ample dry powder for new investments.”

    Distribution Declaration

    The Board of Directors declared a quarterly distribution of $0.40 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025. The Board of Directors also declared a supplemental distribution of $0.02 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

    Distributions are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.

    Results of Operations

      For the three months ended
    		  
    ($ in thousands, except per share data) March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    		  
    GAAP operating results:                        
    Interest income $ 70,523     $ 78,422     $ 85,256    
    PIK interest income   4,531       5,728       4,816    
    Fee income   1,742       1,679       2,546    
    Dividend income   772       818       1,411    
    Total investment income   77,568       86,647       94,029    
    Net expenses   38,235       42,082       52,662    
    Net investment income before taxes   39,333       44,565       41,367    
    (Provision) benefit for taxes on net investment income   (278 )     (263 )     —    
    Net investment income   39,055       44,302       41,367    
    Net realized and unrealized gains (losses), net of taxes   (75,304 )     (37,063 )     (32,030 )  
    Net increase (decrease) in net assets resulting from operations $ (36,249 )   $ 7,239     $ 9,337    
    Total investment income per common share $ 0.90     $ 1.05     $ 1.18    
    Net investment income per common share $ 0.45     $ 0.54     $ 0.52    
    Net realized and unrealized gains (losses), net of taxes per common share $ (0.88 )   $ (0.45 )   $ (0.40 )  
    Earnings (loss) per common share — basic and diluted $ (0.42 )   $ 0.09     $ 0.12    
    Non-GAAP Financial Measures1:                        
    Adjusted total investment income $ 77,195     $ 87,070     $ 97,340    
    Adjusted net investment income $ 38,682     $ 44,725     $ 44,678    
    Adjusted net realized and unrealized gains (losses), net of taxes $ (75,248 )   $ (37,124 )   $ (35,344 )  
    Adjusted earnings (loss) $ (36,566 )   $ 7,601     $ 9,334    
    Adjusted total investment income per share $ 0.90     $ 1.06     $ 1.22    
    Adjusted net investment income per share $ 0.45     $ 0.54     $ 0.56    
    Adjusted net realized and unrealized gains (losses), net of taxes per share $ (0.88 )   $ (0.45 )   $ (0.44 )  
    Adjusted earnings (loss) per share $ (0.43 )   $ 0.09     $ 0.12    
                             
    1 See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the merger of Oaktree Strategic Income Corporation (“OCSI”) with and into the Company in March 2021 (the “OCSI Merger”) and the merger of Oaktree Strategic Income II, Inc. (“OSI2”) with and into the Company in January 2023 (the “OSI2 Merger”) and, in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
     
      As of
    		  
    ($ in thousands, except per share data and ratios) March 31, 2025
    (unaudited)
    		   December 31, 2024
    (unaudited)
    		   March 31, 2024
    (unaudited)
    		  
    Select balance sheet and other data:                        
    Cash and cash equivalents $ 97,838     $ 112,913     $ 125,031    
    Investment portfolio at fair value   2,892,771       2,835,294       3,047,445    
    Total debt outstanding (net of unamortized financing costs)   1,448,486       1,577,795       1,635,642    
    Net assets   1,475,113       1,449,815       1,524,099    
    Total debt to equity ratio   1.00 x     1.11 x     1.10 x  
    Net debt to equity ratio   0.93 x     1.03 x     1.02 x  
     

    Adjusted total investment income for the quarter ended March 31, 2025 was $77.2 million and included $70.2 million of interest income from portfolio investments, $4.5 million of payment-in-kind (“PIK”) interest income, $1.7 million of fee income and $0.8 million of dividend income. The $9.9 million quarterly decline in adjusted total investment income was primarily due to a $9.9 million decrease in interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.

    Net expenses for the quarter ended March 31, 2025 totaled $38.2 million, down $3.8 million from the quarter ended December 31, 2024. The decrease for the quarter was primarily driven by $2.4 million of lower interest expense due to lower outstanding borrowings and lower reference rates on the Company’s floating rate debt and $1.5 million of lower Part I incentive fees (net of fees waived).

    Adjusted net investment income was $38.7 million ($0.45 per share) for the quarter ended March 31, 2025, which was down from $44.7 million ($0.54 per share) for the quarter ended December 31, 2024. The decline of $6.0 million primarily reflected $9.9 million of lower adjusted total investment income, offset by $3.9 million of lower net expenses.

    Adjusted net realized and unrealized losses, net of taxes, were $75.2 million for the quarter ended March 31, 2025.

    Portfolio and Investment Activity

      As of
    		  
    ($ in thousands) March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    		  
    Investments at fair value $ 2,892,771     $ 2,835,294     $ 3,047,445    
    Number of portfolio companies   152       136       151    
    Average portfolio company debt size $ 19,700     $ 22,000     $ 20,100    
                             
    Asset class:                        
    First lien debt   80.9 %     81.8 %     80.8 %  
    Second lien debt   3.4 %     3.0 %     5.4 %  
    Unsecured debt   5.0 %     3.9 %     2.6 %  
    Equity   4.6 %     4.8 %     4.8 %  
    JV interests   6.1 %     6.5 %     6.4 %  
                             
    Non-accrual debt investments:                        
    Non-accrual investments at fair value $ 125,643     $ 105,326     $ 69,128    
    Non-accrual investments at cost   217,401       138,703       127,720    
    Non-accrual investments as a percentage of debt investments at fair value   4.6 %     3.9 %     2.4 %  
    Non-accrual investments as a percentage of debt investments at cost   7.6 %     5.1 %     4.3 %  
    Number of investments on non-accrual   10       9       5    
                             
    Interest rate type:                        
    Percentage floating-rate   89.8 %     87.6 %     85.4 %  
    Percentage fixed-rate   10.2 %     12.4 %     14.6 %  
                             
    Yields:                        
    Weighted average yield on debt investments1   10.2 %     10.7 %     12.2 %  
    Cash component of weighted average yield on debt investments   9.3 %     9.5 %     11.0 %  
    Weighted average yield on total portfolio investments2   9.8 %     10.2 %     11.7 %  
                             
    Investment activity:                        
    New investment commitments $ 407,000     $ 198,100     $ 395,600    
    New funded investment activity3 $ 405,800     $ 201,300     $ 377,400    
    Proceeds from prepayments, exits, other paydowns and sales $ 279,400     $ 352,400     $ 322,600    
    Net new investments4 $ 126,400     $ (151,100 )   $ 54,800    
    Number of new investment commitments in new portfolio companies   24       5       20    
    Number of new investment commitments in existing portfolio companies   8       8       15    
    Number of portfolio company exits   8       13       15    
                             
    1 Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
    2 Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and dividend income, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
    3 New funded investment activity includes drawdowns on existing revolver and delayed draw term loan commitments.
    4 Net new investments consists of new funded investment activity less proceeds from prepayments, exits, other paydowns and sales.
     

    As of March 31, 2025, the fair value of the investment portfolio was $2.9 billion and was composed of investments in 152 companies. These included debt investments in 131 companies, equity investments in 40 companies, and the Company’s joint venture investments in SLF JV I and OCSI Glick JV LLC (“Glick JV”). 21 of the equity investments were in companies in which the Company also had a debt investment.

    As of March 31, 2025, 94.9% of the Company’s portfolio at fair value consisted of debt investments, including 80.9% of first lien loans, 3.4% of second lien loans and 10.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 81.8% of first lien loans, 3.0% of second lien loans and 9.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of December 31, 2024.

    As of March 31, 2025, there were ten investments on non-accrual status, which represented 7.6% and 4.6% of the debt portfolio at cost and fair value, respectively. As of December 31, 2024, there were nine investments on non-accrual status, which represented 5.1% and 3.9% of the debt portfolio at cost and fair value, respectively.

    SLF JV I

    The Company’s investments in SLF JV I totaled $128.6 million at fair value as of March 31, 2025, down 5.0% from $135.4 million as of December 31, 2024. The decrease was primarily driven by SLF JV I’s use of leverage and unrealized depreciation in the underlying investment portfolio.

    As of March 31, 2025, SLF JV I had $374.7 million in assets, including senior secured loans to 52 portfolio companies. This compared to $344.9 million in assets, including senior secured loans to 42 portfolio companies, as of December 31, 2024. SLF JV I generated cash interest income of $3.2 million for the Company during the quarter ended March 31, 2025, down from $3.4 million in the prior quarter. In addition, SLF JV I generated dividend income of $0.7 million for the Company during the quarter ended March 31, 2025, flat from the prior quarter. As of March 31, 2025, SLF JV I had $73.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

    Glick JV

    The Company’s investments in Glick JV totaled $47.3 million at fair value as of March 31, 2025, down 4.6% from $49.6 million as of December 31, 2024. The decrease was primarily driven by Glick JV’s use of leverage and unrealized depreciation in the underlying investment portfolio.

    As of March 31, 2025, Glick JV had $125.1 million in assets, including senior secured loans to 41 portfolio companies. This compared to $127.9 million in assets, including senior secured loans to 39 portfolio companies, as of December 31, 2024. Glick JV generated cash interest income of $1.3 million for the Company during the quarter ended March 31, 2025, down from $1.4 million in the prior quarter. As of March 31, 2025, Glick JV had $31.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $100 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had total principal value of debt outstanding of $1,470.0 million, including $520.0 million of outstanding borrowings under its revolving credit facilities, $350.0 million of the 2.700% Notes due 2027, $300.0 million of the 7.100% Notes due 2029 and $300.0 million of the 6.340% Notes due 2030. The funding mix was composed of 35% secured and 65% unsecured borrowings as of March 31, 2025. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2025.

    As of March 31, 2025, the Company had $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity on its credit facilities (subject to borrowing base and other limitations). As of March 31, 2025, unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.

    As of March 31, 2025, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements was 6.7%, up from 6.2% as of December 31, 2024, primarily driven by the impact of the repayment of the 3.500% Notes due 2025 and the issuance of the 6.340% Notes due 2030.

    The Company’s total debt to equity ratio was 1.00x and 1.11x as of each of March 31, 2025 and December 31, 2024, respectively. The Company’s net debt to equity ratio was 0.93x and 1.03x as of each of March 31, 2025 and December 31, 2024, respectively.

    Recent Developments

    Syndicated Facility

    On April 8, 2025, the Company entered into an amendment to its amended and restated senior secured credit facility (the “Syndicated Facility”), among other things, (1) generally reduce interest rate margins from 2.00% plus a SOFR adjustment (ranging between 0.11448% and 0.26161%) to 1.875% plus a SOFR adjustment of 0.10% on SOFR loans and from 1.00% to 0.875% plus a SOFR adjustment of 0.10% on alternate base rate loans, (2) remove the Consolidated Interest Coverage Ratio covenant, (3) decrease the facility size from $1.218 billion to $1.160 billion, (4) increase the “accordion” feature to allow expansion of the facility to $1.50 billion, and (5) extend the reinvestment period and final maturity date to April 8, 2029, and April 8, 2030, respectively.

    Non-GAAP Financial Measures

    On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

    • “Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share” – represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
    • “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” – represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger and (ii) capital gains incentive fees (“Part II incentive fees”).
    • “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes” and “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share” – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
    • “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” – represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees1, if any.

    The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to each of the stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally, immediately following the completion of the Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

    The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the fees payable to Oaktree Fund Advisors, LLC (the “Adviser”) under its investment advisory agreement (as amended and restated from time to time, the “A&R Advisory Agreement”), and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”, without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”, “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the Mergers and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

    The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

      For the three months ended
    		  
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    		  
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
    		  
    GAAP total investment income $ 77,568     $ 0.90   $ 86,647   $ 1.05   $ 94,029   $ 1.18  
    Interest income amortization (accretion) related to merger
    accounting adjustments    		   (373 )     —     423     0.01     3,311     0.04  
    Adjusted total investment income $ 77,195     $ 0.90   $ 87,070   $ 1.06   $ 97,340   $ 1.22  
     

    The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

      For the three months ended
    		  
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    		  
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
    		  
    GAAP net investment income $ 39,055     $ 0.45   $ 44,302   $ 0.54   $ 41,367   $ 0.52  
    Interest income amortization (accretion) related to merger
    accounting adjustments    		   (373 )     —     423     0.01     3,311     0.04  
    Part II incentive fee   —       —     —     —     —     —  
    Adjusted net investment income $ 38,682     $ 0.45   $ 44,725   $ 0.54   $ 44,678   $ 0.56  
     

    The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses), net of taxes for the periods presented:

      For the three months ended
    		  
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    		  
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
    		  
    GAAP net realized and unrealized gains (losses), net of taxes $ (75,304 )   $ (0.88 )   $ (37,063 )   $ (0.45 )   $ (32,030 )   $ (0.40 )  
    Net realized and unrealized gains (losses) related to merger
    accounting adjustments    		   56       —       (61 )     —       (3,314 )     (0.04 )  
    Adjusted net realized and unrealized gains (losses), net of taxes $ (75,248 )   $ (0.88 )   $ (37,124 )   $ (0.45 )   $ (35,344 )   $ (0.44 )  
     

    The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented:

      For the three months ended
    		  
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    		  
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
    		  
    Net increase (decrease) in net assets resulting from operations $ (36,249 )   $ (0.42 )   $ 7,239     $ 0.09   $ 9,337     $ 0.12    
    Interest income amortization (accretion) related to merger
    accounting adjustments    		   (373 )     —       423       0.01     3,311       0.04    
    Net realized and unrealized gains (losses) related to merger
    accounting adjustments    		   56       —       (61 )     —     (3,314 )     (0.04 )  
    Adjusted earnings (loss) $ (36,566 )   $ (0.43 )   $ 7,601     $ 0.09   $ 9,334     $ 0.12    
     

    Conference Call Information

    Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter 2025 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on May 1, 2025. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of Oaktree Specialty Lending’s website, www.oaktreespecialtylending.com. During the conference call, the Company intends to refer to an investor presentation that will be available on the Investors section of its website.

    For those individuals unable to listen to the live broadcast of the conference call, a replay will be available on Oaktree Specialty Lending’s website, or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), access code 3296634, beginning approximately one hour after the broadcast.

    About Oaktree Specialty Lending Corporation

    Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.

    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: future operating results of the Company and distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. 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 the Company’s operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment; (ii) risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict, 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 the Company’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 the Company’s publicly disseminated documents and filings. The Company has based the forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company 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 the Company 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.

    Contacts

    Investor Relations:
    Oaktree Specialty Lending Corporation
    Clark Koury
    (213) 830-6222
    ocsl-ir@oaktreecapital.com

    Media Relations:
    Financial Profiles, Inc.
    Moira Conlon
    (310) 478-2700
    mediainquiries@oaktreecapital.com

    Oaktree Specialty Lending Corporation
    Consolidated Statements of Assets and Liabilities
    (in thousands, except per share amounts)
     
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   September 30, 2024
    		  
    ASSETS                        
    Investments at fair value:                        
    Control investments (cost March 31, 2025: $375,317; cost December 31, 2024: $374,509;
    cost September 30, 2024: $372,901)    		 $ 230,904     $ 267,782     $ 289,404    
    Affiliate investments (cost March 31, 2025: $35,295; cost December 31, 2024: $37,358;
    cost September 30, 2024: $38,175)    		   32,475       35,180       35,677    
    Non-control/Non-affiliate investments (cost March 31, 2025: $2,703,644; cost December 31,
    2024: $2,576,053; cost September 30, 2024: $2,733,843)    		   2,629,392       2,532,332       2,696,198    
    Total investments at fair value (cost March 31, 2025: $3,114,256; cost December 31,
    2024: $2,987,920; September 30, 2024: $3,144,919)    		   2,892,771       2,835,294       3,021,279    
    Cash and cash equivalents   97,838       112,913       63,966    
    Restricted cash   10,370       13,159       14,577    
    Interest, dividends and fees receivable   22,768       25,290       38,804    
    Due from portfolio companies   317       408       12,530    
    Receivables from unsettled transactions   18,526       55,661       17,548    
    Due from broker   25,190       21,880       17,060    
    Deferred financing costs   10,196       10,936       11,677    
    Deferred offering costs   161       162       125    
    Derivative assets at fair value   —       6,652       —    
    Other assets   1,030       1,437       775    
    Total assets $ 3,079,167     $ 3,083,792     $ 3,198,341    
                             
    LIABILITIES AND NET ASSETS                        
    Liabilities:                        
    Accounts payable, accrued expenses and other liabilities $ 3,451     $ 3,371     $ 3,492    
    Base management fee and incentive fee payable   7,332       8,930       15,517    
    Due to affiliate   1,277       1,508       4,088    
    Interest payable   14,087       17,600       16,231    
    Payables from unsettled transactions   110,202       —       15,666    
    Derivative liabilities at fair value   19,219       24,759       16,843    
    Deferred tax liability   —       14       —    
    Credit facilities payable   520,000       660,000       710,000    
    Unsecured notes payable (net of $7,573, $4,401 and $4,935 of unamortized financing costs
    as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively)    		   928,486       917,795       928,693    
    Total liabilities   1,604,054       1,633,977       1,710,530    
    Commitments and contingencies                        
    Net assets:                        
    Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086, 82,245 and
    82,245 shares issued and outstanding as of March 31, 2025, December 31, 2024 and
    September 30, 2024, respectively    		   881       822       822    
    Additional paid-in-capital   2,367,337       2,264,449       2,264,449    
    Accumulated overdistributed earnings   (893,105 )     (815,456 )     (777,460 )  
    Total net assets (equivalent to $16.75, $17.63 and $18.09 per common share as of March
    31, 2025, December 31, 2024 and September 30, 2024, respectively)    		   1,475,113       1,449,815       1,487,811    
    Total liabilities and net assets $ 3,079,167     $ 3,083,792     $ 3,198,341    
     
    Oaktree Specialty Lending Corporation
    Consolidated Statements of Operations
    (in thousands, except per share amounts)
     
      Three months ended
    March 31, 2025 (unaudited)    		   Three months ended
    December 31, 2024 (unaudited)    		   Three months ended
    March 31, 2024 (unaudited)    		   Six months ended
    March 31, 2025 (unaudited)    		   Six months ended
    March 31, 2024 (unaudited)
    		  
    Interest income:                                        
    Control investments $ 4,884     $ 5,226     $ 5,949     $ 10,110     $ 11,954    
    Affiliate investments   159       166       10       325       334    
    Non-control/Non-affiliate investments   63,915       71,809       77,803       135,724       160,524    
    Interest on cash and cash equivalents   1,565       1,221       1,494       2,786       3,858    
    Total interest income   70,523       78,422       85,256       148,945       176,670    
    PIK interest income:                                        
    Control investments   —       830       598       830       1,142    
    Affiliate investments   27       28       —       55       —    
    Non-control/Non-affiliate investments   4,504       4,870       4,218       9,374       7,523    
    Total PIK interest income   4,531       5,728       4,816       10,259       8,665    
    Fee income:                                        
    Control investments   —       —       13       —       26    
    Affiliate investments   —       —       —       —       5    
    Non-control/Non-affiliate investments   1,742       1,679       2,533       3,421       3,822    
    Total fee income   1,742       1,679       2,546       3,421       3,853    
    Dividend income:                                        
    Control investments   700       700       1,400       1,400       2,800    
    Non-control/Non-affiliate investments   72       118       11       190       26    
    Total dividend income   772       818       1,411       1,590       2,826    
    Total investment income   77,568       86,647       94,029       164,215       192,014    
    Expenses:                                        
    Base management fee   7,515       8,144       11,604       15,659       23,081    
    Part I incentive fee   6,733       7,913       8,452       14,646       17,480    
    Professional fees   1,227       1,067       1,213       2,294       2,717    
    Directors fees   160       160       160       320       320    
    Interest expense   28,191       30,562       31,881       58,753       64,051    
    Administrator expense   388       437       326       825       692    
    General and administrative expenses   937       926       526       1,863       1,117    
    Total expenses   45,151       49,209       54,162       94,360       109,458    
    Management fees waived   (183 )     (750 )     (1,500 )     (933 )     (3,000 )  
    Part I incentive fees waived   (6,733 )     (6,377 )     —       (13,110 )     —    
    Net expenses   38,235       42,082       52,662       80,317       106,458    
    Net investment income before taxes   39,333       44,565       41,367       83,898       85,556    
    (Provision) benefit for taxes on net investment
    income    		   (278 )     (263 )     —       (541 )     —    
    Net investment income   39,055       44,302       41,367       83,357       85,556    
    Unrealized appreciation (depreciation):                                        
    Control investments   (37,686 )     (23,230 )     (6,193 )     (60,916 )     (4,854 )  
    Affiliate investments   (642 )     320       93       (322 )     (832 )  
    Non-control/Non-affiliate investments   (28,975 )     (7,198 )     (21,396 )     (36,173 )     (39,011 )  
    Foreign currency forward contracts   (14,720 )     10,494       2,244       (4,226 )     (5,580 )  
    Net unrealized appreciation (depreciation)   (82,023 )     (19,614 )     (25,252 )     (101,637 )     (50,277 )  
    Realized gains (losses):                                        
    Control investments   13       —       —       13       786    
    Affiliate investments   333       (288 )     —       45       —    
    Non-control/Non-affiliate investments   (1,547 )     (17,056 )     (5,433 )     (18,603 )     (18,773 )  
    Foreign currency forward contracts   7,906       34       (1,170 )     7,940       2,931    
    Net realized gains (losses)   6,705       (17,310 )     (6,603 )     (10,605 )     (15,056 )  
    (Provision) benefit for taxes on realized
    and unrealized gains (losses)    		   14       (139 )     (175 )     (125 )     (351 )  
    Net realized and unrealized gains (losses), net
    of taxes    		   (75,304 )     (37,063 )     (32,030 )     (112,367 )     (65,684 )  
    Net increase (decrease) in net assets resulting
    from operations    		 $ (36,249 )   $ 7,239     $ 9,337     $ (29,010 )   $ 19,872    
    Net investment income per common share —
    basic and diluted    		 $ 0.45     $ 0.54     $ 0.52     $ 0.99     $ 1.09    
    Earnings (loss) per common share —
    basic and diluted    		 $ (0.42 )   $ 0.09     $ 0.12     $ (0.35 )   $ 0.25    
    Weighted average common shares outstanding —
    basic and diluted    		   85,916       82,245       79,763       84,061       78,797    
     

    1 Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended December 31, 2024, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II incentive fees accrued under GAAP. For the three months ended December 31, 2024, no amounts were payable under the A&R Advisory Agreement.

    The MIL Network –

  • MIL-OSI Asia-Pac: Depot Darpan portal & mobile application to ensure Food Storage depots meet highest quality & performance standards

    Source: Government of India

    Posted On: 01 MAY 2025 1:41PM by PIB Delhi

    The Department of Food and Public Distribution (DFPD), Government of India, ensures food security for over 80 crore beneficiaries through scientific warehousing and smart storage solutions for food grains.

    DFPD is now envisaging the Depot Darpan portal and mobile application with the objective to ensure that the Food Storage depots meet the highest quality and performance standards. It enables Depot managers to evaluate infrastructure, operational and financial performance on a near real-time basis

    Depot Managers upload geo-tagged inputs of the infrastructure available in their depot, generating automated ratings and action points for timely improvements. The system ensures 100% validation by the supervisory officers and random third-party audits.

    The warehouses are assessed based on two main categories:

    • Infrastructural aspects which include safety standards, storage conditions, environmental, technology adoption and statutory parameters.
    • Operational efficiency aspects which include stock turnover, losses, space utilization, manpower expenses, and profitability.

    Each category is evaluated independently, and the warehouse receives a Star rating based on the composite scoring from both parameters.

    Depot Darpan is uniquely integrated with smart warehousing technologies, creating a seamless digital monitoring ecosystem that includes: CCTV Surveillance and IoT sensors, monitoring key parameters such as CO₂ & Phosphine levels, fire hazards, humidity, unauthorized entry and temperature in real time thereby, ensuring security and efficiency in food grain storage.

    The IoT-Enabled Monitoring includes:

    1. Ambient sensor – Temperature and relative humidity to monitor grain moisture and temperature
    2. Carbon dioxide (CO2) – To monitor and indicate potential grain infestation
    3. Phosphine gas sensor – Ensures occupational safety for workers through early warning to prevent exposure to toxic gas levels Detects fumigation leakages, increasing effectiveness of treatment
    4. Gate Shutter sensor – Detection of unauthorized door access. – Alerts for unauthorized door openings outside designated hours. Monitors door status during fumigation processes. Ensures proper ventilation by tracking door openings as required.
    5. Fire/smoke sensor- Provides early warning to prevent fire-related damage and ensure safety.

    In addition, AI based technology for bag counting, ANPR (Automatic Number plate Recognition) for vehicle identification and tracking, and Face Recognition technology (FRS) for access control and security are also deployed in warehouses on pilot basis.

    A total of around 2278 warehouses including those owned by FCI & CWC and that hired from State agencies/ private will be onboarded in this digital initiative.

    Depot Darpan mobile app allows supervisory officials to track warehouse performance anytime, anywhere, supporting better decision making. Automated reports are used in regular reviews, leading to continuous and seamless improvements in infrastructure and efficiency.

    Depot Darpan, a mirror of warehousing excellence, ensures improved warehousing and greater operational efficiency in the public distribution system and reinforces the commitment to the nation’s food security with every grain scientifically stored.

    Depot Darpan portal and mobile application shall be formally inaugurated by Union Minister of Consumer Affairs, Food & Public Distribution and New and Renewable Energy on 20th May, 2025.

    ******

    Abhishek Dayal/Nihi Sharma

    (Release ID: 2125724) Visitor Counter : 88

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Rosanna Law continues UAE visit

    Source: Hong Kong Information Services

    Secretary for Culture, Sports & Tourism Rosanna Law continued her visit to the United Arab Emirates to promote Hong Kong-UAE exchanges.

    Miss Law today met Undersecretary of the Ministry of Culture of the UAE HE Mubarak Al Nakhi and expressed strong interest in collaborations with the UAE, adding that she was glad to have identified new opportunities for co-operation with the country on performing arts.

    Yesterday, she discussed sports development with Dubai Future Foundation Chief Executive Officer and Dubai Sports Council Vice Chairman HE Khalfan Belhoul, with a focus on integrating creativity, innovation and technology into youth education. Miss Law highlighted the similarities in both regions’ sports landscape, emphasising opportunities for collaboration.

    In the afternoon, Miss Law had a meeting with Chief Executive Officer of Dubai Corporation for Tourism & Commerce Marketing at Dubai Department of Economy & Tourism HE Issam Kazim, where discussions underscored shared goals of enhancing tourism through innovative collaboration. Miss Law noted how Hong Kong is actively promoting tailor-made, high-end travel packages to attract Middle East tourists.

    She also paid a courtesy call on and attended a dinner hosted by Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the UAE Zhang Yiming last night.

    In addition to thanking the embassy for its strong support to Hong Kong, Miss Law remarked that the UAE visit allowed her to gain a deeper understanding of its proactive and ambitious vision, affirming that Hong Kong and the UAE share many parallels in development strategies. She also emphasised the importance of leveraging synergies to foster stronger ties between the two regions.

    While in the UAE, Miss Law visited a number of iconic historical and tourist attractions to understand their operations, tourism appeal and the possible collaboration of cultural exchanges.

    She will conclude her UAE visit and depart for Riyadh, Saudi Arabia, tonight.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Synaptics and Murata Partner for Next-Generation Automotive Wireless Connectivity

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) and Murata Manufacturing today announced they are partnering to develop a next-generation turnkey wireless connectivity module for automotive Tier 1 suppliers and OEMs. Through this partnership, Synaptics’ Veros™ Wi-Fi and Bluetooth combo systems on chips (SoCs)—featuring highly integrated RF front-ends—will be designed into a module co-developed with Murata. Synaptics’ wireless SoCs are optimized to balance performance, low system design cost, and low power consumption while maintaining excellent throughput at the high temperatures required by automotive applications.

    Solutions for the automotive market require robustness under harsh operating conditions, interoperability in varied environments, and longevity. Synaptics is now applying its Veros portfolio, which encapsulates decades of field-hardened technology and IoT connectivity expertise, to provide long-term support for automotive manufacturers. Its SYN4383 Wi-Fi 6E and SYN4384 Wi-Fi 7 automotive products are pin-to-pin compatible, with software upgradability, and the SYN4390 brings high-throughput Wi-Fi 7 to this application. A recent acquisition demonstrates Synaptics’ solid wireless roadmap, including Wi-Fi 8, to meet next-generation automotive innovation requirements.

    “Murata continues to advance RF and wireless module design, delivering high-performance, miniaturized components engineered for optimal integration in next-generation systems,” said Masatomo Hashimoto, Director, Communication Module Division, Communication & Sensor Business Unit, at Murata. “Synaptics shares our commitment to high-quality products and engineering, and we are excited to collaborate on innovative wireless modules for the automotive market, combining Veros SoCs with Murata’s long-standing expertise and track record in compact, reliable module design.”

    Veros Seamless Intelligent Connectivity encompasses Synaptics’ entire wireless portfolio of proven solutions, incorporating features aimed at performance, interoperability, coexistence, energy efficiency, and bill of materials integration. Veros features built-in support for Synaptics Astra™, the AI-Native compute platform for the IoT.

    For more information:

    About Synaptics Incorporated
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com. 

    About Murata
    Murata Manufacturing Co., Ltd. is a worldwide leader in the design, manufacture and sale of ceramic-based passive electronic components & solutions, communication modules and power supply modules. Murata is committed to the development of advanced electronic materials and leading edge, multi-functional, high-density modules. The company has employees and manufacturing facilities throughout the world.

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    For further information, please contact:

    Media Contacts

    Patrick Mannion
    Synaptics
    patrick.mannion@synaptics.com

    Keisuke Tsuboi
    Murata
    mmc@murata.com

    The MIL Network –

  • MIL-OSI: Financial results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Profit after tax of DKK 491 million and return on equity of 14.0%

    With a profit after tax of DKK 491 million and a return on equity of 14.0%, Spar Nord is off to a good start to 2025. As expected, the result is affected by the falling level of interest rates, with a lower return on the Bank’s substantial excess liquidity contributing to a reduction in net interest income compared with last year. This is the principal reason why core income was DKK 136 million lower than in the same period of last year.

    In terms of our banking business, we maintained a strong momentum from Q1 2024 to Q1 2025 with annual growth in lending and deposits of 10% and 6%, respectively, and a 4% increase in total business volume during the period. Looking exclusively at Q1 2025, lending was up by DKK 1.3 billion and deposits by DKK 0.7 billion.

    The first quarter of 2025 was also characterised by further solid asset management activity, and activity in the housing market is once again trending higher. At the same time, impairment charges for the period were limited owing to persistently strong credit quality.

    With respect to Nykredit’s takeover offer, two out of three conditions for the offer are currently met. The necessary approval from the Danish Competition and Consumer Authority remains outstanding and, most recently on 23 April 2025, this resulted in an extension of the offer period, which is now projected to expire on 20 May 2025. Nykredit still expects the offer to be completed during the first half of 2025, says Lasse Nyby, CEO.

    Please direct any questions regarding this release to Lasse Nyby, Chief Executive Officer, on tel. +45 9634 4011, or Rune Brandt Børglum, Chief Financial Officer, on tel. + 45 9634 4236.

    Yours faithfully

    Rune Brandt Børglum
    CFO

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Experience the Future of TV with Samsung’s Premium AI-Integrated QLED TV Series and Crystal Clear 4K UHD TV Now Live on Amazon and Flipkart

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, announced the launch of its new range of AI-powered QLED TV and Crystal Clear 4K UHD TV, available on Amazon, Flipkart, and Samsung.com starting May 1, 2025.  Designed to deliver the ultimate home entertainment experience, the new lineup includes the QLED series – QEF1, equipped with cutting-edge AI technology, and the Clear 4K UHD series – UE81, UE84, UE86, engineered to provide exceptional clarity, color, and detail for an immersive viewing experience.
     
    At the center of the launch is the QLED TV, featuring Real and Safe Quantum Dot Technology to deliver stunning color accuracy and durability. Featuring True Quantum Dots for unparalleled color precision, these TVs are also free from Cadmium, a harmful substance known to be a cancer-causing agent, ensuring both safety and superior performance.
     
    Powered by Samsung’s latest Q4 AI Processor, the TV analyzes and optimizes content in real-time with sharper visuals, clearer sound, and a more personalized viewing experience. Leveraging Samsung Vision AI, it intelligently enhances picture quality by recognizing scenes, objects, and faces for lifelike details, while also ensuring precise color volume with Pantone Validated Colors for true-to-life hues. To ensure peace of mind, the TV is secured with Samsung Knox Security, protecting users’ data and connected devices. Additionally, the new lineup offers access to Endless Free Content, delivering a world of entertainment with no additional Cost.
     
    Samsung’s new UHD models deliver crystal-clear 4K resolution, powered by the advanced Crystal 4K Processor, ensuring sharp and vibrant visuals. With 4K Upscaling, the models also enhance lower-resolution content to near 4K quality. Featuring PurColour, they offer lifelike colors for a truly immersive viewing experience. The integrated OTS Lite technology delivers dynamic sound with virtual top channel audio, creating an enriched audio experience. With access to endless free content, these models make premium entertainment accessible to a broader audience.
     
    Viplesh Dang, Senior Director, Visual Display Business, Samsung India, said, “At Samsung, we continuously push the boundaries of innovation to deliver products that redefine home entertainment. With launch of our AI-enhanced QLED and Crystal Clear 4K UHD TVs, we are elevating the viewing experience for consumers, offering advanced entertainment. These models, powered by Samsung Vision AI, deliver intelligent scene recognition for enhanced picture quality, making every frame more immersive. This launch reflects our dedication to delivering intelligent viewing experiences to more homes, meeting the evolving needs of our consumers with innovation, convenience, and reliability”
     
    Customers can look forward to benefits like discounts of up to 35%. The new Samsung Online TV lineup is available with 12 month No Cost EMI starting at just INR 3,333/month for QLED models and INR 2,500/month for UHD models. Customers can also avail an instant bank cashback of up to INR 3,000.  With innovative features and exclusive launch offers, this new range is set to transform living spaces into cinematic hubs.
     
     Key Features of QLED TV

    Real and Safe QLED
    Samsung’s Real and Safe QLED TVs are built with 100% Color Volume-certified Quantum Dot technology, delivering vibrant, lifelike visuals. Certified for safety by trusted global institutions, these TVs are also free from Cadmium, a harmful substance known to be a cancer-causing agent, ensuring a healthier and worry-free viewing experience for all.
     
    Q4 AI Processor
    The Samsung Q4 AI Processor enhances the TV viewing experience by intelligently optimizing both visuals and sound in real time. It upscales content to detailed 4K resolution, ensuring an immersive experience tailored to the surroundings and the content being viewed.
     
    Pantone Validation
    Pantone Validation guarantees superior color accuracy by meeting Pantone’s stringent testing standards. This validation ensures the authentic reproduction of Pantone colors and skin tones, providing an immersive viewing experience that mirrors the creator’s original vision.
     
    Samsung Vision AI
    Samsung Vision AI brings intelligent enhancements to TVs with real-time AI upscaling, smart features like Generative Wallpaper, and SmartThings. It adapts visuals, sound, and interactions based on the environment and user needs. Advanced AI capabilities offer a truly personalized and immersive viewing experience.

    Samsung Knox Security
    Samsung Knox is Samsung’s commitment to security, providing defense-grade protection across devices. It offers a comprehensive suite of security features, customizable to meet diverse business needs. With Knox, businesses can confidently safeguard their data and operations.
     
    SmartThings
    The SmartThings app on Samsung TVs allows you to control and automate your TV and other smart devices, enhancing your home experience. By using SmartThings, you can control appliances, lights, and security cameras directly from the TV. To set it up, simply navigate to the SmartThings option in the TV’s menu and follow the prompts to connect your devices.
     
    Key Features of Crystal Clear 4K UHD TVs
    Crystal Processor 4K
    The Crystal Processor 4K provides enhanced picture quality with precise colour mapping. This powerful processor ensures that every shade of colour is displayed as intended, offering a lifelike 4K resolution for all content.
     
    PurColor
    With PurColor, consumers can enjoy an above and beyond experience while watching their favorite content by enjoying real life color expression on the screen. It enables the TV to express a vast range of colors for optimal picture performance and an immersive viewing experience. With One Billion True Colors, this distinctive technology brings reality to the TV screen, with existing colors being showcased in their original state.
     
    Multi Voice Assistant
    Consumers can pick their favorite voice assistant that is built-in into the new Crystal Vision 4K UHD TV for an advanced control in their connected home. They can choose between Bixby or Amazon Alexa and cherish an optimal home entertainment experience from the coziness and comfort of their living couch.
     
    OTS Lite
    OTS Lite (Object Tracking Sound Lite) uses Samsung’s AI algorithms to track on-screen movements and precisely match sound locations using multi-channel speakers. 3D surround sound with our virtual top channel audio allows you to be immersed in the audio experience.

    MIL OSI Economics –

  • MIL-OSI USA: Reed: New $18.4B Navy Submarine Contract to Boost RI Workforce & Help Safeguard the Nation

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – The enormous black cylinders that begin to take shape in the cavernous manufacturing production facilities at Quonset Point provide the United States with an unparalleled strategic deterrent that helps safeguard the nation and provides the U.S. Navy with an unmatched advantage beneath the waves.  Thousands of Rhode Island workers make critical contributions to designing, engineering, and building these next generation submarines. 

    Now, thanks to a new $18.4 billion U.S. Navy contract awarded to General Dynamics Corp, the parent company of Electric Boat, more work will commence on production of two new Virginia-class fast attack submarines.

    U.S. Senator Jack Reed (D-RI), the Ranking Member of the Armed Services Committee and a senior member of the Appropriations Subcommittee on Defense, has worked for years to strengthen America’s shipbuilding capabilities.  Reed called the awarding of the contract: “A major win for Rhode Island’s workforce that will provide added stability for the Ocean State’s industrial base while also achieving cost savings for taxpayers through production efficiencies.”

    These contracts include options, which, if exercised, would bring the cumulative value of the contract change to $18,445,959,971. General Dynamics Electric Boat Corp. is awarded $12,418,145,463, and if all options are exercised, the total value will be $17,152,265,971. The Virginia-based Newport News Shipbuilding, which is a division of Huntington Ingalls Industries, is awarded $1,293,694,000.  The awarded amounts include previously announced material awards, including long lead time material and economic ordering quantity material, totaling $2,103,896,000.  Work will be performed in Groton, Connecticut; Newport News, Virginia; Quonset Point, Rhode Island; and other locations. Work is expected to be completed by June 2036.

    “The awarding of the contract is an important victory – for Rhode Island’s workforce, for Electric Boat and the entire supply chain, and for the Navy,” said Senator Reed.

    Senator Reed led efforts to secure over $7 billion in the Fiscal Year 2025 National Defense Authorization Act (NDAA) to fully support the Virginia-class submarine program. 

    In 2018, Electric Boat broke ground on a 1-million-square-foot, $800-million multi-year expansion of its manufacturing facilities at Quonset Point.  Senator Reed has worked for years to help fund improvements in and around the Quonset Business Park to help attract and retain business in the area.

    “This is a smart investment that bolsters national security and benefits Rhode Island.  Rhode Islanders build the very backbone of these boats and provide our nation with a strategic, technological advantage.  This contract agreement is a testament to the skill and dedication of our defense manufacturing workforce and the local suppliers who contribute to the production of these next-generation submarines,” said Senator Reed.

    While these submarines get their start in Rhode Island, they are completed at two shipyards in Groton, Connecticut and Huntington Ingalls Industries’ Newport News Shipbuilding facilities in Newport News, Virginia.

    As a result of the escalating submarine production workloads, and due to older workers retiring, Electric Boat has projected it will need to hire thousands of workers to fill jobs in Rhode Island in the coming years.  Currently, Electric Boat has over 24,000 employees at its facilities and offices in Rhode Island and Connecticut and is in the midst of a hiring boom.

    Hundreds of small businesses across Rhode Island supply the U.S. Department of Defense, and hardworking Rhode Islanders contribute to the creation of a wide range of military products, equipment, and services.  Additionally, Rhode Island is home to the Naval Undersea Warfare Center (NUWC) Division Newport; Naval Station (NAVSTA) Newport; and the Naval War College.  These facilities, along with leading academic research institutions and a network of suppliers and small businesses, contribute to a defense industry that is boosting Rhode Island’s economy and leading to advancements in technology and innovation.

    A recent report by the Southeastern New England Defense Industry Alliance (SENEDIA) shows that the total direct and indirect economic impact from defense spending in Rhode Island accounted for $7.6 billion in 2022. The report found that Rhode Island’s defense industry is growing and supported a total of 34,068 direct and indirect jobs across the Ocean State with an annual payroll of $3 billion.

    Senator Reed helped SENEDIA land multiple federal grants from the U.S. Department of Defense to develop a robust regional workforce development partnership that will serve as a pipeline to help connect as many as 5,000 workers with employment opportunities that contribute to the production of submarines.

    MIL OSI USA News –

  • MIL-OSI Australia: Melbourne Rooming house operator faces charges

    Source: Australian Capital Territory Policing

    A director of a rental accommodation services company is facing court on charges of operating a rooming house without a licence.

    A rooming house is a building where one or more rooms is available to rent by four or more people. They are an affordable and comfortable rental option for many people but some of their residents are among the state’s most vulnerable.

    It is alleged that Susan Trinh, the sole director of Impactz Pty Ltd, and the company, committed several offences under the Rooming House Operators Act 2016 and the Residential Tenancies Act 1997.

    Along with operating a rooming house without a licence, it is alleged they also failed to:

    • lodge bonds with the Residential Tenancies Bond Authority
    • complete signed bond lodgement forms and provide them to the renter
    • provide renters with two copies of the condition report before they moved in, which an operator must do if they accept a bond from a resident.

    Consumer Affairs Victoria Director Nicole Rich said that Trinh and her company dealt largely with international students and workers.

    Rich said the renters in these cases were particularly vulnerable, often living in a foreign country away from family and other support networks, and would likely find it more difficult to voice a complaint or pursue their rights.

    Operating a rooming house without a licence is a serious criminal offence with significant penalties.

    There are currently 1,650 registered rooming houses and 1,294 licensed rooming house operators in Victoria.

    If you’re concerned a rooming house does not meet the minimum standards, you can report it. If your concern is about health standards, contact your local council.

    This matter is listed for a mention on 23 June 2025 at the Melbourne Magistrates’ Court.

    MIL OSI News –