Category: Commerce

MIL-OSI USA: Disaster Recovery Centers in North Carolina Will Transition to Locally Operated Resource Centers March 31

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Centers in North Carolina Will Transition to Locally Operated Resource Centers March 31

Disaster Recovery Centers in North Carolina Will Transition to Locally Operated Resource Centers March 31

HICKORY, N

C

– FEMA Disaster Recovery Centers in Western North Carolina will transition to locally operated Resource Centers March 31 and will cease operation as FEMA centers at 2 p

m

on March 29

The centers will operate Monday-Friday 8 a

m

to 5 p

m

and FEMA will have specialists to help people apply for FEMA assistance and update application status

The U

S

Small Business Administration (SBA) also will have specialists to help people apply for disaster loans

The centers will be locally operated, state and federally supported

After Tropical Storm Helene, FEMA, North Carolina Emergency Management and the U

S

Small Business Administration (SBA) coordinated with local communities to open 33 centers where residents could meet face to face with specialists to get help with FEMA assistance, SBA disaster loans and state recovery resources

Since October, these centers have received more than 78,500 visits

This week, to find the nearest Disaster Recovery Center visit fema

gov/drc or text “DRC” and a ZIP code to 43362

It is not necessary to visit a center to apply for FEMA assistance: Go online to DisasterAssistance

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

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

Deadline for FEMA applications is April 7

joseph

arbid
Wed, 03/26/2025 – 17:06

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: The Sky’s Not the Limit: Testing Precision Landing Tech for Future Space Missions

Source: NASA

Nestled in a pod under an F/A-18 Hornet aircraft wing, flying above California, and traveling up to the speed of sound, NASA put a commercial sensor technology to the test. The flight tests demonstrated the sensor accuracy and navigation precision in challenging conditions, helping prepare the technology to land robots and astronauts on the Moon and Mars.
The Psionic Space Navigation Doppler Lidar (PSNDL) system is rooted in NASA technology that Psionic, Inc. of Hampton, Virginia, licensed and further developed. They miniaturized the NASA technology, added further functionality, and incorporated component redundancies that make it more rugged for spaceflight. The PSNDL navigation system also includes cameras and an inertial measurement unit to make it a complete navigation system capable of accurately determining a vehicle’s position and velocity for precision landing and other spaceflight applications.

The aircraft departed from NASA’s Armstrong Flight Research Center in Edwards, California, and conducted a variety of flight paths over several days in February 2025. It flew a large figure-8 loop and conducted several highly dynamic maneuvers over Death Valley, California, to collect navigation data at various altitudes, velocities, and orientations relevant for lunar and Mars entry and descent. Refurbished for these tests, the NASA F/A-18 pod can support critical data collection for other technologies and users at a low cost.
Doppler Lidar sensors provide a highly accurate measurement of speed by measuring the frequency shift between laser light emitted from the sensor reflected from the ground. Lidar are extremely useful in sunlight-challenged areas that may have long shadows and stark contrasts, such as the lunar South Pole. Pairing PSNDL with cameras adds the ability to visually compare pictures with surface reconnaissance maps of rocky terrain and navigate to landing at interesting locations on Mars. All the data is fed into a computer to make quick, real-time decisions to enable precise touchdowns at safe locations.

Since licensing NDL in 2016, Psionic has received funding and development support from NASA’s Space Technology Mission Directorate through its Small Business Innovative Research program and Tipping Point initiative. The company has also tested PSNDL prototypes on suborbital vehicles via the Flight Opportunities program. In 2024, onboard a commercial lunar lander, NASA successfully demonstrated the predecessor NDL system developed by the agency’s Langley Research Center in Hampton, Virginia.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: NASA Starling and SpaceX Starlink Improve Space Traffic Coordination

Source: NASA

As missions to low Earth orbit become more frequent, space traffic coordination remains a key element to efficiently operating in space. Different satellite operators using autonomous systems need to operate together and manage increasing workloads. NASA’s Starling spacecraft swarm recently tested a coordination with SpaceX’s Starlink constellation, demonstrating a potential solution to enhance space traffic coordination.
Led by the Small Spacecraft Technology program at NASA’s Ames Research Center in California’s Silicon Valley, Starling originally set out to demonstrate autonomous planning and execution of orbital maneuvers with the mission’s four small spacecraft. After achieving its primary objectives, the Starling mission expanded to become Starling 1.5, an experiment to demonstrate maneuvers between the Starling swarm and SpaceX’s Starlink satellites, which also maneuver autonomously.
Coordination in Low Earth Orbit
Current space traffic coordination systems screen trajectories of spacecraft and objects in space and alert operators on the ground of potential conjunctions, which occur when two objects exceed an operator’s tolerance for a close approach along their orbital paths. Spacecraft operators can request notification at a range of probabilities, often anywhere from a 1 in 10,000 likelihood of a collision to 1 in 1,000,000 or lower.
Conjunction mitigation between satellite operators requires manual coordination through calls or emails on the ground. An operator may receive a notification for a number of reasons including recently maneuvering their satellite, nearby space debris, or if another satellite adjusts its orbit.
Once an operator is aware of a potential conjunction, they must work together with other operators to reduce the probability of a collision. This can result in time-consuming calls or emails between ground operations teams with different approaches to safe operations. It also means maneuvers may require several days to plan and implement. This timeline can be challenging for missions that require quick adjustments to capture important data.
“Occasionally, we’ll do a maneuver that we find out wasn’t necessary if we could have waited before making a decision. Sometimes you can’t wait three days to reposition and observe. Being able to react within a few hours can make new satellite observations possible,” said Nathan Benz, project manager of Starling 1.5 at NASA Ames.
Improving Coordination for Autonomous Maneuvering
The first step in improving coordination was to develop a reliable way to signal maneuver responsibility between operators. “Usually, SpaceX takes the responsibility to move out of the way when another operator shares their predicted trajectory information,” said Benz.
SpaceX and NASA collaborated to design a conjunction screening service, which SpaceX then implemented. Satellite operators can submit trajectories and receive conjunction data quickly, then accept responsibility to maneuver away from a potential conjunction.
“For this experiment, NASA’s Starling accepted responsibility to move using the screening service, successfully tested our system’s performance, then autonomously planned and executed the maneuver for the NASA Starling satellite, resolving a close approach with a Starlink satellite,” said Benz.
Through NASA’s Starling 1.5 experiment, the agency helped validate SpaceX’s Starlink screening service. The Office of Space Commerce within the U.S. Department of Commerce also worked with SpaceX to understand and assess the Starlink screening service.
Quicker Response to Changes on Earth
The time it takes to plan maneuvers in today’s orbital traffic environment limits the number of satellites a human operator can manage and their ability to collect data or serve customers.
“A fully automated system that is flexible and adaptable between satellite constellations is ideal for an environment of multiple satellite operators, all of whom have differing criteria for mitigating collision risks,” said Lauri Newman, program officer for NASA’s Conjunction Assessment Risk Analysis program at the agency’s headquarters in Washington.
Reducing the time necessary to plan maneuvers could open up a new class of missions, where quick responses to changes in space or on Earth’s surface are possible. Satellites capable of making quicker movements could adjust their orbital position to capture a natural disaster from above, or respond to one swarm member’s interesting observations, moving to provide a more thorough look.
“With improved access and use of low Earth orbit and the necessity to provide a more advanced space traffic coordination system, Starling 1.5 is providing critical data. Starling 1.5 is the result of a successful partnership between NASA, the Department of Commerce, and SpaceX, maturing technology to solve such challenges,” said Roger Hunter, program manager of the Small Spacecraft Technology program. “We look forward to the sustained impact of the Starling technologies as they continue demonstrating advancements in spacecraft coordination, cooperation, and autonomy.”
NASA Ames leads the Starling projects. NASA’s Small Spacecraft Technology program within the Space Technology Mission Directorate funds and manages the Starling mission.

MIL OSI USA News –

March 27, 2025

MIL-OSI: Snail, Inc. Reports Fourth Quarter & Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

CULVER CITY, Calif., March 26, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (NASDAQ: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its fourth quarter and full year ended December 31, 2024.

Fourth Quarter & Full Year 2024 Highlights

ARK: Survival Ascended. On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5’s stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity.
- ARK: Survival Ascended was ranked the top #1 selling game on Steam on launch day.
- Since its launch, ARK: Survival Ascended sold 3.4 million units and has an average of 94,000 daily active users (“DAUs”) with a peak of 308,000 DAUs.
ARK: Survival Evolved. In the three months and year ended December 31, 2024, ARK: Survival Evolved averaged a total of 136,000 DAUs and 135,000 DAUs, respectively.
- ARK: Survival Evolved units sold were approximately 621,000 for the fourth quarter 2024 as compared to 745,000 units during the same period in 2023.
- Units sold for the year ended December 31, 2024 were approximately 2.3 million, as compared to 4.4 million units during the year ended December 31, 2023.
Product and Business Updates:
- Game portfolio expansion: In December 2024, we released the highly anticipated next-gen ARK mobile game, ARK Ultimate Mobile Edition on iOS and Android platforms. In the launch month, over 2 million users downloaded the mobile game across the two mobile platforms. In an effort to further broaden our game portfolio, we acquired eleven games through our gaming network and partners in 2024. We expect to release nine acquired games in 2025. A few notable titles include Honeycomb: The World Beyond – A sci-fi survival adventure where players assume the role of a bioengineer navigating the mysterious planet Sota7, Echoes of Elysium – an airship survival RPG set in a breathtaking procedural world of mystery and discovery, and Robots at Midnight – a retro-futuristic action-RPG aiming to captivate players with its dynamic gameplay and immersive storytelling.
- New Product Segment: To bring more entertainment to our users, we have soft launched a short film mobile application on iOS and Android platforms. The short film mobile application, SaltyTV, brings exclusive, original stories from heart-racing thrillers to jaw-dropping romances to our viewers. We have released thirty-one short film dramas to date and expect a consistent roll out of new short film dramas throughout 2025 and beyond.
- Growing Indie Portfolio: Snail Games showcased its expanding indie catalog at Steam Scream Fest, featuring a variety of immersive and genre-diverse titles that enhance player engagement and reinforce the company’s presence in the indie gaming space.

Net revenues for the three months ended December 31, 2024 was $26.2 million as compared to $28.6 million in the three months ended December 31, 2023. The decrease in revenues during the three months ended December 31, 2024 was due to a reduction in sales of ARK that was partially offset by the recognition of deferred revenues upon the release of ARK: Survival Ascended DLC’s.

Net revenues for the year ended December 31, 2024 was $84.5 million, an increase of $23.6 million, or 38.7%, compared to $60.9 million for the year ended December 31, 2023. The increase in net revenues was due to an increase in recognition of deferred revenues of $32.2 million related to the ARK franchise, an increase in Bellwright sales of $5.9 million, partially offset by a decrease in total ARK sales of $13.0 million, a decrease in ARK Mobile sales of $1.0 million and a decrease in the Company’s other titles of $0.7 million.

Net income for the three months ended December 31, 2024 was $1.1 million compared to a net income of $2.4 million for the three months ended December 31, 2023. The decrease in net income is a result of increased research and development costs of $3.0 million to support our future game releases partially offset by an increase in gross profit of $1.4 million, a decrease in advertising and marketing expenses of $0.9 million and an increase in expenses related to the revaluation of outstanding and exercised warrants of $1.5 million.

Net income was $1.8 million for the year ended December 31, 2024 as compared to a net loss of $9.1 million for the year ended December 31, 2023, representing an increase of $10.9 million. The increase was primarily due to an increase in net revenue of $23.6 million, decreased general and administrative expenses of $2.9 million, partially offset by increased research and development costs of $6.5 million, increased costs of revenues of $5.9 million, a decrease in income tax benefit of $3.0 million and an increase in expenses related to the revaluation of outstanding and exercised warrants of $1.2 million..

Bookings for the three months ended December 31, 2024 was $17.0 million as compared to $52.6 million for the three months ended December 31, 2023. The decrease was due to the strong release of ARK: Survival Ascended on the Steam, PlayStation and Xbox platforms in 2023.

Bookings for the year ended December 31, 2024 was $75.7 million as compared to $85.7 million in the year ended December 31, 2023. The decrease was due to increased sales at a higher average selling price (“ASP”) driven by the release of ARK: Survival Ascended in the fourth quarter of 2023. The releases of Bobs Tall Tales and Bellwright along with the ARK: Survival Ascended DLCs, Scorched Earth in April 2024, Aberration in September 2024 and Extinction in December 2024 partially offset the decrease in unit sales in 2024 but each product release was at a lower ASP than the initial release of ARK: Survival Ascended.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended December 31, 2024 decreased by $2.0 million, or 55.6%, as compared to the three months ended December 31, 2023. The decrease was primarily the result of a decrease in net income of $1.3 million, a decrease in interest expense and interest expense – related parties of $0.4 million, and a decrease in provision for income taxes of $0.3 million.

EBITDA for the year ended December 31, 2024 was $3.2 million as compared to a loss of $9.7 million in the prior year period. EBITDA increased by $12.9 million, or 133.4%, compared to the year ended December 31, 2023, primarily because of an increase in net income of $10.9 million and a decrease in the benefit from income taxes of $3.0 million, partially offset by a decrease in interest expense and interest expense – related parties of $0.8 million.

As of December 31, 2024, unrestricted cash was $7.3 million versus $15.2 million as of December 31, 2023.

Use of Non-GAAP Financial Measures

In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.

Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.

	Three Months Ended December 31,					Fiscal Year Ended December 31,
	2024			2023		2024			2023
	(in millions)
Total net revenue	$	26.2		$	28.6	$	84.5		$	60.9
Change in deferred net revenue		(9.2	)		24.0		(8.8	)		24.8
Bookings	$	17.0		$	52.6	$	75.7		$	85.7

We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation expense. The following table provides a reconciliation from net income (loss) to EBITDA:

	Three Months Ended December 31,					Fiscal Year Ended December 31,
	2024			2023		2024			2023
	(in millions)
Net income (loss)	$	1.1		$	2.4	$	1.8		$	(9.1	)
Interest income and interest income – related parties		(0.1	)		–		(0.3	)		(0.1	)
Interest expense and interest expense – related parties		0.1			0.5		0.7			1.5
Provision for (benefit from) income taxes		0.3			0.6		0.6			(2.4	)
Depreciation expense		0.2			0.1		0.4			0.4
EBITDA	$	1.6		$	3.6	$	3.2		$	(9.7	)

Webcast Details

The Company will host a webcast at 4:30 PM ET today to discuss the fourth quarter and full year 2024 financial results. Participants may access the live webcast and replay on the Company’s investor relations website at https://investor.snail.com/.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Company’s current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing.

Further information on risks, uncertainties and other factors that could affect Snail’s financial results are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Snail, Inc.

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

For additional information, please contact: investors@snail.com


Snail, Inc. and Subsidiaries Consolidated Balance Sheets
	*December 31, 2024*			*December 31, 2023*

ASSETS

Current Assets:
Cash and cash equivalents	$	7,303,944		$	15,198,123
Accounts receivable, net of allowances for credit losses of $523,500 as of December 31, 2024 and 2023		9,814,822			25,134,808
Accounts receivable – related party		2,336,274			–
Loan and interest receivable – related party		105,759			103,753
Prepaid expenses – related party		2,521,291			6,044,404
Prepaid expenses and other current assets		1,846,024			639,693
Prepaid taxes		7,318,424			9,529,755
Total current assets		31,246,538			56,650,536

Restricted cash and cash equivalents		935,000			1,116,196
Accounts receivable – related party, net of current portion		1,500,592			7,500,592
Prepaid expenses – related party		9,378,594			7,784,062
Property, plant and equipment, net		4,378,352			4,682,066
Intangible assets, net		973,914			271,717
Deferred income taxes		10,817,112			10,247,500
Other noncurrent assets		1,683,932			164,170
Operating lease right-of-use assets, net		1,279,330			2,440,690
Total assets	$	62,193,364		$	90,857,529

LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	4,656,367		$	12,102,929
Accounts payable – related parties		15,383,171			23,094,436
Accrued expenses and other liabilities		4,499,280			2,887,193
Interest payable – related parties		527,770			527,770
Revolving loan		3,000,000			6,000,000
Notes payable		–			2,333,333
Convertible notes, net of discount		–			797,361
Current portion of long-term promissory note		2,722,548			2,811,923
Current portion of deferred revenue		3,947,559			19,252,628
Current portion of operating lease liabilities		1,444,385			1,505,034
Total current liabilities		36,181,080			71,312,607

Accrued expenses		265,251			254,731
Deferred revenue, net of current portion		21,519,888			15,064,078
Operating lease liabilities, net of current portion		57,983			1,425,494
Total liabilities		58,024,202			88,056,910

Commitments and contingencies

Stockholders’ Equity:
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,626,070 shares issued and 8,275,795 shares outstanding as of December 31, 2024, and 9,275,420 shares issued and 7,925,145 shares outstanding as of December 31, 2023		962			927
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of December 31, 2024 and December 31, 2023.		2,875			2,875
Additional paid-in capital		25,738,082			26,171,575
Accumulated other comprehensive loss		(279,457	)		(254,383	)
Accumulated deficit		(12,117,385	)		(13,949,325	)
Treasury stock at cost (1,350,275 as of December 31, 2024 and 2023)		(3,671,806	)		(3,671,806	)
Total Snail, Inc. equity		9,673,271			8,299,863
Noncontrolling interests		(5,504,109	)		(5,499,244	)
Total stockholders’ equity		4,169,162			2,800,619
Total liabilities, noncontrolling interests and stockholders’ equity	$	62,193,364		$	90,857,529


Snail, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss)

	Three months ended December 31,						Years Ended December 31,
	*2024*			*2023*			*2024*			*2023*

Revenues, net	$	26,214,296		$	28,570,222		$	84,467,047		$	60,902,098
Cost of revenues		14,866,526			18,646,615			54,236,342			48,306,403

Gross profit		11,347,770			9,923,607			30,230,705			12,595,695

Operating expenses:
General and administrative		3,943,985			3,900,961			12,867,210			15,816,088
Research and development		4,123,964			1,165,382			11,647,293			5,057,421
Advertising and marketing		192,235			1,094,146			1,523,398			1,582,464
Depreciation		68,420			86,222			303,714			432,306
Loss on disposal of fixed assets					427						427
Total operating expenses		8,328,604			6,247,138			26,341,615			22,888,706

Income (loss) from operations		3,019,166			3,676,469			3,889,090			(10,293,011	)

Other income (expense):
Interest income		35,451			31,443			260,679			129,854
Interest income – related parties		504			504			2,005			2,000
Interest expense		(88,776	)		(570,523	)		(723,038	)		(1,531,719	)
Other income (expense)		(1,527,706	)		(55,351	)		(981,223	)		265,980
Foreign currency transaction loss		43,741			(42,574	)		11,686			(68,180	)
Total other income (expense), net		(1,536,786	)		(636,501	)		(1,429,891	)		(1,202,065	)

Income (loss) before benefit from income taxes		1,482,380			3,039,968			2,459,199			(11,495,076	)

Provision for (benefit from) income taxes		362,623			643,728			632,124			(2,400,652	)

Net income (loss)		1,119,757			2,396,240			1,827,075			(9,094,424	)

Net loss attributable to non-controlling interests		(215	)		(1,128	)		(4,865	)		(8,349	)

Net income (loss) attributable to Snail, Inc.	$	1,119,972		$	2,397,368		$	1,831,940		$	(9,086,075	)

Comprehensive income (loss) statement:

Net income (loss)	$	1,119,757		$	2,396,240		$	1,827,075		$	(9,094,424	)

Other comprehensive income (loss) related to currency translation adjustments, net of tax		(48,600	)		33,302			(25,074	)		52,817

Total comprehensive income (loss)	$	1,071,157		$	2,429,542		$	1,802,001		$	(9,041,607	)

Net income (loss) attributable to Class A common stockholders:
Basic	$	248,176		$	516,955		$	400,576		$	(1,960,813	)
Diluted	$	248,176		$	516,955		$	400,576		$	(1,960,813	)

Net income (loss) attributable to Class B common stockholders:
Basic	$	871,796		$	1,880,413		$	1,431,364		$	(7,125,262	)
Diluted	$	871,796		$	1,880,413		$	1,431,364		$	(7,125,262	)

Net income (loss) per share attributable to Class A and B common stockholders:
Basic	$	0.03		$	0.07		$	0.05		$	(0.25	)
Diluted	$	0.03		$	0.07		$	0.05		$	(0.25	)

Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders:
Basic		8,183,918			7,914,564			8,045,469			7,909,715
Diluted		8,183,918			7,914,564			8,045,469			7,909,715

Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders:
Basic		28,748,580			28,748,580			28,748,580			28,748,580
Diluted		28,748,580			28,748,580			28,748,580			28,748,580


Snail, Inc. and Subsidiaries Consolidated Statements of Cash Flows

*For the years ended December 31,*	*2024*			*2023*

Cash flows from operating activities:
Net income (loss)	$	1,827,075		$	(9,094,424	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization – intangible assets, net		7,804			1,384,862
Amortization – loan origination fees and debt discounts		62,855			124,595
Accretion – convertible notes		222,628			306,664
Loss on change in fair value of warrant liabilities		1,332,815			32,883
Depreciation – property and equipment		303,714			432,306
Stock-based compensation expense		(890,208	)		848,035
Loss (gain) on disposal of fixed assets		–			427
Credit losses		–			581,498
Deferred taxes, net		(569,601	)		(2,644,964	)

Changes in assets and liabilities:
Accounts receivable		15,319,987			(18,939,465	)
Accounts receivable – related party		3,663,726			3,824,775
Prepaid expenses – related party		1,928,581			(8,245,966	)
Prepaid expenses and other current assets		(1,206,331	)		501,104
Prepaid taxes		2,211,331			–
Other noncurrent assets		(1,523,065	)		–
Accounts payable		(7,183,648	)		2,992,856
Accounts payable – related parties		(8,001,265	)		3,176,177
Accrued expenses and other liabilities		46,542			626,764
Interest receivable – related party		(2,005	)		(2,000	)
Lease liabilities		(266,800	)		(205,520	)
Deferred revenue		(8,849,259	)		24,765,261
Net cash provided by (used in) operating activities		(1,565,124	)		465,868

Cash flows from financing activities:
Repayments on promissory note		(89,374	)		(79,897	)
Repayments on notes payable		(2,333,333	)		(6,500,000	)
Repayments on convertible notes		(1,020,000	)		–
Repayments on revolving loan		(3,000,000	)		(3,000,000	)
Borrowings on notes payable		–			3,000,000
Cash proceeds from exercise of warrants		220,000			–
Proceeds from issuance of convertible notes		–			847,500
Refund of dividend withholding tax overpayment		–			1,886,600
Purchase of treasury stock		–			(257,093	)
Payments of offering costs in accounts payable		(262,914	)		(342,318	)
Release of restricted escrow deposit		–			1,003,804
Net cash used in financing activities		(6,485,621	)		(3,441,404	)

Effect of currency translation on cash and cash equivalents		(24,630	)		51,670

Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents		(8,075,375	)		(2,923,866	)

Cash and cash equivalents, and restricted cash and cash equivalents – beginning of period		16,314,319			19,238,185

Cash and cash equivalents, and restricted cash and cash equivalents – end of period	$	8,238,944		$	16,314,319

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	467,188		$	934,523
Income taxes	$	(1,100,302	)	$	248,388
Noncash finance and investing activity during the period for:
Debt converted to equity	$	(60,000	)	$	–
Right-of-use assets obtained in exchange for a lease liability	$	(85,588	)
Liabilities converted to equity upon exercise of warrants	$	176,750
Acquisition of software in accounts payable – related parties	$	290,000		$	–
Acquisition of license rights in accrued expenses and other liabilities	$	420,000		$	–
Issuance of warrants in connection with equity line of credit	$	–		$	(105,411	)

The MIL Network –

March 27, 2025

MIL-OSI: Usio Announces Improved Profitability; Fourth Quarter GAAP Earnings of $0.02 per share and Full Year GAAP Earnings of $0.12 per share

Source: GlobeNewswire (MIL-OSI)

Full Year Revenues up in each of ACH & Complementary Services, Card and Output Solutions Business Units

Record Full Year 2024 Dollar Processing Volume of $7.1 Billion, a 33% Increase Compared to Fiscal 2023; Transactions Processed also up a Strong 26% Year-over-Year

Cash Position Increases to Record High of $8.1 Million

SAN ANTONIO, March 26, 2025 (GLOBE NEWSWIRE) — Usio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the fourth quarter and year ended December 31, 2024.

Louis Hoch, Chairman and Chief Executive Officer of Usio, said, “We are delivering on our commitments as profitability improved, cash flow was strong, and revenue grew in each of our ACH & Complementary Services, Card and Output Solutions businesses in both the fourth quarter and full year 2024. We also delivered another year of positive Adjusted EBITDA¹. Results were driven across Usio by a 33% increase in total dollar processing volume, which rose to $7.1 billion from $5.3 billion in 2023, while transactions processed reached record levels on 26% year-over-year growth. We attribute this solid revenue performance to our innovative technology and complementary business strategy while the bottom line continues to improve as we implement our disciplined cost control and enhance our results through operating leverage that our business model provides.

“For the quarter, we reported top line growth as well as our third consecutive quarter of positive GAAP net income, approximately $0.6 million, or $0.02 per share. For both the quarter and the year, revenues were up in three of our business units, and in the fourth, prepaid revenues were up when excluding the COVID incentive programs that was essentially wound down in fiscal 2023. Cash flow remains strong, enabling us to bolster our balance sheet, which provides us with resources to support our growth initiatives. In addition, cash flow in 2024 was also used to repurchase $1.4 million of our stock. And, today, the Board reauthorized a new repurchase agreement of $4 million which further illustrates our confidence in the business’ long-term prospects. Together, this is a strong set up for what we believe will be another year of both top line and Adjusted EBITDA¹ growth in 2025.”

Momentum continues to accelerate in ACH and complementary services, with revenues up 17% in the quarter and 12% for the year, in large part reflecting success cross-selling ACH into existing Card and Prepaid accounts. Card revenue growth remains solid, up 6% for the quarter and 3% for the year, led by PayFac, where revenues were up 29% in the quarter, and 22% on the year. Output Solutions had a strong fourth quarter, growing revenues a healthy 13%, which drove the business to full year growth after facing headwinds in prior quarters during the year. Total dollars loaded on prepaid cards exceeded $111 million in the fourth quarter, the sixth consecutive quarter of over $100 million in prepaid card loads. Fiscal 2024 revenues comparisons in prepaid continue to reflect last year’s expiration of COVID incentive programs, but we believe that Prepaid should begin to benefit from the over 90 client agreements signed in 2024 and a more concerted focus on recurring revenue, ‘evergreen’ clients.”

Gross profits and margins were down modestly for both the quarter and the year, due primarily to product mix. Selling, general and administrative expenses were up just 3% for the year, reflecting continued strong expense control. The Company closed the 2024 fiscal year with $8.1 million cash on hand compared to year end cash of $7.2 million in 2023. The Company expects this trend of positive cash growth to continue in fiscal 2025.

Mr. Hoch concluded, “In 2024 our various growth initiatives enabled us to regain nearly all of the revenue lost with the planned expiration of large COVID related card programs while improving profitability and further strengthening our financial position. More importantly, we are fully embarking on our new One Usio strategy, better integrating all of our various product offerings so that we approach the market as a unified force with a portfolio of capabilities that can meet our customer’s various electronic payment and associated needs. Already, we are seeing success selling multiple, complementary Usio products to an increasing number of clients who benefit from the synergies and efficiencies that arise from consolidating their relationships. While this has always been one of our competitive advantages, in 2025 we are redoubling our efforts and organizing around this concept to better unlock the inherent value of this strategy. At the same time, we believe we have the infrastructure to support our growth initiatives such that we can expect to see continued improvement in our operating leverage. We believe 2025 will be another year of growth as we create value for our shareholders.”

Fiscal 2025 Guidance

The Company continues to expect strong 14 – 16% growth in revenue in 2025 while also anticipating Adjusted EBITDA¹ margins in the 5 – 7% range. Guidance is conditioned on no appreciable deterioration in economic conditions.

Fourth Quarter 2024 Financial Summary

Revenues were $20.6 million for the fourth quarter, up 2% compared to $20.1 million in the same period in 2023.

	Three Months Ended December 31,
	(in millions, except percentages)
	2024		2023		$ Change			% Change

ACH and complementary service revenue	$	4.6	$	3.9	$	0.7			17	%
Credit card revenue		7.2		6.9		0.4			6	%
Prepaid card services revenue		3.0		4.0		(1.0	)		(24	)%
Output Solutions revenue		5.1		4.6		0.6			13	%
Interest – ACH and complementary services		0.2		0.2		(0.1	)		(22	)%
Interest – Prepaid card services		0.3		0.5		(0.2	)		(41	)%
Interest – Output Solutions		0.0		0.0		0.0			73	%
Total Revenue	$	20.6	$	20.1	$	0.4			2	%

Revenue growth was primarily attributable to 17% growth in our ACH and complementary services revenue, alongside 13% growth in Output solutions, helping offset a 24% decrease in Prepaid revenues associated with the anticipated wind down of COVID incentive programs in 2024. Credit card revenues also saw a 6% increase, due to the success of our PayFac portfolio achieving 29% growth in the quarter, mitigating the continued attrition of our legacy credit card portfolios.

Gross profits were $5.1 million, down 4% from $5.3 million for the in 2023. Gross margins were 24.6% compared to 26.1% in the same period in 2023. Gross margins in the quarter primarily reflect a shift in revenue mix, and a decline in interest revenues versus the prior year period due to the lower interest rates in the period.

The Company had an operating loss of $0.6 million, compared to an operating loss of $0.0 million from the same period in 2023.

Adjusted EBITDA¹ was positive $0.5 million in the quarter, down $0.5 million from $1.1 million in the same period in 2023, due primarily to lower gross profit margins, and an 8% increase in SG&A expense.

For the quarter, the Company generated $0.5 million of interest revenue compared to $0.8 million in the year ago quarter.

Net income for the fourth quarter of 2024 was $0.6 million, or $0.02 per share, compared to net income of $0.03 million or $0.00 per share for the same period in 2023. Results in the current quarter primarily by the receipt and recognition of approximately $1.5 million in funds related to the employee retention tax credit made available through the CARES Act, and extended through the American Rescue Plan Act.

During the quarter, the Company repurchased 331,222 shares of its stock at an average price of $1.46 for a total cost of $482,426 as part of its share buyback program.

¹ See reconciliation of non-GAAP financial measures below.

Financial Results for Full Year 2024

Revenues for 2024 were $82.9 million, down 1% from $84.1 million for the same period in 2023.

	Year Ended December 31,
	(in millions, except percentages)
	2024		2023		$ Change			% Change

ACH and complementary service revenue	$	16.7	$	14.9	$	1.8			12	%
Credit card revenue	29.3			28.5		0.8			3	%
Prepaid card services revenue		14.1		18.7		(4.6	)		(25	)%
Output Solutions revenue		20.6		20.5		0.1			1	%
Interest – ACH and complementary services		0.8		0.5		0.3			59	%
Interest – Prepaid card services		1.3		0.9		0.4			44	%
Interest – Output Solutions		0.2		0.0		0.1			220	%
Total Revenue	$	82.9	$	84.1	$	(1.1	)		(1	)%

The Company experienced strong revenue growth in its ACH and complementary services business segment, seeing an $1.8 million, or 12% increase over 2023. This revenue growth, alongside a 55% increase in aggregate interest revenues, helped to offset the 25% decline in our prepaid card services, as we saw the anticipated wind down of revenues associated with COVID incentive programs in 2024. Strong net new customer and organic growth, specifically in our corporate and commercial card programs, generated over $7 million of revenues in 2024, greatly offsetting the revenues in 2023 associated with those COVID programs. Credit card revenues were also up 3%, with PayFac growing 22% in 2024, mitigating attrition in our legacy credit card lines of business. Revenues associated with our PayFac portfolio now exceed 50% of total credit card processing revenues, and performance associated with our PayFac model is anticipated to become more representative of overall credit card revenue growth. Output Solutions revenues were up 1%, as we fully implemented our new processing equipment through the year in order to position the business unit for continued growth in 2025 due to the increased capacity, efficiency, and speed our new equipment provides.

Gross profit for the year ended December 31, 2024 was $19.6 million, down 2% from $20.1 million in fiscal 2023. Gross margins were 23.7% for the year ended December 31, 2024 compared to 23.9% in fiscal 2023, generally reflecting a shift in business mix over the year.

The Company reported $2.9 million in Adjusted EBITDA¹ for the year ended December 31, 2024, a $1.0 million decline versus $3.9 million in 2023, due primarily to slightly lower revenues and gross margin, alongside a 3% increase in SG&A expense in 2024. The Company increased its cash balance by $0.9 million, while utilizing $1.4 million on share repurchases in 2024. The Company significantly improved its net income for the year by $3.8 million to $3.3 million compared to a loss of $0.5 million for fiscal 2023 due to the recognition of an approximate $3.1 million federal tax benefit. The Company reported earnings of $0.12 per share, a significant improvement compared to loss of $(0.02) per share, in fiscal 2023.

Conference Call and Webcast

Usio, Inc.’s management will host a conference call with a live webcast Wednesday, March 26, 2025 at 4:30 pm Eastern time to provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-844-883-3890. International callers should call + 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at www.usio.com/invest.

A replay of the call will be available approximately one hour after the end of the call through April 10, 2025. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.) or +1-412-317-0088 (international). The replay conference playback code is 2388192.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, EBITDA, adjusted EBITDA, and adjusted EBITDA margins, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, and adjusted EBITDA margins as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.

In previous periods, the Company reported the non-GAAP financial measure of adjusted operating cash flows, which excluded certain items from operating cash flows to provide a measure of cash generated from its core operations. Beginning with the current reporting period, the Company is no longer presenting adjusted operating cash flows as a non-GAAP financial measure. The decision to discontinue reporting adjusted operating cash flows is due to changes in the presentation of certain assets, specifically the movement of assets held for customers, into the financing activities section of our cash flow statement. As a result of this reclassification, the need for the adjusted operating cash flows measure is no longer required, as the adjustments previously made to exclude these amounts are not necessary.

Management believes EBITDA, adjusted EBITDA, and adjusted EBITDA margins are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded.

EBITDA, adjusted EBITDA, and adjusted EBITDA margins should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, and adjusted EBITDA margins have limitations as analytical tools and you should not consider these Non-GAAP measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.

¹ See reconciliation of non-GAAP financial measures below.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “could,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact:

Paul Manley
Senior Vice President, Investor Relations
Paul.Manley@usio.com
612-834-1804

USIO, INC. CONSOLIDATED BALANCE SHEETS

	December 31, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	8,056,891		$	7,155,687
Accounts receivable		5,053,639			5,564,138
Accounts receivable, tax credit		1,494,612			—
Settlement processing assets		47,104,006			44,899,603
Prepaid card load assets		25,648,688			31,578,973
Customer deposits		1,918,805			1,865,731
Inventory		403,796			422,808
Prepaid expenses and other		585,500			444,071
Current assets before merchant reserves		90,265,937			91,931,011
Merchant reserves		4,890,101			5,310,095
Total current assets		95,156,038			97,241,106

Property and equipment, net		3,194,818			3,660,092

Other assets:
Intangibles, net		881,346			1,753,333
Deferred tax asset		4,580,440			1,504,000
Operating lease right-of-use assets		3,037,928			2,420,782
Other assets		357,877			355,357
Total other assets		8,857,591			6,033,472

Total Assets	$	107,208,447		$	106,934,670

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	1,256,819		$	1,031,141
Accrued expenses		3,366,925			3,801,278
Operating lease liabilities, current portion		612,680			633,616
Equipment loan, current portion		147,581			107,270
Settlement processing obligations		47,104,006			44,899,603
Prepaid card load liabilities		25,648,688			31,578,973
Customer deposits		1,918,805			1,865,731
Current liabilities before merchant reserve obligations		80,055,504			83,917,612
Merchant reserve obligations		4,890,101			5,310,095
Total current liabilities		84,945,605			89,227,707

Non-current liabilities:
Equipment loan, non-current portion		571,862			718,980
Operating lease liabilities, non-current portion		2,534,017			1,919,144
Total liabilities		88,051,484			91,865,831

Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares issued and outstanding in 2024 and 2023		—			—
Common stock, $0.001 par value, 200,000,000 shares authorized; 29,902,415 and 28,671,606 issued and 26,609,651 and 26,332,523 outstanding in 2024 and 2023 (see Note 12)		198,317			197,087
Additional paid-in capital		99,676,457			97,479,830
Treasury stock, at cost; 3,292,764 and 2,339,083 shares in 2024 and 2023 (see Note 12)		(5,770,592	)		(4,362,150	)
Deferred compensation		(6,914,563	)		(6,907,775	)
Accumulated deficit		(68,032,656	)		(71,338,153	)
Total stockholders’ equity		19,156,963			15,068,839

Total Liabilities and Stockholders’ Equity	$	107,208,447		$	106,934,670

USIO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended (unaudited)						Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues	$	20,560,088		$	20,130,642		$	82,931,840		$	84,066,245
Cost of services		15,495,310			14,871,207			63,317,396			63,992,417
Gross profit		5,064,778			5,259,435			19,614,444			20,073,828

Selling, general and administrative:
Stock-based compensation		564,300			545,711			2,093,406			2,222,969
Other expenses		4,547,694			4,195,580			16,728,081			16,216,690
Depreciation and Amortization		555,581			521,932			2,263,302			2,081,533
Total operating expenses		5,667,575			5,263,223			21,084,789			20,521,192

Operating loss		(602,797	)		(3,788	)		(1,470,345	)		(447,364	)

Other income:
Interest income		116,558			103,337			464,746			219,986
Other income		1,476,272			—			1,737,685			50,000
Interest expense		(12,267	)		(3,614	)		(53,802	)		(5,202	)
Other income, net		1,580,563			99,723			2,148,629			264,784

Income (loss) before income taxes		977,766			95,935			678,284			(182,580	)

Federal income tax expense (benefit)		109,613			—			(3,076,440	)		—
State income tax expense		239,227			70,000			449,227			292,524
Income tax expense (benefit)		348,840			70,000			(2,627,213	)		292,524

Net Income (Loss)	$	628,926		$	25,935		$	3,305,497		$	(475,104	)

Earnings (Loss) Per Share
Basic income (loss) per common share:	$	0.02		$	0.00		$	0.12		$	(0.02	)
Diluted income (loss) per common share:	$	0.02		$	0.00		$	0.12		$	(0.02	)
Weighted average common shares outstanding
Basic		27,162,675			26,503,251			26,852,129			26,490,868
Diluted		27,162,675			26,503,251			26,852,129			26,490,868

USIO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS

	December 31, 2024			December 31, 2023
Operating Activities
Net income (loss)	$	3,305,497		$	(475,104	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation		1,391,315			1,209,506
Amortization		871,987			872,027
Loss on disposal of equipment		18,340			—
Deferred federal income tax		(3,076,440	)		—
Employee stock-based compensation		2,093,406			2,190,369
Vendor stock-based compensation		—			32,600
Non-cash revenue from return of treasury stock		—			(156,162	)
Changes in operating assets and liabilities:
Accounts receivable		510,499			(1,192,498	)
Accounts receivable, tax credit		(1,494,612	)		—
Prepaid expenses and other		(141,429	)		6,318
Operating lease right-to-use assets		(617,146	)		374,701
Other assets		(2,520	)		—
Inventory		19,012			84,547
Accounts payable and accrued expenses		(208,675	)		252,689
Operating lease liabilities		593,937			(403,506	)
Merchant reserves		(419,994	)		400,594
Customer deposits		53,074			311,609
Net cash provided by operating activities		2,896,251			3,507,690

Investing Activities
Purchases of property and equipment		(991,881	)		(834,964	)
Sale of equipment		47,500			—
Net cash used by investing activities		(944,381	)		(834,964	)

Financing Activities
Payments on equipment loan		(106,807	)		(56,992	)
Proceeds from issuance of common stock		97,663			—
Purchases of treasury stock		(1,408,442	)		(456,961	)
Assets held for customers		(3,725,882	)		6,570,747
Net cash provided (used) by financing activities		(5,143,468	)		6,056,794

Change in cash, cash equivalents, customer deposits and merchant reserves		(3,191,598	)		8,729,520
Cash, cash equivalents, customer deposits and merchant reserves, beginning of year		90,810,089			82,080,569

Cash, Cash Equivalents, Settlement Processing Assets, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Year	$	87,618,491		$	90,810,089

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	53,802		$	5,202
Income taxes		290,144			116,204
Non-cash operating activities:
Right of use assets obtained in exchange for operating lease liabilities	$	1,156,543		$	–
Non-cash investing and financing activities:
Issuance of deferred stock compensation	$	1,497,300		$	2,650,505
Non-cash transaction for acquisition of equipment in exchange for note payable		—			811,819

USIO, INC. STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

	Common Stock						Additional Paid- In			Treasury			Deferred			Accumulated			Total Stockholders’
	Shares			Amount			Capital			Stock			Compensation			Deficit			Equity

Balance at December 31, 2022		27,044,900		$	195,471		$	94,048,603		$	(3,749,027	)	$	(5,697,900	)	$	(70,863,049	)	$	13,934,098

Issuance of common stock under equity incentive plan		1,731,506			1,731			3,619,315			—			(2,650,505	)		—			970,541
Reversal of deferred compensation amortization that did not vest		(115,000	)		(115	)		(188,088	)		—			103,091			—			(85,112	)
Deferred compensation amortization		—			—			—			—			1,337,539			—			1,337,539
Non-cash return of treasury stock		—			—			—			(156,162	)		—			—			(156,162	)
Purchase of treasury stock		—			—			—			(456,961	)		—			—			(456,961	)
Net loss		—			—			—			—			—			(475,104	)		(475,104	)

Balance at December 31, 2023		28,661,406		$	197,087		$	97,479,830		$	(4,362,150	)	$	(6,907,775	)	$	(71,338,153	)	$	15,068,839

Issuance of common stock under equity incentive plan		1,189,050			1,178			2,130,336			—			(1,497,300	)		—			634,214
Issuance of common stock under employee stock purchase plan		66,959			67			97,596			—			—			—			97,663
Reversal of deferred compensation amortization that did not vest		(15,000	)		(15	)		(31,305	)		—			31,320			—			—
Deferred compensation amortization		—			—			—			—			1,459,192			—			1,459,192
Purchase of treasury stock		—			—			—			(1,408,442	)		—			—			(1,408,442	)
Net income		—			—			—			—			—			3,305,497			3,305,497

Balance at December 31, 2024		29,902,415		$	198,317		$	99,676,457		$	(5,770,592	)	$	(6,914,563	)	$	(68,032,656	)	$	19,156,963

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

	Three Months Ended (unaudited)						Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

Reconciliation from Operating Income/(Loss) to Adjusted EBITDA:
Operating income (loss)	$	(602,797	)	$	(3,788	)	$	(1,470,345	)	$	(447,364	)
Depreciation and amortization		555,581			521,932			2,263,302			2,081,533
EBITDA		(47,216	)		518,144			792,957			1,634,169
Non-cash stock-based compensation expense, net		564,300			545,711			2,093,406			2,222,969
Adjusted EBITDA	$	517,084		$	1,063,855		$	2,886,363		$	3,857,138


Calculation of Adjusted EBITDA margins:
Revenues	$	20,560,088		$	20,130,642		$	82,931,840		$	84,066,245
Adjusted EBITDA		517,084			1,063,855			2,886,363			3,857,138
Adjusted EBITDA margins		2.5	%		5.3	%		3.5	%		4.6	%

The MIL Network –

March 27, 2025

MIL-OSI New Zealand: Legal and Governance Sectors – Janine Stewart: No Success without Succession

Source: Institute of Directors NZ

Tāmaki Makaurau Auckland-based Janine Stewart MInstD started her legal career in property litigation before moving into construction and infrastructure. Today, she is a specialist in construction and infrastructure, property and project disputes, and a partner at Minter Ellison Rudd Watts.

Stewart says the construction industry interacts with many facets of law, including contract, negligence and equity.

“You also see construction and infrastructure projects all around you . . . it’s very tangible and requires quite a lot of critical thinking and a solutions-focused approach where problem solving is at its core,” she says.

It’s also the reason governance appealed to her. Stewart’s first experience of governance was as part of an advisory panel providing advice to the Ministry of Business and Innovation (MBIE) on construction issues and the Building Act. She says the panel ran in a similar way to a board and broadened her perspective beyond her practice and full-time work. It also aligned with her skill set.

“I really enjoyed that. I could bring what I knew from my practice to the panel – and the panel insights to my practice,” she says.

Stewart currently sits on two boards – Minter Ellison Rudd Watts, and Mercy Ships – an international organisation that brings medical care to low-income countries.

“I traveled to Dallas in place of the chair of Mercy Ships in 2017 (who was unable to attend the international board meeting) to focus on the vision and strategy of its 16 offices – that just sealed it for me,” Stewart says.

Being part of ‘the bigger picture’ and focusing on the vision, purpose and strategy of an organisation – and testing it operationally – keeps her engaged. For Stewart, having had her hand in construction-based board roles also enables her to bring deep knowledge and fresh thinking to an industry she describes as having its own level of complexity.

One of the bigger cases she has worked on in her legal practice was against Mainzeal prior to its liquidation.

“Mainzeal’s demise significantly impacted the shape of my practice because I was very focused on a major piece of litigation against it,” she says of the case.

When Mainzeal went into insolvency and the litigation wound down, this shifted the focus of her business to navigating tensions and disputes in ‘live’ projects.

Overall, Stewart says large scale projects in the industry carry greater risk. Construction companies are not typically ‘asset heavy’, instead, “construction company assets tend to be in their goodwill, their people, and/or in their pipeline and projects”.

“You must be cognisant of these specific features of construction companies if you are on these types of boards because you must test the company’s ability to meet obligations on an ongoing basis against this framework,” says Stewart, who has conducted training with contractors and subcontractors on solvency-related issues that derive from late or failed payments.

“So, you do need to focus on cash flow and your ability to meet the solvency test to comply with your ongoing obligations, because you don’t necessarily have that direct and material asset base to draw on when cash flow might be tight.”

If directors and boards aren’t comfortable with the financial information provided, Stewart recommends asking questions and/or seeking external expertise.

“You don’t have to be a forensic accountant, it’s having that confidence to call for external expert help when you need it,” Stewart says.

For directors across all industries, the Mainzeal case, according to Stewart, highlighted the importance of skill sets around the board table and the need for succession planning.

“I think those points have really come into focus since Mainzeal because the financial state of affairs . . . were dire at the time. Had they reflected on whether they should have gotten expert advice, or [decided whether to] step down, I wonder how that would have impacted their liability.”

As a result, today,‘liability’ might reverberate more forcefully in the governance landscape regardless of the type of board or industry.

But directors can guard themselves against risk by expanding their knowledge. Likening the need for continuous self-development to training at the gym or being in a relationship, Stewart says work is required. And the same is true of any board role. “You need to continue to work to improve yourself.”

In 2020, Stewart attended the Institute of Directors (IoD) Company Directors’ Course and, more recently, attended the Advanced Directors Course where she says the critical thinking, and self-reflection around your values as a director and what you bring to the board table, appealed.

“I had recently joined [the Minter Ellison Rudd Watts] board and I liked the focus on critical thinking on the course because that’s something I can also bring into my legal practice and around the board table,” says Stewart, who is also looking to expand her governance portfolio.

“[In the course], there was a big focus on climate, behaviours and younger people coming onto boards and making sure they’re heard, and that the board is essentially doing the best job it can.”

She says while some might dismiss development programmes, she reinforces the importance of ‘testing yourself’ and for boards to have regular board evaluations. As for identifying when it’s the right time to step down from a role, deep self-reflection and asking yourself some hard questions are necessary.

“There is a risk in people staying too long and holding onto their board roles. There’s also an important aspect of maintaining institutional knowledge, so it’s about striking a balance to ensure you’re bringing your best self to the table.”

‘Groupthink’ can also increase a board’s risk, especially where younger or new directors join the board and are shut down or dismissed by established members if they raise concerns or challenge the board.

“Groupthink just continues . . . but you have to think about how you might create a board culture that reduces the risk of that happening, and, when it does, make sure you’re prepared to deal with it because nothing’s perfect.”

One thing Stewart would like to see more of at board tables across Aotearoa is “more listening”.

“And take a pause before putting forward your view . . . I think we are sort of wired to speak quickly, and we need to take the time to listen and pause and respond, rather than react.”

MIL OSI New Zealand News –

March 27, 2025
MIL-OSI USA: SBA Announces Visa as Platinum Cosponsor for National Small Business Week 2025

Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration (SBA) announced that Visa will participate as a platinum cosponsor for National Small Business Week, taking place May 4-10, 2025. Visa has cosponsored National Small Business Week for multiple years, and as a returning cosponsor, remains committed to supporting the success of America’s entrepreneurs and job creators.

“SBA is grateful for the private-sector sponsors who make National Small Business Week possible,” SBA Administrator Kelly Loeffler said. “Across every industry, big businesses rely on small businesses every day – and when we empower our local entrepreneurs, our entire economy benefits. By helping to promote small businesses, our cosponsors are highlighting the innovation, dedication, and importance of America’s job creators – while supporting the resources and opportunities to help them thrive.”

For more than 60 years, National Small Business Week has served as the SBA’s annual tribute to America’s small businesses and innovative startups, who serve as the tireless engine of our economy and the backbone of our communities. Visa’s ongoing support for this week-long celebration aligns with the company’s mission to remove barriers and connect more people to the global economy. Visa provides a suite of products, solutions and educational offerings tailored to meet the needs of small business owners.

“Small businesses are more than storefronts – they’re the people, ideas and energy that shape our communities and drive local economies forward,” said Denise Press, Head of Small Business, NA, Visa Commercial Solutions. “Visa is proud to sponsor National Small Business Week, bringing these incredible entrepreneurs center stage and supporting their growth every step of the way.”

Details on National Small Business Week, the virtual summit and national awards ceremony on May 5 are featured on National Small Business Week and will be updated as additional information and activities are confirmed. Local events will be featured on Find upcoming events and are identifiable by searching with #SmallBusinessWeek.

# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Cosponsorship Authorization #24-44-C SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

MIL OSI USA News –

March 27, 2025
MIL-Evening Report: Early exposure to air pollution could affect brain development and mental health later in life: new research
Source: The Conversation (Au and NZ) – By Matthew Hobbs, Associate Professor and Transforming Lives Fellow in Spatial Data Science and Planetary Health, Sheffield Hallam University

Getty Images

Exposure to air pollution in early life could have lasting effects on child development and mental health in adolescence, according to our recent study.

We integrated air pollution data with existing longitudinal data from the Christchurch Health and Development Study (CHDS). The CHDS has followed more than 1,200 children born in the city in 1977, with a strong focus on developmental and mental health outcomes.

Our aim was to examine how exposure to air pollution shapes development and mental health in later childhood and adolescence. We found an increased risk of attention problems, conduct issues, lower educational attainment and substance abuse in adolescence associated with higher exposure.

Existing evidence often focuses on adulthood. However, by tracking air pollution exposure from the prenatal period to the age of ten, and linking this data to subsequent cognitive and mental health outcomes, we were able to highlight the long-term consequences of growing up in polluted environments.

Air pollution is one of the leading environmental contributors to disease, especially respiratory and cardiovascular conditions. Children are especially vulnerable to air pollution because their brains and bodies are developing.

A growing body of evidence suggests air pollution could affect brain development, educational attainment and mental health, contributing to depression, anxiety and conduct or attention problems. Despite this, few studies have tracked long-term exposure to air pollution from early childhood.

Patterns of exposure

We chose to conduct this research in Christchurch because the city is a historical air-pollution hotspot, with a documented history of measurements, and because of its long-running birth cohort study.

The CHDS collects detailed information on participants’ health, development, education and family backgrounds from prenatal into adulthood.

The city of Christchurch now enjoys much better air quality, but it was an air-pollution hotspot in the past.
Flickr/Larry Koester, CC BY-SA

For this study, we linked historical air-pollution data, measured as the concentration of black smoke from 1977 to 1987, to residential locations of birth cohort members. This allowed researchers to estimate each child’s annual exposure to air pollution during key developmental periods.

We found four distinct patterns of air-pollution exposure across childhood (see graph below):
- consistently low (these children had the lowest levels of air pollution throughout childhood)
- consistently high (this groups had the highest levels of air pollution from birth to the age of ten)
- elevated preschool (exposure peaked between ages three to six and then declined)
- high prenatal and postnatal (high exposure before and immediately after birth, but declining later).
We then examined whether children in the higher exposure groups were more likely to experience adverse impacts on cognition, educational achievement and mental health in later childhood and adolescence.

We adjusted for a range potential confounders such as socioeconomic status, neighbourhood disadvantage and parental characteristics.

We found children with elevated pre-school exposure had poorer educational attainment and a higher likelihood of conduct disorders and substance abuse problems. High prenatal and postnatal exposure was linked to a greater risk of attention problems as well as substance abuse in adolescence.

Children with persistently high air-pollution exposure were more likely to develop attention problems and had higher odds of substance abuse issues in adolescence.

Researchers identified four different trajectory patterns of exposure to air pollution from the prenatal period through to the age of ten.
Author provided, CC BY-SA

What these findings mean

The effects of air pollution on several outcomes were small at an individual level, but they could be highly important at a population level.

This is because even small shifts in cognitive and mental health outcomes, when applied to entire populations of children exposed to poor air quality, could have major consequences affecting future educational achievement, workforce productivity and public health burdens.

These findings support previous research suggesting air pollution could affect brain function by causing inflammation, oxidative stress and affecting neurodevelopmental pathways. Importantly, they reinforce the idea that certain developmental periods, such as the prenatal period and early childhood, may be especially sensitive to pollution exposure.

We need further research to confirm our findings but potential considerations include reducing children’s exposure to air pollution and improving urban air quality by cutting emissions from vehicles, industry and residential heating.

We should also promote cleaner energy sources to decrease exposure to harmful pollutants such as nitrogen dioxide and fine particulate matter. Providing better access to green spaces may mitigate the impact of air pollution.

To strengthen public health and policy measures, we need stricter air quality regulations, particularly around schools and childcare centres. We should also implement air-quality monitoring in urban areas to identify high-risk zones for children.

Better public information is crucial to minimise indoor and outdoor pollution exposure. This could include the use of air purifiers for indoor activies or limiting outdoor exposure during peak pollution periods.

Further research and action

Our study highlights the need for more research on air pollution’s effects on children’s mental health and cognition, particularly in different environmental and socioeconomic contexts.

Policymakers, educators and healthcare professionals must consider air pollution as a potential risk factor for developmental challenges, not just a physical health concern.

Air pollution may not be visible in the same way as poor housing or inaccessible healthcare, but its impact on child development could be important at a population level.

Given the rising prevalence of mental ill health in young people and adults, tackling air pollution could be an overlooked but essential public health strategy for protecting future generations.

Associate Professor Matthew Hobbs receives funding from Health Research Council of New Zealand and the Clare Foundation, New Zealand.

Joseph Boden receives funding from the New Zealand Ministry of Business, Innovation and Enterprise, and the Health Research Council of New Zealand.

Lianne Jane Woodward and Susie (Bingyu) Deng do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Early exposure to air pollution could affect brain development and mental health later in life: new research – https://theconversation.com/early-exposure-to-air-pollution-could-affect-brain-development-and-mental-health-later-in-life-new-research-252644
MIL OSI Analysis – EveningReport.nz –
March 27, 2025
MIL-OSI USA: 03.26.2025 Sen. Cruz Introduces Bill to Block Federal Reserve from Issuing Central Bank Digital Currency

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Anti-CBDC Surveillance State Act, legislation that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC).
Upon introduction, Sen. Cruz said, “Cryptocurrency represents financial freedom, innovation, and privacy. A Central Bank Digital Currency (CBDC) would undermine these core values, erode privacy, and stifle innovation. I am proud to introduce this bill to restrict the implementation of a CBDC, and I call upon my colleagues to expeditiously take it up and advance it.”
This legislation was cosponsored by Sens. Ted Budd (R-N.C.), Kevin Cramer (R-N.D.), and Thom Tillis (R-N.C.).
Sen. Cramer said, “A central bank digital currency has the potential for financial monitoring and surveillance and could turn the Federal Reserve into a retail bank. Despite the previous administration’s push for this, Congress should not be circumvented and our bill ensures it!”
Sen. Tillis said, “This legislation is a crucial step in protecting Americans’ financial privacy and ensuring that the federal government does not have unchecked power over how we spend our money. A central bank digital currency, if misused, could become a surveillance tool that threatens individual freedoms and free market principles. I’m proud to support this bill and stand with my colleagues in defending the American people from government overreach.”
This bill is endorsed by America First Policy Institute, American Bankers Association, Americans for Tax Reform, America’s Credit Unions, Bank Policy Institute, Blockchain Association, Center for a Free Economy, Center for Freedom and Prosperity, Club for Growth, Consumer Bankers Association, Heritage Action, Independent Community Bankers of America, Project for Privacy & Surveillance Accountability, Restore the Fourth, Small Business & Entrepreneurship Council, Digital Chamber, Association of Mature American Citizens, and Crypto Council for Innovation.
David McIntosh, President of Club for Growth said, “Allowing the Federal Reserve to issue a digital currency would violate the separation of powers, expose Americans to unconstitutional financial surveillance, crowd out private investment and innovation, increase volatility in financial markets, and threaten persistent inflation. Club for Growth applauds WHIP Emmer and the House of Representatives for their effort to keep President Trump’s promise to protect Americans from the clear and present danger of the big government CBDC scheme.”
Rob Nichols, President & CEO of American Bankers Association said, “A central bank digital currency would fundamentally change the relationship between citizens and the Federal Reserve, and would undermine the essential role that banks play in extending credit and driving economic growth. The Anti-CBDC Surveillance State Act protects our financial system and our economy from these harms, and we applaud Sen. Cruz and his cosponsors for introducing it.”
Rebeca Romero Rainey, President & CEO of Independent Community Bankers of America said, “A Federal Reserve-issued central bank digital currency would disintermediate community banks, reduce credit availability, and undermine consumer privacy. ICBA and the nation’s community banks thank Senator Ted Cruz for introducing the CBDC Anti-Surveillance State Act to avoid the unnecessary risks a CBDC would pose to consumers and the economy.”
Read the bill text here.
Sen. Cruz has long been a champion of free markets and cryptocurrency.

Sen. Cruz passed a joint resolution of disapproval overturning the IRS’s Gross Proceeds Reporting rule for brokers handling digital asset sales. This rule would have harmed the digital asset industry by imposing burdensome reporting requirements on decentralized finance (DeFi) participants.
Sen. Cruz originally introduced this legislation in 2024 with the intention of halting the Biden administration’s efforts to issue a central bank digital currency.
Sen. Cruz previously introduced legislation in 2022 and 2023 to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency, which could be used as a financial surveillance tool by the federal government.
Sen. Cruz authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution.
Sen. Cruz introduced an amendment to repeal a provision from the 2021 infrastructure package that created new reporting requirements for many cryptocurrency and blockchain companies in both the 117th and 118th Congresses.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: Baldwin Calls Out Trump Undermining Small Business Owners, Demands Admin Release Report on Proposed Cuts to the Bipartisan MBDA

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin

WAHINSGTON, D.C. – As the Trump Administration seeks to dismantle the Minority Business Development Agency (MBDA), U.S. Senator Tammy Baldwin (D-WI) is demanding that they immediately release their report outlining the proposed cuts and its potential impact on small business owners across America. Senator Baldwin and her Republican colleagues helped make the MBDA permanent and she helped bring home Wisconsin’s first Business Center in 2023, ensuring entrepreneurs and business owners did not need to travel or use Chicago or Detroit’s Business Center. Local Business Centers provide small business owners technical assistance, assisting with access to capital and contracts, and supporting job creation and retention. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs.

“I fought hard to bring this support to Wisconsin, helping our entrepreneurs and small business owners access capital, contracts, and markets – creating jobs and growing our economy,” said Senator Baldwin. “Right now, behind closed doors, the Trump Administration is weighing what resources they can rip away from our local businesses, workers, and economies – and I’m not going to stand idly by. This is wrong and at the very least, they need to be transparent and let the people of our state see the impacts of these proposed cuts.”

Senator Baldwin worked to include the bipartisan Minority Business Development Act of 2021 as an amendment to the Infrastructure Investment and Jobs Act, making the MBDA permanent and increasing its funding and reach. President Trump’s Executive Order seeks to eliminate MBDA’s “non-statutory components and functions…to the maximum extent consistent with applicable law.” The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent, to determine what can be restructured or cut. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, Baldwin is requesting a copy of that report by April 2^nd, 2025.

Senator Baldwin’s full letter can be found here and below:

Dear Deputy Under Secretary Latif:

I write regarding the Executive Order issued on March 14, 2025, which seeks to dismantle the Minority Business Development Agency (MBDA). This action by the Trump Administration undermines the work of the only federal agency exclusively dedicated to supporting the development and expansion of minority-owned businesses, which contribute trillions to the U.S. economy, employ millions of workers, and support local economies.

Congress affirmed its bipartisan support for MBDA by expanding its reach and making it permanent in the Bipartisan Infrastructure Investment and Jobs Act. Our bipartisan amendment made the MBDA more effective by putting into statute the mission and goals of the agency and giving it the proper tools to carry them out successfully. It also created a presidentially appointed and Senate-confirmed Under Secretary of Commerce for Minority Business Development to lead the agency. This allowed MBDA to increase their programs and outreach to minority-owned businesses and allowed for the expansion of MBDA business centers into additional states—including Wisconsin.

The Executive Order ignores Congress’s bipartisan commitment to MBDA’s reliability and geographic reach and would instead eliminate MBDA’s “non-statutory components and functions…to the maximum extent consistent with applicable law.” Any plans by this Administration to restructure MBDA should include input from Members of Congress who are familiar with its impact. The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent. It is critical to include the Senators who represent states with MBDA Business Centers in this evaluation process, and the first step is providing me with a copy of the report to my Senate office to evaluate the scope of these proposed cuts. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, I am requesting a copy of that report, which you would have already submitted to OMB, by April 2, 2025.

Sincerely,

MIL OSI USA News –

March 27, 2025
MIL-OSI: AutoScheduler.AI Recognized as a Winner of the 2025 Artificial Intelligence Excellence Awards

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, March 26, 2025 (GLOBE NEWSWIRE) — AutoScheduler.AI, an innovative Warehouse Orchestration Platform and WMS accelerator, announces being recognized as a winner of the 2025 Artificial Intelligence Excellence Awards in the Automated Planning and Scheduling category from the Business Intelligence Group. This prestigious recognition highlights the company’s commitment to innovation and its contributions to advancing artificial intelligence.

AutoScheduler.AI ushers in a new era as the brains of a warehousing operation and is the only solution on the market designed to optimize operational activity to decrease touches and increase capacity per headcount. AutoScheduler.AI helps businesses manage what they need today to succeed while predicting what they need in the future to meet the increased demand in labor, space, and time.

“We are incredibly honored to receive this recognition from the Business Intelligence Group,” says Keith Moore, CEO of AutoScheduler.AI. “This award is a testament to the dedication of our team and our mission to push the boundaries of AI to create meaningful solutions that improve lives and industries.”

“The AI industry is evolving rapidly, and it is through the efforts of companies like AutoScheduler.AI that we see real-world applications driving change,” said Russ Fordyce, CEO of the Business Intelligence Group. “Their work exemplifies the kind of innovation and leadership that is shaping the future of artificial intelligence.”

This year’s honorees represent the pinnacle of AI advancement, excelling in predictive analytics, generative AI, explainable AI, and beyond. Selected by a panel of industry experts, these winners exemplify the transformative power of artificial intelligence across diverse industries, from finance and healthcare to cybersecurity and autonomous systems.

The Artificial Intelligence Excellence Awards celebrate those at the forefront of AI’s evolution. From startups pioneering new applications to established enterprises leveraging AI to drive efficiency and innovation, these winners and finalists are setting new standards for the industry.

For more details on the 2025 Artificial Intelligence Excellence Awards and a complete list of winners and finalists, visit https://www.bintelligence.com/awards/artificial-intelligence-excellence-awards.

About AutoScheduler.AI

AutoScheduler.AI empowers you to take full control of your warehouse with a cloud-based solution that seamlessly integrates with your existing WMS/LMS/YMS or any other solution. We automate critical tasks like labor scheduling, dock management, and task sequencing, ensuring everything runs smoothly and efficiently. You’ve already invested in the software to run your warehouse—what we do is provide the orchestration layer that ties it all together to make real-time data driven decisions. With AutoScheduler.AI, you get smart orchestration for a smarter, more agile warehouse. For more information, visit: http://www.autoscheduler.ai.

About Business Intelligence Group www.bintelligence.com

The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and rewards those companies whose achievements stand above those of their peers.

Contact:
Becky Boyd
MediaFirst PR
Becky@MediaFirst.Net
Cell: (404) 421-8497

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c292b523-c116-4e5b-898b-942f46926d2a

The MIL Network –

March 27, 2025
MIL-OSI: PIMCO Names Janet Yellen and Raghuram Rajan to its Global Advisory Board (GAB); Gordon Brown Becomes Chair
Source: GlobeNewswire (MIL-OSI)
- Janet Yellen served as Treasury Secretary in the Biden Administration and Chair of the Federal Reserve from 2014 to 2018
- Raghuram Rajan served as the Governor of the Reserve Bank of India and as Chief Economist at the International Monetary Fund
- Gordon Brown, former UK Prime Minister, becomes Chair of the GAB
- Ben Bernanke, former Chair of the Federal Reserve, retiring from role as Chair of PIMCO’s GAB after 10 years service
- Mark Carney, Canadian Prime Minister, also recently stepped down from GAB
NEWPORT BEACH, Calif., March 26, 2025 (GLOBE NEWSWIRE) — PIMCO, one of the world’s premier fixed income investment managers, announces the addition of Janet Yellen, former U.S. Secretary of the Treasury and Chair of the Federal Reserve, and Raghuram Rajan, former Governor of the Reserve Bank of India and Chief Economist at the International Monetary Fund, to its Global Advisory Board. The Board provides PIMCO with insights on global economic, political, and strategic developments and their relevance for financial markets.

In addition, Gordon Brown, former UK Prime Minister (2007-2010) and Chancellor of the Exchequer (1997-2007), becomes Chair of the Board. Mr. Brown, who has been a member of PIMCO’s GAB since its founding in 2015, replaces Ben Bernanke, who is retiring after serving 10 years as Chair of the GAB. Mark Carney, Prime Minister of Canada, previously announced his resignation from PIMCO’s GAB in January, when he announced his candidacy for political office. He had served on the Board since 2020.

Before serving as the 78^th U.S. Secretary of the Treasury from 2021-2025, Secretary Yellen was Chair of the Board of Governors of the Federal Reserve from 2014 to 2018 and Vice Chair 2010 to 2014. Secretary Yellen has also held positions at Harvard University, the London School of Economics, and the University of California, Berkeley, where she is now professor emeritus. Her extensive contributions to economic policy and research have established her as a leading figure in the field.

Dr. Raghuram Rajan’s career is distinguished by his influential roles in global economic institutions. He was the 23rd Governor of the Reserve Bank of India from 2013 to 2016 – where he implemented key reforms to stabilize the Indian economy – and was Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. He is also a Professor of Finance at the University of Chicago Booth School of Business.

“Secretary Yellen and Dr. Rajan’s deep expertise in economic policy make them remarkable additions to our Global Advisory Board,” said Emmanuel Roman, PIMCO’s Chief Executive Officer. “Their insights will be crucial for us as we continue to navigate the complexities of the global economy and assess their potential impact on markets for our clients.”

“Understanding the complexities and impact of central bank policymaking, international governance and economic conditions on fast-moving markets are critical components of our investment strategy. Secretary Yellen and Dr. Rajan’s invaluable insights and experience, and Prime Minister Brown’s leadership as chair, will provide PIMCO clients with deep expertise and knowledge in assessing investment risk and opportunity,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer.

“We also want to thank Chair Ben Bernanke and Prime Minister Carney for their leadership and valued perspectives over many years on the Global Advisory Board during their constant presence at our investment forums and in guidance to our Investment Committee. We will miss their thoughtful insights and wish them well,” said Mr. Roman.

The Global Advisory Board consists of a diverse group of experts who provide strategic insights into global economic, political, and strategic developments. Secretary Yellen and Dr. Rajan will join Gordon Brown, Joshua Bolten, former White House Chief of Staff, and Michele Flournoy, U.S. defense policy advisor in two U.S. presidential administrations.

Janet Yellen
Janet L. Yellen served as 78^th Secretary of the Treasury from 2021 through 2025. Previously, she was a Distinguished Fellow in Residence at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She also served as Chairman of the Board of Governors of the Federal Reserve System from 2014 through February 2018, Vice Chair of the Board of Governors from 2010 to 2014 and president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 to 2010. Dr. Yellen previously served as a member of the Board of Governors of the Federal Reserve System from August 1994 through February 1997, whereupon she was appointed by President Bill Clinton to serve as chair of the Council of Economic Advisers, a post she held until August 1999. Dr. Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms, and implications of unemployment. She began her career as an assistant professor at Harvard University and then served as an economist with the Federal Reserve’s Board of Governors before joining the faculty of the London School of Economics in 1978. In 1980 she joined the faculty of the University of California at Berkeley, where she was named the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics, and where she is currently a professor emeritus. Dr. Yellen graduated from Brown University in 1967 and received her PhD in economics from Yale University in 1971. She received the Wilbur Cross Medal from Yale in 1997, honorary degrees from Brown, Bard College, NYU, the London School of Economics and Political Science, the University of Warwick, Yale, the University of Michigan and the University of Pennsylvania. She is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences and has served as President of the American Economic Association and the Western Economic Association and a fellow of the Yale Corporation. She is a Distinguished Fellow of the American Economic Association.

Raghuram Rajan

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Dr. Rajan’s research interests are in banking, corporate finance, and economic development. The books he has written include Breaking the Mold: Reimagining India’s Economic Future with Rohit Lamba, The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010. Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016. Dr. Rajan is the Chairman of the Per Jacobsson Foundation, the senior economic advisor to BDT Capital, and a managing director at Andersen Tax.

About PIMCO
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Contact:
Michael Reid
PIMCO – Media Relations
Ph. 212-597-1301
Email: Michael.Reid@pimco.com

The MIL Network –
March 27, 2025
MIL-OSI USA: Cassidy, Padilla Reintroduce Bill to Modernize Health Care System, Improve Access to Digital Health Services

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Alex Padilla (D-CA) reintroduced the Health Accelerating Consumers’ Care by Expediting Self-Scheduling (ACCESS) Act to improve patients’ access to modernized health care, provide certainty for patients seeking digital health services, and protect patients’ personal health information.
“It’s enough to struggle with an illness. Patients should have easy access to the care they need,” said Dr. Cassidy. “There are plenty of tools to provide affordable, quality care. As a doctor, I’m focused on using them.”
“Every American deserves easy access to physical and mental health care,” said Senator Padilla. “As provider wait times increase, integrating digital health programs into our health care system is essential to efficiently administering care. We cannot let scheduling obstacles prevent Americans in crisis from receiving care when they need it most.”
The COVID-19 pandemic accelerated the demand for digital health services and other innovative practices. Under current law, however, there is no distinction between illegal referral practices and scheduling services that reduce the barriers associated with accessing necessary and appropriate care. The Health ACCESS Act would adjust the Anti-Kickback Statute (AKS) to remove the regulatory ambiguity allowing digital health and appointment booking platforms to work together to better serve patients. Doing so ultimately improves access to care via user-friendly services, expands provider choice and scheduling availability, and enhances the overall health care experience and ecosystem.
The Health ACCESS Act is supported by Advanced Dermatology and Cosmetic Surgery, Boston Medical Center, Brownsville Community Health Center (FQHC), California Children’s Hospital Association, California Hospital Association, Circle Medical, Chronic Care Policy Alliance, Corewell Health, Digital Health New York (DHNY), GoHealth Urgent Care, Grow Therapy, HANYS (Health Assoc of NYS), Healthcare Leadership Council (HLC), Housing Works Community Healthcare (FQHC), Illinois Hospital Association, Indiana University Health, Intermountain Health, LabFinder, Main Line Health, Manhattan Cardiology, Medical Offices of Manhattan, Memorial Hermann Health System, Octave, SohoMD, Spring Branch Community Health Center (FQHC), Stanford Children’s Hospital, and The Dermatology Specialists.

MIL OSI USA News –

March 27, 2025
MIL-OSI Security: Bay Area-Based Flooring Company and Its Owners to Pay $8.1 Million to Settle False Claims Allegations Related to Customs Duties Evasions

Source: Office of United States Attorneys

LOS ANGELES – Evolutions Flooring Inc., a South San Francisco, California based importer of multilayered wood flooring, and its owners, Mengya Lin and Jin Qian, have agreed to resolve allegations that they violated the False Claims Act by knowingly and improperly evading customs duties on imports of multilayered wood flooring from the People’s Republic of China (PRC). The settlement is based on Evolutions’ and its owners’ ability to pay.

To enter goods into the United States, an importer must declare, among other things, the country of origin of the goods, the value of the goods, whether the goods are subject to duties, and the amount of duties owed.

U.S. Customs and Border Protection (CBP) collects applicable duties, including antidumping and countervailing duties assessed by the Department of Commerce and Section 301 duties imposed by the Office of the United States Trade Representative. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies.

Section 301 duties similarly protect U.S. industry by imposing trade sanctions on foreign countries that violate U.S. trade agreements or engage in other unreasonable acts that burden U.S. commerce. During the relevant time period, PRC-manufactured multilayered wood flooring products were subject to antidumping, countervailing, and Section 301 duties.

The settlement resolves allegations that Evolutions, at the direction of Lin and Qian, knowingly and improperly evaded customs duties, including antidumping, countervailing, and Section 301 duties, on multilayered wood flooring manufactured in the PRC that Evolutions imported between Sept. 1, 2019 and July 31, 2022. Among other things, the United States alleged that Evolutions caused false information to be submitted to CBP regarding the identity of the manufacturers and country of origin of the imported multilayered wood flooring.

“The outcome of this case demonstrates that our office and its CBP partners will continue to safeguard the nation’s economic well-being,” said Acting United States Attorney Joseph McNally. “Fraud in international commerce deprives the United States of vital revenue and creates an unfair advantage over businesses that operate legitimately. The settlement sends a message that we will not stand aside when companies try to cheat the system.”

“Import duties provide an important source of government revenue and level the playing field for U.S. manufacturers against their global competitors,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “The department will pursue those who seek an unfair advantage in U.S. markets, including by evading the duties owed on goods imported into this country from China.”

“The team at CBP was instrumental in providing expertise and logistical support to this investigation,” said Director of Field Operations Cheryl M. Davies of the CBP Los Angeles Field Office. “Through its efforts, which included a site visit to factories in Thailand, review of identified shipments by CBP experts on multilayered wood flooring, an analysis of import records and data by Office of Trade Regulatory Audit, and involvement in interviews with witnesses, CBP contributed to a successful outcome in this matter.”

The settlement with Evolutions and its owners resolves a lawsuit filed by Urban Global LLC under the whistleblower provision of the False Claims Act, which permits private parties to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The civil lawsuit was filed in the Central District of California and is captioned United States of America ex rel. Urban Global LLC v. Struxtur Inc. et al., No. CV20-7217 (C.D. Cal.). As part of today’s resolution, relator Urban Global LLC will receive approximately $1,215,000 of the settlement proceeds.

The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from CBP’s Office of Chief Counsel, West Region and Trade Regulatory Audit and the Center of Excellence and Expertise for Industrial and Manufacturing Materials within CBP’s Office of Trade.

Assistant United States Attorney Sheng-Wen D. Jui of the Civil Division’s Civil Fraud Section and Senior Trial Counsel Christelle Klovers of the Justice Department’s Civil Division handled this case.

The claims resolved by the settlement are allegations only; there has been no determination of liability.

MIL Security OSI –

March 27, 2025
MIL-OSI: QUADIENT SA: Appointment and renewals to Quadient’s Board of directors to be proposed to the Annual General Meeting on June 13, 2025
Source: GlobeNewswire (MIL-OSI)

Appointment and renewals to Quadient’s Board of directors to be proposed to the Annual General Meeting on June 13, 2025
- Delphine Segura Vaylet to be proposed to the Annual General Meeting on June 13, 2025 for appointment as non-executive and independent director
- Didier Lamouche and Nathalie Wright to be proposed for renewal to the Annual General Meeting on June 13, 2025
- Martha Bejar and Paula Felstead will not stand for re-election, and resignation of Vincent Mercier with effect at the close of the Board meeting which will be held on 2 June 2025
- Downsizing of the Board of directors from 10 to 8 members (excluding employee directors) as from the next Annual General Meeting, on June 13, 2025
Paris, 26 March 2025

Upon recommendation of the Appointments and Remuneration Committee, Quadient’s Board of directors (the “Board”) has approved the list of Directors for appointment and renewal to be put forward at the Company’s Annual General Meeting that will be held on June 13, 2025.

At the next Annual General Meeting, shareholders will be asked to approve the appointment of Delphine Segura Vaylet as a new independent Director for a three-year term, until the Annual General Meeting approving the financial statements for the fiscal year ending January 31, 2028.

Shareholders will also be asked to approve the renewal for additional three-year terms of:
- Didier Lamouche, with the Board’s intention, if renewed, to subsequently reappoint him as Chairman of the Board, and
- Nathalie Wright, with the Board’s intention, if renewed, to subsequently appoint her as Chair of the Appointments and Remuneration Committee, replacing Martha Bejar.
Additionally, it is noted that Martha Bejar and Paula Felstead will not stand for re-election, and that Vincent Mercier will step down from the Board with effect at the close of the meeting to be held on 2 June 2025.

The Board wishes to express its sincere gratitude for their dedication and significant contributions to the Company — Paula for her thoughtful oversight as a member of the Audit Committee, Martha for her leadership and governance as Chair of the Appointment and Remuneration Committee, and Vincent for his 16 years of committed service across various strategic and leadership roles. Their expertise, integrity, and steadfast support have been instrumental in guiding the Company through key phases of growth and transformation.

Following these changes, subject to shareholders approval of the resolutions, the Board, which consists of 10 members (excluding employee directors) until June 2, 2025, will be reduced to 8 members (excluding employee directors) after the June 13, 2025 Annual General Meeting. The Board’s composition will continue to align with best governance practices, keeping a highly independent representation, with 75% independent directors, and complying with French legal parity rules, with a balanced structure of 5 men and 3 women, while ensuring a well-balanced mix of experience.

Delphine Segura Vaylet is 54 years old and a French citizen. She holds a Master’s degree (DEA) in Social Law, European Law from the University of Paris I Panthéon-Sorbonne. Delphine Segura Vaylet began her career at Groupe Bayard Press from 1993 to 1994 before joining Thales in 1994, where she held various operational Human Resources (HR) leadership roles until 2006. In 2007, she joined STMicroelectronics as HR Director for the Digital Consumer division. In parallel, she led Talent and Organizational Development as well as Training at the Group level for four years. In 2014, she became Group HR Director of Zodiac Aerospace, serving as a member of the Executive Committee until the company’s acquisition by Safran. She then joined Total in 2017 as Vice-President Strategy and HR Policy. Since January 2021, Delphine Segura Vaylet held the position of Senior Executive Vice President Human Resources at Groupe SEB. She also holds non-executive roles at Soitec and Artelia.

Didier Lamouche has been the Chairman of the Board of Quadient S.A. since June 28, 2019. He holds a PhD in Semiconductor Technology from École Centrale de Lyon. Didier Lamouche has had a distinguished career, including serving as President and CEO of Idemia until 2018, the world leader in cyber security and digital identity technologies, which he had headed since 2013. From 2005 to 2013, he also held key leadership roles at ST-Microelectronics, ST-Ericsson, and Bull Group, where he successfully turned the company around and repositioned on growth segments. Earlier in his career, Didier Lamouche worked at Philips, IBM Microelectronics, Motorola Semiconductor, and Altis Semiconductor. Didier Lamouche has extensive experience in corporate governance, in both public and private environments, having served as a director of eight public and four private-equity backed companies for nearly 20 years.

Nathalie Wright has been a member of the Board of Quadient S.A. since September 25, 2017. Nathalie Wright is a graduate in economics from Paris Assas University, IAE, and INSEAD. She began her career at Digital Equipment France and NewBridge Networks France, later holding roles at MCI, Easynet, and AT&T, where she oversaw commercial strategy for Southern Europe and the Middle East. In 2009, she joined Microsoft, serving as director of the Public Sector division and General Manager for Enterprise & Strategic Alliances. She became Vice President of Software France at IBM in 2017, then joined Rexel in 2018 as Chief Digital Officer and member of the executive committee until September 2023, overseeing digital transformation and ESG strategy. Since 2024, Nathalie Wright has focused on non-executive roles at Quadient, Keolis, and Amundi, supporting organizations with transformation challenges.

***

CALENDAR
- 26 March 2025: FY2024 results release (after close of trading on the Euronext Paris regulated market)
- 3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
- 13 June 2025: Annual General Meeting
***

About Quadient®

Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

For more information about Quadient, visit https://invest.quadient.com/en-US.

Contacts

Attachment
- Quadient-press-release-Board-2025-vGB
The MIL Network –
March 27, 2025
MIL-OSI Global: Spring statement: defence spending boosted as further disability benefit cuts announced – experts react

Source: The Conversation – UK – By Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

Not even six months on from Labour’s first budget, and the world is a much-changed place. Geopolitical tensions and uncertainties, already high last year, have risen further, and with them the cost of the UK’s debt, while economic growth has stalled. As such, Chancellor Rachel Reeves has confronted an array of unpalatable choices – notably cutting disability benefits – to enable her to increase defence spending and stabilise the public finances. Here’s what our panel of experts made of the statement:

Falling inflation wasn’t enough to prevent further disability cuts

Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

The independent Office for Budget Responsibility (OBR) has halved the UK’s 2025 growth forecast to 1%, down from the previously projected 2%. This sluggish growth, coupled with increased borrowing costs, has effectively eliminated the government’s £9.9 billion “fiscal headroom” – its financial buffer – resulting in a £4.1 billion shortfall by 2029-30.

There was some short-term relief in the latest inflation figures. These showed a slowdown in price rises in February (2.8% against 3% in January). The dip was caused by discounting of items like clothing. But given around half of businesses are considering price rises to combat tax hikes and the national living wage increase coming in April, this relief is likely to be short-lived. The OBR forecasts that inflation will climb back up to 3.2% this year.

The government had previously set out its controversial plans for £5 billion in welfare cuts. But the OBR rejected the claim that the reforms would save that much, estimating the savings at £3.4 billion, leaving Reeves with a £1.6 billion shortfall. As such, she has had to announce additional welfare reforms.

These include freezing the universal credit health element until 2030 and reducing it to £50 a week for new claimants. This is aimed at saving an additional £500 million by 2030 – and combined with other planned welfare reforms could affect more than 3 million people. But the standard allowance for universal credit will see an above-inflation increase from 2026-27 and the incomes of those with the most severe lifelong conditions will be protected.

Civil service administrative budgets are also to be reduced – by 15% by 2029-30. This, along with other efficiency and productivity improvements, will lead to annual savings of £3.5 billion. These cuts will focus on areas like human resources, policy advice, and office management, rather than frontline services.

Reeves resorted to tricks and ‘efficiency savings’

Steve Schifferes, Honorary Research Fellow, City St George’s, University of London

Reeves has announced a series of tweaks to her spending plans to address the economic situation which has meant that she is in danger of breaking her self-imposed fiscal rules. The chancellor was at pains to say that these rules are “non-negotiable”.

But these are unlikely to tackle the deeper problem – that in the short term she cannot rely on economic growth to square the circle of Labour’s three contradictory election pledges. These were more spending on public services, lower taxes and strict fiscal rules.

The UK, in fact, is particularly vulnerable to the disruption of global trade that is likely to result from US president Donald Trump’s tariff wars. And the productivity gains from her long-term infrastructure plans will take years – if not a decade – to translate into higher growth.

Like many chancellors, Reeves has resorted to various tricks – such as counting money moved to the defence budget to build tanks and aircraft as capital spending (and therefore exempt from the borrowing rules). And she has called for “efficiency savings” in the civil service and government departments that are unlikely to be realised.

But the biggest savings are coming from deeper than expected cuts in disability payments and other welfare payments, reducing the income of more than 3 million people. This is upsetting many Labour MPs. Her big sweetener – £2 billion for social housing next year – is actually less than that already allocated by the previous Conservative government.

Crucially, the further savings likely to be demanded in the spending review (announced on June 11) from unprotected departments including local government, justice and environment, will certainly look a lot like a return to austerity.

In the end – and possibly as soon as the autumn budget – the chancellor will have to accept that as well as spending cuts, she will have to consider tax increases and possibly even a revision of the fiscal rules.

Otherwise, she will remain at the mercy of the markets and the forecasters. Any long-term strategy will be strangled by the need to continually adjust policy to meet the fiscal “headroom” target she has set which leaves little room for manoeuvre. This requires an implausibly accurate prediction of the state of the economy in five years’ time by the OBR.

The Civil Service could see 10,000 jobs axed.
pxl.store/Shutterstock

Commitment to financial stability is actually increasing uncertainty

Linda Yueh, Fellow and Adjunct Professor of Economics, University of Oxford

The chancellor’s self-imposed fiscal rules are intended to provide stability – one of the foundations of economic growth. One of those rules, which Rachel Reeves has said she will not bend, is that government day-to-day spending must be balanced by tax receipts by the end of this parliament.

This is intended to provide transparency on fiscal policy. And Reeves clearly understands the importance of how international financial markets react to the UK’s level of spending – and its public debt (currently about 100% of GDP).

But the world is not a stable place. And with the OBR halving its 2025 GDP growth forecast from 2% to 1%, unplanned cuts to public spending followed.

Consistency in fiscal policy helps households and business to plan for the future. But during times of heightened uncertainty with global tariffs looming, GDP is likely to remain volatile. This makes not changing the government’s fiscal stance particularly challenging.

It is also challenging for chancellor personally, as she would prefer to have one “fiscal event” a year, rather than two. But the OBR is obliged to provide economic forecasts twice a year, and when it slashes expected growth, she is duty bound to respond.

Somewhat ironically then, the government’s stability rule is having the unintended consequence of adding policy uncertainty to an already uncertain overall economic environment – and more frequent changes to fiscal policy.

‘Let’s shake on increasing defence spending, bigly.’
Joshua Sukoff/Shutterstock

Modest defence spending boost will struggle to reverse years of decline

Jamie Gaskarth, Professor of Foreign Policy and International Relations, the Open University

In two months, the UK defence sector has been turned upside down – primarily by Donald Trump. His administration has made implied threats to invade a NATO ally (Denmark), challenged the sovereignty of another (Canada) and pulled support for Ukraine, openly siding with Russia in ceasefire negotiations. There is a real chance the US will draw down its security presence in Europe.

If European countries are to meet the full cost of their own security, this will have to mean a dramatic increase in defence budgets. So far, the UK has redistributed aid money to help fund an increase in defence spending to 2.5% of GDP (from 2.3%) by 2027, with the ambition to raise it to 3% in the next parliament.

It has also offered an extra £2 billion to underwrite defence exports. But this is small beer.

As with many areas of public spending, dramatic cuts to the defence budget during the years of austerity (22% in real terms) have meant delays to procurement, crumbling estates and a chronic lack of investment.

This will take a substantial uplift to redress. Recent increases under the Conservatives were eaten up by capital costs and inflation.

And while ideas such as the £400 million ringfenced to support innovation in AI and new technology are welcome, these are tiny amounts in the grand scheme of things. The UK is not going to be a “defence industrial superpower” any time soon if budget announcements are this small, and increases so modest.

Promise to disabled people in tatters

William E. Donald, Associate Professor of Sustainable Careers and Human Resource Management, University of Southampton

In November, social security and disability minister Sir Stephen Timms spoke passionately at the Shaw Trust Disability Power 100 awards, vowing to undo past injustices and declaring: “We now want to put that right.” As a disabled person, I cheered. That promise now lies in ruins.

Despite government claims there will be no return to austerity, sick and disabled people face a real-terms cut to their incomes and the criteria for claiming personal independence payment (Pip) will become stricter than ever. This isn’t just a policy to save £5 billion, it’s cruelty and a devastating attack on disabled people.

Pip isn’t means-tested and is paid regardless of whether you work. It exists because, according to disability charity Scope, disabled households need an additional £1,010 a month to achieve the same standard of living as others. Stripping this support away while NHS mental health waiting lists grow, energy and food prices rise, and the disability pay gap sits at 12.7% won’t push people into work. It will push them into crisis.

Last year, Labour promised to break barriers for disabled people. Instead, they are building new ones. These cuts come at the expense of society’s most vulnerable. The consequences will be catastrophic.

Building a future?
Ian Dyball/Shutterstock

Social housing boost – but homes could be improved now

Nicky Shaw, Senior Lecturer in Operations Management, Leeds University Business School, and Simon Williams, Associate Faculty, Leeds University Business School

The chancellor’s £2 billion investment in new homes will certainly help to increase the availability of affordable social housing. Everyone agrees that access to decent, affordable homes is important, but the quality and maintenance of existing social houses remains critical. Replacing cladding, for example, is stubbornly challenging.

But beyond just building more social housing, our research has explored key measures of tenant satisfaction. The potential ways for digital tools such as AI to improve the efficiency of tasks like repairs and maintenance in future are numerous.

But social housing’s tenant demographic includes many people who are more vulnerable, some of whom prefer not to – or simply cannot – engage with digital services. This means that sustaining face-to-face contact with tenants is critical. Investing in tenants’ experience now could really deliver tangible benefits for some of Britain’s most vulnerable people.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Spring statement: defence spending boosted as further disability benefit cuts announced – experts react – https://theconversation.com/spring-statement-defence-spending-boosted-as-further-disability-benefit-cuts-announced-experts-react-253149

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI USA: Ahead of Trump Tariff “Liberation Day,” Warren Presses Commerce Secretary Lutnick on Tariffs As Cover for Corporate Greed-Driven Inflation

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

March 26, 2025

Warren sounds alarm on new data from the Fed showing chaotic Trump tariff strategy enabling price hikes for American consumers

“[Trump is] creating widespread confusion and uncertainty that may give big corporations cover to increase their prices on all goods”

Text of Letter (PDF)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee and Member of the Finance Committee, wrote to Commerce Secretary Howard Lutnick ahead of President Trump’s announcement on proposed reciprocal tariffs on April 2, pressing him to explain how he will prevent big corporations from using tariffs as a cover for price hikes. The letter follows new data released last week by the Federal Reserve Board (FRB) indicating that President Trump’s chaotic tariffs rollout is stalling progress on inflation and giving big corporations a new set of excuses to price-gouge American consumers.

“We should use tariffs to support American manufacturing, strengthen onshore critical supply chains, and create good-paying jobs here at home. Instead, we are seeing executives pull back on investment and threaten to impose new and unjustified price increases on consumers,” wrote Senator Warren.

Last week, FRB Chair Jerome Powell announced that the Federal Reserve System will hold interest rates at their current level, reflecting the bureau’s belief that progress towards reducing inflation has stalled. Powell noted that “a good part of [the higher inflation forecast] is coming from tariffs” and that manufacturers tend to “just follow the crowd” and raise prices, even on goods that aren’t subject to tariffs.

The Trump administration currently has no plans to prevent companies from using tariffs as an excuse to hike prices up even further, despite corporate executives’ warnings that tariffs would lead them to preemptively raise prices.

“I am deeply concerned that President Trump is now enabling this corporate greed, allowing companies to increase prices across the board, regardless of whether goods are actually subject to tariffs,” continued Senator Warren.

Big corporations have continuously threatened that tariffs would lead them to preemptively raise prices. AutoZone’s CEO said: “We’ll generally raise prices ahead of [tariffs]—we know what the tariffs will be—we generally raise prices ahead of that.” At an earnings call in mid-March, MasterBrand’s CFO said they “anticipate that wide-ranging price increases will be needed across our various products.”

Senator Warren also demanded Lutnick answer specific questions, including whether he agrees with Powell’s assessment that price increases may be a result of companies’ choosing to pass on the cost of tariffs to consumers, whether the Commerce Department has analyzed the impact of Trump’s tariffs on prices, and whether price increases have been limited to products subject to increased tariffs. Senator Warren also asked Lutnick to share specific actions Trump has taken—if any—to limit companies’ ability to pass on the costs of tariffs or impose broad price increases onto consumers.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: CWA Statement in Response to the Supreme Court Hearing Oral Argument on the Universal Service Fund

Source: Communications Workers of America

WASHINGTON, D.C. – In response to the Supreme Court hearing oral argument in Consumers’ Research v. Federal Communications Commission considering the constitutionality of the Universal Service Fund, the Communications Workers of America (CWA) releases the following statement:

We firmly believe the decades-old Universal Service Fund is fully constitutional and look forward to the Supreme Court affirming that position.

We can’t let today’s Supreme Court case distract us from the bigger problem: that Congress must act now to reform the Universal Service Fund and ensure its viability for the future. We need to update the program for the internet age, to ensure that the major players who benefit from our networks contribute their fair share to universal service in this country, and to ensure that we can provide the broadband affordability programs that our economy needs. Congress must move forward with contribution reform to the USF program and not overreact to an extremist legal position threatening the program’s constitutionality. If the Supreme Court were to make a decision jeopardizing the USF—which would be in sharp contrast with the overwhelming public support conveyed in amicus briefs from the communications sector, labor, schools, libraries, health care providers, low-income advocates, and others—Congress should be ready to quickly address that decision in a manner targeted to the Court’s opinion and complementary to the necessary structural reforms.

Every American household, business, hospital, library, and school should have access to affordable communications services no matter where they are located, and the Universal Service Fund is critical to making that happen. CWA members include technicians and customer support representatives who build and service broadband networks. We see the positive impact of these programs every day. As fiber broadband networks expand, the Universal Service programs will be even more important to ensure that everyone has the opportunity to realize the benefits that high-speed internet service provides.

###

About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

cwa-union.org @cwaunion

MIL OSI USA News –

March 27, 2025

MIL-OSI: Sidetrade Annual Results for 2024: Operating Margin exceeds 15% of Revenue and Net Profit up 40%

Source: GlobeNewswire (MIL-OSI)

New record in year-over-year bookings (+13% in ACV)

Strong revenue growth: up 26% with SaaS subscriptions up 22%

Operating margin ⁽³⁾exceeds 15% of revenue (+45%)

Surge in net profit to €7.9 million, up 40%

Operating cash flow strongly supporting the acquisition of SHS Viveon

Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

Sidetrade, the global leader in AI-powered Order-to-Cash applications, today announces a 26% increase in revenue for 2024, with a surge in operating margin ⁽³⁾of €8.4 million (+45%) and in net profit of €7.9 million (+40%).

Sidetrade (€m)	2024	2023	Change

Revenue	55.0 ⁽¹⁾	43.7	+26%
SaaS subscriptions	45.5 ⁽²⁾	36.6	+22%

Gross margin	43.1	35.3	+22%

Operating expenses (OPEX)	(34.6)	(29.4)	+18%

Operating margin ⁽³⁾	8.4	5.8	+45%
as a % of revenue	15%	13%
Net profit	7.9	5.6	+40%

2024 information is from consolidated, unaudited data.
(1) includes €4.4m in SHS Viveon revenue
(2) includes €3.0m in SHS Viveon recurring revenue
(3) Operating margin corresponds to operating profit based on 2024 accounting standards in France, including the French Research Tax Credit.

Olivier Novasque, CEO of Sidetrade commented:

“2024 once again illustrates the strength of Sidetrade’s business model, combining growth with profitability. Our 26% revenue increase was driven by a major breakthrough in the North American market, a leading-edge AI offering embraced by large enterprises, and the acquisition of SHS Viveon in Germany, which has further solidified our leadership in Order-to-Cash solutions across Europe. For the first time in our history, we have surpassed €8 million in operating profit, a significant 45% increase, highlighting the effectiveness and balance of our expansion strategy. But the real story goes beyond this impressive performance. We are witnessing an accelerated revolution in how businesses leverage artificial intelligence, marked by the emergence of specialized AI agents. Unlike traditional automation models that rely on rigid rule-based programming and constant human oversight, AI agents bring a new level of autonomous decision-making and real time operational optimization. These are no longer mere automation tools; they are intelligent entities capable of anticipating needs and acting independently within a company’s IT infrastructure, with minimal human intervention. Where traditional software simply organizes workflows using pre-defined rules, an AI agent trains, learns, adapts, and executes complex processes on its own. And this agentic revolution is only just beginning! At Sidetrade, Aimie represents the next generation of AI, evolving into an agentic AI that will orchestrate a network of AI agents, each managing a specific link in the Order-to-Cash cycle: risk, disputes, collections, cash application, and more. Aimie will direct, coordinate, and interconnect these high-specialized agents. Backed by the Sidetrade Data Lake, the most unique in the Order-to-Cash market and built on $7.2 trillion in B2B transactions spanning over 39.9 million businesses, Aimie is already powered by a one-of-a-kind training dataset in our field that will give its AI agents unmatched intelligence. Thanks to intensified R&D investments in 2024, we are set to launch our first next-gen AI agent in 2025, one that will redefine the boundaries of autonomy and capability. Companies that fail to embrace this paradigm shift will be rapidly outpaced by those that embed AI agents at the core of their operational excellence. With Aimie, Sidetrade is fully aligned with this AI agent revolution and is uniquely positioned to lead the race in its field.”

New record in year-over-year bookings (+13% in ACV)
Sidetrade maintained its growth trajectory in 2024 and set a new record with Annual Contract Value (ACV) reaching €12.73 million, up 13% compared to 2023. Annual Recurring Revenue (New ARR), increased by 6%, amounting to €6.53 million while Services bookings grew by 21%, totaling €6.2 million.

Bookings by new customers (“New Business”) accounted for 63% of total new bookings in 2024, while contract extensions (“Cross-sell”) and additional modules to existing customers (“Upsell”) contributed 18% and 19% of bookings, respectively.

Strong revenue growth in 2024: up 26% with SaaS subscriptions up 22%

In 2024, Sidetrade reported annual revenue of €55.0 million, marking a 26% increase compared to the previous year, and a 16% increase on a reported basis (excluding the acquisition of SHS Viveon finalized in June 2024). Several factors contributed to this strong performance:

Sustained organic growth: Overall revenue (excluding the acquisition of SHS Viveon) grew by 16%, while SaaS subscriptions increased by 15%. Meanwhile, Services showed impressive growth of 24%, driven by global implementation projects.
Strategic acquisition of SHS Viveon opening the DACH region: Since July 1, 2024, SHS Viveon has contributed €4.4 million to Sidetrade’s revenue, now accounting for 15% of total revenue in the second half of 2024.
Expanding international reach: The integration of SHS Viveon has increased the share of revenue generated outside of France to 65%. With 70% of its workforce now based internationally, Sidetrade demonstrates its ability to scale globally while maintaining strong local client relationships, key to building trust and driving operational efficiency.
Outstanding performance in North America: North America recorded the highest growth in 2024, with a 36% increase, bringing annual revenue to €16.6 million. This strategic market is central to Sidetrade’s ambitions.

Sidetrade continues to strengthen its position among multinationals, with a 44% increase in subscriptions from companies generating over €2.5 billion in revenue. These contracts now represent 50% of total subscriptions. More broadly, companies generating over €1 billion in revenue account for 79% of the portfolio, cementing Sidetrade’s status as a preferred partner for large enterprises.

Gross margin and operating margin: strongly accelerating performance

Strong growth in gross margin: +22% with an increase of €7.8 million

The sustained momentum in subscription growth continued to drive the expansion of the gross margin in 2024. On a like-for-like basis (excluding SHS Viveon), the gross margin rate for subscriptions remained particularly high at 92%, compared to 93% in 2023. SaaS subscriptions now represent 97% of the total gross margin.

Sidetrade’s overall gross margin rate on a like-for-like basis stood at 80%, versus 81% the previous year. Including the impact of SHS Viveon acquisition, the consolidated gross margin rate reached 78% of total revenue for the 2024 fiscal year.

In total, in 2024, Sidetrade delivered an incremental gross margin increase of €7.8 million compared to 2023, representing a +22% year-over-year growth.

Operating margin exceeding 15% of revenue (vs 13% in 2023)

Sidetrade’s operating margin showed a remarkable increase, reaching €8.4 million in 2024, up 45% from €5.8 million in 2023. This profitability is driven by sustained business growth, an excellent gross margin and disciplined cost management.

Thanks to this momentum, Sidetrade has continued its investment strategy, with an increase in expenditure of €5.2 million over 2023, and a particular focus on R&D (+€2.4 million), notably to accelerate the integration of generative AI into its core product offering.

The 2024 operating margin includes a French Research Tax Credit of €2.6 million (versus €2.4 million in 2023) as well as activation of €0.16 million in marginal R&D costs, i.e., 2% of R&D costs for the full year.

As a result, Sidetrade’s operating margin stands at 15% of revenue versus 13% in 2023, representing a 2-point gain year-over-year.

Surge in net profit to €7.9 million: up 40%

Sidetrade’s financial income, recorded as of December 31, 2024, stands at €0.7 million, up significantly from 2023 (€0.4 million). This performance is mostly due to interest earned on short-term investments during the year and the foreign exchange gains realized over the period.

Corporate income tax for 2024 is estimated at €1.1 million, versus €0.6 million in 2023.

All told, Sidetrade’s net profit for 2024 was €7.9 million, an increase of 40%, confirming the solid balance between growth and profitability.

Operating cash flow strongly supporting the acquisition of SHS Viveon

In 2024, Sidetrade generated a solid operating cash flow of €9.6 million, up €3.3 million (excluding the timing impact of the French Research Tax Credit refund). This level of cash generation enabled the Company to fully self-finance the acquisition of SHS Viveon, with a net cash outlay of €5.2 million (€6.6 million for the purchase of shares, offset by €1.4 million in available cash held by SHS Viveon).

As of December 31, 2024, Sidetrade reported €25.2 million in gross cash, up €1.3 million compared to year-end 2023.

In addition, Sidetrade held 85,437 of its own shares, valued at €19.1 million as of December 31, 2024.

Financial debt stood at €7.9 million, down €2.3 million year-over-year. Even after the SHS Viveon acquisition, Sidetrade retains substantial investment capacity, well-positioned to support its continued expansion strategy.

Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

In 2024, Sidetrade accelerated its transition toward becoming a more responsible company and was awarded a Platinum medal from EthiFinance and a Silver medal from EcoVadis, with respective scores of 84/100 and 70/100. Now ranked among the top 15% of the most highly rated companies audited by EcoVadis, demonstrating its leadership in social responsibility.

These accolades confirm the relevance of Sidetrade’s strategy and its ability to anticipate the environmental and social challenges of tomorrow.

Sidetrade looks ahead to the fiscal year 2025 with confidence and a clear vision, and has the resources to fulfill its ambitions.

Next financial announcement
First Quarter Revenue for 2025: April 15, 2025, after the stock market closes.
Investor relations
Christelle Dhrif 00 33 6 10 46 72 00 cdhrif@sidetrade.com
Media relations @Sidetrade
Becca Parlby 00 44 7824 5055 84 bparlby@sidetrade.com

About Sidetrade (www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 39.9 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Inmarsat, KPMG, Lafarge, Manpower, Page, Randstad, Saint-Gobain, Securitas, Tech Data, UGI, and Veolia.
Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

Attachment

Sidetrade Annual Results for 2024: Operating Margin exceeds 15% of Revenue and Net Profit up 40%

The MIL Network –

March 27, 2025

MIL-OSI: Quadient SA: FY 2024 results: Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

Source: GlobeNewswire (MIL-OSI)

Quadient FY 2024 results:
Solid 1^st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

Key highlights

FY 2024 financial targets achieved
Two operating profitability milestones reached:
Digital EBITDA margin at 17.5%, up 5.7pts yoy, reflecting strong profitability improvement
All three solutions are EBITDA positive
Consolidated sales of €1,093 million, up +2.8% on a reported basis, including the contribution of the latest acquisitions
FY 2024 subscription-related revenue up +10.2% in Digital and up +11.5% in Lockers
FY 2024 subscription-related revenue of €777m, representing 71% of total revenue, up +€30m yoy,
vs. +€90m 2026 target
FY 2024 Group current EBIT of €146 million, up +2.2% organically
Proposed dividend of €0.70 per share, up by €0.05 for the fourth consecutive year
FY 2025 outlook: acceleration both in organic revenue growth and in current EBIT organic growth vs. 2024

Paris, 26 March 2025

Quadient S.A. (Euronext Paris: QDT), an Intelligent automation platform powering secure and sustainable business connections, today announces its 2024 fourth-quarter consolidated sales and full-year results (period ended on 31 January 2025). The full year 2024 results were approved by the Board of Directors during a meeting held on 25 March 2025.

Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “We have delivered a solid first year of our Elevate to 2030 strategic plan.

Our Digital Automation platform has reached the record level of c.€270 million in revenue thanks to both the addition of 2,600+ new customers and the contribution from the increased usage and upsell from our existing 16,500 customer base. This strong revenue increase has been delivered together with a significant improvement in profitability with EBITDA rising by 61% to reach €47 million. We are now in a good position to exceed the 20% EBITDA margin ambition set for 2026.

2024 also saw the highest level of Digital cross-sold deals into our Mail customer base while at the same time our Mail business continues to outpace competition. In Lockers, investments made over the past couple of years are paying off, contributing to a strong performance in H2 with double digit growth in revenue thanks to increased usage of the locker base across all regions. In addition, Lockers have reached EBITDA breakeven over the full year and profitability will further improve as we continue to increase the size of our network, grow its usage and take advantage of the recent addition of Package Concierge in the US residential sector.

At Company level, this solid performance translates into a €30 million increase in annual recurring revenue, well on track to deliver the €90 million increase targeted by 2026. Based on this solid start to the strategic plan, we are confident in our ability to continue building a €1bn recurring revenue platform by 2030, generating €250 million current EBIT. Therefore, we are proposing to increase our dividend for the fourth consecutive year in a row, to €0.70.

While macro uncertainties have recently been growing, we are expecting an acceleration of organic growth in revenue and current EBIT in 2025 against 2024 levels.”

Comments on FY 2024 performance

Group sales came in at €1,093 million in FY 2024, a +2.8% increase on a reported basis, and +0.4% organic growth compared to FY 2023, in line with Quadient’s expectations. The reported growth includes a positive currency impact of €2 million and a positive scope effect of €24 million, which is related to the acquisitions of Daylight (September 2023), Frama (February 2024) and Package Concierge (December 2024).

In the fourth quarter of 2024, reported revenue growth stood at +4.1% and organic revenue growth was broadly flat, at -0.2%, compared to Q4 2023.

Subscription-related revenue reached €777 million in FY 2024, growing +1.6% organically, and representing 71% of total sales. This represents a €30 million increase year-on-year (compared to the +€90 million target by 2026), progressing toward the €1 billion subscription-related revenue target by 2030. Performance in the fourth quarter of 2024 was steady, up 2.1% organically against Q4 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue declined by 2.4% organically in FY 2024, including a 5.1% decline in Q4 2024, essentially due to a high comparison basis in Mail hardware sales.

By geography, North America (58% of revenue) continued to outperform other regions with a +2.8% organic growth achieved in FY 2024.

Consolidated sales and EBITDA by Solution

FY 2024 consolidated sales

In € million	FY 2024	FY 2023	Change	Organic change
Digital	267	245	+9.1%	+7.7%
Mail	732	729	+0.4%	(2.5)%
Lockers	94	88	+5.7%	+4.3%
Group total	1,093	1,062	+2.8%	+0.4%

EBITDA and EBITDA margin

	FY 2024		FY 2023
In € million	EBITDA	EBITDA margin	EBITDA	EBITDA margin
Digital	47	17.5%	29	11.8%
Mail	200	27.4%	218	29.9%
Lockers	1	0.6%	(3)	(3.0)%
Group total	247	22.6%	244	23.0%

Digital

In FY 2024, revenue from Digital reached €267 million, up 7.7% organically (+10.1% in Q4 2024 vs. Q4 2023) and up 9.1% on a reported basis (including the contribution from Daylight) compared to FY 2023.

This solid performance was driven by a strong 10.2% organic growth in subscription-related revenue in FY 2024 (+10.5% in Q4 2024 vs. Q4 2023), including a good contribution from North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. In FY 2024, subscription-related revenue was representing 82% of Digital total sales, a further increase compared to 80% in FY 2023.

At the end of FY 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €232 million, up from €206 million at the end of FY 2023, representing a 12.7% organic growth.

EBITDA for Digital was €47 million in FY 2024, up +61% year-on-year. EBITDA margin was at 17.5%, a strong improvement of 5.7 points compared to FY 2023. In H2 2024, EBITDA margin further improved, reaching 19.1%, after 15.7% in H1 2024. This positive evolution in profitability reflects the combination of subscription-related revenue growth and platform maturity. The Digital solution is well on track to reach its target of EBITDA margin greater than 20% in 2026.

As part of its customer acquisition strategy, Digital continues to demonstrate strong commercial momentum. Over
2,600 new customers were added in FY 2024 thanks in particular to robust cross-selling with Mail, especially in North America. Digital experienced a dynamic fourth quarter, with several key deals secured in the US. Additionally, a new partnership was established with Avaloq to deliver Customer Communications Management capabilities to the financial services industry.

As part of the customer expansion process, the focus continues to be on further increasing up-selling, notably in financial automation process. Several platform innovations have been made, to bring added value to customers, including the ramp-up and extension of Repay for direct supplier invoice payments in the US and Canada, and new electronic invoice formats (UBL, CII, Factur-X) to align with upcoming European e-invoicing regulation.

In Quadient’s core geographies, the addressable demand for its Digital automation platform is set to grow from
c.€6 billion in 2023 to c.€9 billion in 2027, representing a +10% CAGR, creating substantial growth opportunities in both communication and financial automation.

To capture this growth, Quadient is strongly positioned, leveraging on:

a sound base of highly predictable business, with over 16,500 customers, 82% subscription-based revenue,
and a churn rate well below 5%,
a highly recognized platform in financial & communication automation, and 84.5% of Saas customers,
across three regions,
a fully scalable and modulable platform, for small to large customers, driving new client acquisition (+2,600 in FY 2024) and record cross-sell of Digital solutions into Quadient Mail customers and increased upsell opportunities among existing customers,
an efficient go-to-market organisation that driving a 34% year-on-year increase in bookings in Q4 2024 and +12.7% growth of ARR at the end of the year.

Mail

Mail revenue reached €732 million in FY 2024, down 2.5% on an organic basis (-4.6% in Q4 2024 vs. Q4 2023). The reported growth stood at +0.4%, including the contribution of Frama.

Hardware sales recorded a minor -1.7% organic decline in FY 2024, despite a 7.3% drop registered in Q4 2024, mainly reflecting a high comparison basis related to deals signed in H2 2023.

Subscription-related revenue (68% of Mail sales) recorded a 2.9% organic decline in FY 2024.

EBITDA for Mail was €200 million for FY 2024. EBITDA margin reached 27.4%, down 2.5 points compared to FY 2023. Mail EBITDA margin was impacted by the dilutive effect of Frama acquisition, including integration costs. Frama’s performance is due to improve significantly from 2025 onward, with positive current EBIT already reached in FY 2024 and payback of the acquisition expected in FY 2025.

Thanks to its strong focus on customer acquisition, Quadient’s Mail business continues to outperform the market. In Q4 2024, commercial performance remained resilient in North America, particularly in highly regulated industries where secure mail communications are key.

As part of the customer expansion focus, outlook remains strong driven by a high customer satisfaction rate of 95.7% and robust cross-selling performance, especially in the US where a record-breaking performance in placement of Digital solutions was recorded in Q4 2024. Mail business also benefited from the positive impact of the ongoing US mailing systems decertification, though this impact is expected to conclude in Q1 2025. Lastly, Quadient aims at upgrading Frama’s installed base and initiating some cross-selling to promote its Digital offer to Frama’s customers.

At the end of January 2025, already 42.4% of Quadient installed base has been upgraded with its newest technology.

Lockers

Lockers revenue reached €94 million in FY 2024, a +4.3% increase on an organic basis, with strong momentum in the latter part of the year (+8.0% in Q4 2024 vs. Q4 2023, after a strong Q3 2024, up +14.3% year-on-year) and a +5.7% increase on a reported basis compared to FY 2023, including a marginal contribution from Package Concierge.

Subscription-related revenue was up 11.5% organically in FY 2024 (+19.6% in Q4 2024 vs. Q4 2023), benefiting from:

the continued strong volumes ramp up in the British and the French open networks;
the sustained strong momentum in the US, driven by higher monetization of usage fees;
a resilient performance in Japan, despite an unfavorable e-commerce environment.

Overall, subscription-related revenue stood at 64% of total revenue in FY 2024, up from 61% in FY 2023.

Non-recurring revenue (license & hardware sales and professional services) were down 6.8% organically in FY 2024. Hardware sales were still impacted by slower new installations in North America.

Quadient’s global locker installed base reached c.25,700 units at the end of FY 2024, including c. 3,000 units from Package Concierge, vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

EBITDA for Lockers was above breakeven, at €1 million in FY 2024. EBITDA margin stood at 0.6%, up by 3.6 points compared to FY 2023. This significant profitability improvement, illustrated by a 6.7% EBITDA margin in H2 2024, was driven by growing recurring revenue and increased usage. Additionally, the revised commercial agreement with Yamato for the Japanese installed base was implemented at the beginning of H2 2023.

As part of the customer acquisition focus, Quadient is accelerating the pace of installation for new lockers in its open networks in Europe, mostly in France and the UK, with installed base up 145% year-on-year. This is supported by the additional deals signed for premium locations (including Morrisons Daily Stores and ScotRail…). Additionally, the trend for new installations in North America has turned positive in Q4, where market share leadership position in Residences and Universities remains robust.

As part of the customer expansion strategy, volumes from both pick-up and drop-off in European open networks saw a significant increase, growing sevenfold between Q4 2023 and Q4 2024. The momentum in North America for the locker network, particularly across the multifamily sector and higher education campuses was strong in Q4 2024. In Japan, macroeconomic conditions have impacted parcel volumes, but new initiatives, such as the new partnership with Japan Post, are aimed at driving volume growth and increasing adoption.

REVIEW OF 2024 FULL-YEAR RESULTS

Simplified P&L

In € million	FY 2024	FY 2023	Change
Sales	1,093	1,062	+2.8%
Gross profit	818	788	+3.7%
Gross margin	74.8%	74.2%
EBITDA	247	244	+1.2%
EBITDA margin	22.6%	23.0%
Current EBIT	146	147	(0.5)%
Current EBIT margin	13.4%	13.8%
Optimization expenses and other operating income & expenses	(23)	(15)	+58.0%
EBIT	123	132	(7.0)%
Financial income/(expense)	(39)	(31)	+24.8%
Income before tax	84	101	(16.8)%
Share of results of associated companies	1	(0)	n/a
Income taxes	(17)	(17)	+2.8%
Net income of continued operations	68	84	(19.4)%
Net income from discontinued operations	(0)	(14)	(98.7)%
Net attributable income	66	69	(3.4)%
Earnings per share	1.94	2.02
Diluted earnings per share	1.94	2.01

Gross margin stood at 74.8% in FY 2024 slightly up compared to FY 2023, due to lower cost of sales.

EBITDA⁽¹⁾ for the Group reached €247 million in FY 2024, up €3 million compared to FY 2023. EBITDA grew by 3.0% organically, driven by strong growth of 80% in Digital and improved profitability in Lockers, which more than compensated for the softer EBITDA performance in Mail. The EBITDA margin reached 22.6% in FY 2024. It was almost stable compared to FY 2023: despite the impact of the change in revenue mix and the dilutive effect of Frama acquisition, the Group EBITDA margin was supported by significant profitability gains in Digital and Lockers.

Depreciation and amortization stood at €101 million in FY 2024, compared to €98 million in FY 2023. This slightly higher depreciation mainly reflects the increase in Lockers’ asset base.

Current operating income (current EBIT) reached €146 million in FY 2024 compared to €147 million in FY 2023, up 2.2% on an organic basis. Current EBIT margin stood at 13.4% of sales in FY 2024 compared to 13.8% in FY 2023.

Optimization costs and other operating expenses stood at €23 million in FY 2024, versus €15 million in FY 2023. This increase mainly relates to the write-off of an IT project, additional office optimization and Frama restructuring costs.

Consequently, EBIT reached €123 million in FY 2024, versus €132 million recorded in FY 2023.

Net attributable income

Net cost of debt was up from €29 million in FY 2023 to €39 million in FY 2024, impacted by higher interest rates. The currency gains & losses and other financial items was broadly flat in FY 2024, compared to a loss of €2 in FY 2023. Overall, net financial result was a loss of €39 million in FY 2024 compared to a loss of €31 million in FY 2023.

Income tax expense was stable year-on-year at €17 million.

Net income from discontinued operations of the Mail Italian subsidiary was null in FY 2024, compared to a €14 million loss in FY 2023. This loss included exceptional charges related to the sale process for this subsidiary, which was sold to a local mail distribution company in October 2024.

Net attributable income after minority interests amounted to €66 million in FY 2024 compared to €69 million in FY 2023.

Earnings per share⁽²⁾ stood at €1.94 in FY 2024 compared to €2.02 in FY 2023. The fully diluted earnings per share⁽²⁾ was €1.94 in FY 2024 compared to €2.01 in FY 2023.

Cash flow generation

The change in working capital was a net cash inflow of €9 million in FY 2024 compared to a net cash outflow of €6 million in FY 2023, mostly reflecting the positive impact from timing on prepaid expenses and customers deposits.

The leasing portfolio and other financing services stood at €623 million as of 31 January 2025, compared to €598 million as of 31 January 2024, up on an organic basis (i.e. excluding currency impact of €18 million) for the first time in several years thanks to good hardware placements in Mail. While generating future subscription-related revenue, this increase in lease receivables resulting from the good performance in the placement of new equipment translates into a cash outflow of
€7 million in FY 2024. At the end of FY 2024, the default rate of the leasing portfolio stood at around 1.1% compared to c.1.3% at the end of FY 2023.

Interest and taxes paid increased to €67 million in FY 2024 versus the amount of €55 million paid in FY 2023. The difference was mostly explained by higher interest rates in FY 2024.

Capital expenditure reached €108 million in FY 2024, up €7 million compared to FY 2023, mostly due to UK locker open network deployment. Capex for Digital reached €24 million in FY 2024, slightly up compared to €22 million in FY 2023 and was mainly focused on R&D and platform development. Capex for Mail remained at fairly high level of €51 million
(vs. €53 million in FY 2023), due to continued high placement of machines related to the US decertification, which is expected to end in Q1 2025. Capex for Lockers increased from €26 million to €33 million to support the ramp-up of the deployment of the open network in the UK. The sale of Frama real estate in Switzerland generated €6 million in cash inflows in FY 2024.

All in all, cash flow after capital expenditure (free cash flow) reached €66 million in FY 2024, compared to €64 million in FY 2023.

Leverage and liquidity position

Net debt stood at €741 million as of 31 January 2025, a slight increase against €709 million as of 31 January 2024. In FY 2024, Quadient successfully raised approximately €325 million in new facilities, including the following transactions in H2 2024:

in October 2024, the Company secured EBRD financing, including a €25 million Schuldschein;
in December 2024, the Company secured a USD 50 million bank loan;
in January 2025, Quadient further strengthened its financial position with the issuance of a USD 100 million USPP.

These new facilities enabled Quadient to repay post-closing its €260 million bond due in February 2025 and settle the repayment of Schuldschein loans for €29 million, also due in early 2025. As a result of these transactions, the Company’s average debt maturity has been extended to four years as of the end of February 2025, compared to three years at the end of FY 2023.

The leverage ratio (net debt/EBITDA) remained broadly stable at 3.0x⁽³⁾ as of 31 January 2025 compared to 2.9x⁽³⁾ as of 31 January 2024. Excluding leasing, Quadient leverage ratio remained stable at 1.7x⁽³⁾ as of 31 January 2025, despite the acquisitions of Frama and Package Concierge in 2024, as well as the implementation of a share buyback programs.

As of 31 January 2025, the Group had a strong liquidity position of €667 million, split between €367 million in cash and a €300 million undrawn credit line, maturing in 2029.

Shareholders’ equity stood at €1,113 million as of 31 January 2025 compared to €1,069 million as of 31 January 2024. The gearing ratio⁽⁴⁾ stood at 66.6% as of 31 January 2025.

SHAREHOLDER’ RETURN

Proposed dividend for FY 2024 stands at €0.70 per share, representing an 8% increase against FY 2023, and a payout ratio of 36.1% of net income, higher than Quadient’s minimum 20% pay-out ratio of net income as per the Group’s dividend policy. This represents a €0.05 year-on-year increase, for the fourth consecutive year. The dividend is subject to approval by the Annual General Meeting, scheduled for 13 June 2025, and will be paid in cash in one instalment on 6 August 2025.

In addition, Quadient’s announced in September 2024 the launch of a share buyback program for a total consideration of up to €30 million. To date, €10 million worth of shares have been repurchased, with the program set to be executed over an
18-month⁽⁵⁾ period. This operation demonstrates Quadient’s confidence in the value creation potential of its “Elevate to 2030” strategic plan, its ability to reach its FY 2026 leverage ratio target⁽⁶⁾ and is in line with the capital allocation policy of the Company, while improving shareholders’ return.

OUTLOOK

The evolving dynamics within Quadient’s business portfolio, characterized by strong growth in Digital and Lockers revenue alongside a moderate decline in Mail revenue, will naturally drive a year-on-year acceleration in the Company’s total revenue growth.

As Digital and Lockers continue to expand their share of Quadient’s revenue and profit, while simultaneously improving their profitability, this shift is expected to contribute to a higher growth in current EBIT

As a result, Quadient targets an acceleration in organic revenue growth and in current EBIT organic growth in 2025 compared to 2024.

Quadient also confirms its 3-year guidance for the 2024-2026 period of minimum 1.5% organic revenue CAGR and minimum 3% organic current EBIT CAGR.

Q4 2024 BUSINESS HIGHLIGHTS

Avaloq and Quadient Partner to Elevate Client Communications for Financial Services
On 3 December 2024, Quadient and Avaloq announced today their partnership to offer unrivaled customer communications management (CCM) capabilities for the financial services industry. Avaloq has selected Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.

Quadient Launches SimplyMail in Europe to Help Small Businesses Leverage Digital Solutions to Enhance Efficiency in Mail Operations
On 11 December 2024, Quadient announced the launch in Europe of SimplyMail, a solution designed to address the growing needs for smaller businesses to automate and optimize their mail operations with ease.

Quadient Named a Worldwide Automated Document Generation and CCM Leader by IDC
On 12 December 2024, Quadient announced it has been named a Leader in the IDC MarketScape: Worldwide Automated Document Generation and Customer Communication Management 2024 Vendor Assessment.

Quadient Recognized in Two IDC MarketScape Reports for Accounts Receivable Automation Applications
On 16 December 2024, announced it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment. Additionally, Quadient has been recognized for the first time as a Major Player in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment.

Quadient Surpasses 25,000 Global Locker Installations with US Package Concierge Acquisition, Setting Sights on Exceeding €100M of Locker Revenue in 2025
On 18 December 2024, Quadient announced the acquisition of US-based parcel management solutions provider Package Concierge®, exceeding the 25,000-unit mark in its global installed base. Package Concierge provides innovative digital locker technology that addresses the growing challenges of package management in residential, commercial, retail and university campuses across the United States.

Quadient strengthens its financial position with a USD50 million bank loan from Bank of America
On 20 December 2024, announced a USD50 million bank loan from Bank of America. This new credit facility, which comes with a 3-year maturity at a variable rate, strengthens Quadient’s financial position ahead of debt maturities due in 2025.

Report by Leading Analyst Firm Shows Quadient Recorded the Fastest Growth in 2023 Among CCM Market Leaders
On 10 January 2025, Quadient announced that a newly released report by market research and consulting firm IDC shows Quadient rapidly closing the gap on the top position. Quadient’s 13.7% year-on-year revenue growth in 2023 has accelerated from its 11% growth in 2022. This is also the fastest growth among the major Customer Communications Management (CCM) vendors globally, outperforming the overall market growth.

Quadient Secures New c.$1.6 Million Contract to Enhance US Government Agency’s Mail Automation Capacity
On 14 January 2025, Quadient announced that it has been selected by a US government agency to modernize its mail automation infrastructure in a contract valued at c.$1.6 million. This follows a previous announcement in October 2024, where Quadient was awarded a contract worth nearly $1 million for a similar modernization project with another federal agency.

Leading Human Resources Technology Company Selects Quadient for Accessibility Compliance in Customer Communications
On 16 January 2025, Quadient announced that a leading US provider of integrated benefits, payroll, and human resources cloud solutions has selected customer communications management (CCM) platform Quadient Inspire to ensure accessibility compliance for its US federal agency client.

Quadient Partners with ScotRail to Introduce Parcel Lockers at Stations Across Scotland
On 21 January 2025, Quadient announced a partnership with ScotRail to deploy Parcel Pending by Quadient automated lockers across Scotland’s rail network. ScotRail, Scotland’s national rail operator, is enhancing its passenger experience and operational efficiency with the installation of parcel lockers in its stations.

Quadient strengthens its financial position through a USD100 million US Private Placement from MetLife
On 22 January 2025, Quadient announced that it has signed a new USD100 million US Private Placement (USPP) with MetLife Investment Management (“MIM”), reinforcing its financial position. This new USPP of USD 100 million senior notes has a
7-year average maturity and comes with an additional shelf facility allowing the issue of senior notes for a maximum aggregate principal amount of USD50 million.

Quadient Teams Up with Buzz Bingo to Bring Convenient Parcel Lockers to Bingo Clubs Across the UK
On 28 January 2025, Quadient announced a partnership with Buzz Bingo to deploy Parcel Pending by Quadient automated lockers in 35 of its 81 bingo clubs across the UK, with plans for further installations in the future. This collaboration enhances parcel collection, delivery, and return convenience while improving the customer experience at Buzz Bingo locations.

Leading US Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes
On 30 January 2025, Quadient announced a new contract with one of the largest injury law firms in the US, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

Quadient Reports Strong Year-End Locker Usage Growth in Multifamily and Higher Education Campuses in North America
On 31 January 2025, Quadient announced strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.

POST-CLOSING EVENTS

Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
On 18 February 2025, Quadient announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

Quadient Enables New Shipping Service with Japan Post on its Open Locker Network, Driving Convenience and Increased Parcel Volume
On 3 March 2025, Quadient announced an expanded partnership between Japan Post and Packcity Japan, a joint venture between Quadient and Yamato Transport. Thanks to the extended partnership, consumers will not only receive Japan Post deliveries at Packcity Japan’s nationwide open network of automated parcel lockers, but they will also now be able to ship parcels from the lockers, called PUDO stations. Consumers using Japan Post’s Yu-Pack parcel service use a mobile app to ship from a PUDO station, eliminating the need to wait at delivery counters or manually handling shipping slips.

Quadient Maintains Leader Position on Aspire Leaderboard for Customer Communications and Interaction Experience Software
On 13 March 2025, Quadient announced it has maintained its leadership position on the Aspire Leaderboard. Produced by independent advisory firm Aspire CCS, the Aspire Leaderboard highlights and compares vendors in the customer communications management (CCM) and customer experience management software space. It is updated in real-time as vendors release enhancements and adjust strategies.

To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

CONFERENCE CALL & WEBCAST

Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

To join the webcast, click on the following link: Webcast.

To join the conference call, please use one of the following phone numbers:

▪ France: +33 (0) 1 70 37 71 66.
▪ United States: +1 786 697 3501.
▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

Password: Quadient

A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

Calendar

3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
13 June 2025: Annual General Meeting

About Quadient®

Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

For more information about Quadient, visit https://invest.quadient.com/en/.

Contacts

APPENDIX

Digital: New name for Intelligent Communication Automation

Mail: New name for Mail-Related Solutions

Lockers: New name for Parcel Locker Solutions

FY 2024 and Q4 2024 consolidated sales

FY 2024 consolidated sales by geography

In € million	2024	2023	Change	Organic change
North America	632	607	+4.0%	+2.8%
Main European countries^(a)	369	354	+4.5%	(2.0)%
International^(b)	92	101	(9.7)%	(5.4)%
Group total	1,093	1,062	+2.8%	+0.4%
Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

Q4 2024 consolidated sales by Solution

In € million	Q4 2024	Q4 2023	Change	Organic change
Digital	73	65	+11.5%	+10.1%
Mail	196	196	(0.3)%	(4.6)%
Lockers	27	22	+20.2%	+8.0%
Group total	295	284	+4.1%	(0.2)%

Q4 2024 consolidated sales by geography

In € million	Q4 2024	Q4 2023	Change	Organic change
North America	171	160	+7.0%	+2.5%
Main European countries^(a)	100	97	+3.3%	(2.9)%
International^(b)	24	27	(10.7)%	(6.9)%
Group total	295	284	+4.1%	(0.2)%
Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

Financial statements – Full-year 2024

Consolidated income statement

In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Sales	1,093	1,062
Cost of sales	(275)	(274)
Gross margin	818	788
R&D expenses	(63)	(63)
Sales and marketing expenses	(287)	(275)
Administrative and general expenses	(187)	(176)
Service and support expenses	(116)	(109)
Employee profit-sharing, share-based payments and other expenses	(10)	(7)
M&A and strategic projects expenses	(8)	(11)
Current operating income	146	147
Optimization expenses and other operating income & expenses	(23)	(15)
Operating income	123	132
Financial income/(expense)	(39)	(31)
Income before taxes	84	101
Income taxes	(17)	(17)
Share of results of associated companies	1	(0)
Net income from continued operations	68	84
Net income of discontinued operations	(0)	(14)
Net income	67	70
Of which: Minority interests	1	1
Net attributable income	66	69

Simplified consolidated balance sheet

Assets In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Goodwill	1,131	1,082
Intangible fixed assets	119	121
Tangible fixed assets	170	156
Other non-current financial assets	65	65
Other non-current receivables	2	2
Leasing receivables	623	598
Deferred tax assets	38	17
Inventories	75	67
Receivables	240	228
Other current assets	79	84
Cash and cash equivalents	367	118
Current financial instruments	1	2
Assets held for sale	0	9
TOTAL ASSETS	2,910	2,550

Liabilities In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Shareholders’ equity	1,113	1,069
Non-current provisions	12	12
Non-current financial debt	722	715
Current financial debt	347	66
Lease obligations	38	46
Other non-current liabilities	3	2
Deferred tax liabilities	101	104
Financial instruments	5	5
Trade payables	104	79
Deferred income	223	212
Other current liabilities	242	225
Liabilities held for sale	0	15
TOTAL LIABILITIES	2,910	2,550

Simplified cash flow statement

In €millions	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
EBITDA	247	244
Other elements	(15)	(19)
Cash flow before net cost of debt and income tax	233	225
Change in the working capital requirement	9	(6)
Net change in leasing receivables	(7)	(0)
Cash flow from operating activities	235	219
Interest and tax paid	(67)	(55)
Net cash flow from operating activities	168	165
Capital expenditure	(108)	(101)
Disposal of assets	6	0
Net cash flow after investing activities	66	64
Impact of changes in scope	(37)	(5)
Net cash flow after acquisitions and divestments	29	59
Dividends paid	(22)	(21)
Change in debt and others	219	(39)
Net cash flow after financing activities	226	(1)
Cumulative translation adjustments on cash	(6)	(2)
Net cash from discontinued operations	(1)	(9)
Change in net cash position	219	(11)

^([1]) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
^([2]) For the FY 2024, the average compounded number of shares is 34,114,060. Diluted number of shares is 34,486,288.
([3]) Including IFRS 16
([4]) Net debt / shareholder’s equity
([5]) Subject to the renewal of the share buyback authorizations at the 2025 AGM
([6]) FY 2026 leverage ratio excluding leasing target of 1.5x

Attachment

The MIL Network –

March 27, 2025

MIL-OSI Global: When Canadian snowbirds don’t flock south, the costs are more than financial

Source: The Conversation – Canada – By Valorie A. Crooks, Professor, Department of Geography, Simon Fraser University

Every winter, hundreds of thousands of older Canadians spend the winter in the United States. But in recent weeks, we’ve seen many Canadian snowbirds shifting their attention to other matters.

First, stories started to emerge from those who said they would no longer participate in this seasonal migration because of political events in the U.S. Another related concern was the weakened Canadian dollar. This trend has prompted some to consider selling their winter properties in the U.S.

More recently, attention has shifted to the potential for changed border rules to lessen snowbirds’ access to the U.S. for long stays. Snowbirds are concerned about administrative and procedural requirements that may ultimately make cross-border travel less convenient.

During the COVID-19 pandemic, some Canadian snowbirds experienced challenges crossing into the U.S. for the winter or returning to Canada. Closures of borders to non-essential travel did not dissuade some from planning to winter in the U.S.

Drawing on research in snowbird communities, we found out that affordability and ease of movement are two important enablers of long-stay seasonal travel.

Because of this, it’s not surprising that we’re hearing from snowbirds again in light of recent developments.

CBC News reports on Québec snowbirds reaction to the Donald Trump administration’s new measures for travellers to the U.S.

Economic and political disruptions

While COVID-era travel disruptions didn’t stop some snowbirds from going south for the winter, the current economic and political disruptions are another story. Florida is a popular destination for Canadian snowbirds. In fact, a 2023 survey named eight of the 10 best American destination communities as being in Florida.

If Canadian snowbirds are talking about cancelling travel plans and selling properties, people in Florida should be paying attention.

Instead, in early March, Florida Gov. Ron DeSantis downplayed what it would mean for Canadians to avoid travel to the state. Citing a recent tourism industry report, he noted that only 3.3 million of the 142.9 million visitors to Florida in 2024 were from Canada.

DeSantis went on to say “that’s not much of a boycott, in my book.” But 91.5 per cent of Florida’s annual visitors were from the U.S. This means that the 2.3 per cent of visitors who were Canadian were actually a substantial portion of the states’s international visitors.

DeSantis’s recent comments were also not in line with concerns raised during the COVID-19 pandemic that signalled substantial negative economic impacts for the state if Canadian snowbirds did not arrive for the winter.

Community members

Aside from these economic impacts, something we’ve learned through our years of research with Canadians who winter in the U.S. is that many become vital members of destination communities. From participating in public health outreach programs to volunteering at local hospitals, our research has shown that many embrace opportunities to be active in the places they reside for the winter.

Any drop in the numbers of seasonal travellers going to U.S. destinations will have social costs for communities beyond the quantifiable economic losses.

Many popular U.S. destination communities for snowbirds have health systems that are designed to expand and retract with dramatically different seasonal populations. Our research has observed this most closely in Yuma, Ariz., where entire areas of the main local hospital are closed in the summer and staffed seasonally in the winter.

Additionally, some of the seasonal nursing staff who arrive for the winter are from Canada. Any retreat from these destinations by Canadian snowbirds may have significant implications for health systems and allied sectors. This can ultimately impact the quality of care they can provide to a more limited local patient base.

Intangible impacts

While the economic impacts of the seeming loss of long-stay older Canadians in these communities are important to consider, there will be other — less measurable but no less important — impacts. Just as the long friendship between the U.S. and Canada is now being tested, blended snowbird communities of older North Americans are at risk of diminishing.

Business owners in U.S. destinations spoke up about losses when fewer Canadian snowbirds went south during the COVID-19 pandemic. Some Canadian business sectors and communities discovered opportunities emerging from these shifts in consumer’ movements.

As snowbirds debate whether to navigate new border complexities and return to the U.S. next winter, we must be attentive to the stories behind the numbers to understand the true impacts of their decisions. And as comments made by DeSantis and other politicians have made clear, Canadian snowbirds are now faced with new economic and emotional considerations.

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

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

– ref. When Canadian snowbirds don’t flock south, the costs are more than financial – https://theconversation.com/when-canadian-snowbirds-dont-flock-south-the-costs-are-more-than-financial-252125

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI Global: Trump’s push for AI deregulation could put financial markets at risk

Source: The Conversation – Canada – By Sana Ramzan, Assistant Professor in Business, University Canada West

As Canada moves toward stronger AI regulation with the proposed Artificial Intelligence and Data Act (AIDA), its southern neighbour appears to be taking the opposite approach.

AIDA, part of Bill C-27, aims to establish a regulatory framework to improve AI transparency, accountability and oversight in Canada, although some experts have argued it doesn’t go far enough.

Meanwhile, United States President Donald Trump’s is pushing for AI deregulation. In January, Trump signed an executive order aimed at eliminating any perceived regulatory barriers to “American AI innovation.” The executive order replaced former president Joe Biden’s prior executive order on AI.

Read more:
How the US threw out any concerns about AI safety within days of Donald Trump coming to office

Notably, the U.S. was also one of two countries — along with the U.K. — that didn’t sign a global declaration in February to ensure AI is “open, inclusive, transparent, ethical, safe, secure and trustworthy.”

Eliminating AI safeguards leaves financial institutions vulnerable. This vulnerability can increase uncertainty and, in a worst-case scenario, increase the risk of systemic collapse.

Read more:
The Paris summit marks a tipping point on AI’s safety and sustainability

The power of AI in financial markets

AI’s potential in financial markets is undeniable. It can improve operational efficiency, perform real-time risk assessments, generate higher income and forecast predictive economic change.

My research has found that AI-driven machine learning models not only outperform conventional approaches in identifying financial statement fraud, but also in detecting abnormalities quickly and effectively. In other words, AI can catch signs of financial mismanagement before they spiral into a disaster.

In another study, my co-researcher and I found that AI models like artificial neural networks and classification and regression trees can predict financial distress with remarkable accuracy.

Artificial neural networks are brain-inspired algorithms. Similar to how our brain sends messages through neurons to perform actions, these neural networks process information through layers of interconnected “artificial neurons,” learning patterns from data to make predictions.

Similarly, classification and regression trees are decision-making models that divide data into branches based on important features to identify outcomes.

Our artificial neural networks models predicted financial distress among Toronto Stock Exchange-listed companies with a staggering 98 per cent accuracy. This suggests suggests AI’s immense potential in providing early warning signals that could help avert financial downturns before they start.

However, while AI can simplify manual processes and lower financial risks, it can also introduce vulnerabilities that, if left unchecked, could pose significant threats to economic stability.

The risks of deregulation

Trump’s push for deregulation could result in Wall Street and other major financial institutions gaining significant power over AI-driven decision-making tools with little to no oversight.

When profit-driven AI models operate without the appropriate ethical boundaries, the consequences could be severe. Unchecked algorithms, especially in credit evaluation and trading, could worsen economic inequality and generate systematic financial risks that traditional regulatory frameworks cannot detect.

Algorithms trained on biased or incomplete data may reinforce discriminatory lending practices. In lending, for instance, biased AI algorithms can deny loans to marginalized groups, widening wealth and inequality gaps.

In addition, AI-powered trading bots, which are capable of executing rapid transactions, could trigger flash crashes in seconds, disrupting financial markets before regulators have time to respond. The flash crash of 2010 is a prime example where high-frequency trading algorithms aggressively reacted to market signals causing the Dow Jones Industrial Average to drop by 998.5 points in a matter of minutes.

Furthermore, unregulated AI-driven risk models might overlook economic warning signals, resulting in substantial errors in monetary control and fiscal policy.

Striking a balance between innovation and safety depends on the ability for regulators and policymakers to reduce AI hazards. While considering financial crisis of 2008, many risk models — earlier forms of AI — were wrong to anticipate a national housing market crash, which led regulators and financial institutions astray and exacerbated the crisis.

A blueprint for financial stability

My research underscores the importance of integrating machine learning methods within strong regulatory systems to improve financial oversight, fraud detection and prevention.

Durable and reasonable regulatory frameworks are required to turn AI from a potential disruptor into a stabilizing force. By implementing policies that prioritize transparency and accountability, policymakers can maximize the advantages of AI while lowering the risks associated with it.

A federally regulated AI oversight body in the U.S. could serve as an arbitrator, just like Canada’s Digital Charter Implementation Act of 2022 proposes the establishment of an AI and Data Commissioner. Operating with checks and balances inherent to democratic structures would ensure fairness in financial algorithms and stop biased lending policies and concealed market manipulation.

Financial institutions would be required to open the “black box” of AI-driven alternatives by mandating transparency through explainable AI standards — guidelines that are aimed at making AI systems’ outputs more understandable and transparent to humans.

Machine learning’s predictive capabilities could help regulators identify financial crises in real-time using early warning signs — similar to the model developed by my co-researcher and me in our study.

However, this vision doesn’t end at national borders. Globally, the International Monetary Fund and the Financial Stability Board could establish AI ethical standards to curb cross-border financial misconduct.

Crisis prevention or catalyst?

Will AI still be the key to foresee and stop the next economic crisis, or will the lack of regulatory oversight cause a financial disaster? As financial institutions continue adopt AI-driven models, the absence of strong regulatory guardrails raises pressing concerns.

Without proper safeguards in place, AI is not just a tool for economic prediction — it could become an unpredictable force capable of accelerating the next financial crisis.

The stakes are high. Policymakers must act swiftly to regulate the increasing impact of AI before deregulation opens the path for an economic disaster.

Without decisive action, the rapid adoption of AI in finance could outpace regulatory efforts, leaving economies vulnerable to unforeseen risks and potentially setting the stage for another global financial crisis.

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

– ref. Trump’s push for AI deregulation could put financial markets at risk – https://theconversation.com/trumps-push-for-ai-deregulation-could-put-financial-markets-at-risk-251208

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI: Dinewise, Inc. (DWIS) Releases New Corporate Structure

Source: GlobeNewswire (MIL-OSI)

Dinewise files for Name Change and negotiates with Acquisition Targets

ATLANTA, GA, March 26, 2025 (GLOBE NEWSWIRE) — Dinewise, Inc (OTC PINK-DWIS) (referred to as “Dinewise”, “we”, “us”, “our” or the “Company”) A leading national technology conglomerate specializing in automotive, fintech, and entertainment solutions officially announces its rebranding and strategic acquisition targets today.

The Dinewise Board of Directors has approved a corporate name change, which is currently being filed with the State of Nevada. The company will now be known as Superstar Platforms, Inc. (“Superstar”), in honor of its patriarch, Mel Farr, Sr., who was widely recognized as the Superstar Dealer. Mel Farr, Sr. embodied the American Dream, rising from humble beginnings in Beaumont, Texas, to becoming the largest African American business in the country during the 1990s. He was a pioneer in the automotive and retail industries, creating opportunities for countless others. His iconic jingle, “Mel Farr, the Superstar, for a Farr Better Deal,” still resonates with many, even decades later.

Superstar Platforms will serve as the parent company that owns and controls a diversified portfolio of subsidiaries across various industries. Growth will primarily be driven through strategic acquisitions. The company is finalizing its negotiations with TitlePal, a fintech company that has developed an innovative online solution for Title Pawn transactions, and anticipates closing the acquisition in Q2/ 2025 with minimal shareholder dilution. Additionally, Superstar is in advanced discussions to become the exclusive North American distributor for a multinational automotive company.

PawnTrust, the company’s specialized marketplace for pawn shops, will now operate as a subsidiary of Superstar. The platform is scheduled to launch in June 2025.

“My father frequently quoted Lucius Annaeus Seneca, saying, ‘If a man does not know to which port he sails, no wind is favorable.’ The corporate structure we’ve built serves as the foundation for our success. With this structure in place, we can intensely drive our initiatives forward,” Michael Farr, Chief Executive Officer.

Superstar Platforms, Inc. is now positioned to file a registration statement, moving swiftly toward becoming a fully SEC-reporting company.

About Superstar Platforms

Superstar Platforms, a leading national technology conglomerate, owns PawnTrust— a specialized marketplace designed exclusively for the approximately 11,000 pawn shops across the country. The online marketplace (www.pawntrust.com) digitizes the inventory using advanced image recognition algorithms to automate item descriptions of the participating pawn shops and markets them on a national scale. The marketplace contains cutting-edge technology that streamlines the borrowing, buying, and bartering transactions typically found at a pawn shop. The platform plans to leverage Artificial Intelligence (AI) to optimize pricing, reduce fraud, and create personalized search recommendations to enhance the customer’s experience. These enhancements let consumers experience a frictionless shopping experience on their mobile app that gives them instant access to this nationwide inventory of pawn shops. Not only does this provide a more efficient way for consumers to shop, eliminating the need to visit multiple stores, but it also amplifies the reach of individual pawn shop owners. By joining the PawnTrust- ‘Pawn Partners’ network, shop owners gain access to a broader audience, enhancing their visibility and sales opportunities. This innovative approach aligns customer convenience with business growth, reshaping how people interact with the pawn industry. Consumers that purchase items outside of their local area will have their items conveniently shipped to them. As the intermediary in each transaction, PawnTrust earns a fee on every item sold in the marketplace. Many of these local pawn shops lack an online presence or the capital to market their inventory on a national scale. By bridging this gap, PawnTrust opens up opportunities for incremental sales from a wider buying base, effectively transforming the pawn shop and micro-lending industries. This model not only supports local businesses but also extends their reach, driving growth and innovation within the market.”

Forward-Looking Information

This release includes statements that may constitute ”forward-looking” statements, usually containing the words ”believe,” ”estimate,” ”project,” ”expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, risks and uncertainties related to the current unknown duration and severity of the COVID-19 pandemic and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Investor Relations:
Resources Unlimited
718-269-3366
mike@resourcesunlimitedllc.com

The MIL Network –

March 27, 2025
MIL-OSI United Kingdom: Nobody should be destitute in a modern Scotland

Source: Scottish Greens

26 Mar 2025 Human Rights

Scotland has the keys to ending destitution – it is time our government unlocked the doors.

More in Human Rights

The Scottish Government must do more to end destitution for people living under the thumb of the hostile environment, says Scottish Greens MSP Maggie Chapman.

The Green MSP will use a Member’s Business Debate today to call on the Scottish Government to go further in its work to end destitution.

Ms Chapman will call for commitments to five tangible actions to end destitution, including: widening access to universal services and benefits, expanding support for Fair Way Scotland – a partnership that provides advice and accommodation for people with restricted or uncertain eligibility to public funds, creating a new Scottish crisis or hardship grant, and increasing funding for housing, immigration and asylum legal aid.

Ms Chapman said:

“Right now in Scotland, thousands of people who live in dire conditions are shut out of services and left struggling. Without support, they regularly go cold and hungry. Many are forced into precarious work and dangerous situations to make ends meet, often ending up homelessness.

“We cannot undo all of the damage being done by Westminster, but we have the power to alleviate some of these challenges and change these lives for the better. Unfortunately the Scottish Government isn’t doing nearly enough.

“If we don’t intervene, the cycle of destitution, suffering and exploitation will simply continue.”

No Recourse to Public Funds is a condition attached to work, family and study visas which restricts access to a lot of aspects of social security, including Universal Credit and child benefit and a range of other support like homelessness assistance.

Ms Chapman added:

“The No Recourse to Public Funds policy is yet another arm of the UK government’s hostile and racist immigration system. We already know how to mitigate the cruelty of this policy – so we cannot continue to justify blocking people’s access to crucial services in times of desperate need.

“We have universal human rights obligations to help our fellow humans, irrespective of immigration status. Our governments must go further to support those who risk fleeing from one hostile environment to simply enter another, cloaked as a sanctuary.

“Tragically, people in Scotland are dying from destitution as the doors remain closed to those in need. Our government can, and must, widen access to universal services to include people who are stranded by the widest inequality and cut off by the deepest destitution.”

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI United Kingdom: expert reaction to science/research-related bits of the Spring Statement

Source: United Kingdom – Science Media Centre

March 26, 2025

Scientists comment on science related elements of the Spring Statement delivered by the Chancellor.

Dr Alicia Greated, Executive Director, Campaign for Science and Engineering (CaSE):

“Today’s spring statement confirmed the difficult context for the upcoming spending review. The Chancellor emphasised the importance of economic growth – and we will continue, alongside the rest of the R&D sector, to make a strong case for R&D’s role in delivering it, and for an ambitious settlement for R&D and innovation in June. It is welcome that the chancellor recognises the importance of capital investment, which includes R&D.

“Defence R&D is an important part of the UK research system. It is critical that the breadth of UK R&D is supported by the UK Government if R&D is to drive economic growth and deliver wide ranging benefits to society.

“We look forward to seeing the detail behind the fiscal measures announced today and await the detail of departmental allocations following the autumn budget last October. Proper scrutiny of R&D funding allocations is of great importance ahead of the spending review this June.”

Dr Joe Marshall, CEO, National Centre for Universities and Business (NCUB), said:

“It was reassuring that the Chancellor acknowledged a major UK strength is our position as a ‘hub for global innovation’. This shouldn’t be taken for granted and is the result of a strong and effective supporting ecosystem.

“While efficiency savings in government should always be sought, and the transformation fund is a welcome initiative, it will be important to ensure that these changes are carried forward without negative impact on the research and innovation ecosystem.

“The Chancellor has today stressed the increasing importance of defence spending in an uncertain world. It must be remembered that research and innovation is as crucial for defence supply chains as it is to other sectors of the economy.

“The £400m ringfenced for defence innovation, the defence growth board, and the alignment of defence spending with the industrial strategy are all positive signs that the Government recognises this – the vital role of the ecosystem that supports universities and businesses come together must be prioritised within these interventions.”

https://www.gov.uk/government/collections/spring-statement-2025;

https://www.gov.uk/government/news/chancellor-delivers-security-and-national-renewal-in-a-new-era-of-global-change

Declared interests

The nature of this story means everyone quoted above could be perceived to have a stake in it. As such, our policy is not to ask for interests to be declared – instead, they are implicit in each person’s affiliation.

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI United Kingdom: Spring Statement 2025 speech

Source: United Kingdom – Executive Government & Departments 3

Speech

Spring Statement 2025 speech

Spring Statement 2025 speech as delivered by Chancellor Rachel Reeves.

Mr Speaker, [political content redacted].

To provide security for working people.

And to deliver a decade of national renewal.

That work began in July – and I am proud of what we have delivered in just nine months.

Restoring stability to our public finances…

… giving the Bank of England the foundation to cut interest rates…

… three times since the General Election.

Rebuilding our public services…

… with record investment in our NHS…

… bringing waiting lists down for 5 months in a row.

And increasing the National Living Wage…

… to give 3 million people a pay rise from next week.

Now our task is to secure Britain’s future…

… in a world that is changing before our eyes.

The threat facing our continent was transformed when Putin invaded Ukraine.

It has since escalated further…

… and continues to evolve rapidly.

At the same time, the global economy has become more uncertain…

… bringing insecurity at home…

… as trading patterns become more unstable…

… and borrowing costs rise for many major economies.

Mr Speaker, the job of a responsible government is not simply to watch this change.

This moment demands an active government.

A government not stepping back, but stepping up.

A government on the side of working people…

… helping Britain to reach its potential.

We have the strengths to do just that…

… as one of the world’s largest economies …

… an ally to trading partners across the globe…

… and a hub for global innovation.

These strengths…

… and the progress we have made so far…

… mean we can act quickly and decisively in a more uncertain world…

… to secure Britain’s future…

… and to deliver prosperity for working people.

Mr Speaker, as I set out at the Budget last year…

… I am today returning to the House to provide an update on our public finances…

… supported by a new forecast from the independent Office for Budget Responsibility…

… ahead of a full Spending Review in June.

I will then return to the House in the autumn to deliver a budget…

… in line with our commitment to deliver just one major fiscal event a year.

So let me turn now to the OBR’s forecasts…

… and I want to thank Richard Hughes and his team for their dedicated work.

The increased global uncertainty has had two consequences.

First, on our public finances.

And second, on our economy.

I will take each in turn.

In the autumn, I set out new fiscal rules that would guide this government.

These fiscal rules are non-negotiable.

They are the embodiment of this government’s unwavering commitment…

… to bring stability to our economy…

… and to ensure security for working people.

[political content redacted]

But we must earn that trust every single day.

The two fiscal rules that I set out at the Budget were…

First, our “Stability Rule”, which ensures that public spending is under control…

… balancing the current budget by 2029-30…

… so that day-to-day spending is met by tax receipts.

Second, our “Investment Rule” to drive growth in the economy…

… ensuring that net financial debt falls by the end of the forecast period…

… while enabling us to invest alongside business.

Turning first to the Stability Rule, the OBR’s forecast shows that…

… before the steps that I will take in this statement…

… the current budget would have been in deficit by £4.1bn in 2029-30…

… having been in surplus by £9.9bn in the autumn…

… as the UK, alongside our international peers like France and Germany…

… has seen the cost of borrowing rise during this period of heightened uncertainty in global markets.

As a result of the steps that I am taking today…

… I can confirm that I have restored in full our headroom against the “stability rule”…

… moving from a deficit of £36.1bn in 2025-26 and £13.4bn in 2026-27…

… to a surplus of £6.0bn in 2027-28, £7.1bn in 2028-29 and a surplus of £9.9bn in 2029-30.

[political content redacted]

That means that we are continuing to meet the Stability Rule two years early…

… building resilience to shocks in this, a more uncertain world.

The OBR forecast that the “investment rule” is also met two years early…

… with net financial debt of 82.9% of GDP in 2025-26 and 83.5% in 2026-27…

… before falling from 83.4% in 2027-28, to 83.2% in 2028-29 and 82.7% in 2029-30…

… providing headroom of £15.1bn in the final year of the forecast…

… broadly unchanged from the autumn.

[political content redacted]

… debt interest payments now stands at £105.2bn this year…

… Mr Speaker, that is more than we allocate on Defence, the Home Office and Justice combined.

[political content redacted]

So the responsible choice is to reduce our levels of debt and borrowing in the years ahead…

… so that we can spend more on the priorities of working people. And that is exactly what this government will do.

Mr Speaker.

I said that our fiscal rules were non-negotiable.

And I meant it.

I will always deliver economic stability.

And I will always put working people first.

[political content redacted]

I said it at the Budget.

And I say it again today.

Let me now set out the steps the government has taken.

At the Budget we protected working people…

… by keeping our promise not to raise their rates of National Insurance, income tax or VAT.

At the same time, we began to rebuild our public services…

[political content redacted]

Ours were the right choices, the right choices for stability and the right choices for renewal…

… funded by the decisions that we took on tax.

As I promised in the autumn, this Statement does not contain any further tax increases.

But when working people are paying their taxes, while still struggling with the cost-of-living…

…it cannot be right that others are still evading what they rightly owe in tax.

In the Budget, I delivered the most ambitious package of measures that we have ever seen…

… to cut down on tax evasion…

… raising £6.5bn per year by the end of the forecast.

Today, I go further…

… continuing our investment in cutting-edge technology …

… investing in the HMRC’s capacity to crack down on tax avoidance…

… and setting out plans to increase the number of tax fraudsters charged every year by 20%.

These changes raise a further £1bn…

… taking the total revenue raised from reducing tax evasion under this [political content redacted] government to £7.5bn…

… figures verified by the Office for Budget Responsibility…

… and I want to thank my Honourable Friend the Exchequer Secretary for his continued work in this area.

Mr Speaker, last week my Right Honourable Friend the Secretary of State for Work and Pensions, set out this government’s plans to reform the welfare system.

[political content redacted]

We believe that if you can work, you should work…

… but if you can’t work, you should be properly supported.

This government inherited a broken system.

More than 1,000 people are qualifying for Personal Independence Payments.

And 1 in 8 young people are not in employment, education or training.

If we do nothing, we are writing off an entire generation.

That cannot be right and we will not stand it.

It is a waste of their potential and it is a waste of their futures and we will change it.

As my Right Honourable Friend said in her statement last week…

… the final costings would be subject to the OBR’s assessment.

Today, the OBR have said…

… that they estimate the package will save £4.8bn in the welfare budget…

… reflecting their judgements on behavioural effects and wider factors.

This also reflects final adjustments to the overall package…

… consistent with the Secretary of State’s statement last week…

… and the government’s Pathways to Work Green Paper.

The Universal Credit Standard Allowance will increase from £92 per week in 2025-26 to £106 per week by 2029-30…

… while the Universal Credit Health element will be cut for new claimants by 50% and then frozen.

On top of this, we are investing £1bn to provide guaranteed, personalised employment support to help people back into work…

… and £400m to support the Department for Work and Pensions and our Job Centres to deliver these changes effectively and fairly…

… taking total savings after that for the package to £3.4bn.

Whilst spending on disability and sickness benefits will continue to raise, these plans

mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period.

[political content redacted]

We are reforming our welfare system…

… making it more sustainable…

… protecting the most vulnerable…

… and supporting more people back into secure work lifting them out of poverty.

Mr Speaker, at the Budget, I fixed the foundations of our economy to deliver on the promise of change.

That work has already begun.

2 million extra appointments in our NHS.

Waiting lists down.

New breakfast clubs opening across England.

The largest settlements in real terms for Scotland, Wales and Northern Ireland in the history of devolution.

Asylum costs, falling.

Promises made, promises kept.

[political content redacted]

At the Budget…

… alongside providing an increase in funding for this year and next…

… I set the envelope for the Spending Review…

… which we will deliver in June…

led by my RHF the Chief Secretary to the Treasury

… to set departmental budgets until 2028-29 for day-to-day spending…

… and until 2029-30 for capital spending.

Today, I am reflecting two steps that we have taken in our spending plans.

First, because we are living in an uncertain world…

… as the Prime Minister has set out…

… we will increase defence spending to 2.5% of GDP, reducing overseas aid to 0.3% of Gross National Income.

This means we save £2.6bn in day-to-day spending in 2029-30…

… to fund our more capital-intensive defence commitments.

Second, in recent months, we have begun to fundamentally reform the British state…

… driving efficiency and productivity across government…

… to deliver tangible savings…

… and improve services across our country.

Earlier this month, the Prime Minister set out our plans to abolish the arms-length body NHS England…

… and ensure that money goes directly to improving the service for patients.

My Right Honourable Friend the Health Secretary is driving forward vital reforms to increase NHS productivity…

… bearing down on costly agency spend…

… to save money so that we can improve patient care.

And my Right Honourable Friend the Chancellor of the Duchy of Lancaster is taking forward work to significantly reduce the costs of running government…

… by 15%, worth £2bn, by the end of the decade.

This work shows that we can make our state leaner, and more agile…

… delivering more resources to the frontline…

… while ensuring we control day-to-day spending to meet our fiscal rules.

Today, I build on that work…

… by bringing forward £3.25bn of investment…

… to deliver the reforms that our public services need…

… through a new Transformation Fund.

That is money brought forward now…

… to bring down the costs of running government by the end of the forecast period…

… by making public services more efficient, more productive and more foucssed on the user.

I can confirm today the first allocations from this fund…

… including funding for Voluntary Exit Schemes to reduce the size of the Civil Service…

… pioneering AI tools to modernise the state…

… investment in technology for the Ministry of Justice to deliver probation services more effectively…

… and up-front investment so we can support more children in foster care…

… to give them the best possible start in life…

… and reduce cost pressures in the future.

Our work to make government leaner…

… more productive…

… and more efficient…

… will help deliver a further £3.5bn of day-to-day savings by 2029-30.

Overall, day-to-day spending will be reduced by £6.1bn by 2029-30…

… and it will now grow by an average of 1.2% a year above inflation…

… compared to 1.3% in the Autumn.

Mr Speaker, I can confirm to the House that day-to-day spending will increase in real terms, above inflation, in every single year of the forecast.

And in the Spending Review, apart from the reduction in overseas aid…

… day-to-day spending across government has been fully protected.

I can also confirm our approach to capital investment.

In the Autumn Budget I announced £100bn of additional capital spending…

… to crowd in investment from the private sector…

… to fix our crumbling infrastructure…

… and to create jobs in every corner of our country.

[political content redacted]

Today, I am instead increasing capital spending …

… by an average of £2bn per year compared to the Autumn…

… to drive growth in our economy…

… and to deliver in full our vital commitments on defence.

This government will ensure that every pound we spend will deliver for the British people…

… by increasing productivity…

… driving growth in our economy…

… and improving our frontline public services.

Mr Speaker, let me turn now to the impact of increased uncertainty on our economy.

To deliver economic stability, we must work closely with the Bank of England…

… supporting the independent Monetary Policy Committee to meet their 2% inflation target.

There have been three interest rate cuts since the General Election and today’s data showed that inflation fell in February.

[political content redacted]

… the OBR forecast that CPI inflation will average 3.2% this year…

… before falling rapidly to 2.1% in 2026 and meeting the 2% target from 2027 onwards…

… giving families and businesses the security that they need…

… and providing our economy with the stable platform it needs to grow.

Mr Speaker…

… earlier this month, the OECD downgraded this year’s growth forecast for every G7 economy, including the UK.

And the OBR have today revised our growth forecast for 2025…

… from 2% in the autumn…

… to 1% today.

I am not satisfied with these numbers.

That is why we on this side of the house are serious about taking the action needed to grow our economy.

Backing the builders, not the blockers…

… with a third runway at Heathrow Airport…

… and the Planning and Infrastructure Bill.

Increasing investment…

… with reforms to our pension system…

… and a new National Wealth Fund.

And tearing down regulatory barriers…

… in every sector of our economy.

That is a serious plan for growth.

That is a serious plan to improve living standards.

That is a serious plan to renew our country.

Mr Speaker, a changing world presents challenges.

But it also presents new opportunities.

For new jobs.

… and new contracts…

… in our world-class defence industrial centres…

… from Belfast to Deeside, and from Plymouth to Rosyth.

In February, the Prime Minister set out our government’s commitment to increase spending on defence to 2.5% of GDP from April 2027…

The biggest sustained increase in defence spending since the end of the Cold War

…and an ambition to spend 3% of GDP on defence in the next parliament.

That was the right decision in a more insecure world…

… putting an extra £6.4bn into defence spending by 2027.

But we have to move quickly in this changing world.

And that starts with investment.

So today I can confirm that I will provide an additional £2.2bn for the Ministry of Defence in the next financial year…

… a further downpayment on our plans to deliver 2.5% of GDP by 2027.

This additional investment is not just about increasing our national security…

… but increasing our economic security, too.

As defence spending rises, I want the whole country to feel its benefits.

So I will set out the immediate steps that we are taking to boost Britain’s defence industry…

… and to make the UK a defence industrial superpower.

We will spend a minimum of 10% of the Ministry of Defence’s equipment budget on novel technologies …

… including drones and AI enabled technology…

… driving forward advanced manufacturing production in places like Glasgow, in Derby and in Newport…

… creating demand for highly skilled engineers and scientists…

… and delivering new business opportunities for UK tech firms and start-ups.

We will establish a protected budget of £400m within the Ministry of Defence…

… a budget that will rise over time for UK Defence Innovation…

… with a clear mandate to bring innovative technology to the front line at speed.

We will reform our broken defence procurement system…

… making it quicker, more agile and more streamlined….

… and giving small businesses across the UK better access to Ministry of Defence contracts.

Something welcomed by the Federation of Small Businesses.

We will take forward our Plan for Barrow, a town at the heart of our nuclear security…

… working with my Honourable Friend the Member for Barrow and Furness…

… and providing £200m, supporting the creation of thousands of jobs there.

We will regenerate Portsmouth naval base, securing its future…

… as called for by my Honourable Friend the Member for Portsmouth South.

We will secure better homes for thousands of military families… the homes that they deserve [political content redacted].

… homes for our military families in the constituencies of my Honourable Friends for Plymouth Moor View, Plymouth Sutton & Devonport, York Outer and in Aldershot.

That is the difference that this [political content redacted] government is making.

Finally, Mr Speaker, we will provide £2bn of increased capacity for UK Export Finance…

… to provide loans for overseas buyers of UK defence goods and services…

Because I want to do more with our defence budget so we can buy and make and sell things here in Britain.

… giving further opportunities for our world leading defence companies and those who work in them…

… to grow and create jobs here in Britain…

… as military spending rises right across Europe.

To oversee all of this vital work…

… my Right Honourable Friend the Defence Secretary and I will establish a new Defence Growth Board…

… to maximise the benefits from every pound of taxpayers’ money that we spend.

And we will put defence at the heart of our modern industrial strategy…

… to drive innovation that can deliver huge benefits back into the British economy.

Mr Speaker, that is how we make our country a defence industrial superpower…

… so the skills of the future…

… the jobs of the future…

… and the opportunities of the future…

… can be found right here in the United Kingdom.

Mr Speaker, [political content redacted] there are no shortcuts to economic growth.

It will take long-term decisions.

It will take hard yards.

It will take time for the reforms that we are introducing to be felt in the everyday economy.

It is right that the Office for Budget Responsibility consider the evidence…

… and look carefully at measures before recognising a growth impact in their forecast.

But, Mr Speaker, I can announce to the House…

… that the OBR have considered – and have scored – one of the central planks of our plan for growth.

In my first week as Chancellor, I announced that we were pursuing the most ambitious set of planning reforms in decades…

… to get Britain building again.

And in December – we published changes to the National Planning Policy Framework…

… driven forward tirelessly by my Right Honourable Friend the Deputy Prime Minister…

… reintroducing mandatory housing targets…

… and bringing “grey belt” land into scope.

The OBR have today concluded that these reforms will permanently increase the level of real GDP…

… by point 0.2% by 2029-30…

… an additional £6.8bn in our economy…

… and by point 0.4% of GDP within 10 years…

… an additional £15.1bn in our British economy.

Mr Speaker, that is the biggest positive growth impact that the OBR have ever reflected in their forecast, for a policy with no fiscal cost.

And taken together with our plans to increase capital spending that we set out in the Budget last year…

… this government’s policies will increase the level of real GDP by point 0.6% in the next ten years.

Mr Speaker, that is the difference that this [political content redacted] government is making.

Policies to grow our economy.

[political content redacted]

The OBR have concluded that our reforms will lead to housebuilding reaching a forty-year high…

… of 305,000 a year by the end of the forecast period.

And changes to the National Planning Policy Framework alone…

… will help build over 1.3 million homes in the UK over the next five years…

… taking us within touching distance…

… of delivering our manifesto promise to build 1.5 million homes in England in this parliament.

[political content redacted]

The impact on our economy goes further still.

[political content redacted]

We need economic growth.

So I can today confirm…

… that the effect of our growth policies…

… including our planning reforms…

… means an additional £3.4 billion to support our public finances and our public services by 2029-30.

The proceeds of growth.

[political content redacted]

Mr Speaker, earlier this week…

… we provided an additional £2bn of investment in social and affordable homes next year…

… delivering up to 18,000 new homes…

… and allowing local areas to bid for new developments across our country…

… including sites in Thanet, in Sunderland and in Swindon.

More security for families across our country.

[political content redacted]

And to build these new homes…

… we need people with the right skills.

Earlier this week, my Right Honourable Friend the Education Secretary announced more than £600m…

… to train up 60,000 more construction workers…

… including with 10 new Technical Excellence colleges across every region of our country…

… giving working people the chance to fulfil their potential.

New opportunities for our young people.

[political content redacted]

Mr Speaker, all this is just the start.

The Planning and Infrastructure Bill passed its second reading on Monday.

[political content redacted]

Once this Bill completes its passage…

… it will help deliver the homes and infrastructure our country badly needs.

[political content redacted]

And today, I can confirm to the House…

… that the OBR have upgraded their growth forecast next year…

… and every single year thereafter…

… with GDP growth of 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.

Mr Speaker,

By the end of the forecast…

… our economy is larger compared to the OBR’s forecast at the time of the Budget.

[political content redacted]

But Mr Speaker, this isn’t just about lines on a graph.

It is about improving people’s lives.

Working people are still feeling the pinch after a cost of living crisis [political content redacted] that saw prices spiral.

So I am pleased that the OBR confirm today …

… that Real Household Disposable Income…

… will now grow this year at almost twice the rate expected in the autumn.

[political content redacted]

… and after taking into account inflation…

… the OBR say today…

… that people will be on average over £500 a year better off under this [political content redacted] government.

That will mean more money in the pockets of working people. Higher living standards.

[political content redacted]

Mr Speaker, the world is changing.

We can see that…

… and we can feel it.

A changing world demands a government that is on the side of working people.

Acting in their interest.

Acting in the national interest.

Not retreating from challenges.

Not stepping back.

But a government with the courage to step up…

… to secure Britain’s future…

… and to seize the opportunities that are out there before us.

I am impatient for change, the British people are impatient for change, [political content redacted].

And we are beginning to see change happen.

Our Plan for Change is working.

Defence spending is rising.

Waiting lists are falling.

Wages are up.

Interest rates are cut.

[political content redacted]

And today, Mr Speaker…

… the OBR confirm…

… that our plan to get Britain building…

… will drive growth in our economy…

… and put more money in people’s pockets.

There are no quick fixes.

But we have taken the right choices.

[political content redacted]

Delivering security for our country and security for working people.

That is what drives this government.

That is what drives me as Chancellor.

And that is what drives the choices that I have set out today.

And I commend this statement to the House.

Updates to this page

Published 26 March 2025

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI Security: Frankfort Company Pays More Than $3.8 Million to Resolve Improper Paycheck Protection Program Loan

Source: Office of United States Attorneys

FRANKFORT, Ky. – A Frankfort-based steel wheel manufacturer, Topy America, Inc., agreed to pay the United States $3,840,188.19 to resolve allegations that it improperly obtained a Paycheck Protection Program (PPP) loan from the U.S. Small Business Administration (SBA) for which it was not eligible.

Congress created the PPP in March 2020 to provide emergency financial assistance to small American businesses struggling to pay employees and other expenses during the COVID-19 pandemic. Under the PPP, eligible small businesses could receive forgivable loans guaranteed by the SBA. When applying for PPP loans, borrowers were required to certify that they were eligible for the requested loans and that the information they provided was true and accurate. Regulations provided various eligibility requirements for the PPP, including limitations on the number of employees.

The settlement resolves allegations that Topy America falsely certified it was eligible to apply for and receive forgiveness of a second-draw PPP loan. In January 2021, Topy America applied for a second-draw PPP loan for $2,000,000, representing that it had fewer than 300 employees. The government contends that, together with its foreign affiliates, Topy America had more than 300 employees and was therefore ineligible for that loan. Based on its false certification, Topy America received the loan and ultimately received forgiveness of the loan. Topy America cooperated with the United States’ investigation and agreed to compensate the United States for its error.

“Our office is committed to holding accountable businesses and individuals who improperly obtained COVID-19 relief funds,” said Acting U.S. Attorney Paul McCaffrey. “Topy America quickly and responsibly addressed the concerns raised by the United States, and we expect that other PPP recipients who did not follow the applicable rules will do the same.”

The Government’s work in this investigation illustrates its commitment to combatting COVID-19 fraud. The United States encourages anyone with information about potential fraud involving COVID-19 to report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. PPP recipients also may voluntarily disclose self-discovered evidence of fraud involving the PPP to U.S. Attorney’s Offices.

The settlement resolves lawsuits brought by private citizens under the qui tam provisions of the False Claims Act. Under those provisions, a private party can file a civil action on behalf of the United States, thereby bringing allegations of fraud to the Government’s attention, and share in any financial recovery. As part of this resolution, the individuals who filed the qui tam complaints are eligible to receive a portion of the settlement proceeds. The civil cases are captioned United States ex rel. GNGH2 Inc. v. Topy America, Inc., Case No. 3:24-cv-0003-GFVT and United States ex rel. Blockquote, Inc. v. Topy America, Inc., Case No. 3:24-cv-0028.

This matter was handled by Assistant U.S. Attorney Meghan Stubblebine, with assistance from the SBA’s Office of General Counsel. The claims resolved by the settlement are allegations only; there has been no determination of liability.

– END –

MIL Security OSI –

March 27, 2025
MIL-OSI: Western Computer and Solution Systems Join Forces to Expand Microsoft Business Solutions and IT Services

Source: GlobeNewswire (MIL-OSI)

OXNARD, Calif., March 26, 2025 (GLOBE NEWSWIRE) — Western Computer, a leading provider of Microsoft Dynamics 365 Cloud ERP and Customer Engagement (CE) solutions, is excited to announce that it is joining forces with Solution Systems, Inc. (SSI), a Chicago-based Microsoft partner with deep expertise in Microsoft Dynamics 365 Business Central (BC)/NAV and IT Managed Services (MSP). This strategic combination strengthens Western Computer’s ability to deliver end-to-end Microsoft solutions while enhancing service offerings for customers across North America.

By integrating SSI’s expertise, Western Computer, a member of Pine Services Group, expands its ability to deliver Business Central solutions, enhance managed IT services, and provide deeper Microsoft Modern Work capabilities—empowering businesses with a more complete technology stack.

“This is an exciting milestone for Western Computer as we continue to strengthen our Microsoft offerings and better serve our customers,” said Kristen Sage, CEO at Western Computer. “By combining forces with Solution Systems, we’re deepening our ability to help businesses digitally transform through Microsoft’s full suite of solutions.”

The integration of Solution Systems into Western Computer’s operations brings numerous advantages for customers, employees, and the broader Microsoft ecosystem. With Solution Systems’ deep expertise in Business Central/NAV and IT Managed Services, Western Computer is now positioned to offer a more comprehensive portfolio of Microsoft solutions, allowing customers to seamlessly manage their business applications and IT infrastructure under one trusted provider. Additionally, the combined strength of both companies’ sales and delivery teams enables Western Computer to attract and support more customers, opening new opportunities to participate in Microsoft’s partner programs and accelerating overall business growth.

Customers will also benefit from an expanded team of experts, providing enhanced support and deeper insights into Microsoft’s latest technologies. This collaboration ensures balanced workloads for delivery teams while fostering knowledge-sharing and professional development among employees. Furthermore, the addition of IT MSP services allows Western Computer to partner even more closely with customers by supporting their entire Microsoft tech stack, driving operational efficiency and long-term success.

“Western Computer and SSI joining forces strengthens our position in the Microsoft ecosystem,” added Kristen Sage. “We are committed to ensuring a smooth transition for our customers and employees while leveraging our collective expertise to deliver even greater impact.”

About Western Computer 

Western Computer is a Cloud Solution Provider (CSP) founded in 1987 to empower and enable businesses. Specializing in Microsoft Dynamics 365 and Power Platform solutions, services, and support, our 150+ senior-level experts bring advanced functional and industry expertise to companies across North America. With over 35 years of ERP, CRM, and business intelligence experience—and more than 1,250 successful implementations—we deliver solutions to meet the unique needs of specialized industries and companies of all sizes.         

Western Computer is a member of Microsoft’s 2024/2025 Inner Circle, as well as a Microsoft Partner of the Year Finalist for the third consecutive year and receiving top accolades in G2’s Winter 2025 report.

Learn more at www.westerncomputer.com or call (805) 581-5020.

Connect with us on Twitter, LinkedIn and Facebook.

Media Contact:   

Amanda Sherry   

Vice President of Marketing   

Western Computer   

Amanda.sherry@westerncomputer.com   

The MIL Network –

March 27, 2025
MIL-OSI: Trade Crypto with 100x Leverage and No KYC – Get Double Deposit Bonus and $50 Instantly on BexBack

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, March 26, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

What Is 100x Leverage and How Does It Work?

Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

With BexBack’s deposit bonus

BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

How Does the 100% Deposit Bonus Work?
The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

About BexBack?

BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

Why recommend BexBack?

No KYC Required: Start trading immediately without complex identity verification.

100% Deposit Bonus: Double your funds, double your profits.

High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

Convenient Operation: No slippage, no spread, and fast, precise trade execution.

Global User Support: Enjoy 24/7 customer service, no matter where you are.

Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

Join BexBack Today and Start Earning Like a Pro!

If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

Sign up today, double your deposit, and start stacking BTC with 100x leverage.

Website: www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
business@bexback.com

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

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

Photos accompanying this announcement are available at

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The MIL Network –

March 27, 2025
MIL-OSI China: Eyeing free trade port milestone, China pushes toward higher-level opening up

Source: People’s Republic of China – State Council News

BOAO, Hainan, March 26 — As the world economy faces mounting uncertainty and rising protectionism, China is reaffirming its commitment to openness, with the Hainan Free Trade Port (FTP) emerging as an important gateway driving the country’s opening up in the new era.

At the Boao Forum for Asia (BFA) annual conference, officials and experts underscored the significance of the Hainan FTP, as preparations accelerate for its independent customs operations, scheduled to begin by the end of 2025.

“Following the launch of independent customs operations, the Hainan FTP is expected to further improve the free and convenient flow of trade and investment with the rest of the world, while forging even closer ties with China’s vast domestic market,” said Liu Xiaoming, governor of south China’s island province of Hainan.

Local officials told Xinhua that preparations for the independent customs operations, a milestone in the construction of the Hainan FTP, have entered a critical sprint stage. All 31 checkpoint facility projects required for the operations have been completed, laying a solid foundation for the efficient movement of goods, people, and other key factors.

Hainan is China’s first province to transform an entire island, spanning 34,000 square kilometers, into a free trade port that serves as a testbed for the unrestricted flow of goods, services, capital and data.

“The mission of a free trade zone or port is to break down barriers, not to build high walls, and to create opportunities, not to monopolize the benefits,” Liu said, adding that Hainan is willing to cooperate with other global FTPs in areas such as logistics, industries and green development.

Hainan FTP is also a frontier for the innovation of regulations and mechanisms, according to Zhou Xiaochuan, vice chairman of the BFA.

As a key platform, the FTP can offer opportunities for countries worldwide, particularly those in Asia, to explore China’s vast market — home to over 1.4 billion people.

“I think the FTP has great possibility to help international businesses get attracted to China and expand not only to serve China but also the rest of the world,” said Carl F. Fey, professor of strategy at BI Norwegian Business School.

By the end of 2024, Hainan was home to 9,979 foreign-invested enterprises, 77.3 percent of which were established after June 2020, when China released its master plan for the Hainan FTP. The number of countries and regions investing in the province has grown from 43 in 2018 to 174 today.

BFA Chairman and former UN Secretary-General Ban Ki-moon called China’s decision to build the Hainan FTP “a courageous move that takes vision and leadership.”

Highlighting the significance of Hainan alongside other global FTPs from Dubai, Singapore and Hong Kong, Ban added that such models demonstrate what trade and openness can deliver for growth, well-being, and sustainability at a time when globalization faces headwinds.

The Organization for Economic Cooperation and Development recently revised its global GDP forecast downward, from 3.3 percent to 3.1 percent for 2025 and 3 percent for 2026, citing higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending.

Participants at the forum hailed the Hainan FTP as a prime example of China’s higher-level opening up.

Since 1978, China’s commitment to reform and opening up has transformed it from an impoverished nation into a market-oriented economic powerhouse, driving high-quality development and creating opportunities shared with the rest of the world.

“Regardless of changes in the external environment, we should remain steadfast in our commitment to opening up,” said the Chinese government work report released early this month. “We should steadily expand institutional opening up and take the initiative to open wider and advance unilateral opening up in a well-ordered way, to promote reform and development through greater openness.”

In late 2024, China granted zero tariff treatment to 100 percent of tax lines from all the least developed countries that have established diplomatic relations with China.

Since last year, the country has introduced measures to expand opening up in sectors such as value-added telecommunications and healthcare, completely removed foreign investment access restrictions in manufacturing, and reduced nationwide foreign investment access restrictions from 31 to 29 items.

“We will ensure national treatment for foreign-funded enterprises in fields such as access to production factors, license application, standards setting, and government procurement,” the government work report said.

Thanks to these efforts, nearly 90 percent of surveyed respondents expressed that they were “very satisfied” or “relatively satisfied” with the business environment in China in 2024, an increase of 2.1 percentage points compared to 2023, according to a report released by the China Council for the Promotion of International Trade.

China’s opening up at a high level, undoubtedly, is of great significance and will bring new opportunities for Asia and the world at large, Ban said.

China’s GDP grew by 5 percent year on year in 2024, ranking among the world’s fastest-growing major economies and continuing to contribute about 30 percent to global economic growth.

Looking ahead, Zhou Xiaochuan expressed confidence that as the Chinese government accelerates the rollout of core policies for the Hainan FTP, the province will play an increasingly vital role in a changing world, strengthening Asia’s ties and supporting broader global cooperation.

MIL OSI China News –

March 27, 2025

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