Category: Commerce

MIL-OSI USA: Senator Collins Announces that Department of Commerce has Agreed to Renegotiate Maine Sea Grant
US Senate News:
Source: United States Senator for Maine Susan Collins

Washington, D.C. – U.S. Senator Susan Collins today announced that the Department of Commerce has agreed to renegotiate funding for Maine Sea Grant. At the urging of Senator Collins, Secretary Lutnick is directing NOAA to renegotiate the terms and conditions of the work to be performed by Maine Sea Grant to ensure that it focuses on advancing Maine’s coastal economies, working waterfronts and sustainable fisheries. The announcement comes following a conversation Tuesday between Secretary Lutnick and Senator Collins in which Senator Collins explained all that is at stake for Maine’s coastal communities with the loss of Sea Grant funding.

“I appreciate the Secretary’s willingness to work together to ensure that Maine Sea Grant can continue to conduct research, support a robust pipeline of skilled labor, and ensure that our coastal economies remain profitable hubs for fishermen, lobstermen, and hospitality workers. It is important that Maine Sea Grant can continue to provide valuable services for communities across the state for years to come,” said Senator Collins.

In a memo from the Department of Commerce, Vice Admiral Nancy Hann said, “After productive conversations with Senator Susan Collins and her staff, the Department of Commerce is committed to engaging in bilateral negotiations to modify the Year 2 award requirements and related funding of the Maine Sea Grant Omnibus Award.

“Through these bilateral negotiations, the Department will ensure that the American people, including hardworking Mainers like lobstermen and fishermen, receive the benefit of the bargain consistent with the Administration’s priorities and continued relevance to program objectives.”

Read the full memo here.

“I am so grateful for Senator Collins’ unwavering dedication to sustaining our fisheries, working waterfronts, and local communities,” said Gayle Zydlewski, Director, Maine Sea Grant.

“We deeply appreciate Senator Collins, the U.S. Department of Commerce, and NOAA for restoring funding to Maine Sea Grant. This investment ensures continued collaboration between scientists and fishermen, supporting sustainable fisheries and Maine’s coastal communities. UMaine remains committed to advancing research that strengthens our blue economy and marine industries,” said University of Maine President Joan Ferrini-Mundy.

Maine Sea Grant is a direct investment in Maine’s coastal communities, driving economic growth, creating jobs, and supporting fisheries and the seafood industry, including local businesses like Ready Seafood:

“Maine Sea Grant has been supporting Ready Seafood since we started as a small lobster company on Hobson’s Pier in Portland in 2004, and helped propel our business to become the largest lobster processing company in the world,” said Curt Brown, lobsterman and marine biologist for Ready Seafood. “Senator Collins’ tireless leadership has once again delivered a huge victory for Maine’s coastal communities. From Kittery to Cutler, Maine’s coastal economy is stronger today, thanks to her efforts!”

Senator Collins has been in contact with the Trump Administration and University of Maine leadership since the news broke Friday evening that the program was being defunded. Tuesday, Senator Collins met with the Director of Maine Sea Grant and other program advocates in her office. She spoke with Commerce Secretary Lutnick later that day.

Facts about Maine Sea Grant:
- Maine Sea Grant contributed to $23.5 million in documented economic benefits in 2023 alone. For every $1 of funding, there’s a $15 return.
- Sea Grant has more than 700 established partnerships with businesses, researchers, community organizations, and local and county governments.
- In 2023, Sea Grant created or supported 332 businesses and 565 jobs.
- Sea Grant supports American Seafood Competitiveness by enhancing the sustainability and profitability of Maine’s $600 million lobster industry and growing aquaculture sector, helping maintain American leadership in global seafood markets.
MIL OSI USA News –
March 6, 2025
MIL-OSI USA: Cornyn, Markey Reintroduce Legislation to Fund Sea Turtle Research and Rescue Assistance

US Senate News:

Source: United States Senator for Texas John Cornyn

Senators John Cornyn (R-TX) and Edward J. Markey (D-MA) reintroduced their bipartisan and bicameral Sea Turtle Rescue Assistance and Rehabilitation Act, legislation to establish funding at the Department of Commerce for the rescue, recovery and research of sea turtles in Texas and across the United States. Text of the bill can be found, here.

“Sea turtle strandings are rising at an alarming rate along the Texas Gulf Coast,” said Sen. Cornyn. “This bill would help identify the causes of these strandings and invest in rescue and recovery efforts to better protect Texas’ endangered and storied sea turtle population.”

“Sea turtles are the canaries in the coal mine. Right now, every known species of sea turtles found in US waters is either threatened or endangered and faces extinction and environmental wipeout due to the human-caused climate crisis. We have the responsibility to act,” said Sen. Markey. “I am reintroducing the Sea Turtle Rescue Assistance Act to financially support ongoing rescue and rehabilitation efforts of our shelled friends.”

The legislation is co-sponsored by Senators Chris Van Hollen (D-MD), Lindsey Graham (R-SC), Cory Booker (D-NJ, and Tom Tillis (R-NC). In January, Representative Bill Keating (MA-09) introduced companion legislation in the House of Representatives.

Background:

In 2000, fewer than 50 sea turtles were found stranded on the beaches of Cape Cod; by 2022, that number had skyrocketed to 866. During the 2021 cold snap in Texas, more than 12,100 turtles were cold-stunned, and rescue organizations were able to save and return only 4,000 of the stranded turtles to the wild. Rescue efforts are predominantly volunteer led and underfunded despite sea turtles facing increasing environmental and human-caused threats that make strandings more likely, including rapid temperature changes, red tide events, and entanglement in marine debris. This bill would provide stability and support to efforts that rehabilitate and aid in the recovery of sea turtles along the coastal US. Specifically, the Sea Turtle Rescue Assistance Act would create a new grant program to fund rescue, recovery, and research of sea turtles in the U.S., and authorize $5 million annually for awarding of grants to further that purpose from 2025 through 2030.

The Sea Turtle Rescue Assistance and Rehabilitation Act is endorsed by the Association of Zoos and Aquariums, the New England Aquarium, the National Aquarium, ABQ BioPark, Acadia Institute of Oceanography, Adventure Aquarium, Allied Whale – College of the Atlantic, Assateague Coastal Trust, Atlantic Marine Conservation Society, Aquarium of the Pacific, Arizona-Sonora Desert Museum, Audubon Nature Institute, Bird River Beach Community Association, Blank Park Zoo, Brevard Zoo / East Coast Zoological Park, Brookfield Zoo Chicago, Buttonwood Park Zoo, Central Florida Zoo & Botanical Gardens, Chattanooga Zoo at Warner Park, Cincinnati Zoo & Botanical Garden, Citizens Campaign for the Environment, Clearwater Marine Aquarium, Cleveland Metroparks Zoo, Coastal Research and Education Society of Long Island, Columbus Zoo and Aquarium, Connecticut’s Beardsley Zoo, Conservation Council For Hawaii, El Paso Zoo and Botanical Garden, Fort Wayne Children’s Zoo, Georgia Aquarium, Georgia Sea Turtle Center / Jekyll Island Authority, Georgia Wildlife Federation, Gladys Porter Zoo, Gulf World Marine Institute, Healthy Ocean Coalition, Houston Zoo, International Fund for Animal Welfare (IFAW), Jenkinson’s Aquarium, John Ball Zoo, John G. Shedd Aquarium, Kansas City Zoo, Karen Beasley Sea Turtle Rescue & Rehabilitation Center, Loggerhead Marinelife Center, Louisiana Wildlife Federation, Marine Education – Research & Rehabilitation Institute, Inc. (MERR), Marine Conservation Institute, Marine Mammal Alliance Nantucket, Maryland Zoo in Baltimore, Mass Audubon, Maui Ocean Center Marine Institute, Monterey Bay Aquarium, Mystic Aquarium, National Marine Life Center, National Wildlife Federation, Natural Resources Defense Council, Newport Aquarium, New York Marine Rescue Center, North Carolina Aquariums, North Carolina Wildlife Federation, OdySea Aquarium, Oregon Coast Aquarium, Pittsburgh Zoo & Aquarium, Racine Zoo, Roger Williams Park Zoo, Saint Louis Zoo, SEA LIFE Aquariums, Sea Turtle Recovery, Inc., Seattle Aquarium, Seatuck Environmental Association, SeaWorld Parks, Sociedad Ornitologica Puertorriquena Inc., South Carolina Aquarium, South Carolina Wildlife Federation, Sunset Zoo, Surfrider Foundation, Texas Conservation Alliance, Texas Sealife Center, Texas State Aquarium, The Florida Aquarium, The Institute for Marine Mammal Studies, The Living Desert Zoo and Gardens, The Maritime Aquarium at Norwalk, The Ocean Project, The Turtle Hospital, Upwell Turtles, Vancouver Aquarium, Virgin Islands Conservation Society, Virginia Aquarium & Marine Science Center, Whitney Lab for Marine Bioscience at University of Florida, WIDECAST: Wider Caribbean Sea Turtle Conservation Network, Wildlife Restoration Foundation, and Woodland Park Zoo.

“We are grateful for Sen. Markey’s continued partnership as he reintroduces the Sea Turtle Rescue Assistance and Rehabilitation Act of 2025 in the U.S. Senate. Each year, the New England Aquarium rescues and rehabilitates hundreds of cold-stunned sea turtles that wash onto the beaches of Cape Cod Bay. This bill would help fill a critical gap in sea turtle conservation efforts by providing much-needed financial support to organizations across the country like ours that help return these endangered animals to the ocean,” said Vikki N. Spruill, President and CEO of the New England Aquarium.

“The National Aquarium applauds the reintroduction of the bicameral, bipartisan Sea Turtle Rescue Assistance and Rehabilitation Act. We are proud to be part of the nationwide network of organizations engaged in sea turtle conservation and in educating the public on the challenges facing these threatened and endangered species. Sea turtle strandings are on the rise, as are the expenses related to rescuing, rehabilitating and releasing them back to their ocean home. The level of voluntary contribution from stranding network partners is not sustainable. We thank the champions in the House and Senate for their leadership in creating a much-needed federal grant program to support this important work,” said John Racanelli, President & CEO of the National Aquarium.

“Each year, aquariums, zoos and other organizations selflessly rescue and rehabilitate thousands of stranded and injured sea turtles with little to no federal support. They do it because it is the right thing to do,” said Dan Ashe, President and CEO of the Association of Zoos and Aquariums. “This bipartisan Sea Turtle Rescue Assistance and Rehabilitation Act would help to fill a critical gap in support for these federally protected sea turtles.”

MIL OSI USA News –

March 6, 2025
MIL-OSI New Zealand: Energy – Perfect paradox: Urgent focus on affordability and infrastructure in global energy report – BusinessNZ

Source: BusinessNZ

Global data released from the World Energy Council today highlights urgent concern for affordable energy and the importance of future energy infrastructure.

The BusinessNZ Energy Council (BEC) is New Zealand’s representative to the World Energy Council. Executive Director Tina Schirr says more than 3,000 energy leaders from more than 100 countries participated in the World Energy Issues Monitor 2025, a survey providing critical insights into the challenges facing the energy sector at home and abroad.

“New Zealand is not alone in its desire for more affordable and reliable energy. This year’s Monitor shows this is the number one growing concern for businesses and households around the world.

“The report also identifies areas which require urgent action including energy storage, grid upgrades, and climate mitigation. These infrastructure and climate issues are crucial for energy security and economic growth.

“While New Zealand shares many global concerns – including the need for economic growth alongside energy transition, key differences emerge in areas like supply chain disruptions and the development of future fuels.

“The World Energy Issues Monitor is a valuable tool for understanding the key uncertainties and priorities shaping energy strategies worldwide. BEC looks forward to the release of regional data in May, which will offer more detailed insights into New Zealand’s current situation.”

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI New Zealand: Consumer NZ calls for an end to the surcharge “swindle”

Source: Consumer NZ

Consumer NZ is calling on the Commerce Commission to consider a ban on card payment surcharges due to growing concerns about excessive and hidden fees.

While the Commission is considering lowering interchange fees – to reduce merchants’ costs for accepting card payments, – Consumer says there’s no guarantee this will reduce card surcharges for consumers, and that should be the priority.

Currently, there are no regulations in New Zealand on surcharges, only guidelines. The guidelines recommend surcharges be transparent, avoidable and not excessive. Unfortunately, these recommendations are often ignored, to the detriment of shoppers.

“The surcharging situation in New Zealand is a mess. We have received hundreds of complaints showing merchants are not complying with the guidelines. It’s time to introduce new surcharge rules,” says Consumer acting head of research and advocacy, Jessica Walker.

Although the Commission has said it will consider some form of surcharge regulation, an outright ban doesn’t appear to be one of the options being considered. Yet Consumer thinks a ban would be a simple and effective solution, with the benefits outweighing the risks.

“Less thought would be required about what card to use, whether to swipe, insert or tap; what the surcharge amount is and whether there’s a way to avoid the surcharge.

“You could just leave the house with your phone in your pocket, knowing you wouldn’t have to pay a hefty surcharge for the convenience of not carrying any cards. A ban makes things simpler for merchants too,” Walker says.

Issues with surcharging

Complaints to Consumer about surcharges include:

Excessive fees: Merchants are charging well over what it costs them to accept the card payment. In the worst cases, card payment surcharges have exceeded 20%. The Commission estimates New Zealanders are paying up to $65 million per year in excessive surcharges, with Mastercard estimating this figure to be $90 million.

Lack of transparency: Some merchants don’t mention the fact they add surcharges. Others have terminals that simply state “surcharge applies”, without specifying the amount.

Fixed fees: Some merchants charge flat fees rather than percentages, which don’t always reflect their actual costs.

Hidden fees: Additional costs, like service fees, are often bundled with surcharges, confusing consumers.

To address these issues, Consumer is calling on the Commission to consider a ban on surcharges.

The benefits of a surcharge ban

Transparency: A surcharge ban would eliminate unclear and hidden fees, allowing consumers to more easily compare prices.

Consistency: Consumers would have a consistent experience across merchants, with no nasty surprises at the counter.

Simplicity: A ban would be easy for consumers and businesses to understand and easy for the Commission to enforce.

Fairer: A ban would incentivise merchants to search for better card deals that allow them to reduce their payment costs. While surcharging is allowed, there’s no incentive for merchants to do this. Lower interchange fees also mean businesses could more easily absorb payment costs.

Encourages competition: Transparent pricing would allow consumers to shop around more easily, fostering competition.

Alignment with other jurisdictions: The United Kingdom and European Union have banned surcharges, proving such a ban can work.

The case for banning surcharges in New Zealand is strong.

Consumer lodged a submission with the Commission this week supporting further interchange regulation and calling for the Commission to consider a ban on surcharges.

We urge anyone else who is fed up with surcharges to let the Commission know by 5pm on 18 March 2025 using this simple online form: https://consumernz.cmail20.com/t/i-l-fdykily-ijjdkdttjk-j/

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI New Zealand: Consumer NZ calls for an end to the surcharge “swindle”

Source: Consumer NZ

Consumer NZ is calling on the Commerce Commission to consider a ban on card payment surcharges due to growing concerns about excessive and hidden fees.

While the Commission is considering lowering interchange fees – to reduce merchants’ costs for accepting card payments, – Consumer says there’s no guarantee this will reduce card surcharges for consumers, and that should be the priority.

Currently, there are no regulations in New Zealand on surcharges, only guidelines. The guidelines recommend surcharges be transparent, avoidable and not excessive. Unfortunately, these recommendations are often ignored, to the detriment of shoppers.

“The surcharging situation in New Zealand is a mess. We have received hundreds of complaints showing merchants are not complying with the guidelines. It’s time to introduce new surcharge rules,” says Consumer acting head of research and advocacy, Jessica Walker.

Although the Commission has said it will consider some form of surcharge regulation, an outright ban doesn’t appear to be one of the options being considered. Yet Consumer thinks a ban would be a simple and effective solution, with the benefits outweighing the risks.

“Less thought would be required about what card to use, whether to swipe, insert or tap; what the surcharge amount is and whether there’s a way to avoid the surcharge.

“You could just leave the house with your phone in your pocket, knowing you wouldn’t have to pay a hefty surcharge for the convenience of not carrying any cards. A ban makes things simpler for merchants too,” Walker says.

Issues with surcharging

Complaints to Consumer about surcharges include:

Excessive fees: Merchants are charging well over what it costs them to accept the card payment. In the worst cases, card payment surcharges have exceeded 20%. The Commission estimates New Zealanders are paying up to $65 million per year in excessive surcharges, with Mastercard estimating this figure to be $90 million.

Lack of transparency: Some merchants don’t mention the fact they add surcharges. Others have terminals that simply state “surcharge applies”, without specifying the amount.

Fixed fees: Some merchants charge flat fees rather than percentages, which don’t always reflect their actual costs.

Hidden fees: Additional costs, like service fees, are often bundled with surcharges, confusing consumers.

To address these issues, Consumer is calling on the Commission to consider a ban on surcharges.

The benefits of a surcharge ban

Transparency: A surcharge ban would eliminate unclear and hidden fees, allowing consumers to more easily compare prices.

Consistency: Consumers would have a consistent experience across merchants, with no nasty surprises at the counter.

Simplicity: A ban would be easy for consumers and businesses to understand and easy for the Commission to enforce.

Fairer: A ban would incentivise merchants to search for better card deals that allow them to reduce their payment costs. While surcharging is allowed, there’s no incentive for merchants to do this. Lower interchange fees also mean businesses could more easily absorb payment costs.

Encourages competition: Transparent pricing would allow consumers to shop around more easily, fostering competition.

Alignment with other jurisdictions: The United Kingdom and European Union have banned surcharges, proving such a ban can work.

The case for banning surcharges in New Zealand is strong.

Consumer lodged a submission with the Commission this week supporting further interchange regulation and calling for the Commission to consider a ban on surcharges.

We urge anyone else who is fed up with surcharges to let the Commission know by 5pm on 18 March 2025 using this simple online form: https://consumernz.cmail20.com/t/i-l-fdykily-ijjdkdttjk-j/

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI: James Altucher Declares 2025 as ‘The Great Gain’—A New Era of Opportunity for Americans
Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Renowned entrepreneur, best-selling author, and economic visionary James Altucher has identified 2025 as a pivotal year for American prosperity, calling it “The Great Gain”—a moment in history where major economic and technological forces are converging to create new opportunities unlike anything seen before. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

Altucher argues that two major economic forces are colliding for the first time in history to create an unprecedented wave of opportunity. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

A Once-in-a-Generation Moment

Altucher, known for his ability to forecast major economic and technological shifts, believes that 2025 will be remembered as one of the most transformative years in modern history. He compares it to past eras of rapid progress, such as the Industrial Revolution, the rise of Silicon Valley, and the early internet boom of the 1990s.

“The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

According to Altucher, this moment is different from previous cycles because of the convergence of two Wealth Drivers:
1. A Political and Economic Shift – A radical move in the first 100 days of the new administration is set to open new doors for growth.
2. A Historical Economic Cycle – A peak in the 4-year wealth cycle, which “last time… turned more than 80,000 people into new millionaires.”
A Call to Action for Americans

Altucher urges Americans to stay ahead of these changes by recognizing the emerging trends that could redefine the economy. From career opportunities and entrepreneurship to advancements in automation and artificial intelligence, the coming months will present once-in-a-lifetime chances to adapt, grow, and thrive. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

About James Altucher

James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider.

His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –
March 6, 2025
MIL-OSI: James Altucher Declares 2025 as ‘America’s Defining Moment’—A Rare Economic Shift That Could Reshape the Future

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Tech expert, best-selling author, and market forecaster James Altucher is making a bold proclamation: 2025 will mark a turning point in the American economy—one that could redefine industries, technology, and personal opportunity.

Calling it “The Great Gain”, Altucher believes that a rare collision of economic forces is underway, creating what could be one of the most significant windows for personal and financial transformation in modern history. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

These two forces—a major political and economic shift combined with a historic wealth cycle peak—are aligning in a way that hasn’t happened in decades. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

A Historic Turning Point for Innovation and Growth

Altucher, who has successfully predicted market-defining trends for decades, sees 2025 as the start of a technological and financial transformation similar to past economic revolutions. “The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

He believes this moment could be even bigger, with industries evolving faster than ever before. “Technology is evolving at an exponential rate, and industries are being reshaped overnight.”

A Rare Chance for Everyday Americans

Altucher emphasizes that this shift isn’t just for major corporations or Wall Street—it presents a rare second chance for everyday Americans to take advantage of changes before they become mainstream. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

About James Altucher

James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider.

His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –

March 6, 2025

MIL-OSI: Arq Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Delivered 10% YoY growth in FY 2024 revenue driven by PAC business turnaround and 7^thstraight quarter of double-digit YoY ASP growth

Grew FY 2024 gross margins by approximately 410 bps YoY to 36.2% and achieved 3^rdconsecutive quarter of positive Adjusted EBITDA, highlighting sustained foundational PAC business improvement

Exited 2024 with a stronger financial position, successfully completing a $30 million ABL facility which lowers financing costs, increases capacity, and enhances liquidity

Development of transformational GAC facility continues; first production anticipated prior to quarter end in line with ramp up to 25 million pounds nameplate capacity in H2 2025

GREENWOOD VILLAGE, Colo., March 05, 2025 (GLOBE NEWSWIRE) — Arq, Inc. (NASDAQ: ARQ) (the “Company” or “Arq”), a producer of activated carbon and other environmentally efficient carbon products for use in purification and sustainable materials, today announced its financial and operating results for the quarter and year ended December 31, 2024.

Financial Highlights

Generated revenue of $109.0 million in FY 2024 ($27.0 million in Q4 2024), up 10% over the prior year, driven largely by higher Average Sales Price (“ASP”), and positive changes in product mix
Increased ASP in Q4 2024 by approximately 14% over the prior year period, reflecting the 7^th consecutive quarter of double-digit YoY percentage growth in ASP
All powder activated carbon (“PAC”) contracts are now net cash producers following the successful resolution of all negative margin agreements as of December 31, 2024
Improved FY 2024 gross margin to 36.2% in FY 2024, up approximately 410 basis points vs. FY 2023, driven by higher revenue, continued focus on profitability over volume, and ongoing operational cost management
Gross margin in Q4 2024 of 36.3% vs. 49.8% in Q4 2023 – prior quarter included a $4.7 million take-or-pay benefit and other non-recurring items vs. $1.6 million in Q4 2024. Q4 2024 was otherwise largely in-line with last year’s performance despite two brief but unplanned outages at the Red River plant
Reported Net loss of ($5.1) million in FY 2024, reflecting a significant improvement over the prior year period Net loss of ($12.2) million; Q4 2024 Net loss of ($1.3) million vs. Net income of $3.3 million in Q4 2023
Adjusted EBITDA of $7.7 million in FY 2024 vs. Adjusted EBITDA loss of ($2.6) million in the prior year⁽¹⁾; Adjusted EBITDA of $3.3 million in Q4 2024 vs. $7.2 million in the prior year period⁽¹⁾
Announced successful closing of a $30 million asset backed lending (“ABL”) facility, enhancing financial flexibility and reducing our cost of capital
Exited 2024 with cash and restricted cash of $22.2 million, including $8.7 million restricted cash
Capital expenditures for FY 2024 totaled $85.2 million, including $80.0 million growth capital expenditures associated with Red River Phase I development

⁽¹⁾ Adjusted EBITDA is a non-GAAP financial measure. Please refer to the paragraph titled “Non-GAAP Measures” for the definitions of non-GAAP financial measures and reconciliations to GAAP measures included in this press release.

Recent Business Highlights

Construction at Red River facility complete with commissioning ongoing and first production of granular activated carbon (“GAC”) at Red River expected by end of Q1 2025; on target to achieve first deliveries in Q1 2025
Ramp up of Red River GAC production anticipated to run into H2 2025; expect to achieve full run rate capacity of 25 million pounds in H2 2025
Approximately 16 million pounds of our 25 million pound per year nameplate capacity contracted
In negotiations to contract remaining capacity at Red River. Multiple in-situ pilot tests are underway with customers, a required step before finalizing contracts, and in-line with the expected ramp-up schedule
Potential to increase Red River’s 25 million pound per year nameplate capacity by 10-20% still targeted; timing of upside production run-rate expected to be defined once nameplate capacity is achieved

Management Commentary

“These results reinforce the durability of our transformation within the foundational PAC business,” said Bob Rasmus, CEO of Arq. “Our 2024 results show a business which has been successfully turned around into a cash flow contributor. The annualized performance of the business has materially improved and is more profitable. With our third consecutive quarter of positive Adjusted EBITDA, the direction of travel is extremely positive. I also believe this is a business which can still be enhanced further.”

Mr. Rasmus continued, “The capex overrun we experienced in Q4 was extremely frustrating, and while we actively look for ways to mitigate this increase, we remain confident that its impact on our long-term profitability and returns profile should be negligible.”

“The imminent start of GAC production is of course a major milestone for us and will represent a huge achievement for the whole team,” added Mr. Rasmus. “While we want to remain cautious on the duration of our ramp-up to nameplate capacity, there should be no doubt we will be trying to get there as quickly as possible. By H2 2025 we believe we will have a solid, sustainably profitable PAC business being complimented by a high growth GAC business, representing our springboard to future growth.”

Full Year 2024 Results

Revenues totaled $109.0 million for full year 2024, compared to $99.2 million in the prior year. The revenue increase was primarily driven by improved ASP and product diversification into higher value end-markets.

Cost of revenues totaled $69.5 million for full year 2024, compared to $67.3 million in the prior year. While total costs increased year over year, costs as a percentage of total revenue were down. This decrease in costs as a percentage of revenue was related to a decrease in the cost to manufacture our products, which primarily resulted from decreased variable production costs on lower production volumes during 2024.

Gross margin was 36.2% for full year 2024, compared to 32.1% in the prior year. The increase was driven by higher revenue as detailed above, as well as cost reductions.

Other operating expenses were $41.4 million for full year 2024, compared to $45.2 million in the prior year. The reduction was mainly driven by expenses incurred during 2023 relating to the acquisition of Arq Limited (“Legacy Arq”) (the “Arq Acquisition”) that did not occur in 2024.

Operating loss totaled ($2.0) million for full year 2024, compared to an operating loss of ($13.3) million in the prior year. The reduction in loss was mainly driven by the factors referenced above.

Interest expense was $3.3 million for full year 2024, compared to $3.0 million in the prior year. The increase was primarily driven by interest expenses related to the $10 million term loan with CF Global (the “CFG Loan”) of $2.3 million and $2.0 million in 2024 and 2023, respectively. The CFG Loan had a higher principal balance from the accrual of interest payable (PIK) upon the termination date of the CFG Loan, which was paid in December 2024.

Income tax benefit was $0.2 million for full year 2024, compared to an income tax expense of $0.2 million in the prior year.

Net loss was ($5.1) million, or ($0.14) per diluted share for full year 2024, compared to Net loss of ($12.2) million, or ($0.42) per diluted share in the prior year. The reduction in net loss was driven by higher revenues and a reduction in costs.

Adjusted EBITDA was $7.7 million for full year 2024, compared to an Adjusted EBITDA loss of ($2.6) million in the prior year. The increase was mainly driven by our continued focus on increasing revenues while driving costs down. Additionally, an addback of Adjusted EBITDA during 2024 related to Loss on extinguishment of debt of $1.4 million, related to our repayment of the CFG Loan in December 2024 led to the increase. See the note below regarding the use of the non-GAAP financial measure Adjusted EBITDA and a reconciliation to the most comparable GAAP financial measure.

Fourth Quarter 2024 Results

Revenue totaled $27.0 million for Q4 2024, reflecting a decrease of 4% compared to $28.1 million in the prior year period. The reduction was driven predominantly by the one-off benefits delivered in Q4 2023 as a result of take-or-pay enforcement totaling $4.7 million vs. $1.6 million in the fourth quarter of 2024. Excluding these one-off items, revenue was up YoY. ASP for the fourth quarter of 2024 were up approximately 14% compared to prior year period, marking the 7^th consecutive quarter of double-digit year-over-year percentage growth in ASP.

Costs of revenue totaled $17.2 million for the fourth quarter of 2024, an increase of approximately 22% compared to $14.1 million in the prior year period.

Gross margin reduced to 36.3% for the fourth quarter of 2024, compared to 49.8% in the prior year period. The reduction in gross margin was driven by higher non-recurring revenues in Q4 2023 driven primarily by $3.1 million of additional take or pay enforcement in Q4 2023. Excluding this, Q4 2024 was largely in-line despite two brief but unplanned outages at our Red River plant.

Selling, general and administrative expenses totaled $6.0 million in Q4 2024, compared to $6.5 million in the prior year period. The reduction of approximately $0.5 million or 8% was primarily driven by a reduction in payroll and benefits as well as legal and consulting fees as the Company incurred incremental fees related to the Arq Acquisition in 2023.

Research and development costs totaled $0.7 million in Q4 2024, compared to $1.2 million in the prior year period. This reduction was primarily due to the Company performing product qualification testing in the prior year period with potential lead-adopters as part of its ongoing GAC contracting process in 2023.

Operating income was $0.4 million for the fourth quarter of 2024, compared to an operating income of $3.1 million in the prior year period. The reduction was mainly driven by the factors referenced above.

Net loss was ($1.3) million in the fourth quarter of 2024, or ($0.03) per diluted share, compared to a net income of $3.3 million, or $0.10 per diluted share, in the prior year period.

Adjusted EBITDA was $3.3 million for the fourth quarter of 2024, compared to Adjusted EBITDA of $7.2 million in the prior year period. The reduction was primarily driven by the significant one-off items discussed above. See note below regarding the use of the non-GAAP financial measure Adjusted EBITDA and a reconciliation to the most comparable GAAP financial measure.

Capex and Balance Sheet

Capital expenditures totaled $85.2 million for full year 2024, compared to $27.5 million in the prior year. The increase vs. the prior year was driven by the ongoing expansion of our Red River and Corbin facilities. The increase in total 2024 capex from previous guidance of $60 – $70 million was primarily driven by several factors, including $4 – $5 million related to contractor errors associated with small-bore piping needs, roughly $3 – $4 million related to maintaining a timely completion, and approximately $2 million related to the need for additional external professional services.

The Company raised approximately $26.7 million of net equity proceeds in its September 2024 underwritten public offering of common stock, which, combined with approximately $15 million raised in a private placement of common stock in May 2024, resulted in year-to-date net equity proceeds raised through Q4 2024 of approximately $41.6 million.

In December 2024, the Company closed a $30 million ABL credit facility (the “ABL Facility”) with MidCap Financial, a leading commercial finance company focused on middle market transactions. Total available borrowing capacity for the ABL Facility is determined by a borrowing base calculation based on a certain percentage of eligible accounts receivable and inventory.

Initial drawdown from the ABL Facility ($13.8 million as of December 31, 2024) was utilized to refinance Arq’s outstanding CFG Loan. Going forward, the Company expects that proceeds from the ABL Facility will be used to finance ongoing working capital requirements and potential capital expenditures related to the Company’s strategic growth investment at its Red River plant, as well as to support general corporate purposes.

Cash as of December 31, 2024, including $8.7 million of restricted cash, totaled $22.2 million, compared to $54.2 million as of December 31, 2023. The reduction was largely driven by increased expenditures relating to the Red River GAC expansion.

Total debt, inclusive of financing leases, as of December 31, 2024, totaled $24.8 million compared to $20.9 million as of December 31, 2023. The increase was driven by closing the ABL Facility.

Conference Call and Webcast Information

Arq will host its Q4 2024 earnings conference call on March 6, 2025, at 8:30 a.m. ET. The live webcast can be accessed through the Investor Resources section of Arq’s website at www.arq.com. Interested parties may participate in the conference call by registering at https://www.webcast-eqs.com/arq20250306. Alternatively, the live conference call may be accessed by dialing (877) 407-0890 or (201) 389-0918 and referencing Arq. An investor presentation will also be available in the Investor Resources section before the call begins.

A replay of the event will be made available shortly after the event and accessible via the same webcast link referenced above. Alternatively, the replay may be accessed by dialing (877) 660-6853 or (201) 612-7415 and entering Access ID 13751420. The dial-in replay will expire after March 13, 2025.

About Arq

Arq (NASDAQ: ARQ) is a diversified, environmental technology company with products that enable a cleaner and safer planet while actively reducing our environmental impact. As the only vertically integrated producer of activated carbon products in North America, we deliver a reliable domestic supply of innovative, hard-to-source, high-demand products. We apply our extensive expertise to develop groundbreaking solutions to remove harmful chemicals and pollutants from water, land and air. Learn more at: www.arq.com.

Caution on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a “safe harbor” for such statements in certain circumstances. When used in this press release, the words “can,” “will,” “may,” “intends,” “expects,” “continuing,” “believes,” similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. All statements that address activities, events or developments that the Company intends, expects or believes may occur in the future are forward-looking statements. These forward-looking statements include, but are not limited to, statements or expectations regarding: the anticipating timing of the completion of commissioning of the GAC Facility, ramp-up to full nameplate capacity at our Red River facility, and commercial production of our GAC products; the anticipated effects from fluctuations in the pricing of our AC products; expected supply and demand for our AC products and services, including our GAC products; the seasonal impact on our customers and their demand for our products; the ability to continue to successfully integrate Legacy Arq’s business and recognize the benefits and synergies from the Arq Acquisition; the ability to continue to develop and utilize Legacy Arq’s products and technology and the anticipated timing for bringing such products to market; our ability to access new markets for our GAC and other products; any future plant capacity expansions or site development projects and our ability to finance any such projects; the effectiveness of our technologies and the benefits they provide; the timing of awards of, and work and related testing under, our contracts and agreements and their value; probability of any loss occurring with respect to certain guarantees made by Tinuum Group; the timing and amounts of or changes in future revenue, funding for our business and projects, margins, expenses, earnings, tax rates, cash flows, royalty payment obligations, working capital, liquidity and other financial and accounting measures; the performance of obligations secured by our surety bonds; the amount and timing of future capital expenditures needed to fund our business plan; the impact of capital expenditure overruns on our business; awards of patents designed to protect our proprietary technologies both in the U.S. and other countries; the adoption and scope of regulations to control certain chemicals in drinking water and other environmental concerns and the impact of such regulations on our customers’ and our businesses, including any increase or decrease in sales of our AC products resulting from such regulations; the impact of adverse global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, and geopolitical events or conflicts; opportunities to effectively provide solutions to our current and future customers to comply with regulations, improve efficiency, lower costs and maintain reliability; and the impact of prices of competing power generation sources such as natural gas and renewable energy on demand for our products. These forward-looking statements included in this press release involve risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to, the timing and scope of new and pending regulations and any legal challenges to or extensions of compliance dates of them; the U.S. government’s failure to promulgate new regulations or enforce existing regulations that benefit our business; changes in laws and regulations, accounting rules, prices, economic conditions and market demand; availability, cost of and demand for alternative energy sources and other technologies and their impact on coal-fired power generation in the U.S.; technical, start up and operational difficulties; competition within the industries in which the Company operates; risks associated with our debt financing; our inability to effectively and efficiently commercialize new products, including our GAC products; our inability to effectively manage commissioning and startup of the GAC facility at our Red River plant; disruptions at any of our facilities, including by natural disasters or extreme weather; risks related to our information technology systems, including the risk of cyberattacks on our networks; failure to protect our intellectual property from infringement or claims that we have infringed on the intellectual property of others; our inability to obtain future financing or financing on terms that are favorable to us; our inability to ramp up our operations to effectively address recent and expected growth in our business; loss of key personnel; ongoing effects of the inflation and macroeconomic uncertainty, including from the new U.S. presidential administration, increased domestic and international tariffs, lingering effects of the pandemic and armed conflicts around the world, and such uncertainty’s effect on market demand and input costs; availability of materials and equipment for our business; intellectual property infringement claims from third parties; pending litigation; factors relating to our business strategy, goals and expectations concerning the Arq Acquisition; our ability to maintain relationships with customers, suppliers and others with whom the Company does business and meet supply requirements; our results of operations and business generally; risks related to diverting management’s attention from our ongoing business operations; costs related to the ongoing manufacturing of our products, including our GAC products; opportunities for additional sales of our AC products and end-market diversification; the timing and scope of new and pending regulations, executive orders and any legal challenges to or extensions of compliance dates of them; the rate of coal-fired power generation in the U.S.; the timing and cost of any future capital expenditures and the resultant impact to our liquidity and cash flows; and the other risk factors described in our filings with the SEC, including our most recent Annual Report on Form 10-K. You are cautioned not to place undue reliance on the forward-looking statements and to consult filings we have made and will make with the SEC for additional discussion concerning risks and uncertainties that may apply to our business and the ownership of our securities. In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this press release. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise. The forward-looking statements speak only as to the date of this press release, and we disclaim any duty to update such statements unless required by law.

Source: Arq, Inc.

Investor Contact:
Anthony Nathan, Arq
Marc Silverberg, ICR
investors@arq.com


Arq, Inc. and Subsidiaries Consolidated Balance Sheets

	As of December 31,
(in thousands, except share data)		2024			2023
ASSETS
Current assets:
Cash	$	13,516		$	45,361
Receivables, net		14,876			16,192
Inventories, net		19,314			19,693
Prepaid expenses and other current assets		4,650			5,215
Total current assets		52,356			86,461
Restricted cash, long-term		8,719			8,792
Property, plant and equipment, net of accumulated depreciation of $26,619 and $19,293, respectively		178,564			94,649
Other long-term assets, net		44,729			45,600
Total Assets	$	284,368		$	235,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	21,017		$	14,603
Revolving credit facility		13,828			—
Current portion of long-term debt obligations		1,624			2,653
Other current liabilities		8,184			5,792
Total current liabilities		44,653			23,048
Long-term debt obligations, net of current portion		9,370			18,274
Other long-term liabilities		13,069			15,780
Total Liabilities		67,092			57,102
Commitments and contingencies
Stockholders’ equity:
Preferred stock: par value of $0.001 per share, 50,000,000 shares authorized, none issued or outstanding		—			—
Common stock: par value of $0.001 per share, 100,000,000 shares authorized, 46,639,930 and 37,791,084 shares issued and 42,021,784 and 33,172,938 shares outstanding at December 31, 2024 and 2023, respectively		47			38
Treasury stock, at cost: 4,618,146 and 4,618,146 shares as of December 31, 2024 and 2023, respectively		(47,692	)		(47,692	)
Additional paid-in capital		198,487			154,511
Retained earnings		66,434			71,543
Total Stockholders’ Equity		217,276			178,400
Total Liabilities and Stockholders’ Equity	$	284,368		$	235,502


Arq, Inc. and Subsidiaries Consolidated Statements of Operations

	Three Months Ended December 31,						Years Ended December 31,
(in thousands, except per share data)		2024			2023			2024			2023
	(unaudited)
Revenue	$	27,040		$	28,104		$	108,959		$	99,183

Cost of revenue, exclusive of depreciation and amortization		17,236			14,105			69,515			67,323

Operating expenses:
Selling, general and administrative		5,960			6,495			28,695			34,069
Research and development		709			1,169			4,050			3,314
Depreciation, amortization, depletion and accretion		2,504			3,267			8,594			10,543
Loss (gain) on sale of assets		218			(36	)		64			(2,731	)
Total operating expenses		9,391			10,895			41,403			45,195
Operating income (loss)		413			3,104			(1,959	)		(13,335	)
Other (expense) income:
Earnings from equity method investments		—			111			127			1,623
Interest expense		(831	)		(859	)		(3,257	)		(3,014	)
Loss on extinguishment of debt		(1,422	)		—			(1,422	)		—
Other		307			1,120			1,238			2,630
Total other (expense) income		(1,946	)		372			(3,314	)		1,239
(Loss) income before income taxes		(1,533	)		3,476			(5,273	)		(12,096	)
Income tax (benefit) expense		(194	)		186			(164	)		153
Net (loss) income	$	(1,339	)	$	3,290		$	(5,109	)	$	(12,249	)
(Loss) income per common share:
Basic	$	(0.03	)	$	0.10		$	(0.14	)	$	(0.42	)
Diluted	$	(0.03	)	$	0.10		$	(0.14	)	$	(0.42	)
Weighted-average number of common shares outstanding:
Basic		41,275			32,367			36,051			29,104
Diluted		41,275			32,952			36,051			29,104


Arq, Inc. and Subsidiaries Consolidated Statements of Cash Flows

	Years Ended December 31,
(in thousands)		2024			2023
Cash flows from operating activities
Net loss	$	(5,109	)	$	(12,249	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, amortization, depletion and accretion		8,594			10,543
Stock-based compensation expense		2,715			2,648
Operating lease expense		2,004			2,757
Loss from extinguishment of debt		1,422			—
Amortization of debt discount and debt issuance costs		601			546
Loss (gain) on sale of assets		64			(2,731	)
Earnings from equity method investments		(127	)		(1,623	)
Other non-cash items, net		37			(75	)
Changes in operating assets and liabilities:
Receivables and related party receivables		1,316			(2,264	)
Prepaid expenses and other assets		1,166			4,777
Inventories, net		1,636			(2,571	)
Other long-term assets, net		(2,166	)		(4,762	)
Accounts payable and accrued expenses		216			(12,061	)
Other current liabilities		1,144			(184	)
Operating lease liabilities		(1,272	)		(168	)
Other long-term liabilities		(1,764	)		764
Net cash provided by (used in) operating activities		10,477			(16,653	)
Cash flows from investing activities
Acquisition of property, plant, equipment and intangible assets, net		(85,170	)		(27,516	)
Acquisition of mine development costs		(181	)		(2,690	)
Proceeds from sale of property and equipment		150			—
Distributions from equity method investees in excess of cumulative earnings		127			1,623
Cash and restricted cash acquired in business acquisition		—			2,225
Payment for disposal of Marshall Mine, LLC		—			(2,177	)
Net cash used in investing activities	$	(85,074	)	$	(28,535	)
Cash flows from financing activities
Net proceeds from common stock issued in public offering	$	26,654		$	—
Net proceeds from common stock issued in private placement transactions		14,951			15,220
Borrowings on revolving credit facility		13,828			—
Net proceeds from common stock issued to related party		800			1,000
Principal payments on notes payable		(10,544	)		(473	)
Repurchase of common stock to satisfy tax withholdings		(1,135	)		(230	)
Principal payments on finance lease obligations		(1,022	)		(1,130	)
Payment of debt issuance costs		(633	)		—
Payment of debt extinguishment costs		(220	)		—
Net proceeds from CFG Loan, related party, net of discount and issuance costs		—			8,522
Net cash provided by financing activities		42,679			22,909
Decrease in Cash and Restricted Cash		(31,918	)		(22,279	)
Cash and Restricted Cash, beginning of year		54,153			76,432
Cash and Restricted Cash, end of year	$	22,235		$	54,153

Supplemental disclosure of cash flow information:
Cash paid for interest	$	2,017		$	1,727
Cash received for income taxes	$	(452	)	$	(1,697	)
Supplemental disclosure of non-cash investing and financing activities:
Change in accrued purchases for property and equipment	$	6,198		$	914
Purchase of property and equipment through note payable	$	1,004		$	—
Equity issued as consideration for acquisition of business	$	—		$	31,206
Paid-in-kind dividend on Series A Preferred Stock	$	—		$	157

Note on Non-GAAP Financial Measures

To supplement our financial information presented in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), we provide certain supplemental financial measures, including EBITDA and Adjusted EBITDA, which are measurements that are not calculated in accordance with U.S. GAAP. EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA reduced by the non-cash impact of equity earnings from equity method investments and other non-cash gains, increased by cash distributions from equity method investments, other non-cash losses and non-recurring costs and fees. EBITDA and Adjusted EBITDA should be considered in addition to, and not as a substitute for, net income (loss) in accordance with U.S. GAAP as a measure of performance. See below for a reconciliation from net income (loss), the nearest U.S. GAAP financial measure, to EBITDA and Adjusted EBITDA.

We believe that the EBITDA and Adjusted EBITDA measures are less susceptible to variances that affect our operating performance. We include these non-GAAP measures because management uses them in the evaluation of our operating performance, and believe they help to facilitate comparison of operating results between periods. We believe the non-GAAP measures provide useful information to both management and users of the financial statements by excluding certain expenses, gains, and losses which can vary widely across different industries or among companies within the same industry and may not be indicative of core operating results and business outlook.

EBITDA and Adjusted EBITDA:

The following table reconciles net income (loss), our most directly comparable as-reported financial measure calculated in accordance with U.S. GAAP, to EBITDA and Adjusted EBITDA (Adjusted EBITDA loss).


Arq, Inc. and Subsidiaries Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA (Adjusted EBITDA loss) *(Unaudited)*

	Three Months Ended									Years Ended
	September 30,			December 31,						December 31,
(in thousands)		2024			2024			2023			2024			2023
Net income (loss)	$	1,617		$	(1,339	)	$	3,290		$	(5,109	)	$	(12,249	)
Depreciation, amortization, depletion and accretion		2,716			2,504			3,267			8,594			10,543
Amortization of Upfront Customer Consideration		127			127			127			508			508
Interest expense, net		600			516			346			2,154			1,168
Income tax (benefit) expense		—			(194	)		186			(164	)		153
EBITDA		5,060			1,614			7,216			5,983			123
Cash distributions from equity method investees		127			—			111			127			1,623
Equity earnings		(127	)		—			(111	)		(127	)		(1,623	)
Loss on extinguishment of debt		—			1,422			—			1,422			—
(Gain) loss on sale of assets		(154	)		218			—			64			(2,695	)
Gain on change in estimate, asset retirement obligation		—			—			(37	)		—			(37	)
Financing costs		228			47			—			275			—
Adjusted EBITDA (Adjusted EBITDA loss)	$	5,134		$	3,301		$	7,179		$	7,744		$	(2,609	)

The MIL Network –

March 6, 2025

MIL-OSI USA: Mandatory Spending Under the Jurisdiction of the House Committee on Energy and Commerce
Source: US Congressional Budget Office

In response to a request from Ranking Member Boyle and Ranking Member Pallone, CBO provides information about projections of mandatory spending for the 2025–2034 period for the list of programs, excluding Medicare, that the Members indicated are under the jurisdiction of the House Committee on Energy and Commerce.

In CBO’s January 2025 baseline budget projections, mandatory outlays for the accounts that the Members asked about total $8.8 trillion for the 2025–2034 period. Medicaid outlays account for $8.2 trillion, or 93 percent, of that amount (see Table 1 in the PDF).

The Members also asked for two subtotals of projected outlays in Table 1:
- Outlays other than for Medicaid total $581 billion through 2034.
- Outlays other than for Medicaid and CHIP total $381 billion over the 10‑year period.
Among the largest programs other than Medicaid and CHIP are the risk adjustment program, in which health insurers make payments to the government or receive payments from it according to the health of their enrollees ($158 billion), and the Universal Service Fund ($87 billion). The risk adjustment program, however, is budget neutral with revenues offsetting spending. Spending from the Universal Service Fund is derived from fees that are classified as revenues on certain telecommunication services. Outlays for all other programs total $135 billion, on net, over the period, encompassing spending for a variety of federal activities.

MIL OSI USA News –
March 6, 2025
MIL-OSI Canada: Budget 2025: Investing in Alberta’s future | Budget 2025 : Investir dans l’avenir de l’Alberta
As Alberta continues work to address increasing domestic and international economic pressures, Budget 2025 works to strengthen Alberta’s economy. This budget helps build communities, secure Alberta’s southern border and boost investments in the province’s economic future.

“While we work closely with partners to find solutions to a possible trade conflict, we will continue our work to make sure Alberta’s economy is strong – in and outside of the energy sector – so that we can manage any turbulence that comes our way. Budget 2025 carves our path forward in the face of this uncertainty.”

Nate Horner, President of Treasury Board and Minister of Finance

Budget 2025: Supporting a strong workforce

Alberta’s workforce is the backbone of the provincial economy. Budget 2025 continues the commitment to training and developing a skilled and resilient labour force to further grow Alberta’s economy and help businesses succeed, including:
- $26.1 billion over three years from the Capital Plan, to support about 26,500 direct and 12,000 indirect jobs each year through 2027-28.
- $135 million for skilled trade programs such as apprenticeship and adult learning initiatives to help Albertans gain the skills and training needed for successful careers, and support access to job opportunities.
- $2 billion in 2025-26 to support and expand early learning and child-care system so parents and caregivers can participate in training, education or work opportunities.
Budget 2025: Securing our borders
- Alberta’s government is committed to being a good neighbour and trading partner, and part of this commitment involves taking measures to secure the Alberta-US border. Budget 2025 includes $29 million in 2025-26 for a new Interdiction Patrol Team within the Alberta Sheriffs to tackle illegal drug and gun smuggling, human trafficking, apprehension of persons attempting to cross the border illegally, and other illegal activities along Alberta’s international land border. Budget 2025 also includes a $15 million investment over two years for three new vehicle inspection stations located near borders to the USA.
Budget 2025: Investing in post-secondary education

Budget 2025 invests a total of $7.4 billion in post-secondary education, with an operating budget of $6.6 billion in 2025-26. This includes:
- $78 million per year over the next three years to create more seats in apprenticeship classes across the province to build skilled trades and apprenticeship education that will respond to the needs of industry, support the economy and connect Albertans with jobs.
- $113 million to support greater demand for scholarships and the Alberta Student Grant, with $60 million funded from the Alberta Heritage Scholarship Fund.
- $4 million to the First Nations Colleges Grant which is distributed equally across five colleges in rural and remote Indigenous communities.
“Our government is ensuring that Alberta students have the skills and training they need to meet the needs of today while preparing for the economy of the future. Budget 2025 makes foundational investments to meet the challenge of a rapidly growing population while supporting a sustainable post-secondary education system.”

Rajan Sawhney, Minister of Advanced Education

Budget 2025: Building communities

Alberta’s vibrant communities make Alberta the best place in Canada to live, work and raise a family. Budget 2025 invests in stronger communities across Alberta, including:
- $17.2 million to increase grants made to municipalities in lieu of property taxes on government-owned property to 75 per cent, up from the current 50 per cent. By next year, the province will cover 100 per cent of the amount that would be paid if the property was taxable.
- $820 million this year and $2.5 billion over three years in Local Government Fiscal Framework capital funding to help fund local infrastructure priorities.
Budget 2025: Supporting trade and diversification

Alberta continues to champion economic growth and policies that support productivity. Through Budget 2025, Alberta’s government will continue to build on current successes through:
- Attracting more investment through low corporate income taxes. At eight per cent, Alberta’s corporate income tax rate is 30 per cent lower than the next lowest province.
- Providing greater incentive for small- and medium-sized firms that increase their spending on research and development, with Alberta’s Innovation Employment Grant.
- Promoting Alberta as a reliable partner in supporting North American and global energy security to investors. The province will optimize new and existing infrastructure to access new markets for Alberta’s energy and mineral resources.
- Supporting Alberta’s agriculture producers and value-added processors, addressing barriers to trade by cultivating export markets, and working to increase market access for Alberta products.
- Reinforcing Alberta as a critical contributor to North American energy security by continuing to advocate for our remarkable energy sector across Canada, the U.S., Germany, Japan and the rest of the world.
Budget 2025: Investing in business and industry

Budget 2025 continues to find ways to help Alberta’s economy grow through investments in business and industry and help our economy grow, including:
- Support to attract investment in Alberta’s energy and mineral resource sector to accelerate opportunities in emerging resources.
- $45 million over three years for the Investment and Growth Fund to attract investment into Alberta’s economy.
- $1.8 million in Western Crop Innovations for industry-leading crop research.
- $780,000 to support small- and medium-sized meat processors.
- $3.1 million for the University of Calgary’s Faculty of Veterinary Medicine to expand toward a full-service veterinary diagnostic laboratory. This will give livestock producers and vets access to quicker, more affordable livestock diagnostics closer to home.
“Budget 2025 builds a stronger Alberta by growing industries, creating high-quality jobs and expanding opportunities for workers and families. With strategic investments in innovation, infrastructure and workforce development, Alberta is rising to the challenge, strengthening our province for many years to come.”

Matt Jones, Minister of Jobs, Economy and Trade

“We are advancing cutting-edge research in agriculture and supporting small and medium-sized businesses. Additionally, we are strengthening our agricultural infrastructure, ensuring quicker and more affordable services for livestock producers and veterinarians. We’re supporting innovation, attracting investment, and building a resilient economy for the future.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.

Related information
- Budget 2025
Related news
- Budget 2025: Meeting the challenge (Feb 27, 2025)
- Budget 2025: Meeting the challenge in health and education (Feb 27, 2025)
Multimedia
- Watch the Budget address
- Watch the news conference
- Listen to the news conference
Le budget de 2025 relève le défi de l’incertitude en matière de commerce et de sécurité en mettant l’accent sur l’économie.

À mesure que l’Alberta continue de répondre aux pressions économiques intérieures et internationales, le budget de 2025 vise à renforcer l’économie albertaine. Il contribue à bâtir des communautés, à assurer la sécurité de la frontière au sud de la province et à renforcer les investissements dans notre avenir économique.

« Alors que nous travaillons en étroite collaboration avec des partenaires pour trouver des solutions à un différend commercial potentiel, nous poursuivons notre travail pour nous assurer que l’économie de l’Alberta est forte, dans le secteur de l’énergie et ailleurs, afin de pouvoir gérer toute perturbation. Le budget de 2025 trace la voie à suivre face à cette incertitude. »

Nate Horner, président du Conseil du Trésor et ministre des Finances

Budget 2025 : Soutenir une main-d’œuvre solide

La main-d’œuvre albertaine est l’épine dorsale de l’économie provinciale. Le budget de 2025 maintient l’engagement envers la formation et le perfectionnement d’une main-d’œuvre qualifiée et résiliente de sorte à faire croître l’économie et aider les entreprises à réussir :
- 26,1 milliards de dollars sur trois ans provenant du plan d’immobilisations afin d’appuyer environ 26 500 emplois directs et 12 000 emplois indirects chaque année jusqu’en 2027-2028.
- 135 millions de dollars pour des programmes de métiers spécialisés, comme des initiatives d’apprentissages et d’éducation des adultes de sorte à aider les Albertains à acquérir les compétences et à suivre la formation nécessaires pour mener des carrières fructueuses, ainsi qu’à soutenir l’accès aux possibilités d’emploi.
- 2 milliards de dollars en 2025-26 pour appuyer et élargir le système d’apprentissage et de garde des jeunes enfants afin que les parents et les gardiens tirent parti de possibilités de formation, d’éducation ou d’emploi.
Budget 2025 : Assurer la sécurité de nos frontières
- Le gouvernement de l’Alberta est résolu à être un bon voisin et un bon partenaire commercial, ce qui implique la prise de mesures pour assurer la sécurité de la frontière entre l’Alberta et les États-Unis. Le budget de 2025 prévoit 29 millions de dollars en 2025-26 pour une nouvelle équipe de « patrouille d’interdiction » (Interdiction Patrol Team) qui fait partie des shérifs de l’Alberta et sera chargée de lutter contre le trafic de drogue et d’armes et la traite de personnes, d’appréhender les personnes qui tentent de traverser la frontière illégalement et de surveiller d’autres activités illégales le long de la frontière internationale de la province. Le budget de 2025 comprend en outre un investissement de 15 millions de dollars sur deux ans pour trois nouveaux postes d’inspection de véhicules près de la frontière des États-Unis.
Budget 2025 : Investir dans l’enseignement postsecondaire

Le budget de 2025 investit en tout 7,4 milliards de dollars dans l’enseignement postsecondaire, le budget d’exploitation étant de 6,6 milliards de dollars en 2025-2026. Cette somme comprend :
- 78 millions de dollars par années sur trois ans pour créer un plus grand nombre de places dans les cours d’apprentissage de toute la province en vue de renforcer les métiers spécialisés et les formations en apprentissage qui répondront aux besoins de l’industrie, soutiendront l’économie et mettront les Albertains en rapport avec des emplois.
- 113 millions de dollars pour contribuer à satisfaire à la demande croissante de bourses et appuyer la bourse aux étudiants de l’Alberta (Alberta Student Grant), dont 60 millions de dollars provenant de l’Alberta Heritage Scholarship Fund.
- 4 millions de dollars pour la subvention aux collèges des Premières Nations (First Nations Colleges Grant), cette somme étant répartie également entre cinq collèges dans des communautés autochtones rurales et éloignées.
« Notre gouvernement veille à ce que les étudiants en Alberta possèdent les compétences et la formation nécessaires pour répondre aux besoins actuels, tout en se préparant à l’économie future. Le budget de 2025 réalise des investissements fondamentaux de sorte à relever les défis posés par une population en pleine croissance, tout en appuyant un système d’éducation postsecondaire durable. »

Rajan Sawhney, ministre de l’Enseignement postsecondaire

Budget 2025 : Bâtir des communautés

Les communautés dynamiques de notre province font de l’Alberta le meilleur endroit au Canada où vivre, travailler et élever une famille. Le budget de 2025 investit dans des communautés plus fortes partout en Alberta :
- 17,2 millions de dollars pour augmenter de 50 % à 75 % les subventions accordées aux municipalités en remplacement d’impôts fonciers à l’égard des propriétés qui appartiennent au gouvernement. D’ici l’année prochaine, la province couvrira 100 $ du montant qui serait versé si la propriété était imposable.
- 820 millions de dollars cette année et 2,5 milliards de dollars sur trois ans en dépenses en capital du cadre fiscal des administrations locales (Local Government Fiscal Framework) afin d’aider à financer les travaux d’infrastructures prioritaires.
Budget 2025 : Soutenir le commerce et la diversification

L’Alberta continue de favoriser la croissance économique et des politiques qui appuient la productivité. Par l’entremise du budget de 2025, le gouvernement de l’Alberta continuera de tirer parti des réussites actuelles en faisant ce qui suit :
- Attirer plus d’investissements grâce à un faible taux d’imposition sur le revenu des sociétés. En Alberta, le taux de 8 % est de 30 % inférieur à celui de la province qui se classe deuxième.
- Offrir de plus grands stimulants aux petites et moyennes entreprises qui augmentent leurs dépenses en recherche et développement, par l’entremise de la subvention pour l’emploi et l’innovation (Alberta’s Innovation Employment Grant).
- Promouvoir l’Alberta en tant que partenaire fiable pour soutenir la sécurité énergétique nord-américaine et mondiale auprès des investisseurs. La province optimisera les infrastructures nouvelles et existantes afin d’accéder à de nouveaux marchés pour les ressources énergétiques et minérales de l’Alberta.
- Soutenir les producteurs agricoles albertains et les transformateurs à valeur ajoutée de l’Alberta, s’attaquer aux obstacles au commerce en cultivant les marchés d’exportation et s’employer à améliorer l’accès au marché pour les produits de l’Alberta.
- Renforcer la position de l’Alberta en tant que contributrice essentielle à la sécurité énergétique de l’Amérique du Nord en continuant de promouvoir notre secteur énergétique remarquable au Canada, aux États-Unis, en Allemagne, au Japon et dans le reste du monde.
Budget 2025 : Investir dans les entreprises et les industries

Le budget de 2025 continue de trouver des moyens de favoriser la croissance de l’économie albertaine en investissant dans les entreprises et les industries :
- Soutien visant à attirer des investissements dans le secteur de l’énergie et des ressources minérales de sorte à accélérer les possibilités dans le domaine des ressources émergentes.
- 45 millions de dollars sur trois ans pour le fonds d’investissement et de croissance (Investment and Growth Fund) en vue d’attirer des investissements dans l’économie albertaine.
- 1,8 million de dollars versés à Western Crop Innovations au titre de la recherche de pointe sur les cultures.
- 780 000 $ pour appuyer les petites et moyennes entreprises de transformation de viande.
- 3,1 millions de dollars pour la Faculté de médecine vétérinaire de l’Université de Calgary en vue d’un agrandissement menant à un laboratoire de diagnostic vétérinaire complet. Les éleveurs de bétail et les vétérinaires auront alors accès à un diagnostic plus rapide, plus abordable et plus proche.
« Le budget de 2025 bâtit une Alberta plus forte en développant les industries, en créant des emplois de haute qualité et en élargissant les possibilités offertes aux travailleurs et aux familles. Grâce à des investissements stratégiques en innovation, infrastructure et perfectionnement de la main-d’œuvre, l’Alberta relève le défi pour être plus forte pendant de nombreuses années à venir. »

Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

« Nous faisons progresser la recherche de point en agriculture et nous appuyons les petites et moyennes entreprises. De plus, nous renforçons notre infrastructure agricole pour offrir des services plus rapides et plus abordables aux éleveurs de bétail et aux vétérinaires. Nous soutenons l’innovation, nous attirons les investissements et nous bâtissons une économie résiliente pour l’avenir. »

RJ Sigurdson, ministre de l’Agriculture et de l’Irrigation

Le budget de 2025 relève le défi auquel fait face l’Alberta grâce à des investissements continus dans l’éducation et la santé, une baisse des impôts pour les familles et un accent sur l’économie.

Renseignements connexes
- Budget 2025
Nouvelles connexes
- Budget 2025: Meeting the challenge | Budget 2025 : Relever le défi (27 février 2025)
- Budget 2025: Meeting the challenge in health and education | Budget 2025 : Relever le défi dans la santé et l’éducation (27 février 2025)
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MIL OSI Canada News –
March 6, 2025

MIL-OSI: Rigetti Computing Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

BERKELEY, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2024.

Fourth Quarter and Full-Year 2024 Financial Highlights

Revenues for the three months ended December 31, 2024 were $2.3 million
Operating expenses for the three months ended December 31, 2024 were $19.5 million
Operating loss for the three months ended December 31, 2024 was $18.5 million
Net loss for the three months ended December 31, 2024 was $153.0 million, including $135.1 million of non-cash charges for the fair value change in the earn-out and derivative warrant liabilities
For the year ended December 31, 2024, revenues were $10.8 million, operating expenses were $74.2 million, operating loss was $68.5 million and net loss was $201.0 million, including $133.9 million of non-cash charges for the fair value change in the earn-out and derivative warrant liabilities
As of December 31, 2024 cash, cash equivalents and available-for-sale securities totaled $217.2 million
Received net proceeds of $153.3 million during the three months ended December 31, 2024 from the sale of 88.1 million shares of common stock through a registered direct offering and completion of our at-the-market equity offering
Prepaid in full all remaining amounts owed under our loan agreement with Trinity Capital, Inc.

Business & Strategic Collaboration Updates

New strategic collaboration with Quanta Computer
Rigetti has entered into a strategic collaboration agreement with Quanta Computer, Inc. (“Quanta”), a Taiwan-based Global Fortune 500 company and the global leader of computer server manufacturing, with the goal of accelerating the development and commercialization of superconducting quantum computing. The companies have committed to investing more than $100 million each over the next five years pursuant to the collaboration agreement, with both sides focusing on their complementary strengths to develop superconducting quantum computing technologies. In addition, pursuant to a securities purchase agreement, Quanta will invest $35 million to purchase shares of Rigetti common stock, subject to regulatory clearance. The agreements were signed on February 27, 2025.

“Quanta’s collaboration with Rigetti is designed to strengthen our position in this flourishing market. Our companies’ complementary strengths — Rigetti as a pioneer in superconducting quantum technology, with open, modular architecture enabling integration of innovative solutions across the stack, and Quanta as the world’s leading notebook/server manufacturer with $43 billion in annual sales — will support us in our goal to be at the forefront of the quantum computing industry,” says Dr. Subodh Kulkarni, Rigetti CEO.

Montana State University purchases a Novera QPU
Rigetti sold a Novera QPU to Montana State University (MSU) in December 2024, which was the Company’s first QPU sale to an academic institution. The Novera will be located at MSU’s QCORE to educate and train scientists and engineers on quantum computing technologies, in addition to being used to create a testbed for quantum computing R&D. MSU’s QCORE is a new center of excellence for quantum enabling technologies established to accelerate workforce development and the regional quantum innovation ecosystem.

Technology Milestones

84-qubit Ankaa-3 system launches with record high fidelity
Rigetti launched its 84-qubit Ankaa™-3 system in December 2024. Ankaa-3 features an extensive hardware redesign that enables superior performance. Rigetti achieved major two-qubit gate fidelity milestones with Ankaa-3: successfully halving error rates in 2024 to achieve a 99.0% median iSWAP gate fidelity and demonstrating 99.5% median fidelity with fSim gates. Rigetti’s newest flagship quantum computer continues to feature Rigetti’s scalable, industry-leading chip architecture with 3D signal delivery while incorporating major enhancements to key technologies.

Ankaa-3 is available to Rigetti’s partners via the Rigetti Quantum Cloud Services platform (QCS^®) and to the general public via Microsoft Azure and Amazon Braket.

“We believe that superconducting qubits are the winning modality for quantum computers given their fast gate speeds and scalability. We’ve developed critical IP to scale our systems and remain confident in our plans to scale to 100+ qubits by the end of the year with a targeted 2x reduction in error rates from the error rates we achieved at the end of 2024. We believe our leadership in superconducting quantum computing continues to be reinforced as we push the boundaries of our system performance, as evidenced by the success of Ankaa-3,” says Dr. Kulkarni.

Successful AI-powered calibration of a Rigetti QPU
AI-powered tools from Quantum Elements and Qruise remotely automated the calibration of a Rigetti QPU integrated with Quantum Machines’ control system. This work was part of the “AI for Quantum Calibration Challenge” (the “Challenge”) hosted at the Israeli Quantum Computing Center. The two companies participating in the Challenge, Quantum Elements and Qruise, automated the calibration of a 9-qubit Rigetti Novera™ QPU integrated with Quantum Machines’ advanced OPX1000 control system and NVIDIA DGX Quantum, a unified system for quantum-classical computing that NVIDIA built with Quantum Machines. This achievement showcases the potential of AI in quantum computer calibration and also highlights the growing collaboration within the quantum computing ecosystem.

Quantum Elements, Cruise, and Quantum Machines are members of Rigetti’s Novera QPU Partner Program — an ecosystem of quantum computing hardware, software, and service providers who build and offer integral components of a functional quantum computing system.

“We believe that another advantage we leverage is our modular approach to developing our technology. By enabling our partners to integrate their technology with ours, we can explore and advance creative and flexible ways to improve quantum computing capabilities,” says Dr. Kulkarni.

Research demonstrating optical reading technique published in Nature Physics
Joint research with QphoX and Qblox demonstrating the ability to readout superconducting qubits with an optical transducer was recently published in Nature Physics. This approach to qubit signal processing could have benefits in building scalable quantum computers as it could be a more compact, modular approach for measuring qubit performance in quantum computing systems that rely on microwave amplification. Current qubit readout techniques used by superconducting quantum computer systems in cryogenic environments can be resource intensive from a thermal and power usage perspective. A potential solution to this problem may be to replace coaxial cables and other cryogenic components with optical fibers, which have a considerably smaller footprint and negligible thermal conductivity. To demonstrate the potential of this technology, QphoX, Rigetti and Qblox connected a transducer to a superconducting qubit, with the goal of measuring its state using light transmitted through an optical fiber. It was discovered that the transducer is capable of converting the signal that reads out the qubit and the qubit can also be sufficiently protected from decoherence introduced by thermal noise or stray optical photons from the transducer during operation.

Conference Call and Webcast
Rigetti will host a conference call later today, March 5, 2025, at 5:00 pm ET, or 2:00 pm PT, to discuss its fourth quarter and full-year 2024 financial results.

You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/5jaikwa8/ or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

To participate in the live call, you must register using the following link: https://register.vevent.com/register/BIc3642ee5e70e4bea9d3311a88c4e128a. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.

Contacts

Rigetti Computing Investor Contact:
IR@Rigetti.com

Rigetti Computing Media Contact:
press@rigetti.com

Cautionary Language Concerning Forward-Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s future success and performance, including expectations with respect to future revenues and the timing, availability and impact of government programs relating to quantum information science; expectations regarding the advantages and impact of the strategic collaboration agreement with Quanta Computer on our operations, technology roadmap, milestones, and our position in the industry; the expectation that Rigetti and Quanta will each invest more than $100 million over the next five years; expectations regarding Quanta’s anticipated $35 million investment in Rigetti through a purchase of Rigetti’s common stock; anticipated regulatory clearance; expectations related to the Company’s ability to achieve milestones including the development of future generations of hardware, including any future generations developed to achieve our targeted fidelities and qubit counts, or to demonstrate narrow quantum advantage or broad quantum advantage, each of which is an important anticipated milestone for our technology roadmap and commercialization of our quantum computers; expectations with respect to scaling to create larger qubit systems without sacrificing gate performance using the Company’s modular chip architecture, including expectations with respect to the Company’s anticipated systems and targeted error rate reduction; expectations with respect to future sales or leases of the Novera QPU, customer adoption of the Ankaa-3 systems and Novera QPU; the possibility that reading out superconducting qubits with an optical transducer could have benefits in building scalable quantum computers; the possibility that replacing coaxial cables and other cryogenic components with optical fibers could result in less thermal and power usage; expectations with respect to the Company’s partners and customers and the quantum computing plans and activities thereof; and expectations with respect to the anticipated stages of quantum technology maturation, including the Company’s ability to develop a quantum computer that is able to solve practical, operationally relevant problems significantly better, faster, or cheaper than a current classical solution and achieve quantum advantage on the anticipated timing or at all. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales and the Novera QPU Partnership Program; the success of the Company’s partnerships and collaborations, including the strategic collaboration with Quanta Computer; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

RIGETTI COMPUTING, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value)

	December 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	67,674		$	21,392
Available-for-sale investments – short-term		124,420			78,537
Accounts receivable		2,427			5,029
Prepaid expenses		3,156			1,938
Other current assets		9,081			771
Total current assets		206,758			107,667
Available-for-sale investments – long-term		25,068			—
Property and equipment, net		44,643			44,483
Operating lease right-of-use assets		7,993			7,634
Other assets		325			129
Total assets	$	284,787		$	159,913

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,590		$	5,772
Accrued expenses and other current liabilities		8,005			8,563
Current portion of deferred revenue		113			343
Current portion of debt		—			12,164
Current portion of operating lease liabilities		2,159			2,210
Total current liabilities		11,867			29,052
Debt, less current portion		—			9,894
Deferred revenue, less current portion		698			—
Operating lease liabilities, less current portion		6,641			6,297
Derivative warrant liabilities		93,095			2,927
Earn-out liabilities		45,897			2,155
Total liabilities		158,198			50,325
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding		—			—
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 283,546,871 shares issued and outstanding at December 31, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023		29			14
Additional paid-in capital		681,202			463,089
Accumulated other comprehensive income		105			244
Accumulated deficit		(554,747	)		(353,759	)
Total stockholders’ equity		126,589			109,588
Total liabilities and stockholders’ equity	$	284,787		$	159,913

RIGETTI COMPUTING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenue	$	2,274		$	3,376		$	10,790		$	12,008
Cost of revenue		1,271			860			5,093			2,800
Total gross profit		1,003			2,516			5,697			9,208
Operating expenses:
Research and development		13,657			12,787			49,750			52,768
Selling, general and administrative		5,840			6,936			24,457			27,744
Restructuring		—			—			—			991
Total operating expenses		19,497			19,723			74,207			81,503
Loss from operations		(18,494	)		(17,207	)		(68,510	)		(72,295	)
Other income (expense), net
Interest expense		(446	)		(1,268	)		(3,255	)		(5,779	)
Interest income		1,546			1,330			5,113			5,076
Change in fair value of derivative warrant liabilities		(90,885	)		3,160			(90,168	)		(1,160	)
Change in fair value of earn-out liabilities		(44,256	)		1,413			(43,742	)		(949	)
Loss on extinguishment of debt		(426	)		—			(426	)		—
Total other expense, net		(134,467	)		4,635			(132,478	)		(2,812	)
Net loss before provision for income taxes		(152,961	)		(12,572	)		(200,988	)		(75,107	)
Provision for income taxes		—			—			—			—
Net loss	$	(152,961	)	$	(12,572	)	$	(200,988	)	$	(75,107	)
Net loss per share attributable to common stockholders – basic and diluted	$	(0.68	)	$	(0.09	)	$	(1.09	)	$	(0.57	)
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted		226,364			140,537			184,666			131,977

RIGETTI COMPUTING INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)

	Year Ended December 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(200,988	)	$	(75,107	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		6,906			7,426
Stock-based compensation		13,069			12,409
Change in fair value of earn-out liabilities		43,742			949
Change in fair value of derivative warrant liabilities		90,168			1,160
Change in fair value of forward contract		—			2,229
Impairment of deferred offering costs		—			836
Accretion of available-for-sale securities		(3,622	)		(3,121	)
Loss on extinguishment of debt		426			—
Amortization of debt issuance costs, commitment fees and accretion of final payment fees		844			1,453
Non-cash lease expense		1,909			1,682
Changes in operating assets and liabilities:
Accounts receivable		2,602			1,206
Prepaid expenses, other current assets and other assets		(2,434	)		(259	)
Deferred revenue		468			(618	)
Accounts payable		(1,036	)		895
Accrued expenses and operating lease liabilities		(2,681	)		(1,719	)
Net cash used in operating activities		(50,627	)		(50,579	)
Cash flows from investing activities:
Purchases of property and equipment		(11,098	)		(9,059	)
Purchases of available-for-sale securities		(224,764	)		(109,252	)
Maturities of available-for-sale securities		157,500			119,084
Net cash (used in) provided by investing activities		(78,362	)		773
Cash flows from financing activities:
Principal repayments and prepayment and final payment fees of notes payable		(23,328	)		(8,333	)
Net payments of tax withholdings on sell-to-cover equity award transactions		(6,272	)		—
Proceeds from sale of common stock through Common Stock Purchase Agreement		12,838			20,544
Proceeds from sale of common stock through At-The-Market (ATM) Offering		97,500			—
Proceeds from sale of common stock through registered direct offering		96,000			—
Payments of offering costs		(1,833	)		(107	)
Proceeds from issuance of common stock upon exercise of stock options and warrants		554			1,126
Net cash provided by financing activities		175,459			13,230
Effects of exchange rate changes on cash and cash equivalents		(188	)		80
Net increase (decrease) in cash and cash equivalents		46,282			(36,496	)
Cash and cash equivalents – beginning of period		21,392			57,888
Cash and cash equivalents – end of period	$	67,674		$	21,392
Supplemental disclosures of other cash flow information:
Cash paid for interest	$	2,350		$	4,340
Non-cash investing and financing activities:
Capitalization of deferred costs to equity upon share issuance		—			13
Purchases of property and equipment recorded in accounts payable		466			3,612
Purchases of property and equipment recorded in accrued expenses		150			1,019
Non-cash addition to operating lease right-of-use assets and lease liability		2,268			—
Unrealized gain on short term investments		66			325

The MIL Network –

March 6, 2025

MIL-OSI United Kingdom: Prime Minister’s remarks at UK-Ireland Summit: 5 March 2025

Source: United Kingdom – Executive Government & Departments

Speech

Prime Minister’s remarks at UK-Ireland Summit: 5 March 2025

Prime Minister’s remarks at the UK-Ireland Summit in Liverpool.

Thanks Lisa, it’s really fantastic to see you all here and to be in this absolutely wonderful museum.

I’ve been in this museum a number of times, but I’m normally bundled in to the top floor to do an interview with Laura Kuenssberg on the Sunday morning of our conference.

So, to come and see it in all its glory is really really fantastic.

As it is to look out and see all of you here.

And particularly just to see UK and Ireland Summit 2025 on the walls here is absolutely amazing and really, really uplifting, so thank you all for coming.

Look I know we’re still some days away from St. Patrick’s Day.

But we’ve got some fantastic food and drink from Irish chef Anna Haugh who is here this evening.

Fantastic music from the Liverpool String Quartet.

And I know we’ve got incredible people in this room.

Business leaders, people in the arts, education, politicians.

And of course, a very big thank you to the Taoiseach Micheál Martin who is with us this evening.

So, all in all I think we can consider this an early celebration of everything Irish…

And everything that binds the UK and Ireland together.

Micheál, everyone, it really is good to see you all here in Liverpool for this important summit

A city which stands as the living embodiment of the connections between our two countries.

As Lisa has alluded to, I’ve been to Ireland many times.

But in September last year I visited Ireland for the first time as Prime Minister of the United Kingdom.

That was an important and special moment for me.

But it was a wider moment, not just because I got to watch the England-Ireland football match at the Aviva Stadium…I won’t mention the score.

But because as the first visit by a UK Prime Minister in five years…

And despite all the turbulence in recent times…

It was a reminder of just how strong those ties are that bind us together.

So, it was a really important moment for me personally,

But a really important moment for the United Kingdom and for Ireland to have that first visit so early in my tenure as Prime Minister.

So, I’m really delighted that the Irish delegation is here today…

To continue strengthening that friendship…

As we work to bring huge benefits to the people of both countries…

By delivering greater trade, prosperity and security.

Now many of you will know that as Prime Minister

My focus is on delivering change

Improving people’s lives

Boosting growth

So that we can raise living standards

and put more money into people’s pockets

And deliver the public services people need.

But of course, we can do much more…

When we work together with others.

As I’ve said before, I don’t believe the relationship between the UK and Ireland has ever reached its full potential.

And I’m delighted that now with this summit we’re going to change all that. What an opportunity.

Micheál, I know we’ve got a lot to do over the coming days…

We’ve got great ambitions for this summit.

Talking together

Speaking to business leaders

Perhaps finding a moment for a bit of Guinness diplomacy.

But tonight…

I hope we can simply celebrate

The UK and Ireland

And everything that makes this such a fantastic friendship

And now it’s my pleasure to introduce the Taoiseach, you’re so welcome I’m so pleased we were able to get this summit together: Micheál .

Updates to this page

Published 5 March 2025

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI: Micron Appoints Mark Liu and Christie Simons to Board of Directors

Source: GlobeNewswire (MIL-OSI)

BOISE, Idaho, March 05, 2025 (GLOBE NEWSWIRE) — Micron Technology Inc. (Nasdaq: MU) today announced it has appointed two experienced business leaders, Mark Liu and Christie Simons, to its board of directors.

Liu spent over 30 years with Taiwan Semiconductor Manufacturing Company (TSMC), where he held increasingly important leadership positions, including senior vice president (2004-2012), co-chief operations officer (2012-2013), president and co-CEO (2013-2018), and executive chairman (2018-2024). Under his leadership, TSMC became the world’s largest semiconductor foundry. Currently, he is the founder and chairman of J&M Copper Beech Ventures, a multi-strategy investment fund. Liu began his career at Intel Corporation as part of the company’s development of its 32-bit microprocessor technology. He then moved to AT&T Bell Laboratory where he conducted fundamental high-speed electronics research. Liu’s other board commitments include the University of California, Berkeley Engineering Advisory Board. He holds a bachelor’s degree in electrical engineering from National Taiwan University, and master’s and Ph.D. degrees in electrical engineering and computer science from the University of California, Berkeley.

“Mark is a visionary leader with deep technical expertise and business acumen. He has decades of experience leading one of the world’s most advanced and sophisticated semiconductor companies, with fab operations at the largest scale,” said Micron Chairman, President and CEO Sanjay Mehrotra. “His experience will help guide Micron as we scale our business to address the growing opportunities unleashed by AI — from the data center to the edge.”

Simons is a senior audit and assurance partner of Deloitte & Touche LLP. She is retiring from the company in May with nearly 30 years of experience serving technology clients worldwide. She has held several significant leadership roles at Deloitte while leading teams to address clients’ most challenging problems, including global equity and debt offerings and enterprise-wide digital transformations. Simons recently led Deloitte’s Global Semiconductor Center of Excellence, integrating the organization’s multifaceted capabilities to serve global semiconductor clients across consulting, advisory, tax, and assurance. She also recently served as the U.S. Technology, Media, and Telecommunications industry leader for Deloitte’s audit and assurance practice. Simons holds a bachelor’s degree in international business and finance from the Leeds School of Business at the University of Colorado, Boulder, is a Certified Public Accountant in California, and is a member of the American Institute of CPAs.

“Christie’s extensive experience in global technology and finance will provide invaluable insights as we continue to optimize Micron’s business to focus on innovation and growth,” said Mehrotra. “Her specific experience with the semiconductor industry will be a great asset as our board continues to shape Micron’s strategy to address the opportunities ahead.”

“I am very pleased to welcome Mark and Christie to the Micron board of directors,” said Lynn Dugle, Micron’s lead independent director. “Mark’s executive experience with the world’s largest semiconductor foundry and Christie’s work delivering an array of services to global semiconductor companies bring additional strength to our board. We look forward to their contributions as we continue to position Micron for long-term success.”

About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Mark Plungy
Micron Technology, Inc.
+1 (408) 203-2910
mplungy@micron.com

Micron Investor Relations Contact
Satya Kumar
Micron Technology, Inc.
+1 (408) 450-6199
satyakumar@micron.com

The MIL Network –

March 6, 2025

MIL-OSI: Zscaler Reports Second Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Second Quarter Highlights

Revenue grows 23% year-over-year to $647.9 million
Calculated billings grows 18% year-over-year to $742.7 million
Deferred revenue grows 25% year-over-year to $1,878.5 million
GAAP net loss of $7.7 million compared to GAAP net loss of $28.5 million on a year-over-year basis
Non-GAAP net income of $127.1 million compared to non-GAAP net income of $99.4 million on a year-over-year basis

SAN JOSE, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its second quarter of fiscal year 2025, ended January 31, 2025.

“Growing adoption of Zero Trust and AI is driving strong demand for our platform, resulting in yet another strong quarter that exceeded our guidance on both top and bottom line. We are leading the industry towards Zero Trust Everywhere by transforming security from legacy appliance-based to a Zero Trust architecture,” said Jay Chaudhry, Chairman and CEO of Zscaler. “By combining AI with Zero Trust, we are delivering several key innovations to secure our customers’ use of AI applications, creating new avenues of growth.”

Second Quarter Fiscal 2025 Financial Highlights

Revenue: $647.9 million, an increase of 23% year-over-year.
Income (loss) from operations: GAAP loss from operations was $40.1 million, or 6% of revenue, compared to $45.5 million, or 9% of revenue, in the second quarter of fiscal 2024. Non-GAAP income from operations was $140.5 million, or 22% of revenue, compared to $103.2 million, or 20% of revenue, in the second quarter of fiscal 2024.
Net income (loss): GAAP net loss was $7.7 million, compared to $28.5 million in the second quarter of fiscal 2024. Non-GAAP net income was $127.1 million, compared to $99.4 million in the second quarter of fiscal 2024.
Net income (loss) per share, diluted: GAAP net loss per share was $0.05, compared to $0.19 in the second quarter of fiscal 2024. Non-GAAP net income per share was $0.78, compared to $0.63 in the second quarter of fiscal 2024.
Cash flows: Cash provided by operations was $179.4 million, or 27% of revenue, compared to $142.1 million, or 27% of revenue, in the second quarter of fiscal 2024. Free cash flow was $143.4 million, or 22% of revenue, compared to $100.8 million, or 19% of revenue, in the second quarter of fiscal 2024.
Deferred revenue: $1,878.5 million as of January 31, 2025, an increase of 25% year-over-year.
Cash, cash equivalents and short-term investments: $2,880.2 million as of January 31, 2025, an increase of $470.6 million from July 31, 2024.

Recent Business Highlights

Introduced the industry’s first Zero Trust Segmentation solution for branches and cloud environments. The new solution improves customers’ security posture by preventing lateral movement from ransomware attacks, while cutting firewall and infrastructure spend in half.
Started offering the Zero Trust Network Access (ZTNA) service natively integrated within RISE with SAP. Zscaler Private Access™ (ZPA™) for SAP helps enable SAP customers with on-premises ERP workloads to simplify and de-risk their cloud migration, without the complexity and risk associated with traditional VPNs.
Appointed Phil Tee as EVP of AI Innovations. Tee previously co-founded an enterprise AI-driven provider of intelligent monitoring solutions for DevOps and ITOps.
Achieved FedRAMP authorization for Zscaler Zero Trust Browser. The authorization assures agencies of compliance with rigorous security standards, facilitating cloud adoption and streamlining the procurement process.
Announced that Nokia, a multinational technology leader, is migrating from its traditional firewall-based security model to the Zscaler Zero Trust Exchange to enhance its security, improve operational efficiency, and strengthen cloud capabilities.

Change in Non-GAAP Measures Presentation

Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

Financial Outlook

For the third quarter of fiscal 2025, we expect:

Revenue of $665 million to $667 million
Non-GAAP income from operations of $140 million to $142 million
Non-GAAP net income per share of approximately $0.75 to $0.76, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

For the full year of fiscal 2025, we expect:

Revenue of approximately $2.640 billion to $2.654 billion
Calculated billings of $3.153 billion to $3.168 billion
Non-GAAP income from operations of $562 million to $572 million
Non-GAAP net income per share of $3.04 to $3.09, assuming approximately 163.5 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.

For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

Conference Call and Webcast Information

Zscaler will host a conference call for analysts and investors to discuss its second quarter of fiscal 2025 and outlook for its third quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

Date:	Wednesday, March 5, 2025
Time:	1:30 p.m. PT
Webcast:	https://ir.zscaler.com
Dial-in:	To join by phone, register at the following link: (https://register.vevent.com/register/BI81201a44d72f48cab018ea30aa79b03b). After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.

Upcoming Conferences

Third quarter of fiscal 2025 investor conference participation schedule:

Morgan Stanley Technology, Media and Telecom Conference in San Francisco
Thursday, March 6, 2025

Susquehanna Travel, Tech + Gambling Forum (Virtual)
Friday, March 7, 2025

Loop Capital Markets 2025 Investor Conference (Virtual)
Monday, March 10, 2025

Stifel Technology 2025 Technology One-on-One Conference in New York City
Tuesday, March 11, 2025

Cantor Global Technology Conference in New York City
Wednesday, March 12, 2025

Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the third quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.

Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 filed on December 5, 2024 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do 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.

Use of Non-GAAP Financial Information

We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

About Zscaler

Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

Investor Relations Contacts

Ashwin Kesireddy
VP, Investor Relations and Strategic Finance
(415) 798-1475
ir@zscaler.com

Natalia Wodecki
Media Relations Contact
press@zscaler.com


ZSCALER, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702
Cost of revenue^{(1) (2)}		148,498			117,199			289,960			228,593
Gross profit		499,402			407,800			985,895			793,109
Operating expenses:
Sales and marketing^{(1) (2)}		307,872			276,481			613,959			543,592
Research and development^{(1) (2)}		170,860			122,181			325,114			235,720
General and administrative⁽¹⁾		60,810			54,595			117,629			105,311
Total operating expenses		539,542			453,257			1,056,702			884,623
Loss from operations		(40,140	)		(45,457	)		(70,807	)		(91,514	)
Interest income		30,878			28,385			60,926			54,327
Interest expense⁽³⁾		(2,339	)		(3,605	)		(5,482	)		(6,764	)
Other income (expense), net		(4,936	)		172			(5,588	)		(1,040	)
Loss before income taxes		(16,537	)		(20,505	)		(20,951	)		(44,991	)
Provision for (benefit from) for income taxes⁽⁴⁾		(8,813	)		7,964			(1,176	)		16,961
Net loss	$	(7,724	)	$	(28,469	)	$	(19,775	)	$	(61,952	)
Net loss per share, basic and diluted	$	(0.05	)	$	(0.19	)	$	(0.13	)	$	(0.42	)
Weighted-average shares used in computing net loss per share, basic and diluted		153,672			148,951			153,114			148,287

⁽¹⁾Includes stock-based compensation expense and related payroll taxes as follows:
Cost of revenue	$	17,619	$	13,434	$	33,412	$	26,389
Sales and marketing		69,979		65,855		134,845		124,523
Research and development		65,896		44,120		124,761		85,163
General and administrative		22,862		22,127		43,912		42,190
Total	$	176,356	$	145,536	$	336,930	$	278,265

⁽²⁾Includes amortization expense of acquired intangible assets as follows:
Cost of revenue	$	3,815	$	2,717	$	7,490	$	5,434
Sales and marketing		425		226		850		452
Research and development		5		140		145		233
Total	$	4,245	$	3,083	$	8,485	$	6,119

⁽³⁾Includes amortization of debt issuance costs

982

978

1,963

1,955

⁽⁴⁾Benefit from a release of valuation allowance (*)	$	17,188			$	—			$	17,188			$	—

^(*) During the three months ended January 31, 2025, we recognized a tax benefit of $17.2 million attributable to the release of the valuation allowance on United Kingdom (U.K.) deferred tax assets.


ZSCALER, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
	January 31,			July 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	1,758,506		$	1,423,080
Short-term investments		1,121,734			986,574
Accounts receivable, net		514,314			736,529
Deferred contract acquisition costs		156,079			148,873
Prepaid expenses and other current assets		114,573			101,561
Total current assets		3,665,206			3,396,617
Property and equipment, net		422,315			383,121
Operating lease right-of-use assets		83,703			89,758
Deferred contract acquisition costs, noncurrent		284,286			296,525
Acquired intangible assets, net		55,658			63,835
Goodwill		417,730			417,029
Other noncurrent assets		77,070			58,083
Total assets	$	5,005,968		$	4,704,968

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	24,600		$	23,309
Accrued expenses and other current liabilities		90,626			91,708
Accrued compensation		140,430			160,810
Deferred revenue		1,595,780			1,643,919
Convertible senior notes		1,147,513			1,142,275
Operating lease liabilities		49,917			50,866
Total current liabilities		3,048,866			3,112,887
Deferred revenue, noncurrent		282,725			251,055
Operating lease liabilities, noncurrent		40,912			44,824
Other noncurrent liabilities		26,119			22,100
Total liabilities		3,398,622			3,430,866
Stockholders’ Equity
Common stock		155			152
Additional paid-in capital		2,797,350			2,426,819
Accumulated other comprehensive loss		(22,304	)		(4,789	)
Accumulated deficit		(1,167,855	)		(1,148,080	)
Total stockholders’ equity		1,607,346			1,274,102
Total liabilities and stockholders’ equity	$	5,005,968		$	4,704,968


ZSCALER, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Six Months Ended
	January 31,
	2025			2024
Cash Flows from Operating Activities
Net loss	$	(19,775	)	$	(61,952	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense		45,911			29,361
Amortization expense of acquired intangible assets		8,485			6,119
Amortization of deferred contract acquisition costs		79,191			61,504
Amortization of debt issuance costs		1,963			1,955
Non-cash operating lease costs		31,565			21,633
Stock-based compensation expense		329,295			269,570
Accretion of investments purchased at a discount		(10,110	)		(9,582	)
Unrealized losses on hedging transactions		3,036			2,841
Deferred income taxes		(17,359	)		(1,437	)
Other		1,303			1,403
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable		222,043			102,374
Deferred contract acquisition costs		(74,158	)		(67,744	)
Prepaid expenses, other current and noncurrent assets		(12,144	)		2,660
Accounts payable		98			(2,412	)
Accrued expenses, other current and noncurrent liabilities		(11,481	)		6,020
Accrued compensation		(20,380	)		562
Deferred revenue		(16,469	)		62,477
Operating lease liabilities		(30,246	)		(22,477	)
Net cash provided by operating activities		510,768			402,875
Cash Flows from Investing Activities
Purchases of property, equipment and other assets		(32,043	)		(59,553	)
Capitalized internal-use software		(43,416	)		(17,816	)
Payments for business acquisitions, net of cash acquired		(834	)		(4,377	)
Purchase of strategic investments		(786	)		(2,000	)
Purchases of short-term investments		(729,066	)		(761,796	)
Proceeds from maturities of short-term investments		605,003			594,687
Proceeds from sale of short-term investments		—			2,105
Net cash used in investing activities		(201,142	)		(248,750	)
Cash Flows from Financing Activities
Proceeds from issuance of common stock upon exercise of stock options		3,456			3,848
Proceeds from issuance of common stock under the employee stock purchase plan		22,344			18,407
Net cash provided by financing activities		25,800			22,255
Net increase in cash and cash equivalents		335,426			176,380
Cash and cash equivalents at beginning of period		1,423,080			1,262,206
Cash and cash equivalents at end of period	$	1,758,506		$	1,438,586


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024

Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702

Non-GAAP Gross Profit and Non-GAAP Gross Margin
GAAP gross profit	$	499,402		$	407,800		$	985,895		$	793,109
Add: Stock-based compensation expense and related payroll taxes		17,619			13,434			33,412			26,389
Add: Amortization expense of acquired intangible assets		3,815			2,717			7,490			5,434
Non-GAAP gross profit	$	520,836		$	423,951		$	1,026,797		$	824,932
GAAP gross margin		77	%		78	%		77	%		78	%
Non-GAAP gross margin		80	%		81	%		80	%		81	%

Non-GAAP Income from Operations and Non-GAAP Operating Margin
GAAP loss from operations	$	(40,140	)	$	(45,457	)	$	(70,807	)	$	(91,514	)
Add: Stock-based compensation expense and related payroll taxes		176,356			145,536			336,930			278,265
Add: Amortization expense of acquired intangible assets		4,245			3,083			8,485			6,119
Non-GAAP income from operations	$	140,461		$	103,162		$	274,608		$	192,870
GAAP operating margin	(6		)%	(9		)%	(6		)%	(9		)%
Non-GAAP operating margin		22	%		20	%		22	%		19	%


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Non-GAAP Net Income per Share, Diluted
GAAP net loss	$	(7,724	)	$	(28,469	)	$	(19,775	)	$	(61,952	)
Add: GAAP provision for (benefit from) income taxes		(8,813	)		7,964			(1,176	)		16,961
GAAP loss before income taxes		(16,537	)		(20,505	)		(20,951	)		(44,991	)
Add:
Stock-based compensation expense and related payroll taxes		176,356			145,536			336,930			278,265
Amortization expense of acquired intangible assets		4,245			3,083			8,485			6,119
Amortization of debt issuance costs		982			978			1,963			1,955
Non-GAAP net income before income taxes		165,046			129,092			326,427			241,348
Non-GAAP provision for income taxes⁽¹⁾		37,965			29,691			75,083			55,510
Non-GAAP net income	$	127,081		$	99,401		$	251,344		$	185,838

GAAP provision for (benefit from) income taxes	$	(8,813	)	$	7,964		$	(1,176	)	$	16,961
Add: Income tax and other tax adjustments⁽²⁾		46,778			21,727			76,259			38,549
Non-GAAP provision for income taxes⁽¹⁾	$	37,965		$	29,691		$	75,083		$	55,510
Non-GAAP effective tax rate⁽¹⁾		23	%		23	%		23	%		23	%

Non-GAAP net income		127,081			99,401			251,344			185,838
Add: Non-GAAP interest expense, net of tax related to the convertible senior notes		276			276			552			552
Numerator used in computing non-GAAP net income per share, diluted	$	127,357		$	99,677		$	251,896		$	186,390

GAAP net loss per share, diluted	$	(0.05	)	$	(0.19	)	$	(0.13	)	$	(0.42	)
Stock-based compensation expense and related payroll taxes		1.09			0.91			2.08			1.75
Amortization expense of acquired intangible assets		0.03			0.02			0.05			0.04
Amortization of debt issuance costs		0.01			0.01			0.01			0.01
Income tax and other tax adjustments⁽²⁾		(0.29	)		(0.14	)		(0.47	)		(0.24	)
Non-GAAP interest expense related to the convertible senior notes		—			—			—			—
Adjustment to total fully diluted earnings per share⁽³⁾		(0.01	)		0.02			0.01			0.03
Non-GAAP net income per share, diluted	$	0.78		$	0.63		$	1.55		$	1.17

Weighted-average shares used in computing GAAP net loss per share, diluted		153,672			148,951			153,114			148,287
Add: Outstanding potentially dilutive equity incentive awards		2,988			4,670			2,848			4,226
Add: Convertible senior notes		7,626			7,626			7,626			7,626
Less: Antidilutive impact of capped call transactions⁽⁴⁾		(1,769	)		(2,093	)		(1,505	)		(1,254	)
Weighted-average shares used in computing non-GAAP net income per share, diluted		162,517			159,154			162,083			158,885

___________

⁽¹⁾ Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

⁽²⁾ Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three months ended January 31, 2025, the adjustments exclude the tax benefit of $17.2 million attributable to the release of the valuation allowance on U.K. deferred tax assets.

⁽³⁾ The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.

⁽⁴⁾ We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Calculated Billings
Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702
Add: Total deferred revenue, end of period		1,878,505			1,502,175			1,878,505			1,502,175
Less: Total deferred revenue, beginning of period		(1,783,720	)		(1,399,544	)		(1,894,974	)		(1,439,676	)
Calculated billings	$	742,685		$	627,630		$	1,259,386		$	1,084,201

Free Cash Flow
Net cash provided by operating activities	$	179,433		$	142,069		$	510,768		$	402,875
Less: Purchases of property, equipment and other assets		(15,018	)		(30,894	)		(32,043	)		(59,553	)
Less: Capitalized internal-use software		(20,987	)		(10,387	)		(43,416	)		(17,816	)
Free cash flow	$	143,428		$	100,788		$	435,309		$	325,506

Free Cash Flow Margin
Net cash provided by operating activities, as a percentage of revenue		27	%		27	%		40	%		39	%
Less: Purchases of property, equipment and other assets, as a percentage of revenue	(2		)%	(6		)%	(3		)%	(6		)%
Less: Capitalized internal-use software, as a percentage of revenue	(3		)%	(2		)%	(3		)%	(2		)%
Free cash flow margin		22	%		19	%		34	%		32	%

ZSCALER, INC.
Explanation of Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

Expenses Excluded from Non-GAAP Measures

Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.

Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

Non-GAAP Financial Measures

Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.

Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net loss excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.

Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.

Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.

The MIL Network –

March 6, 2025

MIL-OSI: Silvaco Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Achieved record gross bookings of $65.8 million and revenue of $59.7 million in full-year 2024

Signed 46 new customers in 2024 and expanded relationship with existing customers across key markets including power, automotive, memory, foundry, and display

Expanded Product Portfolio with the Acquisition of Cadence’s Process Proximity Compensation Product Line

SANTA CLARA, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its fourth quarter and full year 2024 results.

“We are proud to close out the year with strong momentum and growing customer traction, including 46 new customer wins in 2024 and multiple bookings on our AI based, flagship FTCO platform,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “Our first acquisition as a public company marks a significant milestone in executing our M&A strategy for talent, technology and expanding through inorganic growth. With a continued focus on innovation and execution, we are well-positioned to build on this success and drive further growth in 2025 for our EDA and TCAD product lines.”

Fourth Quarter 2024 and Recent Business Highlights

Acquired 13 new customers across key markets including Photonics, Power, Automotive, Memory, and Foundry, which represented approximately 9% of gross bookings for the quarter.
Announced a partnership with Micon Global to expand Silvaco’s reach across the EMEA market, leveraging Micon’s expertise to deliver cutting-edge TCAD, EDA, and SIP solutions to new customers.
Joined the SMART USA Institute under the CHIPS Manufacturing USA program to advance digital twin technologies in semiconductor manufacturing, reinforcing Silvaco’s leadership in innovation. We received our first booking from this program.
Received a $5.0 million follow-on order for FTCO™ digital-twin modeling product from a strategic memory customer. This order extends the footprint of our FTCO™ product line and further validates our strategic focus on this unique technology.
Achieved ISO 9001 certification, underscoring Silvaco’s commitment to quality and continuous improvement across its TCAD, EDA, and SIP product portfolio.
On March 4, 2025, Silvaco closed the acquisition of the Process Proximity Compensation (PPC) product line from Cadence Design Systems, Inc. The addition, an optical proximity correction suite of tools, is highly complementary to Silvaco’s EDA and TCAD tool suites.

Full Year 2024 Business Highlights

Acquired 46 new customers across key markets including Power, Automotive, Government/Mil-Aero, Photonics, IOT, 5G/6G, Memory, and Foundry, which represented approximately 10% of gross bookings for the year.
Expanded Victory TCAD and Digital Twin Modeling Platform to Planar CMOS, FinFET and Advanced CMOS Technologies which is a necessary step to enable FTCO for Advanced Process.
Silvaco Announced that the Ninth Circuit Court of Appeals affirmed the dismissal of all claims against Silvaco brought by Aldini AG.
Silvaco was added to the Russell 2000^®, Russell 3000^®, and Russell Microcap^® indexes in September 2024.
Completed initial public offering in May 2024, raising $106 million net of underwriters’ fees.

Fourth Quarter 2024 Financial Results

GAAP Financial Results

Revenue of $17.9 million, up 43% year-over-year and up 63% quarter-over-quarter.
- TCAD revenue of $12.7 million, up 65% year-over-year.
- EDA revenue of $4.2 million, up 57% year-over-year.
- SIP revenue of $0.9 million, down 57% year-over-year.
GAAP gross profit and GAAP gross margin were $15.4 million and 86%, respectively, which includes the impact of $194,000 stock-based compensation expense, $249,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $9.8 million and 79% in Q4 2023.
GAAP net income of $4.2 million, compared to a GAAP net loss of $2.2 million in Q4 2023.
GAAP basic and diluted net income per share of $0.14, compared to GAAP basic and diluted net loss per share of $(0.11) in Q4 2023.
As of December 31, 2024, cash and cash equivalents and marketable securities totaled $87.5 million.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $20.3 million, up 30% year-over-year.
As of December 31, 2024, the remaining performance obligation balance of $34.3 million, 46% of which is expected to be recognized as revenue in the next 12 months.
Non-GAAP gross profit and non-GAAP gross margin were $16.0 million and 89%, respectively, up from $9.8 million and 79% year-over-year.
Non-GAAP net income of $4.3 million, compared to Non-GAAP net loss of $(1.6) million in Q4 2023.
Non-GAAP diluted net income per share of $0.15, compared to Non-GAAP diluted net loss per share of $(0.08) in Q4 2023.

Full Year 2024 Financial Results

GAAP Financial Results

Revenue of $59.7 million, up 10% year-over-year.
- TCAD revenue of $40.2 million, up 25% year-over-year.
- EDA revenue of $14.6 million, up 4% year-over-year.
- SIP revenue of $4.9 million, down 40% year-over-year.
GAAP gross profit and GAAP gross margin were $47.6 million and 80%, respectively, which includes the impact of $3.0 million stock-based compensation expense, $747,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $44.9 million and down from 83% in 2023.
GAAP net loss of $(39.4) million, compared to $(0.3) million in 2023.
GAAP basic and diluted net loss per share of $(1.53), compared to $(0.02) in 2023.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $65.8 million, up 13% year-over-year.
Non-GAAP gross profit and non-GAAP gross margin were $51.4 million and 86%, respectively, up from $44.9 million and 83% year over year.
Non-GAAP net income of $6.7 million, compared to $3.4 million in 2023.
Non-GAAP diluted net income per share of $0.25, compared to $0.17 in 2023.

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

Supplementary materials to this press release, including our fourth quarter 2024 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

First Quarter and Full Year 2025 Financial Outlook

As of March 5, 2025, Silvaco is providing guidance for its first quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and payroll tax from the IPO lock-up release. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, IPO preparation costs, and executive severance costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

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

Gross bookings in the range of $16.0 million to $19.0 million, which would compare to $16.1 million in the first quarter of 2024.
Revenue in the range of $14.5 million to $17.0 million, which would compare to $15.9 million in the first quarter of 2024.
Non-GAAP gross margin in the range of 84% to 87%, which would compare to 88% in the first quarter of 2024.
Non-GAAP operating income in the range of ($1.0) million loss to $1.0 million income, compared to $3.3 million in the first quarter of 2024.
Non-GAAP diluted net income per share in the range of ($0.03) loss to $0.03, compared to $0.12 in the first quarter of 2024.

For full year 2025, the Company expects:

Gross bookings in the range of $72.0 million to $79.0 million, which would represent a 9% to 20% increase from $65.8 million in 2024.
Revenue in the range of $66.0 million to $72.0 million, which would represent a 11% to 21% increase from $59.7 million in 2024.
Non-GAAP gross margin in the range of 84.0% to 89.0%, which would compare to 86% in 2024.
Non-GAAP operating income in the range of $2.0 million to $7.0 million, which would compare to $5.5 million in 2024.
Non-GAAP diluted net income per share in the range of $0.07 to $0.19, compared to $0.25 in 2024.

Q4 2024 Conference Call Details

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

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

About Silvaco

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

Safe Harbor Statement

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

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

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

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

Discussion of Non-GAAP Financial Measures

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

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

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

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


SILVACO GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and par value amounts)
	December 31,			December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	19,606		$	4,421
Short-term marketable securities		63,071			–
Accounts receivable, net		9,211			4,006
Contract assets, net		11,932			8,749
Prepaid expenses and other current assets		3,460			2,549
Deferred transaction costs		–			1,163
Total current assets		107,280			20,888
Non-current assets:
Non-current marketable securities		4,785			–
Property and equipment, net		865			591
Operating lease right-of-use assets, net		1,711			1,963
Intangible assets, net		4,369			342
Goodwill		9,026			9,026
Non-current portion of contract assets, net		12,611			6,250
Other assets		1,698			1,825
Total non-current assets		35,065			19,997
Total assets	$	142,345		$	40,885

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,316		$	2,495
Accrued expenses and other current liabilities		19,801			10,255
Accrued income taxes		1,668			1,626
Deferred revenue, current		7,497			7,882
Operating lease liabilities, current		744			735
Related party line of credit		–			2,000
Vendor financing obligations, current		1,462			–
Total current liabilities		34,488			24,993
Non-current liabilities:
Deferred revenue, non-current		3,593			5,071
Operating lease liabilities, non-current		946			1,198
Vendor financing obligations, non-current		2,928			–
Other non-current liabilities		307			221
Total liabilities		42,262			31,483
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024; no shares authorized as of December 31, 2023		–			–
Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,526,615 shares issued and outstanding as of December 31, 2024; 25,000,000 shares authorized; 20,000,000 shares issued and outstanding as of December 31, 2023		3			2
Additional paid-in capital		130,360			–
(Accumulated deficit) Retained earnings		(28,012	)		11,392
Accumulated other comprehensive loss		(2,268	)		(1,992	)
Total stockholders’ equity		100,083			9,402
Total liabilities and stockholders’ equity	$	142,345		$	40,885

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands except share and per share amounts)

	Three months Ended December 31,						Twelve months Ended December 31,
		2024			2023			2024			2023

Revenue:
Software license revenue	$	13,870		$	8,738		$	43,991		$	39,331
Maintenance and service		3,989			3,748			15,689			14,915
Total revenue		17,859			12,486			59,680			54,246
Cost of revenue		2,422			2,682			12,042			9,354
Gross profit		15,437			9,804			47,638			44,892
Operating expenses:
Research and development		5,283			3,337			20,740			13,170
Selling and marketing		3,983			3,833			18,300			12,707
General and administrative		7,529			4,570			37,571			17,881
Estimated litigation claim		(3,782	)		–			11,306			–
Total operating expenses		13,013			11,740			87,917			43,758
Operating (loss) income		2,424			(1,936	)		(40,279	)		1,134
Loss on debt extinguishment		–			–			(718	)		–
Interest income		1,077			2			2,976			6
Interest and other expenses, net		(67	)		(95	)		(899	)		(630	)
(Loss) income before income tax provision		3,434			(2,029	)		(38,920	)		510
Income tax provision (benefit)		(723	)		218			484			826
Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
(Loss) earnings per share attributable to common stockholders:
Basic and diluted	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Weighted average shares used in computing per share amounts:
Basic and diluted		28,734,082			20,000,000			25,672,845			20,000,000

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
	Year Ended December 31
		2024			2023
Cash flows from operating activities:
Net loss	$	(39,404	)	$	(316	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		1,285			601
Stock-based compensation expense		26,915			–
Provision for credit losses		351			220
Accretion of discount on marketable securities, net		(1,685	)		–
Estimated litigation claim		11,306			–
Loss on debt extinguishment		718			–
Change in fair value of contingent consideration		(27	)		325
Changes in operating assets and liabilities:
Accounts receivable		(5,971	)		1,378
Contract assets		(10,293	)		(5,208	)
Prepaid expense and other current assets		(790	)		133
Other assets		57			(267	)
Accounts payable		1,326			156
Accrued expenses and other current liabilities		(2,160	)		2,015
Accrued income taxes		74			(23	)
Deferred revenue		(1,585	)		2,268
Other non-current liabilities		109			(102	)
Net cash (used in) provided by operating activities		(19,774	)		1,180
Cash flows from investing activities:
Purchases of marketable securities		(99,630	)		–
Maturities of marketable securities		33,600			–
Purchases of property and equipment		(505	)		(339	)
Net cash used in investing activities		(66,535	)		(339	)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting fees		106,020			–
Proceeds from issuance of convertible note, net of debt issuance costs		4,852			–
Proceeds from loan facility		4,250			–
Repayment of loan facility		(4,250	)		–
Proceeds from related party line of credit		–			1,000
Repayment of related party line of credit		(2,000	)		(1,000	)
Proceeds from issuance of common stock for share-based awards		315			–
Payroll taxes related to shares withheld from employees		(4,575	)		–
Deferred transaction costs		(2,649	)		(650	)
Contingent consideration		(74	)		(1,002	)
Payments of vendor financing obligation		(588	)		–
Net cash provided by (used in) financing activities		101,301			(1,652	)
Effect of exchange rate fluctuations on cash and cash equivalents		193			(246	)
Net increase (decrease) in cash and cash equivalents		15,185			(1,057	)
Cash and cash equivalents, beginning of period		4,421			5,478
Cash and cash equivalents, end of period	$	19,606		$	4,421

SILVACO GROUP, INC.
REVENUE
(Unaudited)

	2023										2024
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year
Revenue by Region:
Americas	35	%	29	%	31	%	29	%	31	%	27	%	51	%	31	%	40	%	38	%
APAC	51	%	62	%	61	%	63	%	59	%	62	%	41	%	58	%	52	%	53	%
EMEA	14	%	9	%	8	%	8	%	10	%	11	%	8	%	11	%	8	%	9	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Product Line:
TCAD	62	%	62	%	52	%	62	%	59	%	66	%	69	%	59	%	71	%	68	%
EDA	29	%	20	%	31	%	22	%	26	%	30	%	20	%	24	%	24	%	24	%
SIP	9	%	18	%	17	%	16	%	15	%	4	%	11	%	17	%	5	%	8	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue Item Category:
Software license revenue	75	%	71	%	74	%	70	%	73	%	77	%	74	%	62	%	78	%	74	%
Maintenance and service	25	%	29	%	26	%	30	%	27	%	23	%	26	%	38	%	22	%	26	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Country:
United States	34	%	28	%	28	%	28	%	30	%	51	%	30	%	39	%	39	%	37	%
China	19	%	29	%	16	%	29	%	23	%	17	%	25	%	23	%	23	%	18	%
Other	47	%	43	%	56	%	43	%	47	%	32	%	45	%	38	%	38	%	45	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

SILVACO GROUP, INC.
GAAP to Non-GAAP Reconciliation
(Unaudited, in thousands except per share amounts)

	Three Months Ended						Twelve Months Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023

GAAP Cost of revenue	$	2,422		$	2,682		$	12,042		$	9,354
Less: Stock-based compensation expense		(194	)		–			(2,974	)		–
Less: Amortization of acquired intangible assets		(249	)		–			(747	)		–
Less: Payroll tax from the IPO lock-up release		(80	)		–			(80	)		–
Non-GAAP Cost of revenue	$	1,899		$	2,682		$	8,241		$	9,354
GAAP Gross profit	$	15,437		$	9,804		$	47,638		$	44,892
Add: Stock-based compensation expense		194			–			2,974			–
Add: Amortization of acquired intangible assets		249			–			747			–
Add: Payroll tax from the IPO lockup release		80			–			80			–
Non-GAAP Gross profit	$	15,960		$	9,804		$	51,439		$	44,892
GAAP Research and development	$	5,283		$	3,337		$	20,740		$	13,170
Less: Stock-based compensation expense		(535	)		–			(5,091	)		–
Less: Executive severance		(215	)		–			(215	)		–
Less: Payroll tax from the IPO lock-up release		(397	)		–			(397	)		–
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Research and development	$	4,093		$	3,255		$	14,831		$	12,831
GAAP Sales and marketing	$	3,983		$	3,833		$	18,300		$	12,707
Less: Stock-based compensation expense		(388	)		–			(4,319	)		–
Less: Payroll tax from the IPO lock-up release		(85	)		–			(85	)		–
Less: IPO preparation costs		–			–			(178	)		–
Non-GAAP Sales and marketing	$	3,510		$	3,833		$	13,718		$	12,707
GAAP General and administrative	$	7,529		$	4,570		$	37,571		$	17,881
Less: Stock-based compensation expense		(1,410	)		–			(14,531	)		–
Less: Acquisition-related estimated litigation claim and legal costs		(523	)		(515	)		(4,629	)		(1,707	)
Less: Executive severance		(200	)		–			(200	)		–
Less: Payroll tax from the IPO lock-up release		(163	)		–			(163	)		–
Less: IPO preparation costs		–			(45	)		(695	)		(1,221	)
Non-GAAP General and administrative	$	5,233		$	4,010		$	17,353		$	14,953
GAAP Estimated Litigation claim	$	(3,782	)	$	–		$	11,306		$	–
Add (Less): Acquisition-related estimated litigation claim and legal costs		3,782			–			(11,306	)		–
Non-GAAP Litigation claim	$	–		$	–		$	–		$	–
GAAP Operating expenses	$	13,013		$	11,740		$	87,917		$	43,758
Less: Stock-based compensation expense		(2,333	)		–			(23,941	)		–
Less: Acquisition-related estimated litigation claim and legal costs		3,259			(515	)		(15,935	)		(1,707	)
Less: Executive severance		(415	)		–			(415	)		–
Less: Payroll tax from the IPO lock-up release		(645	)		–			(645	)		–
Less: IPO preparation costs		–			(45	)		(873	)		(1,221	)
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Operating expenses	$	12,836		$	11,098		$	45,902		$	40,491
GAAP Operating (loss) income	$	2,424		$	(1,936	)	$	(40,279	)	$	1,134
Add: Stock-based compensation expense		2,527			–			26,915			–
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Amortization of acquired intangible assets		292			82			953			339
Non-GAAP Operating (loss) income	$	3,124		$	(1,294	)	$	5,537		$	4,401
GAAP Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
Add: Stock-based compensation expense		2,527			–			26,915			–
Add: Amortization of acquired intangible assets		292			82			953			339
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive Severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Loss on debt extinguishment		–			–			718			–
Add (Less): Change in fair value of contingent consideration		(9	)		(7	)		(27	)		325
Add (Less): Foreign exchange (gain) loss		(14	)		(3	)		404			335
Add: Income tax effect of non-GAAP adjustment		(566	)		(27	)		(831	)		(169	)
Non-GAAP Net (loss) income	$	4,268		$	(1,642	)	$	6,676		$	3,442
GAAP Net income (loss) per share:
Basic and diluted:	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Non-GAAP Net income (loss) per share:
Basic	$	0.15		$	(0.08	)	$	0.26		$	0.17
Diluted	$	0.15		$	(0.08	)	$	0.25		$	0.17
Weighted average shares used in GAAP and non-GAAP net income (loss) per share:
Basic		28,734,082			20,000,000			25,672,845			20,000,000
Diluted		28,849,041			20,000,000			26,841,901			20,000,000

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Farhad Hayat
press@silvaco.com

The MIL Network –

March 6, 2025

MIL-OSI Economics: Ericsson, Qualcomm and Thales Alenia Space reach milestone in space-based connectivity
Source: Thales Group

Headline: Ericsson, Qualcomm and Thales Alenia Space reach milestone in space-based connectivity
- Ericsson, Qualcomm Technologies, Inc., and Thales Alenia Space have partnered on 5G NR non terrestrial networks (NTN) technology since 2022
- Demonstration validates key technical functionalities essential for robust satellite communication integration
- It paves the way towards the seamless integration of terrestrial network (TN) and NTN, laying the groundwork for commercial deployment
The integration of traditional mobile networks with satellite mobile networks – and the related possibility of truly global connectivity across oceans and continents – has moved a step closer following a significant technology achievement by Ericsson (NASDAQ: ERIC), Qualcomm Technologies, Inc. and Thales Alenia Space.

The three partners combined expertise in a French test laboratory to successfully connect a 5G standards-based non terrestrial network call with a simulated low earth orbit (LEO) satellite channel.

5G Skytower LEO satellite ©Thales Alenia Space/ Briot

In effect, the trial proved that an NR-NTN capable device would never be without mobile coverage where areas are served by either terrestrial or non-terrestrial networks. In other words, if NTN covers an area in the middle of an ocean or deep forest – currently impossible to cover with terrestrial networks – then a device would be able to connect, via mobile connectivity alone, with any other device or service on the mobile network without the need for additional satellite signal receiving equipment, such as a dish.

Support applications could include high-definition voice calls and real-time video streaming services.

The achievement is a significant milestone on the way to non-terrestrial networks becoming a commercial reality. The collaboration launched in 2022 was, at the time, the world’s first publicly announced collaboration for 5G NTN based on 3GPP standards.

Fredrik Jejdling, Executive Vice President and Head of Business Area Networks, at Ericsson, says: “This successful 5G non-terrestrial network call represents not just a technological breakthrough but also showcases the practical viability of integrating satellite technology within existing terrestrial frameworks. Ericsson is committed to advancing ubiquitous connectivity, and our collaborative effort with Thales Alenia Space and Qualcomm Technologies will help ensure that future communication systems are more inclusive, resilient, and globally accessible. By leveraging NTN technology, we aim to bridge the digital divide and bring reliable communication to every corner of the world.”

John Smee, Senior Vice President, Engineering, Qualcomm Technologies, Inc., says: “Our collaboration with Ericsson and Thales Alenia Space is crucial in leveraging 3GPP standards for satellite communications, helping to ensure that 5G connectivity is universally accessible to 5G smartphone users. Qualcomm Technologies remains committed to enhancing chipset capabilities that support the seamless integration of 5G non-terrestrial networks and terrestrial networks.”

Hervé Derrey, CEO of Thales Alenia Space, says: “For years, Thales Alenia Space has been at the heart of all initiatives aimed at seamlessly integrating satellite communications in the 5G network infrastructure – including standardization with 3GPP – and takes 5G NTN standardized solutions into account in the design of its satellite payloads supporting either Broadband or Direct-To-Device (D2D) services. By combining Thales Alenia Space’s expertise in space technologies with Ericsson’s leadership in 5G networks and Qualcomm Technologies’ advanced chipsets, we are making significant headway towards the seamless integration of terrestrial and NTN networks, to provide access to 5G services, anywhere and at any time.”

Ericsson, Qualcomm Technologies, and Thales Alenia Space are committed to further refinement and development of 5G/6G NTN technologies, aiming to introduce and scale 5G NTN on the market and allow for a full set of services – from multi-orbit satellites including messaging, voice and data, to make seamless communication a reality for everyone, everywhere, and at any time.

More on the tech :

The partners established a 3GPP-based end-to-end New Radio (NR) 5G non-terrestrial networks (NTN) call using a lab-emulated low earth orbit (LEO) satellite.
The test explored critical components such as handling delays, Doppler effects, and ensuring seamless satellite handovers, which are crucial for maintaining communication integrity in satellite environments.

About Ericsson:

Ericsson’s high-performing networks provide connectivity for billions of people every day. For nearly 150 years, we’ve been pioneers in creating technology for communication. We offer mobile communication and connectivity solutions for service providers and enterprises. Together with our customers and partners, we make the digital world of tomorrow a reality. Ercisson

Ericsson France press contact: 
Laetitia Suizdak:  laetitia.suizdak@ericsson.com  

About Qualcomm:

Qualcomm is enabling a world where everyone and everything can be intelligently connected. Our one technology roadmap allows us to efficiently scale the technologies that launched the mobile revolution – including advanced connectivity, high-performance, low-power compute, on-device intelligence and more – to the next generation of connected smart devices across industries. Innovations from Qualcomm and our families of Snapdragon and Dragonwing platforms will help enable cloud-edge convergence, transform industries, accelerate the digital economy, and revolutionize how we experience the world, for the greater good.
Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon, Qualcomm Dragonwing and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated.
Qualcomm is a trademark or registered trademark of Qualcomm Incorporated.

About Thales Alenia Space:

Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries with 16 sites in Europe.
MIL OSI Economics –
March 6, 2025
MIL-OSI USA: Duckworth, Cohen Renew Push to Help Improve School Bus Safety and Protect Our Kids
US Senate News:
Source: United States Senator for Illinois Tammy Duckworth
March 04, 2025

[WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Committee on Commerce, Science and Transportation (CST)— and U.S. Representative Steve Cohen (D-TN-09) reintroduced legislation to help keep our kids safe as they travel to and from school. The School Bus Safety Act of 2025 would implement safety recommendations from the National Transportation Safety Board (NTSB) to make school buses safer by ensuring there are seat belts at every seat and buses are equipped with safety measures like stability control and automatic braking systems. The bill would also create a grant program to help school districts modify school buses to meet these important safety modifications.

“No parent should have to worry about the safety of their children when they get on a school bus—but school buses often lack seat belts and other basic safety equipment that every parent demands,” said Senator Duckworth. “Nothing is more important than protecting our children, which is why I’m proud to be reintroducing the School Bus Safety Act with Rep. Cohen to help prevent school bus accidents, make accidents less severe and implement other commonsense safety recommendations that will save lives.”

“There is no more precious cargo than children entrusted by their parents for a bus ride to school,” said Rep. Cohen. “The commonsense measures recommended by the NTSB and called for in this legislation will save young lives. I am pleased to reintroduce this legislation with Senator Duckworth to make school buses across the country safer while helping financially strapped school districts modify their school bus fleets to meet the new specifications. We’ve seen too many deaths and serious injuries in school bus accidents in Tennessee and elsewhere, and it is past time we act to protect young lives.”

The School Bus Safety Act would require the Department of Transportation issue rules requiring all school buses to include:

A 3-point safety belt, which includes a seat belt across a lap as well as a shoulder harness to help protect passengers by restraining them in case of a collision.

An Automatic Emergency Braking System, which helps prevent accidents and crashes by detecting objects or vehicles ahead of the bus and braking automatically.

An Event Data Recorder (EDR) that can record pre- and post-crash data, driver inputs, and restraint usage and when a collision does occur.

An Electronic Stability Control (ESC) System that will use automatic computer-controlled braking of individual wheels to assist the driver remain in control of the vehicle.

A Fire Suppression System, which addresses engine fires.

A Firewall that prohibits hazardous quantities of gas or flame to pass through the firewall from the engine compartment to the passenger compartment.

According to the National Highway Traffic Safety Administration (NHTSA) 1,082 people have died in school transportation-related crashes between 2013 and 2022, which saw a total of 976 crashes.

Full text of the legislation can be found on Senator Duckworth’s website.

Duckworth has long pushed for improving school bus safety, originally introducing this legislation in 2018 and again in 2023.

-30-
MIL OSI USA News –
March 6, 2025
MIL-OSI USA: NEWS RELEASE: DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025
Source: US State of Hawaii

NEWS RELEASE: DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

Posted on Mar 5, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

RESEARCH AND ECONOMIC ANALYSIS DIVISION

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

JAMES KUNANE TOKIOKA

DIRECTOR

KA LUNA HOʻOKELE
1. EUGENE TIAN
CHIEF STATE ECONOMIST

DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

FOR IMMEDIATE RELEASE

March 5, 2025

The Department of Business, Economic Development and Tourism (DBEDT) released its first quarter 2025 Statistical and Economic Report today. In the report, DBEDT adjusted its economic growth projections for 2025 to 1.7 percent, lower than the 2.0 percent projected in the previous quarter. The downward adjustment was mainly due to the expected slowdown in tourism growth, higher projected consumer inflation and increasing policy uncertainty at the national and international levels. Economic growth is expected to reach 2.0 percent in 2026 and to continue steady growth to 1.8 percent in 2028. The labor market is expected to remain stable, with low unemployment.

The resilience of Hawaiʻi’s economic growth in the next few years will rely on the strong performance of construction, real estate, health care, professional services, and the continued recovery of tourism.

Economic Recovery Status

As measured by real gross domestic product (GDP), Hawai‘i’s economy rebounded to exceed pre-pandemic (first three quarters of 2019) levels by 1.5 percent during the first three quarters of 2024. Hawai‘i’s overall economy was fully recovered to pre-pandemic levels by the third quarter of 2023. By comparison, the U.S. economy has been fully recovered since the first quarter of 2021. Hawaiʻi was the second-slowest state in terms of economic recovery from the 2019 COVID recession. The U.S. economy was 12.6 percent higher than the 2019 level for the same indicator during the same period.

While tourism-related sectors (Accommodation, Transportation, Retail Trade, Recreation, and Food Services) have only recovered to 94.5 percent of pre-pandemic levels as of the third quarter of 2024, non-tourism sectors have shown firm growth. Compared to real GDP in the last quarter of 2019, the Information sector has grown by 35.1 percent; the Professional, Scientific, and Technical Services sector by 25.0 percent; the Agricultural sector by 14.9 percent, and the Health Care and Social Assistance sector by 12.9 percent. The Wholesale Trade, Utilities, Accommodation and Food Services, and Other Services sectors are still below real GDP levels for the first three quarters of 2019.

Compared to 2019, statewide non-agriculture annual average payroll jobs were still short by 20,900 jobs in 2024. However, Construction annual average payroll jobs were above 2019 levels by 4,000 jobs, Health Care and Social Assistance by 2,900, and Private Educational Services by 700. Job counts in all other sectors were still lower than the levels in 2019. Retail Trade lost the most jobs at 6,900, followed by Financial Activities at 3,200, and Accommodations at 3,000.

During 2024, total visitor arrivals recovered 93.3 percent from the levels of 2019. Visitors from the U.S. increased by 6.7 percent, while international visitor recovery was 64.9 percent. The recovery rate of Japanese visitors was 45.7 percent and for Canadian visitors, the recovery rate was 80.2 percent.

Visitor arrivals to the island of Maui during 2024 were 76.6 percent of the level in 2019. Arrivals to O‘ahu were at 94.5 percent and arrivals to Hawai‘i Island were at 98.0 percent of the same period 2019 levels. Visitor arrivals to Kaua‘i were flat between the two periods.

Construction Industry Continues Booming

Statistics in the construction industry were great in 2024 and will have positive impacts on activities in 2025 and beyond. DBEDT estimates that construction activity in 2025 will be stronger than previously expected for several reasons:
1. The value of all building permits approved in 2024 increased by 27.1 percent from 2023 and most of these projects will be under construction in 2025.
2. The number of residential housing units authorized in 2024 increased by 78.1 percent as compared with 2023, and it was the highest in the past 17 years.
3. Construction completed as measured by the state contracting tax base increased 20.3 percent during the first 10 months of 2024 from the same period in 2023. DBEDT estimated that total construction value in 2024 could be over $14 billion.
4. Based on preliminary estimates, construction industry payroll jobs increased 9.2 percent in 2024 as compared with 2023.
5. A significant number of government construction projects are either ongoing or in the pipeline to be started.
6. More than 1,000 hotel units are either under construction or will start construction, with plans to open in 2025 and 2026.
Home Sales and Prices Continue Increasing

After declining 26 percent in 2023, Hawai‘i home sales as recorded at the Bureau of Conveyances increased 15.1 percent during 2024. Sales of single-family homes increased 14.3 percent and sales of condominium homes increased 15.9 percent. The average sale price of single-family homes was $1,093,445 during 2024, representing an 8.1 percent increase compared to 2023. The average sale price for condominium homes was $797,674, representing an increase of 5.7 percent from the year before.

Tourism Industry Growth is Likely to Slow Down

According to the airline schedules, total air seats to the state will decrease by 1.1 percent during the first 10 months of 2025. The decrease is mainly due to the decrease in flights from international locations, especially from Japan. The number of air seats on international flights is expected to decrease by 5.5 percent during the first 10 months of 2025 as compared with the same period in 2024. Air seats will decrease 5.5 percent from Japan, decrease 5.1 percent from Canada, and decline 3.2 percent from the Other Asia market, but will increase 1.7 percent from the Oceania market (Australia and New Zealand).

The number of scheduled air seats from the continental U.S. is flat during the first 10 months of 2025, an increase of a mere of 0.1 percent. While air seats from the U.S. East will increase 2.7 percent, seats will decrease by 0.2 percent from the U.S. West market. Part of the decrease in the air seats from the U.S. West market is the result of flight consolidations between Alaska and Hawaiian Airlines after their merger.

Labor Market Remains Stable

In 2024, the unemployment rate decreased 0.1 percentage point from the previous year’s 3.0 percent, to reach 2.9 percent. According to the Bureau of Labor Statistics, Hawai‘i was among the 17 U.S. states without statistically significant unemployment rate changes from December 2023 to December 2024 (seasonally adjusted). Hawai‘i’s unemployment rate was the 10^th lowest in the U.S. during 2024.

In the fourth quarter of 2024, Hawai‘i’s non-agricultural wage and salary jobs averaged 645,800 jobs, an increase of 10,400 jobs or 1.6 percent from the same quarter of 2023. In 2024, average non-agricultural wage and salary jobs increased 0.9 percent or 5,500 jobs from the previous year. The job increase in the fourth quarter of 2024 was due to job increases in both the private sector and the government sector. In that quarter, the private sector added about 8,600 non-agricultural jobs compared to the fourth quarter of 2023. The number of jobs increased the most in Construction, which added 3,400 jobs or 8.9%, followed by Health Care and Social Assistance, which added 2,100 jobs or 2.8 percent, Food Services and Drinking Places, which added 1,900 jobs or 2.9 percent, Professional and Business Services, which added 1,400 jobs or 2.0 percent, and Accommodations, which added 700 jobs or 1.8 percent in the quarter.

The average number of weekly initial unemployment claims was 1,090 during 2024, lower than the weekly average experienced in 2019 at 1,200. All counties have seen decreased and stable unemployment claims, but the average weekly unemployment claims for Maui County numbered 204 during 2024, 42 percent higher than the 2019 level of 144.

DBEDT expects that the labor market conditions will remain stable and that the unemployment rate will improve slightly in 2025.

Consumer Inflation Remains High

Honolulu consumer inflation, as measured by the Honolulu Consumer Price Index for Urban Consumers (CPI-U), was 4.4 percent in 2024, 1.4 percentage points higher than the state’s inflation rate in 2023. This measurement was 1.5 percentage points above the 2.9 percent U.S. inflation rate.

In 2024, Honolulu consumer inflation was mainly driven up by Housing which increased 7.1 percent compared to 2023, and Food and Beverages (3.8 percent). Housing normally accounts for 50 percent of Honolulu consumer inflation.

In January 2025, the Honolulu consumer inflation rate was at 4.1 percent, still higher than the U.S. consumer inflation at 3.0 percent. Honolulu consumer inflation in January 2025 was mainly in transportation (+6.8 percent), housing (+4.4 percent), and food and beverages (+4.4 percent).

National and International Economic Conditions

U.S. real GDP increased at an annual rate of 2.5 percent in the fourth quarter of 2024 compared to the fourth quarter a year ago, according to the latest estimate released by the U.S. Bureau of Economic Analysis. Real GDP increased 2.8 percent in 2024 from the 2023 annual level.

Policy uncertainty with respect to the imposition of tariffs and potential trade wars have negatively impacted the U.S. and global outlook for growth and inflation.

According to the most recent (February 2025) economic projections by the top 50 economic forecasting organizations published in Blue Chip Economic Indicators, U.S. economic growth is expected to be 2.2 percent in 2025 and 2.0 percent in 2026.

In February 2025, compared to January 2025, the Blue Chip International Consensus Forecasts for economic growth have been revised downward for 2025 in Canada and for the European countries. It was revised upward (0.1 percentage point) for Japan. The projected Japanese exchange rate was maintained at around 148.1 yen per dollar in 2025.

The Federal Reserve kept its fed funds rate (FFR) target unchanged at its January 28-29 FOMC meeting. The Federal Reserve cut its key interest rates twice last year, reducing the Federal Funds rate by 75 basis points to a range of 4.5 percent to 4.75 percent. The market expectations of the future number and magnitude of cuts by the Federal Reserve have been reduced in recent surveys. Inflation expectations have also been revised upward.

Forecasting Results

In the newly released report, DBEDT predicts that the economic growth rate for Hawai‘i, as measured by the year-over-year percentage change in real GDP, to slow down to 1.7 percent in 2025, reflecting policy uncertainty at the national and international levels. Economic growth is expected to reach 2.0 percent in 2026 and will show steady growth to around 1.8 percent in 2028.

Visitor arrivals are projected to increase by 1.0 percent in 2025 and will grow at a stable pace of around 2 percent each year between 2026 and 2028. Full recovery in arrivals will not happen until 2028 when 10.4 million visitors will come to the state. Visitor spending is projected to be $21.3 billion in 2025 and is expected to increase to $23.7 billion by 2028.

Non-agriculture payroll jobs are expected to grow by 1.2 percent in 2025, with growth of 1.1 percent, 1.0 percent and 0.9 percent in 2026, 2027, and 2028, respectively. A full recovery of non-agriculture payroll jobs is expected to occur in 2027, when the total will reach 658,800 jobs, surpassing the 2019 total of 658,600.

The state unemployment rate is expected to be 2.9 percent in 2025 and will improve to 2.7 percent in 2026, and 2.6 percent in 2027 and 2028. Personal income is expected to grow at 4.9 percent in 2025, 4.8 percent in 2026, 4.6 percent in 2027 and 4.5 percent in 2028.

As measured by the Honolulu Consumer Price Index for Urban Consumers, inflation is expected to be at 3.9 percent in 2025, which is higher than the projected U.S. consumer inflation rate of 2.7 percent for the same year. Hawai‘i consumer inflation is expected to decrease to 2.9 percent by 2028.

Hawai‘i’s population is expected to increase by 0.2 percent each year for 2025 and 2026 and at 0.3 percent each year for 2027 and 2028.

Statement of DBEDT Director James Kunane Tokioka

While the domestic and international economic outlook has become more uncertain, we expect Hawai‘i’s economy to demonstrate resiliency. In addition to firm performance in the construction industry, we will continue to see growth in other industries including professional services and healthcare. We expect that the tourism industry will continue to recover in the next few years, even if at a slower pace than previously anticipated.

With the income tax reform and the increase in the supply of affordable housing, we expect that living in our state will be more affordable and support our state’s workforce formation and retention.

The full report is available at dbedt.hawaii.gov/economic/qser/.

# # #

Media Contacts:

Dr. Eugene Tian

Research and Economic Analysis Division

Department of Business, Economic Development and Tourism
Phone: 808-586-2470
Email: [email protected]

Laci Goshi

Department of Business, Economic Development and Tourism

Cell: 808-518-5480

Email: [email protected]

MIL OSI USA News –
March 6, 2025
MIL-OSI Asia-Pac: Japan-India Business Cooperation Committee delegation calls on Prime Minister Modi

Source: Government of India (2)

Japan-India Business Cooperation Committee delegation calls on Prime Minister Modi

Japanese delegation includes leaders from Corporate Houses from key sectors like manufacturing, banking, airlines, pharma sector, engineering and logistics

Prime Minister Modi appreciates Japan’s strong commitment to ‘Make in India, Make for the World

Posted On: 05 MAR 2025 7:52PM by PIB Delhi

A delegation from the Japan-India Business Cooperation Committee (JIBCC) comprising 17 members and led by its Chairman, Mr. Tatsuo Yasunaga called on Prime Minister Narendra Modi today. The delegation included senior leaders from leading Japanese corporate houses across key sectors such as manufacturing, banking, airlines, pharma sector, plant engineering and logistics.

Mr Yasunaga briefed the Prime Minister on the upcoming 48th Joint meeting of Japan-India Business Cooperation Committee with its Indian counterpart, the India-Japan Business Cooperation Committee which is scheduled to be held on 06 March 2025 in New Delhi. The discussions covered key areas, including high-quality, low-cost manufacturing in India, expanding manufacturing for global markets with a special focus on Africa, and enhancing human resource development and exchanges.

Prime Minister expressed his appreciation for Japanese businesses’ expansion plans in India and their steadfast commitment to ‘Make in India, Make for the World’. Prime Minister also highlighted the importance of enhanced cooperation in skill development, which remains a key pillar of India-Japan bilateral ties.

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MJPS/SR

(Release ID: 2108603) Visitor Counter : 90

MIL OSI Asia Pacific News –

March 6, 2025
MIL-Evening Report: Consumer resistance is rising in the age of Trump. History shows how boycotts can be effective

Source: The Conversation (Au and NZ) – By Garritt C. Van Dyk, Senior Lecturer in History, University of Waikato

Justin Sullivan/Getty Images

Boycotts are back. With people worried about everything from labour practices and human rights to tariffs and equal opportunity initiatives, collective consumer resistance has been rising globally.

Right now, there are several month-long boycotts of Target underway in the United States due to the company abandoning its diversity, equity and inclusion (DEI) programme. Longer boycotts of specific corporations, beginning with Amazon, are scheduled for March and April.

Last week, the non-partisan, grassroots People’s Union USA organised a “national economic blackout” by urging consumers to avoid buying anything beyond essentials. The inaugural event was, in part, spurred by anger at government cuts being made in the US by President Donald Trump and Elon Musk, with organisers saying:

Our strength lies in economic power. If corporations control politicians through money, then we control corporations by withholding ours. Targeted boycotts, economic blackouts, and financial pressure will make them listen.

More widely, the Palestinian-led Boycott, Divestiture, and Sanction (BDS) campaign against Israeli goods and companies has been operating for years now. And anti-American boycotts are underway in Canada as increased tariffs take effect .

As these campaigns gain momentum, some consumers will question how effective boycotts are at changing corporate behaviour. But there is a long history of ordinary citizens successfully “voting with their wallets”, even before the term “boycott” was coined.

Origins of the boycott

In 1792, a British campaign to stop buying sugar produced by enslaved Africans in the West Indies began. This originated in the American colonies with Quakers rejecting sugar in the 1750s. They viewed enslaved Africans as stolen people, and therefore slave products as stolen goods.

In Britain, the abolitionist movement appealed to women as household managers to give up slave products and sign a petition to end slavery. The power of this ethical consumerism gave women, not yet allowed to vote, a voice to parliament and a tangible way to participate in the cause.

The word “boycott” itself originated during the 1880 Irish Land Wars, and referred to the resistance to English land agent and former army officer Captain Charles Boycott. Tenants of the absentee landlord he represented complained he “treated his cattle better than he did us”.

Protests outside the gates of Captain Boycott’s residence during the Land League boycott in Ireland in 1880.
Hulton Archive/Getty Images

After Boycott imposed fines and employed police to attempt evictions, the Irish Land League responded with a campaign to ostracise him. Crowds intimidated workers so his crops would not be harvested, local shops refused to sell to him, and the post boy was threatened to stop deliveries.

The parish priest, Father John O’Malley, adopted the term “boycott” for this collective action because he thought the County Mayo locals wouldn’t remember the word “ostracise”. Boycott was forced to flee Ireland, and the new term spread across the country.

Some 75 years later, across the Atlantic, Rosa Parks was arrested for refusing to give up her seat to a white woman, as required by Alabama’s racial segregation laws. In 1955, the Montgomery Improvement Association organised a 13-month long boycott of the city’s buses, led by Martin Luther King Jr.

African-Americans, who made up 75% of passengers, refused to ride the buses. In 1956, the US Supreme Court ruled segregated public buses were unconstitutional.

American civil rights activist Rosa Parks sparked the 381 day Montgomery bus boycott, part of the wider civil rights movement in the US.
Underwood Archives/Getty Images

Can boycotts work in the 21st century?

Boycotts are not the exclusive province of progressive activists. Across the political spectrum, the rejection of brands because of corporate behaviour has had moments of significant traction.

In 2023, beer company Bud Light collaborated with transgender influencer Dylan Mulvaney as a brand ambassador. A backlash from conservative consumers saw the boycott cost parent company Anheuser-Busch Inbev an estimated US$1 billion.

Bud Light also lost is status as the best-selling beer in the US to Mexican import Modelo. The brand then tried to back away from its marketing strategy, which only alienated the LGBTQIA+ community.

Broad campaigns, such as the historical ones mentioned here, can be successful. But specifically targeted boycotts tend to be more effective in attracting media attention and sustaining momentum in the modern consumer age.

This is especially true if consumers have a wide range of alternative goods or outlets that make it easier to avoid a brand or retailer.

The most recent economic data show US consumer confidence is faltering, with its biggest drop since the summer of 2021. Inflation and the potential impact of a trade war are dampening retail sentiment.

This fragile economic environment may amplify the effects of boycotts, if not in terms of profit, then in terms of brand reputation. As messaging becomes more common in the news and on social media, the current consumer boycotts in the US will be a test of how effective the strategy still is.

Garritt C. Van Dyk has received funding from the Getty Research Institute.

– ref. Consumer resistance is rising in the age of Trump. History shows how boycotts can be effective – https://theconversation.com/consumer-resistance-is-rising-in-the-age-of-trump-history-shows-how-boycotts-can-be-effective-251448

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-OSI USA: AG’s office sues collections agency for failing to advise consumers about medical debt protections

Source: Washington State News

SEATTLE — The Washington State Attorney General’s Office today filed suit against Renton Collections, Inc., for failing to disclose to consumers that they are legally entitled to information about their medical debt. The company sent more than 400,000 such collection notices to Washingtonians since 2019.

Medical debt can add up in unexpected and complex ways, which is why lawmakers have strengthened protections for Washington consumers burdened with medical debt. The Legislature amended the state Collection Agency Act in 2019 to require companies like Renton Collections give notice to people receiving collections letters about their right to request key information about the debt.

But from the date the law took effect through at least Dec. 1, 2024, Renton Collections failed to include these key disclosures in their notices. Their illegal debt collection practices netted more than $35 million from consumers while the agency made more than $7 million in commissions.

“Medical debt often stems from life’s unexpected events and can spiral households into bankruptcy,” said Washington State Attorney General Nick Brown. “Our laws require collection agencies to respect people’s dignity by providing information about what they’re being asked to pay – but Renton Collections ignored this.”

The lawsuit alleges that the agency’s actions violate the Collection Agency Act as well as the state Consumer Protection Act.

The case, filed in King County Superior Court, seeks to prevent Renton Collections from any further violations of the law and to require the agency pay restitution to consumers for the total amount collected, plus interest.

The lawsuit also requests the court prohibit the business and other entities entitled to recover debt from these accounts from seeking more than the amount of the original claim. Consumers who received these illegal letters would not be subject to any interest, attorney fees or other costs the businesses may charge in any future collection attempts.

The lawsuit also seeks civil penalties of up to $7,500 per violation, as well as fees and costs for the Attorney General’s Office.

The Consumer Protection Division is funded through money recovered from businesses who have violated Washington’s Consumer Protection Act and similar laws, not by taxpayers. Specifically, a portion of Consumer Protection recoveries go into the Attorney General’s Civil Justice Operating Fund, which supports the Consumer Protection, Antitrust, Wing Luke Civil Rights, and Environmental Protection divisions. It also directly funds the Medicaid Fraud Control and the Complex Litigation divisions.

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Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

Media Contact:

Email: press@atg.wa.gov

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MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Senators Markey, Cornyn Reintroduce Legislation to Fund Sea Turtle Research and Rescue Assistance

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Bill Text (PDF)

Washington (March 5, 2025) – Senator Edward J. Markey (D-Mass.), member of the Senate Commerce, Science, and Transportation Committee and co-author of the Green New Deal resolution, and Senator John Cornyn (R-Texas) reintroduced their bipartisan and bicameral Sea Turtle Rescue Assistance and Rehabilitation Act, legislation to establish funding at the Department of Commerce for the rescue, recovery and research of sea turtles in Massachusetts and across the United States.

“Sea turtles are the canaries in the coal mine. Right now, every known species of sea turtles found in US waters is either threatened or endangered and faces extinction and environmental wipeout due to the human-caused climate crisis. We have the responsibility to act,” said Senator Markey. “I am reintroducing the Sea Turtle Rescue Assistance Act to financially support ongoing rescue and rehabilitation efforts of our shelled friends.”

“Sea turtle strandings are rising at an alarming rate along the Texas Gulf Coast,” said Senator Cornyn. “This bill would help identify the causes of these strandings and invest in rescue and recovery efforts to better protect Texas’ endangered and storied sea turtle population.”

The legislation is co-sponsored by Senators Chris Van Hollen (D-Md.), Lindsey Graham (R-S.C.), Cory Booker (D-N.J.), and Tom Tillis (R-N.C.). In January, Representative Bill Keating (MA-09) introduced companion legislation in the House of Representatives.

In 2000, fewer than 50 sea turtles were found stranded on the beaches of Cape Cod; by 2022, that number had skyrocketed to 866. During the 2021 cold snap in Texas, more than 12,100 turtles were cold-stunned, and rescue organizations were able to save and return only 4,000 of the stranded turtles to the wild. Rescue efforts are predominantly volunteer led and underfunded despite sea turtles facing increasing environmental and human-caused threats that make strandings more likely, including rapid temperature changes, red tide events, and entanglement in marine debris. This bill would provide stability and support to efforts that rehabilitate and aid in the recovery of sea turtles along the coastal US. Specifically, the Sea Turtle Rescue Assistance Act would create a new grant program to fund rescue, recovery, and research of sea turtles in the U.S., and authorize $5 million annually for awarding of grants to further that purpose from 2025 through 2030.

The Sea Turtle Rescue Assistance and Rehabilitation Act is endorsed by the Association of Zoos and Aquariums, the New England Aquarium, the National Aquarium, ABQ BioPark, Acadia Institute of Oceanography, Adventure Aquarium, Allied Whale – College of the Atlantic, Assateague Coastal Trust, Atlantic Marine Conservation Society, Aquarium of the Pacific, Arizona-Sonora Desert Museum, Audubon Nature Institute, Bird River Beach Community Association, Blank Park Zoo, Brevard Zoo / East Coast Zoological Park, Brookfield Zoo Chicago, Buttonwood Park Zoo, Central Florida Zoo & Botanical Gardens, Chattanooga Zoo at Warner Park, Cincinnati Zoo & Botanical Garden, Citizens Campaign for the Environment, Clearwater Marine Aquarium, Cleveland Metroparks Zoo, Coastal Research and Education Society of Long Island, Columbus Zoo and Aquarium, Connecticut’s Beardsley Zoo, Conservation Council For Hawaii, El Paso Zoo and Botanical Garden, Fort Wayne Children’s Zoo, Georgia Aquarium, Georgia Sea Turtle Center / Jekyll Island Authority, Georgia Wildlife Federation, Gladys Porter Zoo, Gulf World Marine Institute, Healthy Ocean Coalition, Houston Zoo, International Fund for Animal Welfare (IFAW), Jenkinson’s Aquarium, John Ball Zoo, John G. Shedd Aquarium, Kansas City Zoo, Karen Beasley Sea Turtle Rescue & Rehabilitation Center, Loggerhead Marinelife Center, Louisiana Wildlife Federation, Marine Education – Research & Rehabilitation Institute, Inc. (MERR), Marine Conservation Institute, Marine Mammal Alliance Nantucket, Maryland Zoo in Baltimore, Mass Audubon, Maui Ocean Center Marine Institute, Monterey Bay Aquarium, Mystic Aquarium, National Marine Life Center, National Wildlife Federation, Natural Resources Defense Council, Newport Aquarium, New York Marine Rescue Center, North Carolina Aquariums, North Carolina Wildlife Federation, OdySea Aquarium, Oregon Coast Aquarium, Pittsburgh Zoo & Aquarium, Racine Zoo, Roger Williams Park Zoo, Saint Louis Zoo, SEA LIFE Aquariums, Sea Turtle Recovery, Inc., Seattle Aquarium, Seatuck Environmental Association, SeaWorld Parks, Sociedad Ornitologica Puertorriquena Inc., South Carolina Aquarium, South Carolina Wildlife Federation, Sunset Zoo, Surfrider Foundation, Texas Conservation Alliance, Texas Sealife Center, Texas State Aquarium, The Florida Aquarium, The Institute for Marine Mammal Studies, The Living Desert Zoo and Gardens, The Maritime Aquarium at Norwalk, The Ocean Project, The Turtle Hospital, Upwell Turtles, Vancouver Aquarium, Virgin Islands Conservation Society, Virginia Aquarium & Marine Science Center, Whitney Lab for Marine Bioscience at University of Florida, WIDECAST: Wider Caribbean Sea Turtle Conservation Network, Wildlife Restoration Foundation, and Woodland Park Zoo.

“We are grateful for Sen. Markey’s continued partnership as he reintroduces the Sea Turtle Rescue Assistance and Rehabilitation Act of 2025 in the U.S. Senate. Each year, the New England Aquarium rescues and rehabilitates hundreds of cold-stunned sea turtles that wash onto the beaches of Cape Cod Bay. This bill would help fill a critical gap in sea turtle conservation efforts by providing much-needed financial support to organizations across the country like ours that help return these endangered animals to the ocean,” said Vikki N. Spruill, President and CEO of the New England Aquarium.

“The National Aquarium applauds the reintroduction of the bicameral, bipartisan Sea Turtle Rescue Assistance and Rehabilitation Act. We are proud to be part of the nationwide network of organizations engaged in sea turtle conservation and in educating the public on the challenges facing these threatened and endangered species. Sea turtle strandings are on the rise, as are the expenses related to rescuing, rehabilitating and releasing them back to their ocean home. The level of voluntary contribution from stranding network partners is not sustainable. We thank the champions in the House and Senate for their leadership in creating a much-needed federal grant program to support this important work,” said John Racanelli, President & CEO of the National Aquarium.

“Each year, aquariums, zoos and other organizations selflessly rescue and rehabilitate thousands of stranded and injured sea turtles with little to no federal support. They do it because it is the right thing to do,” said Dan Ashe, President and CEO of the Association of Zoos and Aquariums. “This bipartisan Sea Turtle Rescue Assistance and Rehabilitation Act would help to fill a critical gap in support for these federally protected sea turtles.”

MIL OSI USA News –

March 6, 2025
MIL-OSI Security: Five People Convicted in $1 Million Fraud Scheme Involving Elderly Victims
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

TALLAHASSEE, FLORIDA – Five defendants who participated in a conspiracy and a fraud scheme involving 401(k) accounts of elderly retired Florida school district employees have been convicted after three defendants pleaded guilty and two defendants were found guilty by a federal jury. Michelle Spaven, Acting United States Attorney for the Northern District of Florida, announced the convictions of the following defendants:
- Ronald Vargas, 38, of Osteen, Florida, pleaded guilty on August 21, 2024, to Conspiracy to Commit Wire Fraud, Aggravated Identity Theft, and Conspiracy to Commit Money Laundering.
Evidence presented at trial and court records show that the defendants were involved in a conspiracy to steal retirement funds from participants in a retirement 401(k) savings program comprised largely of Florida school district employees or prior employees. Between January 2022, and March 2022, Vargas, who worked for the company handling the retirement fund, conspired with the other defendants to have fraudulent withdraw forms faxed to the company requesting that the victims’ retirement funds be transferred to accounts controlled by members of the conspiracy. In total, the conspirators withdrew and attempted to withdraw retirement funds from 25 different 401(k) accounts, resulting in a net total of $1.1 million being stolen. Evidence presented at trial also established that Bostic was engaging in money laundering with the stolen funds.

Sentencing hearings for all defendants are scheduled for April 28, 2025, beginning at 10:00 a.m., at the United States Courthouse in Tallahassee before United States District Judge Robert L. Hinkle. All defendants face up to 20 years’ imprisonment and up to three years on supervised release for Conspiracy to Commit Wire Fraud. Vargas, Levy, Grace Aguebor, and Bostic face a mandatory minimum sentence of two years imprisonment—consecutive to any other prison sentence imposed by the court.

These convictions were the result of a joint investigation by the Tallahassee Police Department and the Federal Bureau of Investigation. The case was prosecuted by Assistant United States Attorney Justin M. Keen.

If you or someone you know is age 60 or older and has experienced financial fraud, experienced professionals are standing by at the National Elder Fraud Hotline 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

More information about the department’s efforts to help American seniors is available at www.justice.gov/elderjustice. For more information about the Consumer Protection Branch and its enforcement efforts visit www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints can be filed with the FTC at www.reportfraud.ftc.gov/ or at 877-FTC-HELP. The Justice Department provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, at www.ovc.gov.

The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General. To access public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office for the Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.

MIL Security OSI –
March 6, 2025

MIL-OSI: Minutes of the annual general meeting held on 5 March 2025

Source: GlobeNewswire (MIL-OSI)

Nasdaq Copenhagen
Euronext Dublin
London Stock Exchange
Other stakeholders

Date 5 March 2025

Minutes of the annual general meeting held on 5 March 2025

The bank held its Annual General Meeting (AGM) today, Wednesday, 5 March 2025, with the agenda as previously published.

Minutes of decisions of the AGM as per the items on the agenda:

The chairman of the board of directors, Martin Krogh Pedersen, opened the general meeting and welcomed the attendees.

1. Election of chairperson
Allan Østergaard Sørensen, attorney-at-law, of Ringkøbing, deputy chairman of the shareholders’ committee, was elected chairman of the AGM.

2. The board’s report on the bank’s activities in the previous year
Martin Krogh Pedersen, chairman of the board of directors, presented the board’s report on the bank’s activities during the previous year, among these Martin Krogh Pedersen also reviewed the proposals regarding the agenda items: 5. Consultative vote on the remuneration report, 6. Approval of the remuneration of the board of directors for the current financial year, and 7. Remuneration policy.

The board’s report was noted.

3. Presentation of the annual report for approval, and
4. Decision on allocation of profit or covering of loss under the approved annual report
John Fisker, CEO, presented the annual report for 2024 for approval and explained the proposed profit allocation.

The annual report for 2024 was approved.

The AGM resolved to distribute the total comprehensive income for the year as follows (thousand DKK):

Appropriated for ordinary dividend, DKK 11 per share	293,774
Appropriated for charitable purposes	2,000
Transfer to net revaluation reserve under the equity method	-3
Transfer to retained earnings	2,005,075

Total	2,300,846

5. Consultative vote on the remuneration report
As part of his presentation of the board’s report on the bank’s activities during the previous year, Martin Krogh Pedersen, chairman of the board of directors, presented the remuneration report for 2024 for a consultative vote.

The remuneration report for 2024 was approved.

6. Approval of the remuneration of the board of directors for the current financial year
As part of his presentation of the board’s report on the bank’s activities during the previous year, Martin Krogh Pedersen, chairman of the board of directors, presented the proposal for the remuneration of the board of directors for the current financial year for approval.

The proposal for the remuneration of the board of directors for the current financial year (2025) was approved.

7. Remuneration policy
As part of his presentation of the board’s report on the bank’s activities during the previous year, Martin Krogh Pedersen, chairman of the board of directors, presented an updated remuneration policy for approval.

The updated remuneration policy was approved.

8. Election of members to the shareholders’ committee
In accordance with the decision made by the bank’s annual general meeting held on 28 February 2024, the following members of the shareholders’ committee, whose terms of office end in 2025 and 2026, retired in rotation: Mette Bundgaard, Per Lykkegaard Christensen, Ole Kirkegård Erlandsen, Thomas Sindberg Hansen, Tonny Hansen, Kim Jacobsen, Morten Jensen, Kasper Lykke Kjeldsen, Lotte Littau Kjærgaard, Niels Erik Burgdorf Madsen, Martin Krogh Pedersen, Poul Kjær Poulsgaard, Kristian Skannerup, Allan Østergaard Sørensen, Jørgen Kolle Sørensen, Sten Uggerhøj, Lasse Svoldgaard Vesterby and Christina Ørskov.

In addition, Lars Møller and Yvonne Skagen must retire from the shareholders’ committee due to the age requirement in the articles of association.

Martin Krogh Pedersen, chairman of the board of directors, presented the recommendation, made by the shareholders’ committee and the board of directors, regarding elections of members to the shareholders’ committee.

The following members were re-elected to the shareholders’ committee:

Mette Bundgaard, police superintendent, No, born 1966
Per Lykkegaard Christensen, farmer, Hjallerup, born 1959
Ole Kirkegård Erlandsen, butcher, Snejbjerg, born 1962
Thomas Sindberg Hansen, grocer, Kloster, born 1978
Tonny Hansen, former college principal, Ringkøbing, born 1958
Kim Jacobsen, manager, Aalborg, born 1969
Morten Jensen, attorney-at-law (Supreme Court), Dronninglund, born 1961
Kasper Lykke Kjeldsen, timber merchant, Højbjerg, born 1981
Lotte Littau Kjærgaard, manager, Holstebro, born 1969
Niels Erik Burgdorf Madsen, manager, Ølgod, born 1959
Martin Krogh Pedersen, CEO, Ringkøbing, born 1967
Poul Kjær Poulsgaard, farmer, Madum, born 1974
Kristian Skannerup, manufacturer, Tim, born 1959
Allan Østergaard Sørensen, attorney-at-law (High Court), Ringkøbing, born 1982
Jørgen Kolle Sørensen, sales representative and branch manager, Hvide Sande, born 1970
Sten Uggerhøj, car dealer, Frederikshavn, born 1959
Lasse Svoldgaard Vesterby, manager, Ringkøbing, born 1978
Christina Ørskov, manager, Gærum, born 1969

The following new members were elected to the shareholders’ committee:

Rasmus Alstrup, farmer, Videbæk, born 1985
Rikke Ahnfeldt Kjær, CFO, Gistrup, born 1980
Pia Stevnhøj Sommer, sales director, Lind, born 1979

9. Election of one or more auditors
The chairperson, Allan Østergaard Sørensen, presented the recommendation of the shareholders’ committee, the board of directors and the audit committee to re-elect as external auditor and as sustainability auditor Revisionsfirmaet PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab.

The shareholders re-elected as external auditor and as sustainability auditor:

Revisionsfirmaet PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab

10. Authorisation for the board of directors to permit the bank to acquire its own shares
The chairperson, Allan Sørensen, presented the board of directors’ proposal for the authorisation.

The authorisation of the board of directors proposed below was adopted:
‘The board of directors proposes that it be granted authorisation to permit the bank to acquire its own shares, in accordance with current legislation, until the next annual general meeting, to a total nominal value of ten percent (10%) of the share capital, such that the shares can be acquired at current market price plus or minus ten percent (+/-10%) at the time of acquisition.’

11. Any proposals from the board of directors, the shareholders’ committee or shareholders

11.a. Proposed amendments to the articles of association (articles 2a and 2b)
The chairperson, Allan Østergaard Sørensen, explained the amendments to the articles of association proposed by the shareholders’ committee and the board of directors.

The amendments to the articles of association, as stated in the full proposals, were adopted.

11.b. Proposal to reduce the bank’s share capital by nom. DKK 1,315,042 by cancellation of its own shares
The chairperson, Allan Østergaard Sørensen, presented the board of directors’ proposal for a reduction of the bank’s share capital.

The following proposal for the reduction of the share capital and the amendment of the articles of association was adopted:
‘The board of directors proposes a reduction in the bank’s share capital from nom. DKK 26,706,739 to nom. DKK 25,391,697 by cancellation of 1,315,042 nom. DKK 1 shares from the bank’s holding of its own shares of a nominal value of DKK 1,315,042.

Please note that, in accordance with section 188(1) of the Danish Companies Act, the purpose of the reduction in the bank’s share capital is payment to shareholders. The amount of the reduction has been used as payment to shareholders for shares acquired by the bank under the authorisation previously granted to the board of directors by the general meeting.

The share capital will consequently be reduced by nom. DKK 1,315,042 and the bank’s holding of its own shares will be reduced by 1,315,042 nom. DKK 1 shares. Please note that, in accordance with section 188(2) of the Danish Companies Act, the shares in question were acquired for a total sum of DKK 1,524,948,149. This means that, apart from the reduction in nominal capital, DKK 1,523,633,107 has been paid to shareholders.

The purpose of the board of directors’ proposed reduction of the share capital is to maintain flexibility in the bank’s capital structure.

If the proposal is adopted, the following changes will be made to articles 2, 2a, 2b and 2c of the articles of association:

Art. 2: The amount of “26,706,739” will be changed to “25,391,697”
Art. 2a: The amount of “5,341,347” will be changed to “5,078,339”
Art. 2b: The amount of “2,670,673” will be changed to “2,539,169”
Art. 2c: The amount of “5,341,347” will be changed to “5,078,339”.’

11.c. Proposed authorisation for the board of directors or its appointee
The chairperson, Allan Østergaard Sørensen, presented the board of directors’ proposal for authorisation of the board of directors or its appointee.

The following proposed authorisation of the board of directors or its appointee was adopted:
‘The board of directors proposes that the board of directors, or its appointee, be authorised to report the decisions which have been adopted at the general meeting for registration and to make such changes to the documents submitted to the Danish Business Authority as the Authority may require or find appropriate in connection with registration of the decisions of the general meeting.’

11.d. Proposal from a shareholder
The chairperson, Allan Østergaard Sørensen, presented the board of directors’ proposal for the
following proposal submitted by a shareholder.

Proposal submitted by shareholder Poul Aksel Andersen, Hobro:
‘Reason for the proposal:
The minutes of the 2024 annual general meeting state that: “In recruiting and proposing candidates for the shareholders’ committee (election and re-election), the committee and board of directors have focused on ensuring a diverse committee membership in terms of business experience, professional qualifications and expertise, gender, age etc.”

Despite this, it is evident from the minutes that all of the elected members of the shareholders’ committee in 2024 were in leading positions. The shareholders’ committee is therefore hardly representative of the bank’s shareholders or customers in terms of business experience, professional qualifications or expertise.

Proposal:
It is proposed, that Ringkjøbing Landbobank’s work of recruiting and proposing of candidates in the future should focus on making the composition of the shareholders’ committee representative of the bank’s shareholders and customers; that the bank should make the process of admitting committee members transparent for all shareholders who might be interested in joining the shareholders’ committee; and that the bank’s work should focus specifically on ensuring that at least 25% of the members of the shareholders’ committee are employees without responsibilities for managing other staff.

The board of directors’ recommendation regarding the proposal:
The members of the bank’s board of directors are elected by the shareholders’ committee. Six of the eight current board members elected by the shareholders’ committee came from the membership of the shareholders’ committee. The shareholders’ committee is thus a recruitment channel for the board of directors. It is relevant, therefore, that the members of the shareholders’ committee possess the right competences for onward recruitment to the board of directors. In addition, the authorities nowadays impose a number of requirements on serving members of boards of directors of financial undertakings, including in relation to their competences, and there are also requirements regarding the collective competences of the plenary board of directors.

The board of directors, the board of directors’ nomination committee and the shareholders’ committee are already working to promote diversity in the shareholders’ committee.

The board of directors does not consider it appropriate to tie the board of directors’ nomination committee, the board of directors and the shareholders’ committee to a specific framework in future recruitment processes for nominations of candidates to the shareholders’ committee.

For the above reasons, the board of directors does not support the proposal.‘

The proposal submitted by shareholder Poul Aksel Andersen, Hobro, was not adopted.

Yours faithfully
Ringkjøbing Landbobank

John Fisker
CEO

Attachment

Meddelelse om afholdt generalforsamling 2025 endelig EN

The MIL Network –

March 6, 2025

MIL-OSI USA: Grassley, Durbin Introduce Bipartisan Legislation to Curb Food Waste

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Dick Durbin (D-Ill.) introduced the bipartisan Reduce Food Loss and Waste Act to prevent and reduce food waste across the country. Each year, the U.S. produces and imports 237 million tons of food, but 31 percent of this food is never sold or eaten, while millions of Americans experience food insecurity.
“Too many families suffer from food insecurity. The Iowa Waste Reduction Center at the University of Northern Iowa has demonstrated the economic and environmental benefits of reducing food waste, and Congress should act to build on this impactful work. Our legislation would recognize businesses for using excess food responsibly and incentivize others to improve their practices,” Grassley said.
“While millions of Americans face food insecurity, millions of tons of food waste end up in landfills every year and contribute to methane emissions that drive the climate crisis. We must address these crises for the sake of hungry families, our economy and our environment. Today, I’m reintroducing the bipartisan Reduce Food Loss and Waste Act with Senator Grassley to move our country toward more conscious consumption and curbing food waste,” Durbin said.
“Food waste continues to be a national concern for our communities, especially here in Iowa, where 22 percent of all waste going to our landfills is food. We look forward to working with Senators Durbin and Grassley to support the Reduce Food Loss and Waste Act through our continued initiatives at the Iowa Waste Reduction Center,” said Mark Nook, President of the University of Northern Iowa.
Specifically, the Reduce Food Loss and Waste Act would establish a “Food Loss and Waste Reduction Certification,” and direct the Department of Agriculture (USDA) to create:
Criteria, which businesses and organizations would have to meet to receive a Food Loss and Waste Reduction Certification;
A verification process, to confirm that businesses and organizations have achieved the criteria; and
A label, which certified businesses and organizations would be authorized to use on their products, buildings and websites.
The “Food Loss and Waste Reduction Certification” would be similar to existing certifications, such as ENERGY STAR and the BioPreferred Program. The Reduce Food Loss and Waste Act would direct USDA to promote the certification to ensure that consumers are informed about which businesses and organizations have received it.
The Reduce Food Loss and Waste Act has support from the University of Northern Iowa, National Restaurant Association and Consumer Brands Association, Natural Resources Defense Council, Harvard Food Law and Policy Clinic, World Wildlife Fund, Too Good To Go, Kellanova and FMI – The Food Industry Association.
Background:
Food waste has significant economic, environmental and social impacts. More than $440 billion is spent annually to produce and dispose of food that is never consumed or sold. Sending uneaten food to landfills or incinerators uses up more than 20 trillion liters of water, which is equivalent to the annual water use of 50 million homes, according to the Environmental Protection Agency (EPA).
Additionally, just one-third of food waste, if saved from disposal, could feed the 47 million Americans, including 14 million children, who are suffering from food insecurity, according to the Natural Resources Defense Council.
-30-

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Tackling seafood fraud: Hawaii Senator introduces new bill

US Senate News:

Source: United States Senator for Hawaii Brian Schatz
HONOLULU (KHON2) — A new effort led by Hawaii Senator Brian Schatz looks to crack down on foreign and intentionally mislabeled ahi.
On Wednesday, Feb. 5, the Senate Commerce Committee advanced the Illegal Red Snapper and Tuna Enforcement Act.
The bipartisan bill would direct NOAA and the National Institute of Standards and Technology to “develop a standard way to identify the country of origin of red snapper and certain species of tuna imported into the United States.”
“Seafood that’s caught illegally or intentionally mislabeled rips off consumers and makes it harder for law-abiding U.S. fishermen to compete,” said Senator Schatz.
He added the bill would fight against those who try to pass off cheap, foreign tuna for high-quality ahi sold by local Hawaii fishermen.

US fisheries, including the Hawai‘i Longline fishery, are among the most regulated in the world and we appreciate Congress taking steps to protect domestic fishermen and our markets. Hawai‘i-landed tuna is known for its sustainability and quality and the ability to detect tuna origin to deter seafood fraud is important and we are very appreciative of this effort.
Mike Goto, Director of the United Fishing Agency
Currently, there is no technology available to determine the geographic origin of tuna and red snapper.
If the bill is passed, officials hope to develop a field test kit that can be used to accurately determine if the fish was caught in U.S. or foreign waters.
Federal and state law enforcement officers would then be able to “intercept illegally caught or falsely labeled red snapper and tuna before it enters the U.S. market.”
The measure will now head to the full Senate.

MIL OSI USA News –

March 6, 2025
MIL-OSI: GL Communications Expands Telecom and IT Consulting Services

Source: GlobeNewswire (MIL-OSI)

GAITHERSBURG, Md., March 05, 2025 (GLOBE NEWSWIRE) — GL Communications Inc. addressed the press regarding their extensive range of consulting services to effectively manage engineering and IT projects while delivering substantial cost savings. GL operates Technology Solution Centers in Bengaluru, India, and Washington, D.C., USA, staffed by highly skilled software and hardware developers, network engineers, cybersecurity experts, and project managers.

[For illustration, refer to consulting press release.jpg]

GL Communications Inc. is a leading provider of comprehensive telecommunications and IT consulting services, as well as cutting-edge test solutions. The company serves various industries, including telecommunications, aerospace and defense, e-commerce, oil and gas, and healthcare.

Vijay Kulkarni, CEO of GL Communications, states, “GL offers comprehensive consulting services for all aspects of telecommunications and IT projects, covering network infrastructure testing and evaluation, custom hardware and software development, cybersecurity guidance, project management, proposal development, communications systems design, cost estimation, procurement, vendor analysis and selection, and field inspection. Our company is proficient in all telecommunications network technologies including Ethernet and IP , wireless , high speed fiber optics, land mobile radio, Time Division Multiplexing and Analog.”

Tailored Solutions to Meet Business Needs

GL Communications Inc. offers a comprehensive range of solutions to meet diverse business needs, including managed network services, which encompass network design, implementation, monitoring, cybersecurity, and support to ensure constant availability and optimal performance. The company also specializes in custom hardware and software Development, providing tailored applications for Windows® and Linux, custom-built servers, portable durable PCs, IoT devices, handheld devices, centralized monitoring platforms, and surveillance solutions. Additionally, GL offers Outsourcing Solutions, delivering cost-effective IT support, project management, and software development by leveraging its expertise as an extension of client organizations.

Global Reach with Local Expertise

With Technology Solution Centers in Bengaluru and Washington, D.C., GL Communications maintains a strong international presence while offering localized support. The company’s team of experienced professionals ensures businesses worldwide overcome complex challenges by providing tailored solutions aligned with industry’s best practices.

Innovative Telecommunications Test Equipment

Beyond consulting, GL manufactures advanced test equipment for comprehensive network performance evaluation. These solutions measure voice quality, call success rates, throughput, latency, and signal strength, while also simulating real-world conditions such as congestion, packet loss, and delay to provide valuable insights for network optimization and troubleshooting.

Over 35 Years of Industry Leadership

With over 35 years of successful projects and satisfied clients across government and private sector companies, GL is a trusted partner for telecommunications and IT solutions. The company provides cost-effective solutions by leveraging global talent and delivering innovative services that stay ahead of industry trends and technologies. With a customer-centric approach, GL collaborates closely with clients to understand their requirements and exceed expectations. Its scalable and flexible services adapt to evolving business needs, ensuring long-term success.

GL has become a trusted partner for many customers due to its cost-effectiveness, flexibility, and unmatched capabilities in solving the toughest telecom and IT challenges. Whether seeking managed network services, custom development solutions, or reliable outsourcing options, GL Communications Inc. stands out as a go-to provider. Contact GL Communications today to discuss how they can support your business growth and success.

Warm Regards,
Vikram Kulkarni, PhD
Phone: 301-670-4784 x114
Email: info@gl.com

The MIL Network –

March 6, 2025

MIL-OSI: Neurones: Net profit up 7.8% in 2024

Source: GlobeNewswire (MIL-OSI)

PRESS INFORMATION
Heading: 2024 annual results Nanterre, March 5, 2025 (after trading)

Net profit up 7.8% in 2024

Financial statements at December 31 (1)	2023	2024
Revenues	741.2	810.4
Business operating profit (2)	81.5 (11%)	84.1 (10.4%)
Operating profit	75.9 (10.2%)	77.9 (9.6%)
Financial profit	4.9	10.2
Tax on earnings	(22.2)	(24.9)
Net profit	58.6 (7.9%)	63.2 (7.8%)
– of which, group share	49.4	52.5
Free cash flow (3)	51.6	74.6
Cash and cash equivalents net of financial debt (4)	290.4	319.5
Staff at year-end	6,749	7,087

(1)        In millions of euros, 2024 financial statements approved by the Board of Directors on March 5, 2025.
(2)        Before cost of bonus shares
(3)        Cash flow from operational activities, plus financial profit/loss and less net industrial investments.
(4)        Excluding IFRS16 lease liabilities.

Achievements

NEURONES enjoyed another year of sustained growth in 2024 (+ 9.3%, of which + 8.6% organic compared with + 0.7% for the Consulting and Digital Services market), while net profit grew by 7.8%.

Free cash flow rose sharply, with a reduction in working capital requirement (- €8.5m) and capital expenditure (Capex) back to its usual level (€11.8m after €17.9m invested in the previous financial year, mainly in the Group’s SecNumCloud sovereign and secure cloud platform).

Cash and cash equivalents at the end of the year rose to €319.5m (or €13 per share).

Outlook

As usual, forecasts for the current year will be posted along with the Group’s 1st quarter revenues (on May 7, after the closing of the stock exchange). Driven by solid underlying trends (AI, cloud, cybersecurity, digital, data), NEURONES is well positioned to achieve another year of profitable growth.

At the Shareholders’ Meeting on June 5, the Board will suggest paying a dividend of €1.3 per share for 2024 (compared with €1.2 the previous year).

About NEURONES
With close to 7,200 experts, and ranking among the French leaders in consulting and digital services, NEURONES helps large companies and organizations implement their digital projects, transform their IT infrastructures and adopt new uses.

Euronext Paris (compartment B – NRO) – Euronext Tech Leaders – DSS mid-caps – ‘PEA-PME’ eligible
www.neurones.net

Attachment

neurones-2024-annual-results

The MIL Network –

March 6, 2025

MIL-OSI Canada: Fraud Prevention Month: Minister Nally
Source: Government of Canada regional news (2)
“For 20 years, Alberta has participated in Fraud Prevention Month. This year, we are taking an additional step by formally recognizing March as Fraud Prevention Month in Alberta through a Ministerial Order. This reinforces our commitment to consumer protection and ensuring Albertans have the awareness, tools, and resources they need to protect themselves from fraud. By making this designation official, we are strengthening our efforts to educate and empower Albertans in the fight against fraud.

“Education and awareness help Albertans recognize, reject, and report fraud before it starts. Fraud Prevention Month is a great opportunity to help Albertans discover resources that can make them more confident consumers.

“If you encounter a scam or any form of fraud, report it to your local police or to the Canadian Anti-Fraud Centre. If you are a consumer who suspects a business has committed a scam or unfair practice in a consumer transaction, reports can be made to Alberta’s Consumer Investigations Unit (CIU) by calling 1-877-427-4088. The CIU reviews consumer complaints for compliance with consumer protection and tenancy laws, and assesses and investigates potential violations, including serious cases that may involve criminal offences, such as fraud.

“As technology advances, so do the opportunities for fraud, making it vital that we stay up to date on how to be safe as consumers. This Fraud Prevention Month, take time to explore some of the resources we have available online to learn how to protect yourself against fraud.”

Related information
- Consumer protection
- Consumer complaints and investigations
- Canadian Anti-Fraud Centre
MIL OSI Canada News –
March 6, 2025
MIL-OSI USA: SBA Opens Additional Recovery Centers in Georgia to Assist Small Businesses and Private Nonprofits Affected by Debby and Helene

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) announced the opening of two Business Recovery Centers (BRCs) in Toombs and Richmond counties to assist small businesses and private nonprofit (PNP) organizations who sustained economic losses caused by Tropical Storm Debby and Hurricane Helene.

Beginning Monday, March 3, SBA customer service representatives will be on hand at the BRCs to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRCs hours of operation is listed below.

Business Recovery Center (BRC)

Richmond County

Centro Cristiano Oasis VIP

3265 Deans Bridge Road

Augusta, GA 30906

Hours: Monday – Friday, 8 a.m. to 5 p.m.

Saturday, 10 a.m. to 3 p.m.

Closed: Sunday

Business Recovery Center (BRC)

Toombs County

Center for Rural Entrepreneurship

208 E 1st Street

Vidalia, GA 30474

Hours: Monday – Friday, 8:30 a.m. to 5 p.m.

Closed:  Saturday and Sunday

“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

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

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

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

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

The deadlines to return economic injury applications are June 24, 2025, for Tropical Storm Debby and June 30, 2025, for Hurricane Helene.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

March 6, 2025

Category: Commerce

Source: BusinessNZ

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