Category: Commerce

MIL-OSI USA: Justice Department Sues to Block Hewlett Packard Enterprise’s Proposed $14 Billion Acquisition of Rival Wireless Networking Technology Provider Juniper Networks

Source: US State of North Dakota

Acquisition Would Eliminate Competition Between Two of the Three Top Wireless Networking Firms, Raise Prices, and Diminish Innovation for American Businesses

Note: View the complaint here.

The Justice Department today sued to block Hewlett Packard Enterprise Co.’s (HPE) proposed $14 billion acquisition of rival wireless local area network (WLAN) technology provider Juniper Networks Inc. (Juniper). HPE and Juniper are the second- and third- largest providers, respectively, of enterprise-grade WLAN solutions in the United States. The complaint, filed in the Northern District of California, alleges that the proposed transaction would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions, in violation of Section 7 of the Clayton Act.

“HPE and Juniper are successful companies. But rather than continue to compete as rivals in the WLAN marketplace, they seek to consolidate — increasing concentration in an already concentrated market,” said Acting Assistant Attorney General Omeed A. Assefi of the Justice Department’s Antitrust Division. “The threat this merger poses is not theoretical. Vital industries in our country — including American hospitals and small businesses — rely on wireless networks to complete their missions. This proposed merger would significantly reduce competition and weaken innovation, resulting in large segments of the American economy paying more for less from wireless technology providers.”

WLAN technology — which includes hardware, software, and advanced artificial intelligence — is critical for the modern workplace. Millions of Americans today create and share company resources and access the internet from wireless-enabled devices. Retail employees wirelessly process payments and log inventory. Doctors access medical records on phones and tablets and track life-saving patient care on the go. University students take notes on their laptops and access course materials from their dorm rooms. Wireless networking is the primary means by which many employees connect to their employer’s computer network and the internet.

As alleged in the complaint, Juniper has been a disruptive force that has grown rapidly from a minor player to among the three largest enterprise-grade WLAN suppliers in the U.S. Juniper has also introduced innovative tools that have materially decreased the cost of operating a wireless network for many customers. This competitive pressure has forced HPE to discount its offerings and invest in its own innovation. HPE recognized and tracked Juniper’s growing significance and engaged in a campaign, including mandatory training for its engineers and salespeople, to “beat” Juniper when competing for contracts. Indeed, just a month before the proposed acquisition was announced, front-line HPE salespeople were concerned that “[t]he Juniper threat [was] dire” because in dozens of opportunities Juniper was “trying to unseat” HPE. Senior HPE executives shared this view; one former HPE executive reminded his team that “there are no rules in a street fight” with Juniper and encouraged them to “kill” Juniper when going head-to-head for sales opportunities.

Now, HPE seeks to acquire its smaller, innovative rival. The proposed transaction between HPE and Juniper, if allowed to proceed, would further consolidate an already highly concentrated market — and leave U. S. enterprises facing two companies commanding over 70% of the market: the post-merger HPE and market leader Cisco Systems Inc. This substantial lessening competition in a critically important technology market poses the precise threat that the Clayton Act was enacted to prevent.

Hewlett Packard Enterprise Company is headquartered in Spring, Texas. Its WLAN-focused business unit is located in Santa Clara, California.

Juniper Networks Inc. is headquartered in Sunnyvale, California.

MIL OSI USA News –

January 31, 2025
MIL-OSI Security: Justice Department Sues to Block Hewlett Packard Enterprise’s Proposed $14 Billion Acquisition of Rival Wireless Networking Technology Provider Juniper Networks

Source: United States Attorneys General

Acquisition Would Eliminate Competition Between Two of the Three Top Wireless Networking Firms, Raise Prices, and Diminish Innovation for American Businesses

Note: View the complaint here.

The Justice Department today sued to block Hewlett Packard Enterprise Co.’s (HPE) proposed $14 billion acquisition of rival wireless local area network (WLAN) technology provider Juniper Networks Inc. (Juniper). HPE and Juniper are the second- and third- largest providers, respectively, of enterprise-grade WLAN solutions in the United States. The complaint, filed in the Northern District of California, alleges that the proposed transaction would eliminate fierce head-to-head competition between the companies, raise prices, reduce innovation, and diminish choice for scores of American businesses and institutions, in violation of Section 7 of the Clayton Act.

“HPE and Juniper are successful companies. But rather than continue to compete as rivals in the WLAN marketplace, they seek to consolidate — increasing concentration in an already concentrated market,” said Acting Assistant Attorney General Omeed A. Assefi of the Justice Department’s Antitrust Division. “The threat this merger poses is not theoretical. Vital industries in our country — including American hospitals and small businesses — rely on wireless networks to complete their missions. This proposed merger would significantly reduce competition and weaken innovation, resulting in large segments of the American economy paying more for less from wireless technology providers.”

WLAN technology — which includes hardware, software, and advanced artificial intelligence — is critical for the modern workplace. Millions of Americans today create and share company resources and access the internet from wireless-enabled devices. Retail employees wirelessly process payments and log inventory. Doctors access medical records on phones and tablets and track life-saving patient care on the go. University students take notes on their laptops and access course materials from their dorm rooms. Wireless networking is the primary means by which many employees connect to their employer’s computer network and the internet.

As alleged in the complaint, Juniper has been a disruptive force that has grown rapidly from a minor player to among the three largest enterprise-grade WLAN suppliers in the U.S. Juniper has also introduced innovative tools that have materially decreased the cost of operating a wireless network for many customers. This competitive pressure has forced HPE to discount its offerings and invest in its own innovation. HPE recognized and tracked Juniper’s growing significance and engaged in a campaign, including mandatory training for its engineers and salespeople, to “beat” Juniper when competing for contracts. Indeed, just a month before the proposed acquisition was announced, front-line HPE salespeople were concerned that “[t]he Juniper threat [was] dire” because in dozens of opportunities Juniper was “trying to unseat” HPE. Senior HPE executives shared this view; one former HPE executive reminded his team that “there are no rules in a street fight” with Juniper and encouraged them to “kill” Juniper when going head-to-head for sales opportunities.

Now, HPE seeks to acquire its smaller, innovative rival. The proposed transaction between HPE and Juniper, if allowed to proceed, would further consolidate an already highly concentrated market — and leave U. S. enterprises facing two companies commanding over 70% of the market: the post-merger HPE and market leader Cisco Systems Inc. This substantial lessening competition in a critically important technology market poses the precise threat that the Clayton Act was enacted to prevent.

Hewlett Packard Enterprise Company is headquartered in Spring, Texas. Its WLAN-focused business unit is located in Santa Clara, California.

Juniper Networks Inc. is headquartered in Sunnyvale, California.

MIL Security OSI –

January 31, 2025

MIL-OSI: Cegedim’s revenue grew 6.3% in 2024

Source: GlobeNewswire (MIL-OSI)


PRESS RELEASE

Quarterly financial information as of December 31, 2024
IFRS – Regulated information – Not audited

Cegedim’s revenue grew 6.3% in 2024

Full year revenue rose 4.7% like for like to €654.5 million
Fourth quarter revenue grew 5.9% like for like to €178.7 million
All operating divisions contributed to growth in the fourth quarter

Boulogne-Billancourt, France, January 30, 2025, after the market close

Revenue

	Fourth quarter				Change Q4 2024 / 2023
in millions of euros	2024	2023 reclassified⁽¹⁾	Reclassification⁽¹⁾	2023 Reported	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾⁽³⁾ vs. reclassified⁽¹⁾
Software & Services	80.1	75.7	(8.7)	84.4	+5.8%	+2.8%
Flow	27.0	24.2	(0.6)	24.8	+12.0%	+11.7%
Data & Marketing	38.4	35.8	0.0	35.8	+7.1%	+7.1%
BPO	21.2	19.6	0.0	19.6	+7.8%	+7.8%
Cloud & Support	12.0	11.3	+9.3	2.0	+6.2%	+6.2%
Cegedim	178.7	166.6	0.0	166.6	+7.2%	+5.9%

	Full year				Change FY 2024 / 2023
in millions of euros	2024	2023 reclassified⁽¹⁾	Reclassification⁽¹⁾	2023 Reported	Reported vs. reclassified⁽¹⁾	Like for like⁽2⁾⁽⁴⁾ vs. reclassified⁽¹⁾
Software & Services	307.8	302.3	(24.3)	326.6	+1.8%	(1.2)%
Flow	100.3	93.4	(2.5)	95.9	+7.3%	+7.2%
Data & Marketing	125.9	114.9	0.0	114.9	+9.6%	+9.6%
BPO	82.7	71.5	0.0	71.5	+15.8%	+15.8%
Cloud & Support	37.8	33.9	+26.8	7.1	+11.3%	+11.3%
Cegedim	654.5	616.0	0.0	616.0	+6.3%	+4.7%

Cegedim’s consolidated fourth quarter 2024 revenues rose to €178.7 million, up 7.2% as reported and 5.9% like for like⁽²⁾ compared with the same period in 2023. All operating divisions contributed to like for like growth in the fourth quarter.

Over the full year, revenues rose 6.3% as reported and 4.7% like for like compared with 2023. Marketing, health insurance, HR, and cloud businesses delivered the most solid growth over the full year. As expected, the Software & Services division felt the impact of comparisons with Ségur public health investment spending in 2023 and a slowdown in international sales because the Group decided to refocus its UK doctor software activities on Scotland, and then later decided to voluntarily place that business under administration.

Analysis of business trends by division

Software & Services

Software & Services	Fourth quarter		Change Q4 2024 / 2023		Full year		Change FY 2024 / 2023
in millions of euros	2024	2023 Reclassified⁽³⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾	2024	2023 reclassified⁽¹⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾
Cegedim Santé	21.3	18.1	+17.2%	+1.8%	80.2	76.5	+4.8%	(7.1)%
Insurance, HR, Pharmacies, and other services	47.2	44.9	+5.1%	+5.1%	176.7	173.3	+2.0%	+1.9%
International businesses	11.6	12.7	(8.2)%	(3.5)%	50.9	52.5	(3.0)%	(3.0)%
Software & Services	80.1	75.7	+5.8%	+2.8%	307.8	302.3	+1.8%	(1.2)%

Revenues at Cegedim Santé grew 17.2% as reported in the fourth quarter and 1.8% like for like. Reported growth over the full year came to 4.8%, but like-for-like revenues fell 7.1% due to the absence of Ségur public health investments, which generated revenue of €4.7 million in 2023. Reported growth includes Visiodent from March 1, 2024. The new subsidiary has already started marketing Group products like the Maiia appointment scheduling app and the Claude Bernard database to its clients, but those sales are not reflected in like-for-like growth.

Others French subsidiaries saw reported revenue growth of 5.1% in the fourth quarter and 2% over the full year (1.9% LFL; Phealing acquired in Q4 2023). Over both the fourth quarter and the full year, the division was propelled by growth at the insurance businesses, thanks to robust project-based sales, and by HR, which is still getting a boost from its client diversification strategy. On the other hand, sales to pharmacies were down substantially—as they were at some of the competitors. This was partly because equipment sales slowed after many pharmacies updated their equipment in 2023. In addition, the pharmacy software business took in more than €2 million in Ségur public health investment revenues in 2023, creating a tough comparison.

Internationally, revenues from software sales to UK doctors declined, as expected, following the Group’s decision early in the year to refocus the activity on Scotland. Unfortunately, the market proved too sluggish for this plan to succeed. On December 10, the Group decided to deconsolidate this subsidiary after announcing it would be voluntarily placed under administration. That move aggravated the drop in reported revenues in the fourth quarter, which came to 8.2%.

Flow	Fourth quarter		Change Q4 2024 / 2023		Full year		Change FY 2024 / 2023
in millions of euros	2024	2023 reclassified⁽¹⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾	2024	2023 reclassified⁽¹⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾
e-business	15.0	14.0	+7.1%	+6.7%	58.5	55.4	+5.6%	+5.3%
Third-party payer	12.0	10.2	+18.7%	+18.7%	41.8	38.0	+9.9%	+9.9%
Flow	27.0	24.2	+12.0%	+11.7%	100.3	93.4	+7.3%	+7.2%

Fourth-quarter growth in e-business, e-invoicing, and digitized data exchanges was 7.1%. The boost came from a rebound in Invoicing & Purchasing in France and a continued surge at the Healthcare Flow segment, which started early in the year, owing to dynamic new offerings for hospitals that are designed to make their drug purchasing secure. Growth over the full year was a solid 5.6%.

The digital data flow business dealing with reimbursement of healthcare payments in France (Third-party payer) experienced 18.7% growth in Q4. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings. Over the full year, this trend more than offset the transfer of revenue attributable to the Allianz contract—now attributed to the BPO business—and allowed the unit to post growth of 9.9%.

Data & Marketing

Data & Marketing	Fourth quarter		Change Q4 2024 / 2023		Full year		Change FY 2024 / 2023
in millions of euros	2024	2023 reclassified⁽¹⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾	2024	2023 reclassified⁽¹⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾
Data	22.4	21.0	+6.3%	+6.3%	65.5	64.5	+1.6%	+1.6%
Marketing	16.0	14.8	+8.2%	+8.2%	60.4	50.4	+19.9%	+19.9%
Data & Marketing	38.4	35.8	+7.1%	+7.1%	125.9	114.9	+9.6%	+9.6%

Data businesses posted 6.3% yoy growth in the fourth quarter, cementing an improvement over the second half, particularly in France. Thanks to its strong presence on the ground and its agility in adapting to customer demands, the Data business has been able to post positive growth of 1.6% in 2024, following a remarkable year in 2023.

The Marketing segment had a solid fourth quarter, up 8.2%, and a record year, with growth of 19.9%. The performance showed the soundness of its phygital media strategy for pharmacies and was bolstered by special ad campaigns during the Olympics.

BPO	Fourth quarter		Change Q4 2024 / 2023		Full year		Change FY 2024 / 2023
in millions of euros	2024	2023 Reclassified⁽⁴⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified⁽¹⁾	2024	2023 reclassified⁽¹⁾	Reported vs. reclassified⁽¹⁾	Like for like⁽²⁾ vs. reclassified
Insurance BPO	15.4	14.0	+9.9%	+9.9%	60.0	49.9	+20.2%	+20.2%
Business Services BPO	5.8	5.6	+2.8%	+2.8%	22.7	21.6	+5.5%	+5.5%
BPO	21.2	19.6	+7.8%	+7.8%	82.7	71.5	+15.8%	+15.8%

The Insurance BPO business grew by 9.9% over the fourth quarter, chiefly owing to its overflow business, which has been flourishing since the start of the year. Growth over the full year amounted to 20.2%, partly thanks to a favorable comparison stemming from the April 1, 2023, launch of the Allianz contract.

Business Services BPO (HR and digitalization) reported growth of 2.8% in the fourth quarter and 5.5% over the full year on the back of a popular compliance offering and new clients.

Cloud & Support

Cloud & Support

Fourth quarter

Change Q4 2024 / 2023

Full year

Change FY 2024 / 2023

in millions of euros

2024

2023

reclassified⁽¹⁾

Reported

vs. reclassified⁽¹⁾

Like for like⁽²⁾

vs. reclassified⁽¹⁾

2024

2023

reclassified⁽¹⁾

Reported

vs. reclassified⁽¹⁾

Like for like⁽²⁾

vs. reclassified⁽¹⁾

Cloud & Support

12.0

11.3

+6.2%

37.8

33.9

+11.3%

The Cloud & Support division’s trajectory continued over the fourth quarter, with growth of 6.2% bringing FY growth to 11.3%. The progress reflects our expanded range of sovereign cloud-backed products and services, which earned the ANSSI security visa for SecNumCloud certification.

Highlights

Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes during Q4 2024 that would materially alter the Group’s financial situation.

On December 10, 2024, Cegedim announced that it had voluntarily placed its UK subsidiary—INPS, which sells software for doctors—under administration.

Significant transactions and events post December 31, 2024
To the best of the company’s knowledge, there were no post-closing events or changes after December 31, 2024, that would materially alter the Group’s financial situation.

Outlook

Like-for-like revenue growth(¹⁾ in 2024 was just below the bottom of the announced 5% to 8% range compared with 2023. Had the Group not refocused INPS on Scotland and then closed it later in the year, it would have met the 5% target. This performance is unlikely to jeopardize the outlook for recurring operating income, which is expected to continue improving.
That said, the deconsolidation of INPS is likely to result in significant non-cash adjustments.
These statements are not forecasts and are based on financial information that has not yet been audited.

—————

WEBCAST ON JANUARY 30, 2025 AT 6:15 PM (PARIS TIME)

The webcast is available at: www.cegedim.fr/webcast

The FY 2024 revenue presentation is available at:
https://www.cegedim.fr/documentation/Pages/presentation.aspx

Financial calendar:

2025

March 27 after the close

March 28 at 10:00 am

April 24 after the close

June 13 at 9:30

July 24 after the close

September 25 after the close

September 26 at 10:00 am

October 23 after the close

2024 results

SFAF meeting

Q1 2025 revenues

Shareholders’ general meeting

H1 2025 revenues

H1 2025 results

SFAF meeting

Q3 2025 revenues

Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

Disclaimer
This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. It was sent to Cegedim’s authorized distributor on January 30, 2025, no earlier than 5:45 pm Paris time.
The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2023 Universal Registration Document filled with the AMF on April 3, 2024, under number D.24-0233.

About Cegedim:
Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more please visit: www.cegedim.fr
And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

Aude Balleydier
Cegedim
Media Relations
and Communications Manager

Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr

Damien Buffet
Cegedim
Head of Financial
Communication

Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com

Céline Pardo
Becoming RP Agency
Media Relations Consultant

Tel.: +33 (0)6 52 08 13 66
cegedim@becoming-group.com

____________________________________________________________________________________________________________________________________________________

(1) At constant scope and exchange rates.

Annexes

Breakdown of revenue by quarter and division

in millions of euros	Q1	Q2	Q3		Q4	Total
Software & Services	74.3	77.8		75.6	80.1	307.8
Flow	25.4	24.2		23.7	27.0	100.3
Data & Marketing	27.0	32.3		28.2	38.4	125.9
BPO	20.2	19.7		21.6	21.2	82.7
Cloud & Support	9.0	9.1		7.7	12.0	37.8
Group revenue	155.9	163.1		156.8	178.7	654.5

in millions of euros	Q1 reclassified	Q2 reclassified	Q3 reclassified		Q4 reclassified	Total reclassified
Software & Services	74.4	76.2		76.0	75.7	302.3
Flow	24.0	22.8		22.4	24.2	93.4
Data & Marketing	24.6	30.3		24.1	35.8	114.9
BPO	14.4	18.4		19.0	19.6	71.5
Cloud & Support	8.4	7.4		6.8	11.3	33.9
Group revenue	145.9	155.1		148.3	166.6	616.0

Revenue breakdown by geographic zone, currency, and division at December 31, 2024

as a % of consolidated revenues	Geographic zone			Currency
as a % of consolidated revenues	France	EMEA ex. France	Americas	Euro	GBP	Other
Software & Services	83.5%	16.4%	0.1%	86.9%	11.4%	1.7%
Flow	92.1%	7.9%	0.0%	94.6%	5.4%	0.0%
Data & Marketing	97.9%	2.1%	0.0%	98.1%	0.0%	1.9%
BPO	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%
Cloud & Support	99.9%	0.1%	0.0%	100.0%	0.0%	0.0%
Cegedim Health Data UK	90.6%	9.3%	0.1%	92.2%	6.6%	1.2%

(1)   As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—as well as BSV—formerly of the Flow division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.
(2)   At constant scope and exchange rates.
(3)   The positive currency impact of 0.2% was mainly due to the pound sterling. The positive scope effect of 1.1% was attributable to the first-time consolidation in Cegedim’s accounts of Visiodent starting March 1, 2024.
(4)   The positive currency impact of 0.2% was mainly due to the pound sterling. The positive scope effect of 1.4% was attributable to the first-time consolidation in Cegedim’s accounts of Visiodent starting March 1, 2024.

(1) 3To take advantage of synergies, Cegedim Outsourcing, Audiprint, and BSV have been reassigned to the Cloud & Support division.
(2) At constant scope and exchange rates.

(1) 4To take advantage of synergies, Cegedim Outsourcing, Audiprint, and BSV have been reassigned to the Cloud & Support division.
(2) At constant scope and exchange rates.

Attachment

Cegedim_Revenue_4Q2024_ENG

The MIL Network –

January 31, 2025

MIL-OSI Banking: Introducing new Surface Copilot+ PCs for Business

Source: Microsoft

Headline: Introducing new Surface Copilot+ PCs for Business

As organizations look to the future, accessing and unlocking value through both the cloud and endpoints will become a cornerstone of every AI strategy. Combining the scalability of cloud compute with the efficiency of local AI compute through powerful Neural Processing Units (NPU) with a groundbreaking new category of PCs: Copilot+ PCs. These devices are built to deliver unparalleled performance and intelligence.

Today, we are excited to announce the latest additions to our Surface for Business Copilot+ PC family: Surface Pro and Surface Laptop, now available with the latest Intel Core Ultra processors (Series 2). Starting Feb. 18, business customers can choose between Intel and Snapdragon-powered Copilot+ PCs from Surface, and experience the most advanced, intelligent and secure PCs available across both platforms.

In response to one of our top customer requests to provide more cellular connectivity options for mobile work, we are thrilled to share that for the first time, 5G will be coming to Surface Laptop for Business, available later in 2025[i]. This laptop has been redesigned from the ground up to exceed our customers’ expectations for a connected Windows 11 Copilot+ PC and is also equipped with Intel Core Ultra processors (Series 2).

To round out our business offerings, we are also excited to introduce the new Surface USB4 Dock, new experiences with Microsoft Teams Rooms on Surface Hub 3 and the public preview of Security Copilot in the Surface Management Portal.

New Surface Copilot+ PCs for Business

Customers are choosing Surface Copilot+ PCs today for the best in performance, battery life and security. Paired with Microsoft 365 Copilot[ii] and enhanced AI processing power, these devices transform the employee experience to amplify your team’s efficiency and creativity through Copilot+ PC experiences designed for work.

“At CES, we showcased Copilot+ PCs powered by Intel Core Ultra processors (Series 2) and partnered with Microsoft to ensure that it delivers exceptional performance, longer battery life and cutting-edge security for the Windows ecosystem. We’re excited to introduce new Surface for Business Copilot+ PCs and provide businesses with a wider range of AI-powered devices to enhance efficiency and productivity. Our partnership will continue to drive momentum in the category.”
Jim Johnson, Senior Vice President and Interim General Manager of Intel’s Client Computing Group

Surface Laptop for Business with Intel Core Ultra processors (Series 2)

Available starting Feb. 18, 2025, starting at $1,499.99 (MSRP)

Customers choose Surface Laptop because it redefines the premium PC built for work, combining a sleek modern design with incredible performance and industry-leading security. It’s designed to strike the perfect balance between power and portability, maximizing productivity while being a device that employees are proud to carry and use.

The new Surface Laptop for Business is built with the latest Intel Core Ultra processors (Series 2), an incredible battery that lasts up to 22 hours[iii], anti-reflective displays with ultra-thin bezels, Wi-Fi 7[iv], more ports and an optional smart card reader[v].

Available in two sizes, the 13.8-inch display offers a larger viewing area than traditional 14-inch screens within a more compact frame, while the 15-inch version provides even more viewing space while remaining easy to carry.

This thin and compact design delivers on the critical fundamentals that businesses rely on. When compared to Surface Laptop 5, the new Surface Laptop delivers up to 26% faster performance for multi-tasking[vi], up to 2x faster graphics performance[vii], up to 3x the battery life when on Teams calls[viii] and can easily power new AI-powered experiences through the NPU.

The keyboard on Surface Laptop provides an exceptional typing experience, perfected for comfort, speed and sound with every keystroke. The large precision haptic touchpad delivers realistic feedback when tapped or clicked. Designed for inclusivity, the touchpad allows users to easily adjust pressure sensitivity and use intuitive touch gestures for easier navigation.

Advancements in laptop design support our customers’ sustainability goals, a critical factor when equipping a large workforce with new devices. The new Surface Laptop contains more recycled content than any other Surface device including 100% recycled rare earth metals in the magnets[ix] and featuring our first ever battery cell to make use of 100% recycled cobalt[x].

For the first time ever, we’re adding cellular connectivity to our Surface Laptop lineup. Surface Laptop 5G will be available later in 2025, enabling your team to work comfortably and productively from virtually anywhere. We’ll share more details on Surface Laptop 5G in the coming months.

The new Surface Laptop is a true business machine, designed to meet the needs of modern professionals and enhance productivity in any work environment.

Surface Pro for Business with Intel Core Ultra processors (Series 2)

Available starting Feb. 18, 2025, starting at $1,499.99 (MSRP)

Surface Pro is the go-to device for customers that are looking for a device that can do it all, offering powerful performance, incredible versatility and enterprise-grade security from Microsoft. It quickly adapts to your team’s needs, whether that is typing a report with a Surface Pro Keyboard[xi], taking notes with the Surface Slim Pen[xi] or using the AI-powered ultrawide camera to keep you in frame on Teams calls. With the versatile design of Surface Pro, it can replace the need to use a tablet and a laptop with one device that can give you the best of both.

The new Surface Pro is built with the latest Intel Core Ultra processors (Series 2), delivers up to 28% more performance[xii], up to 98% more graphics performance[vii] and up to 2x the battery life during Teams calls[xiii] compared to Surface Pro 9. It also features enhanced local AI processing power with an NPU to amplify your team’s intelligence, efficiency and creativity through Copilot+ PC experiences designed for work.

When paired with the Surface Pro Flex Keyboard[xi], Surface Pro transforms into a highly versatile Windows laptop. The keyboard can be used either attached or wirelessly, allowing users to adapt quickly and work efficiently in any environment, from the office to an airplane or train seat. This flexibility enables users to have a comfortable and premium typing experience that enhances productivity wherever they work.

The 13-inch PixelSense display extends the versatility of Surface Pro even further. It’s designed to be used easily with touch and pen input as a tablet or a laptop, and the anti-reflective and adaptive color technology helps users to clearly see the content on the screen in almost any lighting environment and reduces reflections by up to 50%. The new optional OLED display delivers new levels of peak brightness and immersive colors that improve readability in even fluorescent office lighting environments or even in direct sunlight.

Surface Pro also offers versatile and secure sign-in options. Customers can sign in with facial recognition with the built-in Windows Hello Camera or the built-in NFC reader with security keys like the YubiKey 5C NFC to securely get to work without using a password. Surface Pro is also certified for use with Imprivata Enterprise Access Management (EAM), enabling healthcare providers to tap their NFC-enabled badge or security key to quickly sign in and out. This enhances healthcare workflows and safeguards patient data by logging users off instantly, reduces errors by preventing clinicians from charting under the wrong profile, and increases productivity by providing fast and secure user switching.

Across industries – from retail to education – our customers call out the importance of sustainability in making device purchases, and Surface Pro is designed with those goals in mind. The enclosure is made with a minimum of 89% recycled content, including 100% recycled aluminum alloy and 100% recycled rare earth metals[xiv]. It is also designed for serviceability, with replaceable components such as the motherboard, battery, cameras and a removable SSD that can be accessed through an easy-to-open door behind the kickstand[xv].

Surface Pro is the perfect device for on the go productivity, delivering lightning-fast performance, AI-accelerated power, all in a thin, light and versatile package.

Secure by design and by default

In line with Microsoft’s Secure Future Initiative commitment, security is our top priority, and we’re intently focused on designing our products to be secure by design and by default. We continually raise the bar to deliver robust defense against the evolving threat landscape for both our customers and the entire Windows ecosystem.

Windows 11, our most secure operating system yet, dramatically reduces exposure to attack by enabling advanced security tools and technologies by design and by default. This protects against phishing, malware, ransomware and other evolving threats.

Beyond Windows, every layer of a Surface device, from the hardware to the cloud is maintained and protected by Microsoft. This gives customers ultimate control, proactive protection and peace of mind wherever and however they work. Our team constantly thinks about how malicious actors could threaten your business and seamlessly ensures you always have the latest through Windows Update, ensuring you and your teams remain protected and secure.

Copilot+ PCs are the most secure Windows PCs ever, with the Microsoft Pluton security processor enabled by default on all Copilot+ PCs. Pluton, a chip-to-cloud security technology designed by Microsoft and embedded by silicon partners directly into the CPU, ensures Zero Trust principles at the core. This design helps protect sensitive information such as passwords, user identities and encryption keys from potential attacks. It acts as a secure vault within the computer, ensuring that even if someone gains physical access to the device, they cannot easily steal critical data.

Pluton receives regular updates directly from Microsoft, ensuring it always has the latest security features and protections against evolving threats. Microsoft is also working across the Windows ecosystem to update the capabilities of Pluton by introducing the Key Storage Provider (KSP) on Intel Core Ultra (Series 2), Snapdragon X Series and AMD Ryzen AI 300 series processors. This will allow for more secure storage and management of cryptographic keys, further strengthening the overall security of the device, and we’ll share more details on this in the coming months.

This comprehensive approach ensures every layer of a Surface device is protected, providing a seamless and secure experience for users and peace of mind for IT professionals.

Learn more about what’s new with Microsoft Pluton on the Windows IT Pro Blog.

Unlocking AI productivity with Windows

These great new Surface Copilot+ PCs are part of an expanding ecosystem of Windows commercial solutions that serve every job, in every organization. We’re listening to our customers and providing them with more choice so that they can find a Copilot+ PC that fits every need.

At Ignite, we introduced several AI features that enhance workflows, and boost communication and collaboration by tapping into the NPU on Copilot+ PCs. One of these new experiences is the new and improved Windows Search experience[xvi]. It allows users to find files using associated words and phrases, without needing to remember exact file names or content for both local and active OneDrive for Business files. For example, users can find a document about sustainability by searching for “green presentation.” They can also search images based on their content, including text found in an image. Removing the need for precise keyword matching in file names or content can save valuable time, enabling users to intuitively search for files, information or settings in the ways that they can easily remember.

Windows, combined with Microsoft 365 and Surface devices, provides a powerful platform for businesses to securely boost productivity, simplify workflows and enhance collaboration. With tools like Windows Autopatch, Autopilot in Intune, and Windows Backup and Hotpatch, deploying and managing these new PCs securely has never been easier.

New Security Copilot in Surface Management Portal (Preview)

Available in public preview starting Feb. 24, 2025

Streamline the management of Surface devices within your organization with the Surface Management Portal in Microsoft Intune. This powerful tool provides IT admins with a centralized platform to monitor, manage and secure all Surface devices, ensuring they are always up-to-date and performing optimally. Capabilities like device health monitoring, warranty and servicing management help businesses maintain a secure and efficient IT environment, reducing downtime and enhancing productivity of their employees.

We are excited to share that later this month, customers will have access to Security Copilot in the Surface Management Portal. Copilot provides the power of generative AI in Intune to simplify and enhance the device management experience for IT admins.

With Copilot, IT admins can quickly search for and resolve specific device issues, summarize warranty information, and access support tickets and service orders related to their organization’s Surface devices. This reduces the time and effort needed for routine maintenance tasks, creating more time to focus on other initiatives. In addition, Copilot pulls contextually relevant data from your Intune-enrolled Surface devices along with public information into a single view, streamlining the management process and enhancing overall efficiency.

We’ve been in private preview with a select group of customers, allowing us to gather critical feedback and insights that have shaped the current experience. Starting Feb. 24, customers can join the public preview, and the insights and learnings we’ll gain can help us shape the future of the Surface Management Portal.

Learn more about Security Copilot in Surface Management Portal on the Surface IT Pro Blog.

New Surface USB4 Dock

Available starting Feb. 18, 2025, at $199.99 (MSRP)

Enhance your team’s workspace with the new Surface USB4 Dock, the essential dock for productivity and connectivity. Connect and power devices like the new Surface Pro and Surface Laptop with accessories via two USB-C, one USB-A, Ethernet and HDMI ports. This new dock delivers fast charging with the new Surface Pro and Surface Laptop with up to 65W power passthrough and enables fast data transfer of up to 40 Gbps. Dual 4K monitor support, via USB-C or HDMI transforms your workspace into a three-screen powerhouse.

New Surface Hub 3 experiences

Surface Hub 3 is the first-party Teams Rooms touch board. We’ve brought iconic Surface design together with the inclusive and collaborative Teams Rooms experiences that define the meeting space. It’s helped our customers create a consistent experience across Hub and other conference rooms and collaborative spaces, for both the teams meeting in those spaces and the IT administrators managing the technology.

Now, we’re partnering with Teams to bring new experiences to Surface Hub 3. Microsoft Edge on Surface Hub 3 will offer seamless access to websites, third-party web apps and personal content[xvii], with an easy-to-use home screen button for walk-up browsing. Edge will run in Kiosk Mode for privacy and security, and Edge sessions can be shared into Teams meetings.[xviii] General availability for Edge on Hub 3 is targeting Q3 2025.

Employees want the option to share content however is best for them – so we’re also adding Miracast support to Teams Rooms on Windows devices. Miracast makes it possible to wirelessly project content from a Surface PC to Surface Hub 3.

Learn more about the new experiences coming to Surface Hub 3 on the Surface IT Pro Blog.

Order today

With Windows 10 End-of-Support upcoming on Oct. 14, 2025, now is the time to transition your fleet from Windows 10 to Windows 11 with confidence. After providing 10 years of updates and support, Windows 10 PCs will no longer receive security or feature updates. Our focus is to help businesses and their employees stay protected and more productive by moving to Windows 11 PCs. Surface Copilot+ PCs are the ideal choice to modernize your business. They offer a powerful combination of hardware, software and unparalleled security, to support your business needs while future-proofing to take advantage of new Copilot+ PC experiences being released in the future.

As you trial and deploy Copilot+ PCs in your environment, consider Surface as your partner to unlock exclusive AI features to help drive bottom-line business results. With options for both Intel and Snapdragon-powered Copilot+ PCs, Surface provides the flexibility to meet your specific business requirements. Order your Surface Copilot+ PCs today and experience the future of business productivity.

Visit Surface.com/Business to learn more, find a partner or order the new Surface Pro and new Surface Laptop directly from the Microsoft Store. When shopping at Microsoft.com, customers can take advantage of free shipping and an extended 60-day price protection and return window.

Footnotes:
[i] Surface Laptop with 5G will be available later in 2025 and not available in all areas. eSIM and 5G support are also not available in all areas; compatibility and performance depend on carrier network, plan and other factors. See carrier for details and pricing

[ii] Copilot for Microsoft 365 sold separately and requires a qualifying volume license or subscription. Microsoft Copilot for Microsoft 365 | Microsoft 365.

[iii] Up to 22 hours of battery life based on local video playback test on Surface Laptop 15-inch, 7^th Edition with Intel Core Ultra processors (Series 2). Based on local video playback test. Testing conducted by Microsoft in January 2025 using preproduction software and preproduction Surface Laptop 13.8-inch Intel Core Ultra 5 256GB, 16GB RAM devices and Surface Laptop 15-inch Intel Core Ultra 7 256GB, 16GB RAM devices. Testing consisted of full battery discharge during video playback of a .mov file through the Windows Media Player application in 1080p at 24 FPS. All settings were default except screen brightness set to 150 nits with Auto-brightness disabled. Wi-Fi was connected to a network. Battery life varies significantly with settings, usage and other factors.

[iv] 6GHz band not available in all regions.

[v] Integrated smart card reader available only on Surface Laptop 15-inch, 7^th Edition with Intel Core Ultra processors (Series 2). See Surface.com/Business for more information.

[vi] Tested January 2025 using CineBench 2024 Multi-Core benchmark. Up to 26% faster comparing Laptop 13.8-inch with Intel Core Ultra 7 processors to Surface Laptop 5 13.5-inch with Intel Core i7. Up to 12% faster comparing Surface Laptop 15-inch with Intel Core Ultra 7 processors to Surface Laptop 5 15-inch with Intel Core i7.

[vii] Based on 3D Mark WildLife Extreme Unlimited performance testing conducted by Microsoft in January 2025.

[viii] Based on a Microsoft Teams 10-person video call test. Testing conducted by third-party lab in January 2025 using preproduction software and preproduction Surface Laptop 15-inch, 7th Edition Intel Core Ultra 7 266V, 16GB RAM, 256 GB and Surface Laptop 5 15-inch Intel Core i7-1265U, 16 GB RAM, 512 GB. Testing consisted of full battery discharge during a Microsoft Teams 10-person video call. All settings were default except screen brightness set to 150 nits with Auto-brightness disabled. Wi-Fi was connected to a network. Tested with Windows 11. Battery life varies significantly with settings, usage and other factors.

[ix] Enclosure includes A Cover, C Bucket, D Cover. 100% recycled aluminum alloy in A Cover, C Bucket and SIM Tray. 100% recycled rare earth metals in magnets. Based on validation performed by Underwriter Laboratories, Inc. using Environmental Claim Validation Procedure (ECVP) for Recycled Content, dated June 20, 2024.

[x] Contains 1.5% recycled cobalt, consisting of 100% recycled cobalt in the battery cell. Based on validation performed by Underwriter Laboratories, Inc. using Environmental Claim Validation Procedure (ECVP) for Recycled Content, UL ECVP 2809-2, Second Edition, dated June 20, 2024.

[xi] Surface Pro Keyboard, Surface Pro Flex Keyboard, Surface Slim Pen sold separately.

[xii] Based on Cinebench 2024 multithread performance testing conducted by Microsoft in January 2025.

[xiii] Based on a Microsoft Teams 10-person video call test. Testing conducted by third-party lab in January 2025 using preproduction software and preproduction Surface Pro, 11th Edition Intel Core Ultra 7 236V, 16GB RAM, 256 GB storage and a Surface Pro 9 with an i7-1225U processor, 16GB RAM and 256GB storage. Testing consisted of full battery discharge during a Microsoft Teams 10-person video call. All settings were default except screen brightness set to 150 nits with Auto-brightness disabled. Wi-Fi was connected to a network. Tested with Windows 11. Battery life varies significantly with settings, usage and other factors.

[xiv] Enclosure includes bucket and kickstand. 100% recycled aluminum alloy in bucket. 100% recycled rare earth metals in magnets. Based on validation performed by Underwriter Laboratories, Inc. using Environmental Claim Validation Procedure (ECVP) for Recycled Content, UL ECVP 2809-2, Second Edition, dated June 20, 2024.

[xv] Solid State Drive (SSD) Retention is only available on Microsoft Surface devices in which the SSD is marketed as removable per the Technical Specifications. Solid State Drive (SSD) Retention is included in both Extended Hardware Service Plus and Microsoft Complete for Business Plus and is also available as an Optional Add-on when purchasing Microsoft Extended Hardware Service and Microsoft Complete for Business. Devices returned to Microsoft with a missing Solid State Drive (SSD) are subject to a Solid State Drive (SSD) replacement fee unless the device is enrolled in the Drive (SSD) Retention offer.

[xvi] Releasing first to our Windows Insider community on Copilot+ PCs for select languages (Chinese, English, French, German, Japanese and Spanish) and file formats, starting early next year, before rolling out more broadly to our customers. See aka.ms/copilotpluspcs

[xvii] Software license required.

[xviii] Pre-release product shown; subject to change prior to commercial release.

MIL OSI Global Banks –

January 31, 2025
MIL-OSI USA: Gov. Kemp Unveils Plan to Tackle Tort Reform and Stabilize Insurance Costs for Hardworking Georgians
Source: US State of Georgia

ATLANTA – Today Governor Brian P. Kemp, joined by Lieutenant Governor Burt Jones, Speaker Jon Burns, Commissioner John King and leaders from industries across Georgia, unveiled his tort reform package that levels the playing field in our courtrooms, bans hostile foreign powers from taking advantage of consumers and legal proceedings, aims to stabilize insurance costs for businesses and consumers, increases transparency and fairness, and ensures Georgia continues to be the best place to live, work, and raise a family.

“As I said in my State of the State address earlier this month, our legal environment is draining family bank accounts and hurting job creators of all sizes in nearly every industry in our state,” said Governor Brian Kemp. “After months of listening to our citizens, businesses, and stakeholders across the spectrum, it is clear the status quo is unacceptable, unsustainable, and jeopardizes our state’s prosperity in the years to come. This tort reform package protects the rights of all Georgians to have access to our civil justice system, and ensures that those who have been wronged receive justice and are made whole. I look forward to working with our partners in the General Assembly to pass this comprehensive and commonsense package, and achieve meaningful progress on this important issue during this legislative session.”

“My position on this important issue has always been the same,” said Lt. Governor Burt Jones. “If we want to continue to be the No. 1 state in which to do business, we must foster a business-friendly climate. We have to work together to ensure that we put families and consumers first by tackling the hidden costs we all pay thanks to Georgia’s current tort laws. I look forward to working with those in the General Assembly to move these bills through the legislative process.”

“For a long time now, I’ve said that Georgia’s legal climate amounts to a hidden tax on families and small businesses, driving up costs and threatening our long-term future,” said Commissioner John King. “That’s the message we’ve heard across the entire state, too. The plan Governor Kemp is rolling out today will tackle a failed status quo, level the playing field in our courtrooms, and help ensure Georgia’s long-term prosperity and security. I’m all-in to help him get it across the finish line.”

“For an unprecedented eleven consecutive years, Georgia has been named the Number One Place to do Business,” said Speaker of the House Jon Burns. “Because of Governor Kemp’s leadership and efforts to maintain that designation, we have heard from countless businesses of every size across the state about the issues they are facing—and the consensus is clear. Our current legal environment is in need of common-sense reform. The House is looking forward to working alongside Governor Kemp and stakeholders throughout Georgia to balance the scales of justice in our courtrooms and return stability to our insurance markets—all while respecting the rights of our citizens with legitimate claims to be made whole.”

These much-needed reforms strike the right balance by protecting every Georgian’s constitutional right to civil justice while also bringing Georgia more in line with the legal environments of our neighboring states that we compete with for jobs and investment.

Below are the specific policy areas addressed by the legislation:
- Reevaluates the Standard for Negligent Security Liability (“Premises Liability”): Ensures businesses should only be liable for what they directly control. If signed into law, the legislation would hold property owners liable for failures to keep their property safe for their customers and the public, but protect establishments for simply opening their doors and employing hardworking Georgians in communities and neighborhoods that need them.
- Truthful Calculation of Medical Damages in Personal Injury Cases (“Phantom Damages”): Requires the plaintiff to only seek damages in the amount actually paid (or will be paid in the future) for a medical bill, rather than the inflated amount that is currently introduced in evidence – ensuring Georgians who are successful in their litigation are made whole, and have their costs covered, while protecting consumers from inflated costs being passed on to them.
- Eliminates the Ability to Arbitrarily Anchor Pain and Suffering Damages to a Jury (“Anchoring”): Prohibits the use of anchoring tactics by attorneys in closing arguments so the jury can use their own discretion—rather than artificial benchmarks like the cost of fighter jets, or the number of miles a truck drove, or the salary of a professional athlete—all of which are real examples from cases.
  - This bill does NOT place ANY limit on the jury’s discretion. In fact, the Governor’s legislation protects the jury’s decision making from irrelevant and improper arguments from counsel – empowering the jury to decide an award amount on their own.
- Bifurcated Trials: Permits a party in a case to move for bifurcation of the trial, so that liability must be established before the jury hears evidence detailing the extent of the plaintiff’s damages. This clarifies important procedure in the courtroom and gives both sides of a case the same opportunity to have their arguments heard.
- Allow a Jury to Know Whether the Plaintiff Wore Their Seatbelt (“Admissible Seatbelt Evidence”): Remove the current exclusion from the evidence code that prevents the defendant from showing evidence the plaintiff was not wearing his or her seatbelt in an auto accident. Allowing admission of seatbelt evidence at trial may be used by the defense to mitigate damages, particularly where the plaintiff’s failure to use this essential safety feature results in significantly worse injuries for the plaintiff.
- Eliminate Double Recovery of Attorney’s Fees: Closes an important loophole that allowed plaintiff’s counsel to recover their fees twice for the same lawsuit. Courts will remain able to award attorney fees—but only once.
- Eliminate Plaintiff Dismissal During Trial: Amends the timeline for voluntary dismissals – putting an end to the practice of plaintiffs dismissing a case and refilling in or “cherry pick” a more favorable jurisdiction to them after the defense has already racked up the cost of preparing and beginning the trial.
- Motion to Dismiss Timing Changes: Changes the civil practice act to allow a defendant to file a motion to dismiss in lieu of an answer – cutting down unnecessary discovery expenses while a motion to dismiss is pending.
- Reforming and Bringing Transparency to Third Party Litigation Funding:
  - First, the legislation bans hostile foreign adversaries from using our litigation climate to undermine our vital security and economic interests – protecting Georgia businesses and consumers from foreign actors who may fund litigation to obtain trade secrets or advance their own political interests against the interests of the citizens of this state.
  - Second, the legislation protects consumers from predatory lenders that want to take advantage of litigants in vulnerable situations by prohibiting litigation funders from having any input into the litigation strategy or from taking the plaintiff’s whole recovery and making sure plaintiffs are aware of their rights.
  - Third, increases transparency for all parties—the courts, opposing litigants, and the plaintiffs themselves.
Above all, Governor Kemp’s tort reform package puts families and consumers first by tackling the hidden costs we all pay thanks to Georgia’s current tort laws.

You can watch the Governor unveiling this plan here.

MIL OSI USA News –
January 31, 2025
MIL-OSI USA: Schatz Presses Commerce Secretary Nominee Howard Lutnick on Census, NOAA Protection, Pacific Fisheries Consultation, AI Safety

US Senate News:

Source: United States Senator for Hawaii Brian Schatz
WASHINGTON — At today’s Senate Commerce, Science, and Transportation Committee hearing for Secretary of Commerce nominee Howard Lutnick, U.S. Senator Brian Schatz (D-Hawai‘i) pressed Lutnick on conducting a fair census count, protecting the National Oceanic and Atmospheric Administration (NOAA) from Project 2025 threats, consulting with Hawai‘i leaders on Pacific fisheries decisions, and strengthening artificial intelligence (AI) safety.
First, Schatz asked Lutnick if he would pledge to carry out the census in an apolitical manner. Lutnick responded, “I promise you we will count each whole person. That’s what the Constitution says, and we will stick right to it rigorously.”
Schatz then questioned whether Lutnick agreed with Project 2025’s threat to “dismantle” NOAA, to which Lutnick replied, “No.”
Schatz also raised the issue of NOAA’s impact on the Hawai‘i Longline Fishery, asking, “Do I have your assurance that before NOAA, National Marine Fisheries, or anyone makes a move regarding our fishery in the Pacific that you will consult with our office, and our delegation, and the state of Hawai‘i?”
In response, Lutnick said, “I’d be delighted to consult with your office… On the things that matter to you, I will happily commit to working with your office. That sounds like it would make me better at my job, so I’d appreciate your input.”
Schatz brought up President Trump’s repeal of President Biden’s AI executive order, including potential impacts to the AI Safety Institute, asking, “What do we do in place of this and how quickly can we get it done? Because that part of this was one of the few things that we were not arguing about when it comes to AI policy.”
Lutnick said, “The Department of Commerce has the gold standard when it comes to cybersecurity standards, so I think AI standards along the lines of that gold standard, that same model will be very effective. So that if you think of it as standards, I think we can get bipartisan agreement that we can find the right way to set those standards.”
Schatz said he would continue to urge the Department of Commerce to ensure greater AI safety.
Since the previous Trump Administration attempted to interfere with the count for political purposes, Schatz has led efforts to ensure a fair census. He has introduced legislation to ensure any future proposed changes are studied and tested.
Video of Senator Schatz’s full exchange at today’s hearing is available here.

MIL OSI USA News –

January 31, 2025
MIL-OSI Banking: Calling all small business champions of the circular economy
Source: International Chamber of Commerce

Headline: Calling all small business champions of the circular economy
Share this:
Launched in 2021, the Small Business Champions Initiative celebrates organisations that empower small businesses to participate and succeed in global trade. This year, the organisers – the International Chamber of Commerce, International Trade Centre and World Trade Organization’s Informal Working Group on Micro-, Small- and Medium-Sized Enterprises, in partnership with United Nations Trade and Development – will recognise concepts and initiatives that help small businesses embrace the circular economy.

Along with the recognition, the winners will be invited to Geneva for an award ceremony on 27 June 2025. The International Trade Centre will additionally award each winner US$4,000 prize money to support the development or further scaling of their winning project and issue an award certificate.

What are we looking for and who can participate?

Small businesses, enterprises, industry associations, chambers of commerce and non-governmental organisations leading initiatives such as awareness-raising campaigns, competitions, capacity building, training, mentoring and networking programmes related to the circular economy

Small businesses engaged in the circular economy with innovative business concepts that reduce, prevent or repurpose waste

All proposals must have a clear link to international trade and include an action plan (see past competitions for reference).

Submit your proposal  

Proposals should be submitted through this form by 28 March 2025. The winning proposals will be jointly selected by representatives from the competition organisers. For additional information, consult this guide.

Related publication

Sustainability

Circular economy: Challenges and opportunities for businesses and policymakers
MIL OSI Global Banks –
January 31, 2025
MIL-OSI United Kingdom: Jail terms for men who ran Kent waste warehouse
Source: United Kingdom – Executive Government & Departments

Rubbish later caught fire, disrupting town – Lancashire and Devon men guilty of waste crime
Fire-ravaged unit at Westwood Business Park in Margate

Routine complaints about flies in a seaside town unearthed a vast cavern of illegally-stored waste.

No wonder the flies, as well as rats, were interested. David Weeks and Lee Brookes had built up a massive stockpile of rubbish, neatly packaged in black plastic.

The Environment Agency prosecuted the pair, resulting in suspended prison sentences totalling 20 months between them for filling a Margate warehouse with the waste.

It was spring 2017. As the weather warmed up, frustrated residents rang the local council to report swarms of flies close to an anonymous building.

Officials at Thanet District Council contacted the Environment Agency, which began an investigation. It discovered the illegal storage of thousands of bales of household and construction waste inside the building, unit P, on the Westwood Business Park.

Baled waste stored inside unit P before the fire.

A director of Devon-based DW Land Ltd, Weeks signed a one-year lease with the building’s owners at the start of 2017.

Lorry after lorry dumped waste

But no sooner was the ink dry on the lease that lorry after lorry began arriving in Margate from across the home counties – a procession of 220 vehicles over three months, offloading 6,000 blocks of waste and placed in the building.

Totnes businessman Weeks employed Brookes’ firm, OMC Outdoor Maintenance Company, of Whitworth, in Lancashire, to secure and manage unit P. Weeks told the Environment Agency he was the agent for two companies wanting the site for an energy-from-waste plant.

Judge Simon Taylor KC heard the waste had left legal sites in Hampshire and Hertfordshire, bound for the Kent coast, to be stored inside the building, but outside the law. Neither Brookes nor Weeks obtained an environmental permit for the storage of waste.

Risk became reality when building went up in flames

Matt Higginson, environment manager for the Environment Agency in Kent, said:

Weeks and Brookes profited financially from payments made to the sites where the waste originated and from its storage in Kent.

Not getting an environmental permit for the building, avoiding the cost and requirements of getting one, Weeks and Brookes gave themselves an unfair advantage over legitimate waste operators

A permit for the site would have required a plan to manage the risk of fire. Risk became reality when the building went up in flames. The disruption for local people went on for almost a month.

This case proves you must use firms authorised to take away your waste. Check the register of waste carriers’ licences on gov.uk.

Throughout 2017 and 2018, Weeks and Brookes gave the Environment Agency several excuses as to why they couldn’t clear the waste from the building.

On 18 September that year, the building caught fire. Kent Fire and Rescue Service fought the blaze for 25 days. At its peak, rubbish burst out of the packaging. Although no cause for the fire has ever been found, roads and businesses had to close, and the disruption led to operations cancelled at the local hospital.

View of fire-ravaged unit P at Westwood Business Park in Margate.

It was only a year later, towards the end of 2019, and almost three years after the first delivery of rubbish, what waste survived the fire was finally removed by the battered building’s new owner.

Weeks and Brookes gave scant assistance to the Environment Agency’s investigation. Even after the fire, the pair kept a very low profile.

David Weeks, 55, of School Hill, Totnes, Devon, was sentenced to 16 months in prison, suspended for two years. He also to pay £5,000 in costs, and a victim surcharge of £140.

Judge Taylor also gave Weeks 150 hours unpaid work and 20 hours of rehabilitation activity aimed at preventing him from reoffending. He’ll have to wear an electronic tag to monitor his daytime movements for the next two months.

Lee Brookes, of Tonacliffe Way, Whitworth, Lancashire, received a sentence of four months in prison, suspended for a year. He was also given 80 hours of unpaid work and the same 20 hours of rehabilitation programme. The court also ordered the 49-year-old to pay costs of £1,000 and a £115 victim surcharge.

At the hearing on 21 January, the court was told Weeks was fined almost £10,000 seven years ago for his part in the management of a site in Plymouth where 13,000 tonnes of wood was stored illegally.

The two men pleaded guilty at an earlier hearing to knowing their respective companies, DW Land and OMC Maintenance, ran the waste operation in Margate without an environmental permit between 13 January 2017 and 22 August 2019, against regulation 12 (1)(a) of the Environmental Permitting (England and Wales) Regulations 2016.

DW Land Ltd, of Paignton Road, Stoke Gabriel, Totnes, Devon, and OMC Outdoor Maintenance Company Ltd, also of Tonacliffe Way, Whitworth, Lancashire, are no longer trading.

Contact us: Journalists only –

0800 141 2743 or communications_se@environment-agency.gov.uk

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Updates to this page

Published 30 January 2025
MIL OSI United Kingdom –
January 31, 2025

MIL-OSI United Nations: Workshop on Ethics in Modern Statistical Organisations

Source: United Nations Economic Commission for Europe

About the meeting

The workshop will address questions of business and data ethics in the current evolving landscape of Official Statistics. With adoption of new technologies and methodologies, old policy and guidelines of National Statistical Offices are no longer cover all aspects of business operations, so progress in data ethics is now more important than ever. Business ethics is also gaining importance, as NSOs must act as moral agents upholding ethical behavior. Addressing both these questions is essential to maintain public trust and credibility in an evolving and data driven environment.

The target audience of the includes senior and middle-level managers responsible for business, institutional and data ethics in their NSOs. As well as communication experts who handle ethical issues within their NSOs.

Detailed information and examples of topics to be covered in the meeting, registration, contributions and other organizational aspects can be found in Information Notice #1.

Document Title	Documents	Presentations
Document Title	ENG	ENG
Information Notice 1	PDF
Information Notice 2 (logistic information)	PDF
Timetable	PDF
Report	PDF
Opening
Do statistical ethics apply equally to all – NSOs and other official statistics producers, whether regional/international or other national statistical authorities? Andreas Georgiou (Amherst College)		PDF
Session 1: Ethics in institutional contexts
Introducing Session 1: Ethics in Institutional Contexts. Fabrizio Rotundi (Istat, Italy)		PDF
Democracy dies in darkness without Official Data. Luca Di Gennaro Splendore (University of Malta)	PDF	PDF
Structure of ethical issues in new data ecosystems. Marianne Johnson, Timo Koskimäki, Markus Sovala (Statistics Finland)	PDF	PDF
Revision of the Swiss Official Statistics Charter: opportunities and risks. Peter Laube (Swiss Ethics Council for Official Statistics), Marcus Baumann (Federal Statistical Office, Switzerland)	PDF	PDF
UK Statistic Authority’s Centre for Applied Data Ethics (CADE) – the first three years. Nicola Shearman (Office of National Statistics, UK)	PDF	PDF
Investigating Ethical Practices in NSOs – Surveys Results. Katia Ambrosino (Istat)	PDF	PDF
Ethics Boot Camp Introduction. Angela Leonetti (Istat, Italy)		PDF
Session 2: Ethics in daily work life
Rules of Professional Ethics in the State Statistics Bodies of the Republic of Belarus. Volha Pazharytskaya (National Statistical Committee of the Republic of Belarus)	PDF	PDF
Proposals to Promote Change from Compliance to Ethical Commitment in Istat. Angela Leonetti (Istat)		PDF
Incorporating ethics in statistical organizations through GSBPM and GAMSO. InKyung Choi (UNECE)		PDF
French official statistician and ethics: from law to practice. Mylène Chaleix, Olivier Lefebvre (Insee, France)	PDF(en) / PDF (fr)	PDF
Ethics in staff and user satisfaction survey (Case of Albania). Vjollca Lasku (Instat, Albania)		PDF
Session 3: Ethics for new data sources and technology
Reimagining how we deliver quality data and statistics: Stats NZ Journey. Emma MacDonald (New Zealand)		PDF
The Role of Data Ethics to Maintain and Improve Public Trust: The Statistics Canada Experience. Martin Beaulieu (Statistics Canada)		PDF
Towards a data ethics program for the Australian Bureau of Statistics: Considering privacy, ethics and trust for our innovative data uses. Joanne Hillermann (ABS, Australia)		PDF
Statistics Netherlands ethics committee – purpose, composition and methods. Esther de Heij (Statistics Netherlands)		PDF
Ethics of Technology. Milana Karaganis (Statistics Canada)		PDF
The role of geo-information in ethics within modern statistical institutions. Mirela Deva (Instat, Albania)		PDF
Session 4: Ethics and proactive communication
An ethical approach to the development of social acceptance and its application. John Byrne (Central Statistics Office, Ireland)		PDF
An assessment of ethics and proactive communication practices in The Nigerian Statistical System. Kumafan Dzaan (Central Bank of Nigeria)	PDF	PDF
Ethics and proactive communication: The Istat case. Giulia Peci and Michela Troia (Istat)	PDF	PDF
Building trust culture in the office – examples of ethics-driven proactive internal communication at Statistics Poland. Anna Borowska and Olga Świerkot-Strużewska (Statistics Poland)		PDF
Open discussion for the Reference Book on Ethics
Introduction to the Open Discussion for the Reference Book on Ethics. Fabrizio Rotundi (Istat, Italy)		PDF

MIL OSI United Nations News –

January 31, 2025

MIL-OSI United Kingdom: Oxpens planning application approved

Source: City of Oxford

Published: Thursday, 30 January 2025

Oxford City Council’s Planning Committee approved the planning application for the redevelopment of Oxpens on 21 January 2025.

“After years of land assembly, the redevelopment of Oxpens is an important step forward for Oxford and we’re pleased it has been approved so it can advance to the next stage.

“This is a unique opportunity to redevelop one of the city’s largest remaining brownfield sites and is the largest housing development site in the city centre for generations. It will transform the area and kick start the wider regeneration of Oxford West End, helping it to realise its full potential.

“Oxpens will deliver much-needed housing, with 50% being affordable, provide high-quality office and laboratory space in a highly sustainable location for jobs, a new hotel and public spaces, including an outdoor amphitheater, 750sqm of publicly accessible playspace, and improved walking and cycling routes.

“The plans will create new opportunities for residents and businesses, supporting economic growth and helping to build a better future for our city.”

Councillor Alex Hollingsworth, Cabinet Member Business, Culture and Inclusive Economy

MIL OSI United Kingdom –

January 31, 2025
MIL-OSI Africa: Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation

Source: The Conversation – Africa – By Solaja Mayowa Oludele, Lecturing, Olabisi Onabanjo University

Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.

Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.

These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.

Read more: Nigeria’s plastic ban: why it’s good and how it can work

In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.

Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.

This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.

I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.

Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.

The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.

Understanding these influences might help the government to target policies.

Read more: Nigeria is the world’s 2nd biggest plastic polluter: expert insights into the crisis

Education level and information

Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.

Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.

Parenthood, family size and financial obligations

Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.

However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.

Religion and cultural norms

Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.

These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.

Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.

Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.

These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.

Read more: Informal waste management in Lagos is big business: policies need to support the trade

Gender dynamics

Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.

As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.

This would empower women and make waste collection a more inclusive and sustainable business.

Age and desire to be an entrepreneur

Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.

This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.

Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.

Economic and social factors

Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.

Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.

Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.

Read more: Waste disposal in Nigeria is a mess: how Lagos can take the lead in sorting and recycling

Looking ahead

The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.

Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.

Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.

Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.

– Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation
– https://theconversation.com/nigerias-plastic-bottle-collectors-turn-waste-into-wealth-survey-sheds-light-on-their-motivation-247819

MIL OSI Africa –

January 31, 2025
MIL-OSI: SuperOps raises $25M in Series C and enters the IT market with game-changing AI-powered Endpoint Management tool

Source: GlobeNewswire (MIL-OSI)

Dallas, Jan. 30, 2025 (GLOBE NEWSWIRE) — SuperOps, the groundbreaking AI-driven IT platform transforming operations for IT service providers and internal IT teams, today announced it has raised $25 million in Series C funding, led by March Capital with participation from existing investors Addition and Z47. This brings SuperOps’ total funding to $54.4 million, a testament to the company’s exceptional growth and market disruption. Over the past year, SuperOps has tripled its customers and expanded its footprint to 104 countries, cementing its status as a global leader.

SuperOps is now taking its proven expertise in Managed Service Provider (MSP) technology into the broader IT market with the launch of its revolutionary Endpoint Management tool. Designed to supercharge IT team productivity, the tool enables IT teams to achieve more with fewer resources.

SuperOps founders: Arvind Parthiban and Jayakumar Karumbasalam.

“IT teams worldwide are navigating complex challenges, including remote work and rising cybersecurity threats,” said Arvind Parthiban, Co-Founder and CEO of SuperOps. “At SuperOps, we are empowering these IT heroes with tools that transform their operations, reduce costs, and fuel growth. After revolutionizing the MSP space, we are thrilled to bring our AI expertise to internal IT teams with the launch of our Endpoint Management tool. The high demand and early successes validate that this is the future of IT operations.”

Over the last four years, SuperOps has become a trusted partner for MSPs worldwide, helping thousands of such service providers optimize operations through its unified AI-powered platform. Now, internal IT teams—already comprising 20% of SuperOps’ customer base—stand to benefit from the same transformative technology.

SuperOps provide full asset oversight across user IT services.

The foundation of SuperOps’ success lies in its relentless focus on AI innovation. In 2024, the company unveiled Monica, a hyper-contextual AI guide that analyzes the MSP’s dataset to deliver personalized insights, automate routine workflows, and accelerate decision-making. With Monica, MSPs and IT teams have seen up to a 30% improvement in operational efficiency.

SuperOps plans to use the new funding to expand its AI research and development, scale its offerings for mid-market and enterprise MSPs, and further extend its global reach. With IT spending projected to hit $5.74 trillion in 2025 (Gartner), the stakes have never been higher.

“The SuperOps team has proven their capability to disrupt the MSP technology market. With rapid product advancements and significant growth in global markets, SuperOps has become a major player. We are excited to support the expansion of their AI platform and scaling of their offerings to larger MSPs and internal IT teams,” said Ravi Rajamony, Vice President at March Capital.

The Series C round, entirely backed by existing investors, highlights the continued confidence in SuperOps’ vision and execution.

“SuperOps has disrupted the stagnant MSP tools space, creating real value for MSPs through true innovation, and its entry into IT Endpoint Management promises to have similar impact. We are excited to continue to support the SuperOps team on their mission to empower IT service providers to scale, streamline operations and thrive in an increasingly competitive market,” said Todd Arfman at Addition.

Tarun Davda, Managing Director at Z47 added: “We are delighted to be part of SuperOps’ impressive growth. The platform has improved the businesses of MSPs worldwide. I am impressed by the team’s customer-centric approach to innovation, and their AI advancements. I am confident that SuperOps will continue to outpace the competition and create significant value for IT service providers”.

Ends

Media images can be found here.

About SuperOps
SuperOps is an AI SaaS company offering a unified PSA-RMM platform for future-focused MSPs and IT teams. The company was founded in 2020 by serial entrepreneur Arvind Parthiban and Jayakumar Karumbasalam. With a deep commitment to innovation and a focus on customer success, SuperOps equips MSPs with the tools they need to streamline operations, enhance service delivery, and scale their businesses. SuperOps is backed by marquee investors, March Capital, Addition, Z47, Elevation Capital, and Tanglin Venture Partners.

About March Capital
March Capital is a top-tier venture growth firm headquartered in Santa Monica, California and has been investing globally since 2014. March is committed to partnering with exceptional entrepreneurs to build great technology companies and to scale them globally. With $1.65B+ in capital over 4 funds and across 25+ market-leading technology companies, March accelerates the digital transformation of enterprise applications, cloud & data infrastructure, vertical software, and scientific discovery. Our vision is to create a best-in-class technology investment platform by combining intense sector focus, patience, access to a global leadership network (including founding The Montgomery Summit), and high-impact portfolio engagement to inspire and to accelerate extraordinary AI-native companies like CrowdStrike, Essential AI, Forter, Generate:Biomedicines, Nile, and Uniphore. For more information, please visit www.marchcp.com.

About Z47
Z47 is a “founders-first” venture capital firm with an AUM of $3.5 billion, spanning over 100 investments since 2006. Our commitment is to founders who are determined to lead India to its destiny as a developed nation by 2047. We partner with early-stage startups, offering founders a unique blend of expertise, experience, and empathy. Our investment focus includes FinTech & Services, Consumer Brands & Tech, B2B Commerce & Manufacturing, and Enterprise SaaS & AI. Z47’s Enterprise SaaS & AI portfolio includes companies like Krutrim, Neysa Networks, MoEngage, Atomicwork, and more. We take pride in being a trusted partner to pioneering founders of industry-leading companies such as Ola, Ola Electric, Razorpay, Dailyhunt, Five Star Business Finance, Country Delight, and Of Business, among others. Z47 has offices in Mumbai, Delhi and Bangalore. For more information, visit www.z47.com or write to newsroom@z47.com.

The MIL Network –

January 31, 2025
MIL-OSI Economics: SheTalks – A Solutions Lab on Improving Access to Finance for Caribbean Women Entrepreneurs
Source: Caribbean Development Bank

Join us for our third SheTalks! Learn about our flagship study on Access to Finance for Caribbean Women Entrepreneurs, hear practical guidance from finance industry experts, and share your valuable insights on how the Hub can help women owned and led businesses to unlock capital and investment opportunities.

Join the SheTrades Caribbean Hub and Register for this event.

Under the theme Risky Business, this session takes a practical deep dive into access to finance facilitated by the SME Team of the JMMB Group Limited, one of the region’s innovative financiers. The JMMB’s team of Commercial Bankers will lead this conversation providing practical insights into their key considerations when designing and deploying financial solutions, services and products to women led businesses.

Event Format:
- Opening Remarks
- Panel Discussion
- Q&A Segment
- SheTrades Entrepreneur Spotlight
- Closing Remarks
MIL OSI Economics –
January 31, 2025
MIL-OSI Global: Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation

Source: The Conversation – Africa – By Solaja Mayowa Oludele, Lecturing, Olabisi Onabanjo University

Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.

Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.

These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.

Read more:
Nigeria’s plastic ban: why it’s good and how it can work

In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.

Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.

This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.

I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.

Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.

The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.

Understanding these influences might help the government to target policies.

Read more:
Nigeria is the world’s 2nd biggest plastic polluter: expert insights into the crisis

Education level and information

Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.

Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.

Parenthood, family size and financial obligations

Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.

However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.

Religion and cultural norms

Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.

These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.

Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.

Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.

These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.

Read more:
Informal waste management in Lagos is big business: policies need to support the trade

Gender dynamics

Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.

As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.

This would empower women and make waste collection a more inclusive and sustainable business.

Age and desire to be an entrepreneur

Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.

This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.

Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.

Economic and social factors

Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.

Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.

Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.

Read more:
Waste disposal in Nigeria is a mess: how Lagos can take the lead in sorting and recycling

Looking ahead

The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.

Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.

Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.

Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.

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

– ref. Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation – https://theconversation.com/nigerias-plastic-bottle-collectors-turn-waste-into-wealth-survey-sheds-light-on-their-motivation-247819

MIL OSI – Global Reports –

January 31, 2025
MIL-OSI United Kingdom: Derby City Lab to move into newly redeveloped Market Hall

Source: City of Derby

The national award-winning Derby City Lab will soon have a new home in the redeveloped Derby Market Hall, following an announcement made at Marketing Derby’s Annual Business Event.

The new move will see the City Lab continue its role as a hub for community engagement and innovation from the Market Hall which is due to open in spring this year after undergoing a major transformation.

Derby City Lab was created in 2022 and was based in St James’s St at the heart of the city’s regeneration frontline and in 2024, it moved to a new location in the Derbion shopping centre.

The Lab is a hub for engaging the community in better understanding the evolution of the city. Visitors can find out about how the city centre is changing, explore the City Living Room which showcases Derby’s 300-year history of innovation, and view a range of exhibitions focused on ideas to regenerate Derby, including the University of Derby’s futuristic Derby Urban Sustainable Transition (DUST) vision.

Nadine Peatfield, Leader of Derby City Council, said:

Derby City Lab has been integral in helping citizens and stakeholders to understand and shape the city centre’s transformation. I’m delighted to see that it will be moving into Derby Market Hall. It is central to our regeneration plans – reimagining our city centre with culture at its heart and making a better-connected, sustainable city for the future.

Derby City Lab will continue to provide a space where residents and visitors can learn more about the city centre’s ongoing regeneration and share their views on future plans. We are committed to engaging with residents in innovative ways and the Lab plays a big part in that. I am so excited for the opening of Derby Market Hall and am thrilled to welcome Derby City Lab to their new home.

John Forkin, Managing Director of Marketing Derby said:

The Derby City Lab is a unique innovation in the UK – a genuine attempt to engage local people in the shaping of their city. Last week, we welcomed our 15,000th visitor and are excited to become part of the rediscovery of the wonderful Derby Market Hall.

Derby Market Hall redevelopment is a £31.5m project part funded with £9.43m from the Government’s Future High Street Fund (FHSF). It is in the second phase of the transformation, focusing on refurbishing the interior and developing the public space outside at Osnabruck Square.

Located at the heart of the city centre, linking Derbion and St Peter’s Quarter with the Cathedral Quarter and Becketwell, the new Market Hall will play a key role in widening the diversity of the city centre and will generate £3.64m for the local economy every year.

Based on concepts in Shanghai and Amsterdam, the Derby City Lab is an initiative of Marketing Derby, the Queen’s Award-winning inward investment agency for Derby together with partners including Clowes Developments, the Derbion, Lathams, the University of Derby and Derby City Council. The Lab won the Estates Gazette award as the Best Public-Private Partnership in the UK.

MIL OSI United Kingdom –

January 31, 2025
MIL-OSI USA: New NetWerx Initiative Brings Alumni Mentorship into the Classroom

Source: US State of Connecticut

There are a lot of factors to consider when you’re trying to build a personal brand.

What are your strengths and weaknesses?

How will you market your brand and engage with your potential audience or customers?

How can you best position yourself for success?

For students who are just starting out on their entrepreneurial journey, connecting with mentors who have built their own personal brands – experiencing the ups and downs, the highs and lows – and who are excited to share what they’ve learned along the way can make all the difference.

But finding the right mentor isn’t always easy, and students often don’t quite know how to get started.

How do you initiate these kinds of conversations?

And what are the questions that you should ask?

‘Students Are Trying to Imagine Themselves After They Graduate’

Learning how to network is a skill, according to Julie Gehring, director of mentorship and student development at UConn’s Werth Institute for Entrepreneurship and Innovation, and that skill is part of what she teaches students who sign up for NetWerx – a signature program at the Werth Institute that pairs students with alumni mentors to help cultivate those essential networking and entrepreneurial skills.

“If you learn how to network first, then you can learn how to build a relationship with somebody that leads to mentorship,” says Gehring.

Since its inception more than five years ago, NetWerx has operated with the goal of helping interested students build an entrepreneurial mindset through skills like communication, self-reliance, and adaptability. The program has worked by recruiting both current undergraduate students – typically those in their first and second years – who apply to take part and then matching them with alumni volunteers who are less than 15 years out from their own time at UConn.

For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard &#8212 Heidi Bailey

“NetWerx welcomes any student interested in expanding their network and exploring ideas, even if they aren’t directly focused on starting a business,” Gehring explains. “We help students develop valuable entrepreneurial skills—like problem-solving, collaboration, and communication—that are essential for success in any field. Many of our alumni mentors, in fact, apply these skills within their organizations as ‘intrapreneurs.’”

“Students are trying to imagine themselves after they graduate,” says Heidi Bailey, an instructor-in-residence with the UConn School of Business who teaches courses on marketing and personal brand management. “NetWerx provides students with an incredible opportunity to build a relationship with a UConn alumnus who can share career tips, such as how they got started in their career, what success looks like in their field of interest, and who else they can work with in their industry.”

A Strategic Plan for Making an Impact

Alumni mentors come from a variety of backgrounds – everything from fintech to fashion, project management to health care, marketing to engineering – and commit to meet virtually with their mentees a least two to three times. They’re given orientation and training on how to be effective mentors before they’re paired with students an matching process that’s now bolstered by the use of PeopleGrove, a platform that helps students and alumni engage with each other.

It’s been an undeniable success. NetWerx has matched hundreds of UConn student mentees with alumni mentors who have engaged with its ecosystem, with many of those connections leading to lasting relationships and some even producing employment opportunities post-graduation.

Last year alone, more than 450 students took part in NetWerx, connecting with about 200 alumni mentors.

But with that success has come a need for the program itself to continue to innovate.

“The question for us was: How can we create even more of an impact?” Gehring explains. “So, we worked on a strategic plan.”

(Adobe Stock)

And part of that plan led to NetWerx’s latest initiative: Bringing mentorship directly to students in the classroom by partnering with faculty, like Bailey, who embrace an entrepreneurial mindset.

“Julie reached out to me, and told me about NetWerx, and I thought it would be a good program for this personal brand management class,” Bailey says. “Spring 2024 was the first time we taught it in Storrs. I made NetWerx part of the participation grade –the students just had to connect two times with their mentor once they got matched, and then write a reflection about what they got out of the experience.”

Bailey utilized NetWerx for the first time that spring, and then again this past fall. About 80 students – half business majors and half from a variety of other disciplines – took part over the two semesters.

Gehring and her team visited the classes twice each semester to help guide the students through developing questions for their mentoring sessions, teaching them how to make the most of their time before meeting their alumni mentors.

“NetWerx’s initial strategy focused on integrating with courses and learning communities that had a connection to entrepreneurship, either through direct curriculum ties or by emphasizing entrepreneurial skill development,” say Gehring. “This included courses, like Heidi’s personal branding class, and learning communities, like EcoHouse with Thomas Hayes, as well as first-year experience (FYE) courses, such as Next Gen with Heather Parker. By aligning with these programs, NetWerx is able to tap into existing student interest in related topics and seamlessly introduce the benefits of mentorship within a familiar academic context.”

Open Conversations About Hard Topics

The NetWerx PeopleGrove platform then enabled the students in the class to connect with a mentor who had similar interests, and allowed Gehring and Bailey to see how those connections were going.

The response from her students was largely positive, Bailey says.

Some reported having open conversations about sometimes difficult topics, like salaries and promotions. Some were encouraged by their mentors to streamline their personal goals, to build new creative content that they hadn’t considered before – or to change gears completely.

By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. &#8212 Julie Gehring

For example, one student who’d been interested in a career in the U.S. Foreign Service learned it might actually not be the right path for them after meeting with an alumni mentor who had taken the same path.

Gaining that real-world perspective is what mentoring in general, and what NetWerx specifically, is all about, says Gehring.

“If you’re a finance major, you can talk to somebody that’s in a finance background,” she says. “And maybe that student says, you know what? I’ve gotten some perspective, and that’s not where I want to be. And so, when they figure out what they don’t want, they can continue to use our platform to find out what they do want. Let’s go talk to somebody that’s in psychology, let’s go talk to somebody in engineering, because we’ve got so many mentors who are willing to help and to take those calls.”

Opportunities That Can Change Lives

NetWerx continues to also operate as a program open to any student of any discipline, regardless of their course selections, who is interested in expanding their network or exploring an idea. The Werth Institute is holding open office hours three days a week this spring where undergraduates can drop in, learn more, and sign up.

But the program is hoping to partner with more faculty to help reach students who might otherwise not know about or consider taking part in a program like NetWerx.

From a faculty perspective, Bailey notes, successfully incorporating NetWerx into a course means building it in as a core component of the class that the faculty themselves are invested in.

“NetWerx is actively seeking partnerships with faculty who embed entrepreneurial skills into their courses to connect first and second-year students with alumni mentors,” adds Gehring. “From a co-curricular standpoint, we understand the significant time commitment involved in curriculum planning and instruction, which is why NetWerx aims to simplify the integration of mentorship into the classroom. By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. This partnership eliminates the burden of managing the screening of mentors, the matching process, and ongoing support of the mentor-mentee relationship, allowing instructors to focus on teaching while providing students with valuable mentorship experiences and expanded networks.”

And making that successful integration into the classroom, Bailey says, can be “life-changing” for the students who take full advantage of the opportunity.

“For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard,” Bailey says. “You have to have people inside who can then connect you with others.

“For just about any class, there are enough alumni who are engaged in that discipline, who would be willing to connect either one-on-one or even come into the class and speak – I think it’s extremely valuable to get that inside perspective and to have the potential to stay in touch.”

January is National Mentoring Month – for more information, visit mentoring.org.

NetWerx is always recruiting – both student mentees and alumni mentors – and individuals interested in getting involved, as well as faculty interested in learning how NetWerx might fit in with their course design, are encouraged to contact Julie Gehring at julie.gehring@uconn.edu or Ian Bender at ian.bender@uconn.edu.

For more information about all of the entrepreneurial opportunities available through the Werth Institute, visit werth.institute.uconn.edu.

MIL OSI USA News –

January 31, 2025
MIL-OSI: Wix Helps Users Turn Skills into Revenue and Create New Business Initiatives with AI-Powered Business Launcher

Source: GlobeNewswire (MIL-OSI)

The Business Launcher simplifies the entrepreneurial journey by offering a personalized, end-to-end solution that translates users’ skills and experiences into viable business ventures

NEW YORK – Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform globally¹, today announced the launch of the Business Launcher, an AI-powered tool that helps users create new business initiatives from concept to execution. The tool guides users through various steps of starting a new business, offering personalized ideas, actionable plans, and essential tools to create a website and launch a business.

Users begin by answering a few questions about their background, or by uploading their resume. The AI-powered tool then builds a comprehensive profile, based on work experience, skills, education, and interests. Additionally, users are asked about their goals—whether they’re aiming for a side hustle, exploring a new career path, or planning a full-time business—creating a foundation for generating tailored business ideas. Business ideas are then presented to the user, with a full breakdown of each idea including how it aligns with the users’ skills, the market size, keywords for SEO and how to earn money.

Once a business idea is selected, users receive a comprehensive launch kit, which includes a custom business name, a personalized website, logo creation, domain name options, and marketing tools. They are then guided to create their website using Wix’s AI Website Builder. The final step in the process transitions users to their tailored site dashboard, complete with a personalized business name and relevant apps to help manage their business efficiently. The dashboard provides the necessary tools to get the business up and running, offering a seamless experience from ideation to execution.

“We designed the Business Launcher to function like a personal business assistant, guiding users from the initial spark of an idea all the way to full business execution,” said Yaya Aaronsohn, Head of Brand Maker and Business Launcher at Wix. “By combining users’ work experience and interests with Wix’s extensive market research, the Business Launcher offers personalized ideas supported by detailed market analysis, SEO strategies, and revenue planning. It equips users with everything they need, from a custom website to marketing tools, ensuring they can confidently launch their business.”

The Business Launcher is available in English, with free access and optional premium upgrades for features like domain names and logos. Learn more about the Business Launcher here.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

For more about Wix, please visit our Press Room
Media Relations Contact: PR@wix.com

¹ Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

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The MIL Network –

January 31, 2025
MIL-OSI: ITS Logistics January Supply Chain Report: Recession Risks Heighten for US Economy as Consumer Confidence Decreases for Second Consecutive Month
Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Jan. 30, 2025 (GLOBE NEWSWIRE) — ITS Logistics released the January ITS Supply Chain Report, revealing the U.S. economy was relatively stable last month but faced several headwinds. The job market remained strong, and inflation cooled significantly, but concerns about core inflation, higher interest rates, tariffs, and potential economic slowdown loomed. The Federal Reserve’s cautious approach to monetary policy and the housing market’s ongoing challenges also continued to influence the overall economic outlook.

“As the U.S. entered December 2024, the economic outlook carried both positive and negative trends that could influence the trajectory of the economy in 2025 and beyond,” said Stan Kolev, Chief Financial Officer of ITS Logistics. “While many indicators suggest resilience, a number of challenges pose significant risks to continued growth.”

Key concerns that supply chain professionals should be privy to include:
- Inflationary Pressure: If inflationary pressures persist or accelerate, it could erode consumer spending and confidence
- Monetary Policy Uncertainty: The risk of inflation becoming entrenched could lead to more aggressive action from the Federal Reserve, with possible interest rate hikes impacting consumer borrowing and business investment
- Global Economic Uncertainty: The global supply chain disruptions and rising geopolitical tensions could negatively impact US exports and supply chains, hurting sectors that rely on international trade
- Consumer Confidence: If inflation and high borrowing costs weigh too heavily on households, it could lead to reduced discretionary spending, further slowing growth in key sectors like retail, travel, and housing
- Tariffs: Per the recent incoming Trump Administration announcement, there is a potential for an increase in tariffs. Companies should prepare for the potential of a front-loading event similar to 2018, disrupting transpacific trade lanes from Asia into North America
The Conference Board reported that this month alone, U.S. consumer confidence decreased for the second consecutive month. Its consumer confidence index declined to 104.1 from 109.5 in December. This is considered to be worse than the projections presented by economists, which were expected to result in a reading of 105.8. The index measures Americans’ assessment of current economic conditions and their outlook for the next six months. Overall, consumers’ outlook of current market conditions decreased by 9.7 points to a reading of 134.3 this month, while the views on current labor market conditions fell for the first time since September.

“In December 2024, the U.S. labor market remained strong but showed some signs of slowing as the year came to a close,” continued Kolev. “The U.S. economy added about 200,000 to 250,000 jobs last month, continuing a solid pace of hiring. While lower than the stronger job growth observed in 2021 and 2022, it still represented a healthy expansion, especially given the higher interest rate environment. The unemployment rate remained steady at 3.5%, continuing near historic lows. This suggested a tight labor market, with many employers still struggling to find workers.”

Although job growth slowed compared to earlier in the recovery, demand for workers remained robust, particularly in healthcare, hospitality, and blue-collar industries. However, concerns about higher interest rates and a potential economic slowdown in 2025 could bring more caution to the labor market.

While the U.S. economy was not yet in recession in December 2024, the risks are heightened as we move into 2025. The key concerns include how inflationary pressures, high interest rates, and global uncertainties will impact growth, consumer confidence, and business investment in the year ahead.

ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.

The monthly ITS Supply Chain Report serves to inform ITS employees, partners, and customers of marketplace changes and updates. The information in the report combines data provided through DAT and various industry sources with insights from the ITS team. Visit here for a comprehensive copy of the report with expected industry insights and market updates.

About ITS Logistics
ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

Media Contact
Amber Good
LeadCoverage
amber@leadcoverage.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4910ceb2-75a8-407d-b57a-1342bbc2d3f0

The MIL Network –
January 31, 2025
MIL-OSI: Drones Providing Valuable Military Intelligence & Surveillance Solutions as Drone Market Skyrockets with Potential

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The increasing terrorism around the globe is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones. A recent report said that the military drones market size is expected to see strong growth in the next few years. It will grow to $21.93 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The report said that: The Global Military Drones Market Trend: Innovative Products Expand The Military Drone Market. Major companies operating in the military drone market are developing new products such as hybrid unmanned aerial systems to meet larger customer bases, more sales, and increase revenue. A hybrid unmanned aerial system (UAS) refers to a type of drone or unmanned aircraft system that combines multiple propulsion systems or energy sources to enable enhanced operational capabilities.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), ParaZero Technologies Ltd. (NASDAQ: PRZO), Lockheed Martin Corporation (NYSE: LMT), RTX Corporation (NYSE: RTX).

The Business Research Company continued: “Global Military Drones Market Trend: Rising Popularity Of Drone Swarm Technology In The Military Drone Market. Drone swarm technology is growing in popularity in the military drone market due to its cost efficiency and high firepower. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue, and attacks on hostile objects. Drone swarm technology involves the production of several small, cheap drones rather than one large, expensive drone, therefore offering military drone manufacturers and end-users’ efficiency in terms of cost and time. With the use of advanced swarm technologies, the military and armed forces can effectively carry out lethal drone strikes in multiple places at once.”

ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

“We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

“The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the defense/military industry include:

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced that Kratos Unmanned Systems Division successfully executed a multi-week demonstration of its self-driving truck platooning system technology with FPInnovations, a Canadian research and technology organization that assesses, adapts and delivers solutions to Canada’s forest industry’s total value chain.

The Kratos developed self-driving system “kit”, which enables vehicles to be capable of autonomous driving, was deployed for evaluation in forestry operations in northern Québec, Canada. Deployment of this technology is intended to mitigate driver shortages, improve safety protocols, boost rural economic vitality, and contribute to the development of a regulatory framework for autonomous vehicles. The automated platooning technology performed exceptionally well in the challenging forestry environment and hauled both unloaded and loaded timber trailers. The Kratos system demonstrated precision navigation in automated platooning mode along complex off-pavement roadways with degraded access to GPS, steep grades, severe visibility-limiting dust, sub-freezing temperatures, rain, and under variable day/night/twilight lighting conditions.

ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced the successful launch of a pilot program utilizing its DropAir – Precision Airdrop System in a high-risk operational zone. The program, conducted in collaboration with a leading drone company, demonstrates the system’s ability to deliver critical blood transfusions rapidly and safely, significantly reducing the time needed to save lives in emergency situations.

The pilot program involves a military-operated drone, equipped with ParaZero’s DropAir System, capable of delivering numerous blood transfusions in a matter of minutes. This breakthrough in aerial logistics showcases the system’s ability to cut down critical response times, ensuring that life-saving medical supplies are able to reach those in need with speed and precision.

Lockheed Martin Corporation (NYSE: LMT) recently reported fourth quarter 2024 net sales of $18.6 billion, compared to $18.9 billion in the fourth quarter of 2023. Net earnings in the fourth quarter of 2024 were $527 million, or $2.22 per share, including $1.7 billion ($1.3 billion, or $5.45 per share, after-tax) of losses for classified programs, compared to $1.9 billion, or $7.58 per share, in the fourth quarter of 2023. Cash from operations was $1.0 billion in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $2.4 billion in the fourth quarter of 2023. Free cash flow was $441 million in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $1.7 billion in the fourth quarter of 2023. Fourth quarter 2024 results included 13 weeks, compared to 14 weeks for fourth quarter 2023, which had an unfavorable impact on sales volume across the company.

Net sales in 2024 were $71.0 billion, compared to $67.6 billion in 2023. Net earnings in 2024 were $5.3 billion, or $22.31 per share, including $2.0 billion ($1.5 billion, or $6.16 per share, after-tax) of losses for classified programs, compared to $6.9 billion, or $27.55 per share, in 2023. Cash from operations was $7.0 billion in 2024, after a pension contribution of $990 million, compared to $7.9 billion in 2023. Free cash flow was $5.3 billion in 2024, after a pension contribution of $990 million, compared to $6.2 billion in 2023.

“2024 was another successful and productive year for Lockheed Martin. Our 5% sales growth and record year-end backlog of $176 billion demonstrate the enduring global demand for our advanced defense technology and systems,” said Jim Taiclet, Lockheed Martin’s Chairman, President and CEO. “In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation and transform our operations with the latest digital and manufacturing technologies. Our strong and consistent performance also enabled us to again return greater than 100% of free cash flow to our shareholders in 2024.”

Collins Aerospace, an RTX (NYSE: RTX) business, was recently awarded a follow-on contract with a potential for up to $904 million over five years to continue development of the U.S. Navy’s Cooperative Engagement Capability, a system that integrates sensors across surface, land, and air platforms to enable Integrated Fire Controls. RTX has been the sole provider of the Cooperative Engagement Capability (CEC) since 1985. The new sole source contract follows an existing five-year Design Agent contract.

The CEC is a critical network for the U.S. Navy that connects multiple platforms and associated sensors together and provides composite tracking to combat and weapons systems. Collins will add new capabilities to the system including increased interoperability, expanded weapon and sensor coordination and integration of new data sources.

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The MIL Network –

January 31, 2025
MIL-OSI United Kingdom: CMA wins appeal in emergency services case
Source: United Kingdom – Executive Government & Departments

The Court of Appeal has refused Motorola permission to appeal the CMA’s findings that it was making supernormal profits from providing communications network services to the UK emergency services.
Today the Court of Appeal (CoA) has unanimously dismissed Motorola’s application for permission to appeal on both of its pleaded grounds, in which it claimed that the Competition and Markets Authority (CMA) had made errors in assessing competition in the relevant market and the profitability of the Airwave Network in 2021.

In its original findings, the CMA said that Motorola was able to make supernormal profits because it has a virtually unconstrained monopoly in the market to supply communications network services to the UK’s emergency services. The CMA imposed a charge control order capping the price Motorola could charge.

Motorola challenged the CMA’s original findings in the Competition Appeal Tribunal (CAT). The CAT unanimously dismissed that challenge and Motorola sought permission to appeal to the CoA. In a judgment handed down today, the Court endorsed the CMA’s reasoning as set out in its original findings.

The CMA’s price cap ensures that the UK’s emergency services pay a fair price for Airwave’s services, reducing the price by almost £200 million per year.

Today’s decision by the CoA brings this case to a close, as Motorola cannot appeal the decision further.

George Lusty, Executive Director of Consumer Protection and Markets, at the CMA, said:

The CMA’s investigations and legal decisions are carefully considered and evidence-led and we welcome today’s decision by the Court of Appeal which endorses our reasoning in this case.

Our investigation showed that Motorola had been charging emergency services in the UK £200 million a year more than they would if the market was working well. The Court’s judgment today means that our price cap remains in place, which limits how much Motorola can charge emergency services for using its Airwave Network.

Today’s decision brings this matter to a close.

For more information, visit the Mobile radio network services inquiry page.

Notes to Editors:

In October 2021, the CMA opened an investigation into mobile radio network services amid concerns that the market might not be working well. The investigation – conducted by an independent panel – confirmed these concerns, finding that UK emergency services had no choice but to continue using Motorola’s Airwave Network, due to a lack of alternative providers. As such, Motorola was able to earn supernormal profits from the prices it charged the Home Office – which negotiates contracts on behalf of emergency services – resulting in higher costs to the emergency services which are ultimately footed by the taxpayers.

To reduce these costs, the CMA imposed a charge control order, by way of a price cap, in July 2023, which brought the price down to the level that would be expected in a well-functioning and competitive market – putting an end to the estimated £200 million per year of over-charging.

While protecting taxpayers, the price cap allows Motorola to continue to invest in the Airwave Network and so ensure that quality and safety are maintained.

Motorola disagreed with the CMA’s findings – specifically that the price of the Airwave Network services was not limited by competition and on the level of profit they make from the Airwave Network – and so challenged them at the CAT. Following a hearing in August 2023, the CAT unanimously dismissed both of Motorola’s grounds of challenge.

Thereafter, Motorola sought permission to appeal that judgment and today the CoA unanimously dismissed both grounds of Motorola’s application for permission to appeal the CAT decision, which had upheld the CMA’s findings.

Supernormal profits mean profits over and above what would be expected in a well-functioning market. The CMA’s total estimate of the supernormal profits Motorola will make over the 2020 to 2029 period is £1.27bn. That estimate reflects the net present value of Motorola’s expected returns at the start of that period. This is equivalent, on an undiscounted basis, to revenues being almost £200m per year above the level that would be required for it and Airwave Solutions to earn a reasonable return.

For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

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Published 30 January 2025
MIL OSI United Kingdom –
January 31, 2025
MIL-OSI: Military Drones Market Heating Up as Multi-Billion Dollar Industry Realizing Rapidly Increasing Demand

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla. , Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry. The main types of military drones are fixed-wing, rotary-wing, and hybrid. A fixed-wing drone is a plane that doesn’t have a human pilot on board. Fixed-wing UAVs can be commanded remotely by a human or Autonomously by onboard systems. The different types of drones include MALE, HALE, TUAV, UCAV, SUAV and involve various technologies such as remotely operated, semi-autonomous, autonomous. It is used in Search And Rescue, national defense, military exercises, and others. According to a report from The Business Research Company, the military drones market size has grown strongly in recent years. It will grow from $15.93 billion in 2024 to $17.05 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates. The report said: “The military drones market size is expected to see strong growth in the next few years. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3D printing, use of the internet of things (IoT), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (AI).” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Northrop Grumman Corporation (NYSE: NOC), AeroVironment, Inc. (NASDAQ: AVAV), The Boeing Company (NYSE: BA), Red Cat Holdings, Inc. (NASDAQ: RCAT).

The Business Research Company concluded: “The increasing terrorism is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones… Asia-Pacific was the largest region in military drones’ market in 2024. Western Europe is expected to be the fastest-growing region in the global military drones market share during the forecast period.”

ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

“We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

“The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the defense/military industry include:

Northrop Grumman Corporation (NYSE: NOC) recently announced that its fourth quarter and full-year 2024 financial results will be posted on its investor relations website on January 30, 2025. Prior to the market opening, the company will issue an advisory release notifying the public of the availability of the complete and full text earnings release on the company’s website at http://investor.northropgrumman.com.

The company’s fourth quarter and 2024 conference call will be held at 9 a.m. Eastern time, Thursday, January 30, 2025. The conference call will be webcast live on Northrop Grumman’s website at http://investor.northropgrumman.com. Replays of the call will be available on the Northrop Grumman website for a limited time. Presentations may be supplemented by a series of slides appearing on the company’s investor relations home page.

AeroVironment, Inc. (NASDAQ: AVAV) recently reported financial results for the fiscal second quarter ended October 26, 2024. Second Quarter Highlights were: Record second quarter revenue of $188.5 million up 4% year-over-year; Second quarter net income of $7.5 million and non-GAAP adjusted EBITDA of $25.9 million; Funded backlog of $467.1 million as of October 26, 2024; and announced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion.

“AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.

“We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”

The Boeing Company (NYSE: BA) recently released Fourth Quarter Results which were: Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs; Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year; Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP) loss per share of ($5.90); and Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion. Full Year 2024; Delivered 348 commercial airplanes and recorded 279 net orders; Total company backlog grew to $521 billion, including over 5,500 commercial airplanes.

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP) of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP).

“We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing president and chief executive officer. “My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”

Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced it has secured new orders for its Edge 130 drone from the Army National Guard and another U.S. Government Agency (OGA), totaling $518,000.

FlightWave, a leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

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The MIL Network –

January 31, 2025
MIL-OSI Global: Why Trump’s meme coin is a cash grab

Source: The Conversation – USA – By Maximilian Brichta, Doctoral Student of Communication, University of Southern California

The Trump meme coin has already attracted over a half-million buyers. Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images

Three days before his presidential inauguration, Donald Trump launched a meme coin, a type of cryptocurrency whose value is buoyed by social media and internet culture, rather than any sort of functionality or intrinsic value.

The coin – officially called $Trump – briefly ascended into the top 15 cryptocurrencies by market capitalization and attracted over a half-million buyers.

Referencing the coin in a news conference on Jan. 21, 2025, a reporter asked Trump if he intended to continue selling products that benefited him personally while being president.

“You made a lot of money [on $Trump], sir,” he told Trump, who seemed oblivious to its meteoric rise in value.

“How much?” Trump asked.

“Several billion dollars, it seems like, in the last couple days.”

Donald Trump is asked about the successful launch of his new meme coin.

Over the following week, various publications claimed the meme coin had “ballooned [Trump’s] net worth” making him a “crypto billionaire.”

While it’s true that Trump stands to benefit handsomely from the meme coin and his other crypto ventures, the claims of Trump himself earning billions off it are overblown.

Funny money or filch?

Meme coins became popular in 2013 with the launch of Dogecoin, which its creators intended as a joke, spoofing the many other seemingly useless cryptocurrencies that were popping up at the time. It was never supposed to be a popular investment. The creators even attempted to make it as undesirable as possible to ensure it wouldn’t.

Twelve years later, it remains in the top 10 cryptocurrencies and has inspired thousands of other meme coins to launch.

In 2025, it’s cheaper and easier than ever to launch and trade these tokens.

For example, all it takes to create a new coin on the website Pump.fun is a name, ticker symbol, description, image and the equivalent of roughly US$5 worth of cryptocurrency.

Moonshot, the crypto exchange that Trump’s meme coin website routes interested buyers to, allows users to sign up in as little as 10 minutes. They’re then able to purchase the Trump coin and a slew of other meme coins.

The vast majority of meme coins launched are dubious. Many are outright scams. For instance, in August 2024 the Instagram account of McDonald’s was hacked to advertise a meme coin named $Grimace in a nod to the fast-food chain’s purple mascot. After artificially inflating the price of the coin, the creators cashed out close to $700,000.

There are countless other scam coins that fly under the radar using the same dynamic: generate hype, pump the price and dump on investors.

Looking under the hood

So how much might Trump and his associates actually benefit from his new meme coin and, more broadly, the “free-for-all” attitude his administration is taking toward the crypto industry?

I study the gray area between participation and exploitation in crypto markets, and I dug deeper into the Trump meme coin.

One way to assess whether a meme coin offering is a scam is to look at its “tokenomics” – that is, the predetermined number of units of its supply, how that supply is distributed and how much of it the creator gets to keep. The higher the percentage of the supply allocated to the creators, the more they can sell for profit. As media studies scholar Lana Swartz points out, creator tokens were originally intended for developers to crowdfund their startups. But with meme coins – which typically don’t claim to build anything – they exist to enrich their creators and, potentially, fund continued marketing of the coin.

Unlike Dogecoin, which took a “fair launch” approach – meaning that its creators didn’t allocate a portion of the initial coins to themselves before allowing others to trade it – the majority of Trump tokens are allocated to its creators on a three-year-long distribution schedule.

In fact, 80% of the coin supply will be distributed to the coin’s creators over the course of three years. In other words, the tokenomics of the Trump meme coin are set up so that its creators can slowly sell off their large supply without drastically manipulating its price. Rather than quickly pulling the rug from under investors’ feet, they can do it slowly.

None of this is hidden information – the tokenomics of the Trump meme coin are featured prominently on the coin’s website.

Notably, none of the people behind the coin will begin receiving portions of the supply until March 2025. The amount of profit they can reap will be based on future prices. At the time of this writing, the Trump meme coin was down roughly 60% from its peak.

Who are these creators anyway? The various layers of limited liability companies behind the project, listed in fine print on the $Trump meme website, obscure which individuals stand to benefit.

Presuming Trump is one of these creators, the president technically doesn’t have an allotment of the supply to cash out – not until March, at least.

So, no, Trump didn’t make billions from the coin. But he still stands to potentially vacuum up millions of dollars from unwitting investors. Judging by the spike in crypto exchange downloads over the weekend of the Trump coin’s launch, it attracted many new, and likely novice, speculators. Coins like this, which can significantly devalue in a matter of hours, can be distressing introductions to the world of investing.

This isn’t the first time Trump has tried to make a killing on crypto, either. He’s already brought in millions off the sales of five nonfungible token launches – which are essentially digital trading cards – since 2022.

Have fun!

The final words in Trump’s meme coin announcement on his social media platform Truth Social sum up his administration’s attitude toward the crypto industry over the next four years: “Have fun!”

On Jan. 23, Trump signed an executive order containing a slew of decrees aimed at making the U.S. the “crypto capital of the world.”

He has tapped venture capitalist David Sacks to chair the group tasked with reworking the prohibitive regulations around the crypto industry. Sacks has invested in crypto-focused companies and has bragged about his personal crypto investments on his podcast.

In a recent Fox Business interview, Sacks was asked if he thought Trump’s meme coin was a conflict of interest. He said no, suggesting that the coins should be thought of as “collectibles” akin to “a baseball card or a stamp.”

David Sacks, Donald Trump’s crypto czar, sees little issue with Trump’s crypto investments.

Notably, the $Trump website also refers to the tokens as “cards” and “memes,” rather than coins. This could be an attempt to skirt legal trouble: It frames them as tokens of mere amusement rather than serious investment vehicles with expectations of profit.

Nonetheless, several members of Congress have already called for a probe into the Trump meme coin.

No matter how you define $Trump, one thing remains clear: The structure of the coin is set up to siphon money out of retail investors for at least the next three years. Sure, ordinary speculators can still profit off it, so long as its value remains propped up. That’s basically a gamble.

With Trump starting to accumulate a stockpile of various cryptocurrencies through his other venture, World Liberty Financial, he could also benefit immensely from a looser regulatory environment.

Fun indeed.

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

– ref. Why Trump’s meme coin is a cash grab – https://theconversation.com/why-trumps-meme-coin-is-a-cash-grab-248215

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI: Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FAIRFIELD, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2024 of $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.

Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. This compares to earnings per basic and diluted share of $0.10 for the quarter ended September 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.

Craig L. Montanaro, President and Chief Executive Officer, commented, “As anticipated, this quarter reflected the early stages of growth in net interest income and expansion of net interest margin. We are pleased to report growth in deposits of 3.7% from September 30, 2024, reflecting robust performance from our branch network, digital channels and commercial lending relationships. This growth allowed us to shrink the balance of outstanding borrowings while reducing our cost of funds by nine basis points quarter-over-quarter.”

Mr. Montanaro continued, “Although market expectations for fed funds rate cuts have moderated, the continuation of positive deposit trends coupled with the reinvestment of low-coupon cash flows from our loan and securities portfolio should serve as earnings tailwinds in the coming quarters.”

Balance Sheet

Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024.
Investment securities totaled $1.15 billion at December 31, 2024, a decrease of $57.5 million, or 4.8%, from September 30, 2024.
Loans receivable totaled $5.79 billion at December 31, 2024, an increase of $7.5 million, or 0.1%, from September 30, 2024.
Deposits were $5.67 billion at December 31, 2024, an increase of $200.5 million, or 3.7%, from September 30, 2024. This increase was primarily driven by increases in interest and non-interest bearing demand deposits of $142.1 million, and an increase of $60.6 million in consumer savings deposits.
Borrowings were $1.26 billion at December 31, 2024, a decrease of $220.9 million, or 14.9%, from September 30, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) and other borrowings.
At December 31, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.32 billion, an increase of $256.0 million from September 30, 2024, representing 30.0% of total assets.

Earnings

Net Interest Income and Net Interest Margin

Net interest margin expanded two basis points from the quarter ended September 30, 2024 to 1.82% for the quarter ended December 31, 2024. The increase for the quarter was driven by the replacement of borrowings with relatively lower cost deposits and broad based decreases in deposit rates, partially offset by higher costs and average balances of brokered certificates of deposit (“CDs”), along with reduced average balances and yields on interest-earning assets.
For the quarter ended December 31, 2024, net interest income increased $166,000 to $32.6 million from $32.4 million for the quarter ended September 30, 2024. Included in net interest income for the quarters ended December 31, 2024 and September 30, 2024, respectively, was purchase accounting accretion of $685,000 and $649,000, and loan prepayment penalty income of $288,000 and $52,000.

Non-Interest Income

Non-interest income increased $247,000 to $4.9 million for the quarter ended December 31, 2024, from $4.6 million for the quarter ended September 30, 2024. This increase was primarily driven by a $104,000 larger gain on the sale of loans held-for-sale compared to the prior comparative period and a $102,000 increase in electronic banking fees and charges.

Non-Interest Expense

For the quarter ended December 31, 2024, non-interest expense decreased $225,000, or 0.8%, to $29.6 million from $29.8 million for the quarter ended September 30, 2024. This decrease was primarily driven by a decrease in other expense, partially offset by an increase in salary and benefits expense.
Salary and benefits expense increased $81,000 primarily driven by the absence of a non-recurring decrease in stock-based compensation recorded in the prior comparative period, partially offset by a decrease in payroll taxes.
Other expense decreased $280,000 primarily driven by a reversal of $116,000 for credit losses related to off balance sheet commitments compared to a provision for credit losses on off balance sheet commitments of $274,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Income Taxes

Income tax expense totaled $1.3 million for the quarter ended December 31, 2024 compared to $1.1 million for the quarter ended September 30, 2024, resulting in an effective tax rate of 16.0% and 15.1%, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter.

Asset Quality

The balance of non-performing assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at December 31, 2024, from $39.9 million, or 0.51% of total assets, at September 30, 2024, respectively.
Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, compared to $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024. The net charge-offs recorded for the quarter ended December 31, 2024 had previously been individually reserved for within the allowance for credit losses (“ACL”).
For the quarter ended December 31, 2024, the Company recorded a provision for credit losses of $107,000, compared to $108,000 for the quarter ended September 30, 2024. The provision for credit loss expense for the quarter ended December 31, 2024 was primarily driven by loan growth.
The ACL was $44.5 million, or 0.77% of total loans, at December 31, 2024, a decrease of $466,000 from $44.9 million, or 0.78% of total loans, at September 30, 2024. The decrease in the ACL from September 30, 2024 was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.

Capital

For the quarter ended December 31, 2024, book value per share decreased $0.11, or 0.9%, to $11.53 while tangible book value per share decreased $0.10, or 1.0%, to $9.75. These decreases were driven by a $7.4 million larger accumulated other comprehensive loss due primarily to a decrease in the fair value of the Company’s available for sale securities, partially offset by an increase in the fair value of the Company’s derivatives portfolio.
At December 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $89.8 million, partially offset by after-tax unrealized gains on derivatives of $17.4 million. After-tax net unrecognized losses on securities held to maturity of $11.3 million were not reflected in total stockholders’ equity.
At December 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q2 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Category: Earnings

For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500

Linked-Quarter Comparative Financial Analysis


Kearny Financial Corp. Consolidated Balance Sheets (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	141,554		$	155,574		$	(14,020	)	-9.0	%
Securities available for sale		1,018,279			1,070,811			(52,532	)	-4.9	%
Securities held to maturity		127,266			132,256			(4,990	)	-3.8	%
Loans held-for-sale		5,695			8,866			(3,171	)	-35.8	%
Loans receivable		5,791,758			5,784,246			7,512		0.1	%
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(466	)	-1.0	%
Net loans receivable		5,747,301			5,739,323			7,978		0.1	%
Premises and equipment		45,127			45,189			(62	)	-0.1	%
Federal Home Loan Bank stock		64,443			57,706			6,737		11.7	%
Accrued interest receivable		27,772			29,467			(1,695	)	-5.8	%
Goodwill		113,525			113,525			—		—	%
Core deposit intangible		1,679			1,805			(126	)	-7.0	%
Bank owned life insurance		301,339			300,186			1,153		0.4	%
Deferred income taxes, net		53,325			50,131			3,194		6.4	%
Other assets		84,080			67,540			16,540		24.5	%
Total assets	$	7,731,385		$	7,772,379		$	(40,994	)	-0.5	%

Liabilities
Deposits:
Non-interest-bearing	$	601,510		$	592,099		$	9,411		1.6	%
Interest-bearing		5,069,550			4,878,413			191,137		3.9	%
Total deposits		5,671,060			5,470,512			200,548		3.7	%
Borrowings		1,258,949			1,479,888			(220,939	)	-14.9	%
Advance payments by borrowers for taxes		17,986			17,824			162		0.9	%
Other liabilities		38,537			52,618			(14,081	)	-26.8	%
Total liabilities		6,986,532			7,020,842			(34,310	)	-0.5	%

Stockholders’ Equity
Common stock		646			646			—		—	%
Paid-in capital		494,092			493,523			569		0.1	%
Retained earnings		342,155			342,522			(367	)	-0.1	%
Unearned ESOP shares		(19,943	)		(20,430	)		487		2.4	%
Accumulated other comprehensive loss		(72,097	)		(64,724	)		(7,373	)	-11.4	%
Total stockholders’ equity		744,853			751,537			(6,684	)	-0.9	%
Total liabilities and stockholders’ equity	$	7,731,385		$	7,772,379		$	(40,994	)	-0.5	%

Consolidated capital ratios
Equity to assets		9.63	%		9.67	%		-0.04	%
Tangible equity to tangible assets ⁽¹⁾		8.27	%		8.31	%		-0.04	%

Share data
Outstanding shares		64,580			64,580			—		—	%
Book value per share	$	11.53		$	11.64		$	(0.11	)	-0.9	%
Tangible book value per share ⁽²⁾	$	9.75		$	9.85		$	(0.10	)	-1.0	%

_________________________

(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Consolidated Statements of Income (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Interest income
Loans	$	65,408		$	66,331		$	(923	)	-1.4	%
Taxable investment securities		13,803			14,384			(581	)	-4.0	%
Tax-exempt investment securities		59			71			(12	)	-16.9	%
Other interest-earning assets		2,215			2,466			(251	)	-10.2	%
Total interest income		81,485			83,252			(1,767	)	-2.1	%

Interest expense
Deposits		36,721			35,018			1,703		4.9	%
Borrowings		12,152			15,788			(3,636	)	-23.0	%
Total interest expense		48,873			50,806			(1,933	)	-3.8	%
Net interest income		32,612			32,446			166		0.5	%
Provision for credit losses		107			108			(1	)	-0.9	%
Net interest income after provision for credit losses		32,505			32,338			167		0.5	%

Non-interest income
Fees and service charges		627			635			(8	)	-1.3	%
Gain on sale of loans		304			200			104		52.0	%
Income from bank owned life insurance		2,619			2,567			52		2.0	%
Electronic banking fees and charges		493			391			102		26.1	%
Other income		830			833			(3	)	-0.4	%
Total non-interest income		4,873			4,626			247		5.3	%

Non-interest expense
Salaries and employee benefits		17,579			17,498			81		0.5	%
Net occupancy expense of premises		2,831			2,798			33		1.2	%
Equipment and systems		3,892			3,860			32		0.8	%
Advertising and marketing		311			342			(31	)	-9.1	%
Federal deposit insurance premium		1,503			1,563			(60	)	-3.8	%
Directors’ compensation		361			361			—		—	%
Other expense		3,084			3,364			(280	)	-8.3	%
Total non-interest expense		29,561			29,786			(225	)	-0.8	%
Income before income taxes		7,817			7,178			639		8.9	%
Income taxes		1,251			1,086			165		15.2	%
Net income	$	6,566		$	6,092		$	474		7.8	%

Net income per common share (EPS)
Basic	$	0.11		$	0.10		$	0.01
Diluted	$	0.10		$	0.10		$	—

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,933		$	6,896		$	37
Dividend payout ratio		105.6	%		113.2	%		-7.6	%

Weighted average number of common shares outstanding
Basic		62,443			62,389			54
Diluted		62,576			62,420			156


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars in Thousands)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,762,053		$	5,761,593		$	460		—	%
Taxable investment securities		1,285,800			1,314,945			(29,145	)	-2.2	%
Tax-exempt investment securities		9,711			12,244			(2,533	)	-20.7	%
Other interest-earning assets		116,354			131,981			(15,627	)	-11.8	%
Total interest-earning assets		7,173,918			7,220,763			(46,845	)	-0.6	%
Non-interest-earning assets		459,982			467,670			(7,688	)	-1.6	%
Total assets	$	7,633,900		$	7,688,433		$	(54,533	)	-0.7	%

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,314,378		$	2,282,608		$	31,770		1.4	%
Savings		711,801			668,240			43,561		6.5	%
Certificates of deposit (retail)		1,211,985			1,203,770			8,215		0.7	%
Certificates of deposit (brokered and listing service)		735,736			551,819			183,917		33.3	%
Total interest-bearing deposits		4,973,900			4,706,437			267,463		5.7	%
Borrowings:
Federal Home Loan Bank advances		1,085,455			1,325,583			(240,128	)	-18.1	%
Other borrowings		156,522			237,011			(80,489	)	-34.0	%
Total borrowings		1,241,977			1,562,594			(320,617	)	-20.5	%
Total interest-bearing liabilities		6,215,877			6,269,031			(53,154	)	-0.8	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		604,915			599,095			5,820		1.0	%
Other non-interest-bearing liabilities		65,258			69,629			(4,371	)	-6.3	%
Total non-interest-bearing liabilities		670,173			668,724			1,449		0.2	%
Total liabilities		6,886,050			6,937,755			(51,705	)	-0.7	%
Stockholders’ equity		747,850			750,678			(2,828	)	-0.4	%
Total liabilities and stockholders’ equity	$	7,633,900		$	7,688,433		$	(54,533	)	-0.7	%

Average interest-earning assets to average interest-bearing liabilities		115.41	%		115.18	%		0.23	%	0.2	%


Kearny Financial Corp. Performance Ratio Highlights (Unaudited)

	Three Months Ended				Variance or Change
	December 31, 2024		September 30, 2024		Variance or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.54	%	4.61	%	-0.07	%
Taxable investment securities	4.29	%	4.38	%	-0.09	%
Tax-exempt investment securities ⁽¹⁾	2.42	%	2.32	%	0.10	%
Other interest-earning assets	7.62	%	7.47	%	0.15	%
Total interest-earning assets	4.54	%	4.61	%	-0.07	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.96	%	3.13	%	-0.17	%
Savings	1.29	%	1.05	%	0.24	%
Certificates of deposit (retail)	4.06	%	4.12	%	-0.06	%
Certificates of deposit (brokered and listing service)	2.71	%	2.18	%	0.53	%
Total interest-bearing deposits	2.95	%	2.98	%	-0.03	%
Borrowings:
Federal Home Loan Bank advances	3.78	%	3.82	%	-0.04	%
Other borrowings	4.88	%	5.28	%	-0.40	%
Total borrowings	3.91	%	4.04	%	-0.13	%
Total interest-bearing liabilities	3.15	%	3.24	%	-0.09	%

Interest rate spread ⁽²⁾	1.39	%	1.37	%	0.02	%
Net interest margin ⁽³⁾	1.82	%	1.80	%	0.02	%

Non-interest income to average assets (annualized)	0.26	%	0.24	%	0.02	%
Non-interest expense to average assets (annualized)	1.55	%	1.55	%	—	%

Efficiency ratio ⁽⁴⁾	78.86	%	80.35	%	-1.49	%

Return on average assets (annualized)	0.34	%	0.32	%	0.02	%
Return on average equity (annualized)	3.51	%	3.25	%	0.26	%
Return on average tangible equity (annualized) ⁽⁵⁾	4.21	%	3.89	%	0.32	%

_________________________

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3) Net interest income divided by average interest-earning assets.
(4) Non-interest expense divided by the sum of net interest income and non-interest income.
(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

Five-Quarter Financial Trend Analysis


Kearny Financial Corp. Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	141,554		$	155,574		$	63,864		$	71,027		$	73,860
Securities available for sale		1,018,279			1,070,811			1,072,833			1,098,655			1,144,175
Securities held to maturity		127,266			132,256			135,742			139,643			141,959
Loans held-for-sale		5,695			8,866			6,036			4,117			14,030
Loans receivable		5,791,758			5,784,246			5,732,787			5,758,336			5,745,629
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(44,939	)		(44,930	)		(44,867	)
Net loans receivable		5,747,301			5,739,323			5,687,848			5,713,406			5,700,762
Premises and equipment		45,127			45,189			44,940			45,053			45,928
Federal Home Loan Bank stock		64,443			57,706			80,300			81,347			83,372
Accrued interest receivable		27,772			29,467			29,521			31,065			30,258
Goodwill		113,525			113,525			113,525			210,895			210,895
Core deposit intangible		1,679			1,805			1,931			2,057			2,189
Bank owned life insurance		301,339			300,186			297,874			296,493			256,064
Deferred income taxes, net		53,325			50,131			50,339			47,225			46,116
Other real estate owned		—			—			—			—			11,982
Other assets		84,080			67,540			98,708			100,989			136,242
Total assets	$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832

Liabilities
Deposits:
Non-interest-bearing	$	601,510		$	592,099		$	598,366		$	586,089		$	584,130
Interest-bearing		5,069,550			4,878,413			4,559,757			4,622,961			4,735,500
Total deposits		5,671,060			5,470,512			5,158,123			5,209,050			5,319,630
Borrowings		1,258,949			1,479,888			1,709,789			1,722,178			1,667,055
Advance payments by borrowers for taxes		17,986			17,824			17,409			17,387			16,742
Other liabilities		38,537			52,618			44,569			44,279			46,427
Total liabilities		6,986,532			7,020,842			6,929,890			6,992,894			7,049,854

Stockholders’ Equity
Common stock		646			646			644			644			645
Paid-in capital		494,092			493,523			493,680			493,187			493,297
Retained earnings		342,155			342,522			343,326			440,308			439,755
Unearned ESOP shares		(19,943	)		(20,430	)		(20,916	)		(21,402	)		(21,889	)
Accumulated other comprehensive loss		(72,097	)		(64,724	)		(63,163	)		(63,659	)		(63,830	)
Total stockholders’ equity		744,853			751,537			753,571			849,078			847,978
Total liabilities and stockholders’ equity	$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832

Consolidated capital ratios
Equity to assets		9.63	%		9.67	%		9.81	%		10.83	%		10.74	%
Tangible equity to tangible assets ⁽¹⁾		8.27	%		8.31	%		8.43	%		8.34	%		8.26	%

Share data
Outstanding shares		64,580			64,580			64,434			64,437			64,445
Book value per share	$	11.53		$	11.64		$	11.70		$	13.18		$	13.16
Tangible book value per share ⁽²⁾	$	9.75		$	9.85		$	9.90		$	9.87		$	9.85

_________________________


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,722,623		$	2,646,187		$	2,645,851		$	2,645,195		$	2,651,274
Nonresidential mortgage		950,194			950,771			948,075			965,539			947,287
Commercial business		135,740			145,984			142,747			147,326			144,134
Construction		176,704			227,327			209,237			229,457			221,933
Total commercial loans		3,985,261			3,970,269			3,945,910			3,987,517			3,964,628
One- to four-family residential mortgage		1,765,160			1,768,230			1,756,051			1,741,644			1,746,065
Consumer loans:
Home equity loans		47,101			44,741			44,104			42,731			43,517
Other consumer		2,778			2,965			2,685			3,198			2,728
Total consumer loans		49,879			47,706			46,789			45,929			46,245
Total loans, excluding yield adjustments		5,800,300			5,786,205			5,748,750			5,775,090			5,756,938
Unaccreted yield adjustments		(8,542	)		(1,959	)		(15,963	)		(16,754	)		(11,309	)
Loans receivable, net of yield adjustments		5,791,758			5,784,246			5,732,787			5,758,336			5,745,629
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(44,939	)		(44,930	)		(44,867	)
Net loans receivable	$	5,747,301		$	5,739,323		$	5,687,848		$	5,713,406		$	5,700,762

Asset quality:
Nonperforming assets:
Accruing loans – 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans		37,697			39,854			39,882			39,546			28,089
Total nonperforming loans		37,697			39,854			39,882			39,546			28,089
Nonaccrual loans held-for-sale		—			—			—			—			9,700
Other real estate owned		—			—			—			—			11,982
Total nonperforming assets	$	37,697		$	39,854		$	39,882		$	39,546		$	49,771

Nonperforming loans (% total loans)		0.65	%		0.69	%		0.70	%		0.69	%		0.49	%
Nonperforming assets (% total assets)		0.49	%		0.51	%		0.52	%		0.50	%		0.63	%

Classified loans	$	132,216		$	119,534		$	118,700		$	115,772		$	94,676

Allowance for credit losses on loans (ACL):
ACL to total loans		0.77	%		0.78	%		0.78	%		0.78	%		0.78	%
ACL to nonperforming loans		117.93	%		112.72	%		112.68	%		113.61	%		159.73	%
Net charge-offs	$	573		$	124		$	3,518		$	286		$	4,110
Average net charge-off rate (annualized)		0.04	%		0.01	%		0.25	%		0.02	%		0.29	%


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Funding composition:
Deposits:
Non-interest-bearing deposits	$	601,510		$	592,099		$	598,367		$	586,089		$	584,130
Interest-bearing demand		2,380,408			2,247,685			2,308,915			2,349,032			2,347,262
Savings		742,266			681,709			643,481			630,456			646,182
Certificates of deposit (retail)		1,194,865			1,215,746			1,199,127			1,235,261			1,283,676
Certificates of deposit (brokered and listing service)		752,011			733,273			408,234			408,212			458,380
Interest-bearing deposits		5,069,550			4,878,413			4,559,757			4,622,961			4,735,500
Total deposits		5,671,060			5,470,512			5,158,124			5,209,050			5,319,630

Borrowings:
Federal Home Loan Bank advances		1,028,949			1,209,888			1,534,789			1,457,178			1,432,055
Overnight borrowings		230,000			270,000			175,000			265,000			235,000
Total borrowings		1,258,949			1,479,888			1,709,789			1,722,178			1,667,055

Total funding	$	6,930,009		$	6,950,400		$	6,867,913		$	6,931,228		$	6,986,685

Loans as a % of deposits		101.4	%		105.1	%		110.4	%		109.8	%		107.4	%
Deposits as a % of total funding		81.8	%		78.7	%		75.1	%		75.2	%		76.1	%
Borrowings as a % of total funding		18.2	%		21.3	%		24.9	%		24.8	%		23.9	%

Uninsured deposits:
Uninsured deposits (reported) ⁽¹⁾	$	1,935,607		$	1,799,726		$	1,772,623		$	1,760,740		$	1,813,122
Uninsured deposits (adjusted) ⁽²⁾	$	797,721		$	773,375		$	764,447		$	718,026		$	694,510

_________________________

(1) Uninsured deposits of Kearny Bank.
(2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Interest income
Loans	$	65,408		$	66,331		$	65,819		$	64,035		$	63,384
Taxable investment securities		13,803			14,384			14,802			15,490			16,756
Tax-exempt investment securities		59			71			80			85			84
Other interest-earning assets		2,215			2,466			2,289			2,475			2,401
Total interest income		81,485			83,252			82,990			82,085			82,625

Interest expense
Deposits		36,721			35,018			32,187			32,320			30,340
Borrowings		12,152			15,788			17,527			15,446			16,446
Total interest expense		48,873			50,806			49,714			47,766			46,786
Net interest income		32,612			32,446			33,276			34,319			35,839
Provision for credit losses		107			108			3,527			349			2,105
Net interest income after provision for credit losses		32,505			32,338			29,749			33,970			33,734

Non-interest income
Fees and service charges		627			635			580			657			624
Loss on sale and call of securities		—			—			—			—			(18,135	)
Gain (loss) on sale of loans		304			200			111			(712	)		104
Loss on sale of other real estate owned		—			—			—			—			(974	)
Income from bank owned life insurance		2,619			2,567			3,209			3,039			1,162
Electronic banking fees and charges		493			391			1,130			464			396
Other income		830			833			776			755			811
Total non-interest income		4,873			4,626			5,806			4,203			(16,012	)

Non-interest expense
Salaries and employee benefits		17,579			17,498			17,266			16,911			17,282
Net occupancy expense of premises		2,831			2,798			2,738			2,863			2,674
Equipment and systems		3,892			3,860			3,785			3,823			3,814
Advertising and marketing		311			342			480			387			301
Federal deposit insurance premium		1,503			1,563			1,532			1,429			1,495
Directors’ compensation		361			361			360			360			393
Goodwill impairment		—			—			97,370			—			—
Other expense		3,084			3,364			3,020			3,286			3,808
Total non-interest expense		29,561			29,786			126,551			29,059			29,767
Income (loss) before income taxes		7,817			7,178			(90,996	)		9,114			(12,045	)
Income taxes		1,251			1,086			(917	)		1,717			1,782
Net income (loss)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)

Net income (loss) per common share (EPS)
Basic	$	0.11		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)
Diluted	$	0.10		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,933		$	6,896		$	6,903		$	6,844		$	6,882
Dividend payout ratio		105.6	%		113.2	%		-7.7	%		92.5	%		-49.8	%

Weighted average number of common shares outstanding
Basic		62,443			62,389			62,254			62,205			62,299
Diluted		62,576			62,420			62,254			62,211			62,299


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,762,053		$	5,761,593		$	5,743,008		$	5,752,477		$	5,726,321
Taxable investment securities		1,285,800			1,314,945			1,343,541			1,382,064			1,509,165
Tax-exempt investment securities		9,711			12,244			13,737			14,614			15,025
Other interest-earning assets		116,354			131,981			128,257			125,155			139,740
Total interest-earning assets		7,173,918			7,220,763			7,228,543			7,274,310			7,390,251
Non-interest-earning assets		459,982			467,670			466,537			577,411			554,335
Total assets	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,314,378		$	2,282,608		$	2,310,521		$	2,378,831		$	2,301,169
Savings		711,801			668,240			631,622			635,226			664,926
Certificates of deposit (retail)		1,211,985			1,203,770			1,208,101			1,257,362			1,292,837
Certificates of deposit (brokered and listing service)		735,736			551,819			405,697			448,151			531,479
Total interest-bearing deposits		4,973,900			4,706,437			4,555,941			4,719,570			4,790,411
Borrowings:
Federal Home Loan Bank advances		1,085,455			1,325,583			1,507,192			1,428,801			1,513,497
Other borrowings		156,522			237,011			228,461			210,989			142,283
Total borrowings		1,241,977			1,562,594			1,735,653			1,639,790			1,655,780
Total interest-bearing liabilities		6,215,877			6,269,031			6,291,594			6,359,360			6,446,191
Non-interest-bearing liabilities:
Non-interest-bearing deposits		604,915			599,095			589,438			581,870			597,294
Other non-interest-bearing liabilities		65,258			69,629			62,978			65,709			62,387
Total non-interest-bearing liabilities		670,173			668,724			652,416			647,579			659,681
Total liabilities		6,886,050			6,937,755			6,944,010			7,006,939			7,105,872
Stockholders’ equity		747,850			750,678			751,070			844,782			838,714
Total liabilities and stockholders’ equity	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Average interest-earning assets to average interest-bearing liabilities		115.41	%		115.18	%		114.89	%		114.39	%		114.65	%


Kearny Financial Corp. Performance Ratio Highlights

	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.54	%	4.61	%	4.58	%	4.45	%	4.43	%
Taxable investment securities	4.29	%	4.38	%	4.41	%	4.48	%	4.44	%
Tax-exempt investment securities ⁽¹⁾	2.42	%	2.32	%	2.32	%	2.32	%	2.25	%
Other interest-earning assets	7.62	%	7.47	%	7.14	%	7.91	%	6.87	%
Total interest-earning assets	4.54	%	4.61	%	4.59	%	4.51	%	4.47	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.96	%	3.13	%	3.06	%	3.08	%	2.91	%
Savings	1.29	%	1.05	%	0.63	%	0.46	%	0.44	%
Certificates of deposit (retail)	4.06	%	4.12	%	3.95	%	3.52	%	3.06	%
Certificates of deposit (brokered and listing service)	2.71	%	2.18	%	1.59	%	1.97	%	2.24	%
Total interest-bearing deposits	2.95	%	2.98	%	2.83	%	2.74	%	2.53	%
Borrowings:
Federal Home Loan Bank advances	3.78	%	3.82	%	3.86	%	3.55	%	3.82	%
Other borrowings	4.88	%	5.28	%	5.24	%	5.22	%	5.65	%
Total borrowings	3.91	%	4.04	%	4.04	%	3.77	%	3.97	%
Total interest-bearing liabilities	3.15	%	3.24	%	3.16	%	3.00	%	2.90	%

Interest rate spread ⁽²⁾	1.39	%	1.37	%	1.43	%	1.51	%	1.57	%
Net interest margin ⁽³⁾	1.82	%	1.80	%	1.84	%	1.89	%	1.94	%

Non-interest income to average assets (annualized)	0.26	%	0.24	%	0.30	%	0.21	%	-0.81	%
Non-interest expense to average assets (annualized)	1.55	%	1.55	%	6.58	%	1.48	%	1.50	%

Efficiency ratio ⁽⁴⁾	78.86	%	80.35	%	323.81	%	75.43	%	150.13	%

Return on average assets (annualized)	0.34	%	0.32	%	-4.68	%	0.38	%	-0.70	%
Return on average equity (annualized)	3.51	%	3.25	%	-47.97	%	3.50	%	-6.59	%
Return on average tangible equity (annualized) ⁽⁵⁾	4.21	%	3.89	%	3.33	%	4.68	%	-8.84	%

_________________________

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Adjusted net income:
Net income (loss) (GAAP)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)
Non-recurring transactions – net of tax:
Net effect of sale and call of securities		—			—			—			—			12,876
Net effect of bank-owned life insurance restructure		—			—			392			—			6,286
Goodwill impairment		—			—			95,283			—			—
Adjusted net income	$	6,566		$	6,092		$	5,596		$	7,397		$	5,335

Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)
Adjustments to net income (GAAP):
Provision for income taxes		1,251			1,086			(917	)		1,717			1,782
Provision for credit losses		107			108			3,527			349			2,105
Pre-tax, pre-provision net revenue (non-GAAP)	$	7,924		$	7,286		$	(87,469	)	$	9,463		$	(9,940	)

Adjusted earnings per share:
Weighted average common shares – basic		62,443			62,389			62,254			62,205			62,299
Weighted average common shares – diluted		62,576			62,420			62,330			62,211			62,367

Earnings per share – basic (GAAP)	$	0.11		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)
Earnings per share – diluted (GAAP)	$	0.10		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)

Adjusted earnings per share – basic (non-GAAP)	$	0.11		$	0.10		$	0.09		$	0.12		$	0.09
Adjusted earnings per share – diluted (non-GAAP)	$	0.10		$	0.10		$	0.09		$	0.12		$	0.09

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share – basic (non-GAAP)	$	0.13		$	0.12		$	(1.41	)	$	0.15		$	(0.16	)
Pre-tax, pre-provision net revenue per share – diluted (non-GAAP)	$	0.13		$	0.12		$	(1.41	)	$	0.15		$	(0.16	)

Adjusted return on average assets:
Total average assets	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Return on average assets (GAAP)		0.34	%		0.32	%		-4.68	%		0.38	%		-0.70	%
Adjusted return on average assets (non-GAAP)		0.34	%		0.32	%		0.29	%		0.38	%		0.27	%

Adjusted return on average equity:
Total average equity	$	747,850		$	750,678		$	751,070		$	844,782		$	838,714

Return on average equity (GAAP)		3.51	%		3.25	%		-47.97	%		3.50	%		-6.59	%
Adjusted return on average equity (non-GAAP)		3.51	%		3.25	%		2.98	%		3.50	%		2.54	%


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Adjusted return on average tangible equity:
Total average equity	$	747,850		$	750,678		$	751,070		$	844,782		$	838,714
Less: average goodwill		(113,525	)		(113,525	)		(113,525	)		(210,895	)		(210,895	)
Less: average other intangible assets		(1,761	)		(1,886	)		(2,006	)		(2,138	)		(2,277	)
Total average tangible equity	$	632,564		$	635,267		$	635,539		$	631,749		$	625,542

Return on average tangible equity (non-GAAP)		4.21	%		3.89	%		3.33	%		4.68	%		-8.84	%
Adjusted return on average tangible equity (non-GAAP)		4.21	%		3.89	%		3.58	%		4.68	%		3.41	%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,561		$	29,786		$	126,551		$	29,059		$	29,767
Non-recurring transactions:
Goodwill impairment		—			—			(97,370	)		—			—
Non-interest expense (non-GAAP)	$	29,561		$	29,786		$	29,181		$	29,059		$	29,767

Non-interest expense ratio (GAAP)		1.55	%		1.55	%		6.58	%		1.48	%		1.50	%
Adjusted non-interest expense ratio (non-GAAP)		1.55	%		1.55	%		1.52	%		1.48	%		1.50	%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,561		$	29,786		$	29,181		$	29,059		$	29,767

Net interest income (GAAP)	$	32,612		$	32,446		$	33,276		$	34,319		$	35,839
Total non-interest income (GAAP)		4,873			4,626			5,806			4,203			(16,012	)
Non-recurring transactions:
Net effect of sale and call of securities		—			—			—			—			18,135
Net effect of bank-owned life insurance restructure		—			—			392			—			573
Total revenue (non-GAAP)	$	37,485		$	37,072		$	39,474		$	38,522		$	38,535

Efficiency ratio (GAAP)		78.86	%		80.35	%		323.81	%		75.43	%		150.13	%
Adjusted efficiency ratio (non-GAAP)		78.86	%		80.35	%		73.92	%		75.43	%		77.25	%

The MIL Network –

January 31, 2025

MIL-OSI: Red River Bancshares, Inc. Reports Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

ALEXANDRIA, La., Jan. 30, 2025 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the fourth quarter of 2024.

Net income for the fourth quarter of 2024 was $9.3 million, or $1.37 per diluted common share (“EPS”), an increase of $552,000, or 6.3%, compared to $8.8 million, or $1.27 EPS, for the third quarter of 2024, and an increase of $1.0 million, or 12.2%, compared to $8.3 million, or $1.16 EPS, for the fourth quarter of 2023. For the fourth quarter of 2024, the quarterly return on assets was 1.18%, and the quarterly return on equity was 11.46%.

Net income for the year ended December 31, 2024, was $34.2 million, or $4.95 EPS, a decrease of $644,000, or 1.8%, compared to $34.9 million, or $4.86 EPS, for the year ended December 31, 2023. For the year ended December 31, 2024, the return on assets was 1.11%, and the return on equity was 11.02%.

Fourth Quarter 2024 Performance and Operational Highlights

In the fourth quarter of 2024, the Company had an improved net interest margin, which resulted in higher net interest income and earnings, along with slightly higher loans and deposits. A significant stock repurchase transaction was completed, and a stock repurchase program for 2025 was renewed. During the fourth quarter, the target range of the federal funds rate was reduced by 50 basis points (“bps”).

Net income for the fourth quarter of 2024 was $9.3 million compared to $8.8 million for the prior quarter. Net income for the fourth quarter benefited from an improved net interest margin fully tax equivalent (“FTE”) and higher net interest income.
Net interest income and net interest margin FTE increased for the fourth quarter of 2024 compared to the prior quarter. Net interest income for the fourth quarter of 2024 was $23.7 million compared to $22.5 million for the prior quarter. Net interest margin FTE for the fourth quarter of 2024 was 3.09% compared to 2.98% for the prior quarter. These improvements were due to higher loan balances, combined with higher securities yields and lower deposit rates.
As of December 31, 2024, assets were $3.15 billion, which was $47.8 million, or 1.5%, higher than September 30, 2024. The increase was mainly due to a $58.0 million increase in deposits.
Deposits totaled $2.81 billion as of December 31, 2024, an increase of $58.0 million, or 2.1%, compared to $2.75 billion as of September 30, 2024. This increase was mainly due to the seasonal inflow of funds from public entity customers.
As of December 31, 2024, loans held for investment (“HFI”) were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which we expect to fund over time.
As of December 31, 2024, total securities were $684.9 million, which was $12.8 million, or 1.8%, lower than September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities available-for-sale (“AFS”). New securities purchased were offset by securities maturities and principal repayments.
As of December 31, 2024, liquid assets, which are cash and cash equivalents, were $269.0 million, and the liquid assets to assets ratio was 8.54%. We do not have any borrowings, brokered deposits, or internet-sourced deposits.
In the fourth quarter of 2024, the provision for credit losses totaled $300,000. This included $200,000 for loans and $100,000 for unfunded loan commitments.
As of December 31, 2024, nonperforming assets (“NPA(s)”) were $3.3 million, or 0.10% of assets, and the allowance for credit losses (“ACL”) was $21.7 million, or 1.05% of loans HFI.
We paid a quarterly cash dividend of $0.09 per common share in the fourth quarter of 2024.
The 2024 stock repurchase program authorized us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2024 through December 31, 2024. Under this plan, in the fourth quarter of 2024, we repurchased 632 shares on the open market at an aggregate cost of $33,000. The 2024 stock repurchase program expired on December 31, 2024, with $1.1 million of remaining availability. On December 19, 2024, our Board of Directors approved the renewal of our stock repurchase program for 2025. The 2025 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2025 through December 31, 2025.
On November 5, 2024, we entered into a privately negotiated stock repurchase agreement for the repurchase of 50,000 shares of our common stock at a purchase price of $2.5 million. This repurchase was supplemental to our 2024 stock repurchase program.
In 2024, we repurchased 327,085 shares of our common stock. For the year ended December 31, 2024, these repurchases benefited earnings per share by $0.14.
As of December 31, 2024, capital levels were strong, with a stockholders’ equity to assets ratio of 10.15%, a leverage ratio of 11.86%, and a total risk-based capital ratio of 18.28%.
In the fourth quarter of 2024, we continued implementing our organic expansion plan. We purchased property in Lafayette, Louisiana and plan to build a new banking center at that location, which would be our second banking center in the Acadiana market.
The American Banker publication included Red River Bank in its “2024 Best Banks To Work For” ranking.

Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased to finish out 2024 with a strong fourth quarter, which included steady net interest margin improvement, higher net income, solid loan activity, and good liquidity.

“In the fourth quarter, the Federal Reserve lowered short-term interest rates; however, longer term rates remained fairly consistent. Due to diligent balance sheet management, our net interest margin FTE increased by 11 bps and net interest income increased by 5.5% in the fourth quarter. New loan activity was very good in the fourth quarter; however, the loan portfolio was impacted by higher than normal paydowns on loans. For the second quarter in a row, we closed on a significant amount of construction loan commitments, which we expect to fund over time. Our balance sheet is well positioned for the forecasted interest rate environment and a normal shaped yield curve. This should enable us to continue improving the net interest margin slightly in the first half of 2025.

“In the fourth quarter of 2024, we completed a third, significant private stock repurchase transaction. In 2024, we repurchased 4.6% of outstanding shares, which positively impacted earnings per share, while also maintaining strong capital levels and ratios.

“The fourth quarter of 2024 wrapped up a good year for our Company and our communities. Our Company is well positioned for the future, with robust capital and liquidity levels combined with a great team of community bankers. We look forward to 2025 as we continue to grow and build value for our shareholders.”

Net Interest Income and Net Interest Margin FTE

Net interest income and net interest margin FTE increased in the fourth quarter of 2024 compared to the prior quarter. These measures were both impacted by improved yields on securities, as well as lower deposit rates. After keeping the federal funds rate consistent since the third quarter of 2023, the Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024, and by an additional 50 bps during the fourth quarter of 2024.

Net interest income for the fourth quarter of 2024 was $23.7 million, which was $1.2 million, or 5.5%, higher than the third quarter of 2024, due to a $729,000 increase in interest and dividend income, combined with a $501,000 decrease in interest expense. The increase in interest and dividend income was due to higher interest income on loans and securities. Loan income increased $376,000 primarily due to higher average loan balances during the fourth quarter. Securities income increased $289,000 due to reinvesting lower yielding securities cash flows into higher yielding securities. The decrease in interest expense was primarily due to lower rates on interest-bearing transaction deposits and time deposits.

The net interest margin FTE increased 11 bps to 3.09% for the fourth quarter of 2024, compared to 2.98% for the prior quarter. This increase was due to improved yields on securities, combined with lower deposit costs. The yield on securities increased 13 bps due to reinvesting lower yielding securities cash flows into higher yielding securities. The yield on loans increased 2 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The average rate on new and renewed loans was 7.25% for the fourth quarter of 2024 and 7.89% for the prior quarter. The cost of deposits decreased 10 bps to 1.71% for the fourth quarter of 2024, compared to 1.81% for the previous quarter, due to our lowering of selected deposit rates. As a result of this change, there was a 17 bp decrease in the rate on interest-bearing transaction deposits and a 9 bp decrease on time deposits during the fourth quarter.

The FOMC lowered the federal funds rate by 50 bps in the fourth quarter of 2024, reducing the target federal funds range to 4.25%-4.50%. The market’s expectation is that the FOMC may lower the target range of the federal funds rate by at least 25 bps in 2025. In 2025, we anticipate receiving approximately $101.0 million in securities cash flows with an average yield of 3.01%, and we project approximately $194.0 million of fixed rate loans will mature with an average yield of 6.04%. We expect to redeploy these balances into higher yielding assets. Additionally, in 2025, we expect $541.9 million of time deposits to mature with an average rate of 4.10%, which we anticipate repricing into lower cost deposits. As of December 31, 2024, floating rate loans were 16.0% of loans HFI, and floating rate transaction deposits were 8.1% of interest-bearing transaction deposits. Depending on balance sheet activity and the movement in interest rates, we expect the net interest income and net interest margin FTE to improve slightly during the first half of 2025.

Provision for Credit Losses

The provision for credit losses for the third and fourth quarters of 2024 was $300,000, which included $200,000 for loans and $100,000 for unfunded loan commitments for each quarter. The provision in the third and fourth quarters was due to potential economic challenges resulting from the recent inflationary environment, changing monetary policy, and loan growth. In the second half of 2024, we had an increase in unfunded loan commitments. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

Noninterest Income

Noninterest income totaled $5.0 million for the fourth quarter of 2024, a decrease of $424,000, or 7.8%, compared to $5.4 million for the previous quarter. The decrease was mainly due to a loss on equity securities and lower loan and deposit income.

Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a loss of $91,000 in the fourth quarter of 2024, compared to a gain of $107,000 for the previous quarter.

Loan and deposit income totaled $463,000 for the fourth quarter of 2024, a decrease of $125,000, or 21.3%, compared to $588,000 for the previous quarter. The third quarter of 2024 benefited from the receipt of a $151,000 nonrecurring loan related fee.

Operating Expenses

Operating expenses totaled $16.8 million for the fourth quarter of 2024, which was fairly consistent with the previous quarter. Higher occupancy and equipment expenses were offset by lower other taxes.

Occupancy and equipment expenses totaled $1.7 million for the fourth quarter of 2024, which was $55,000, or 3.3% higher than the previous quarter. In the fourth quarter of 2024, there was $35,000 of nonrecurring expenses related to a new administrative office in the New Orleans market.

Other taxes totaled $547,000 for the fourth quarter of 2024, a decrease of $75,000, or 12.1%, compared to $622,000 for the previous quarter. In the fourth quarter of 2024, the State of Louisiana bank stock tax expense was lower due to a $68,000 adjustment with receipt of the year-end bank stock tax invoices.

Asset Overview

As of December 31, 2024, assets were $3.15 billion, compared to assets of $3.10 billion as of September 30, 2024, an increase of $47.8 million, or 1.5%. In the fourth quarter, assets were mainly impacted by a $58.0 million, or 2.1%, increase in deposits. In the fourth quarter of 2024, liquid assets increased $36.3 million, or 15.6%, to $269.0 million and averaged $256.2 million for the fourth quarter. As of December 31, 2024, we had sufficient liquid assets available and $1.62 billion accessible from other liquidity sources. The liquid assets to assets ratio was 8.54% as of December 31, 2024. Total securities decreased $12.8 million, or 1.8%, to $684.9 million in the fourth quarter and were 21.7% of assets as of December 31, 2024. During the fourth quarter, loans HFI increased $19.0 million, or 0.9%, to $2.08 billion. The loans HFI to deposits ratio was 73.97% as of December 31, 2024, compared to 74.84% as of September 30, 2024.

Securities

Total securities as of December 31, 2024, were $684.9 million, a decrease of $12.8 million, or 1.8%, from September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities AFS. New securities purchased were offset by securities maturities and principal repayments.

The estimated fair value of securities AFS totaled $550.1 million, net of $63.2 million of unrealized loss, as of December 31, 2024, compared to $560.6 million, net of $49.5 million of unrealized loss, as of September 30, 2024. As of December 31, 2024, the amortized cost of securities held-to-maturity (“HTM”) totaled $131.8 million compared to $134.1 million as of September 30, 2024. As of December 31, 2024, securities HTM had an unrealized loss of $22.8 million compared to $17.3 million as of September 30, 2024.

As of December 31, 2024, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled $2.9 million compared to $3.0 million as of September 30, 2024.

Loans

Loans HFI as of December 31, 2024, were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which, depending on customer activity, we expect to fund over time. Unfunded loan commitments that originated in the fourth quarter of 2024 totaled $106.2 million.

Loans HFI by Category
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Amount		Percent		Amount		Percent		$ Change			% Change
Real estate:
Commercial real estate	$	884,641	42.6	%	$	875,590	42.6	%	$	9,051		1.0	%
One-to-four family residential		614,551	29.6	%		616,467	30.0	%		(1,916	)	(0.3	%)
Construction and development		155,229	7.5	%		141,525	6.9	%		13,704		9.7	%
Commercial and industrial		327,086	15.8	%		327,069	15.9	%		17		—	%
Tax-exempt		64,930	3.1	%		66,436	3.2	%		(1,506	)	(2.3	%)
Consumer		28,576	1.4	%		28,961	1.4	%		(385	)	(1.3	%)
Total loans HFI	$	2,075,013	100.0	%	$	2,056,048	100.0	%	$	18,965		0.9	%

Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $56.4 million, or 2.7% of loans HFI, as of December 31, 2024, and are primarily centered in low-rise suburban areas. The average CRE loan size was $953,000 as of December 31, 2024.

Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of December 31, 2024, total health care loans were 8.1% of loans HFI. Within the health care sector, loans to nursing and residential care facilities were 4.4% of loans HFI, and loans to physician and dental practices were 3.4% of loans HFI. The average health care loan size was $372,000 as of December 31, 2024.

Asset Quality and Allowance for Credit Losses

NPAs totaled $3.3 million as of December 31, 2024, an increase of $166,000, or 5.3%, from September 30, 2024, primarily due to an increase in past due loans, partially offset by payoffs and charge-offs of nonaccrual loans. The ratio of NPAs to assets was 0.10% as of December 31, 2024 and September 30, 2024.

As of December 31, 2024, the ACL was $21.7 million. The ratio of ACL to loans HFI was 1.05% as of December 31, 2024 and 1.06% as of September 30, 2024. The net charge-offs to average loans ratio was 0.01% for the fourth quarter of 2024 and 0.00% for the third quarter of 2024.

Deposits

As of December 31, 2024, deposits were $2.81 billion, an increase of $58.0 million, or 2.1%, compared to September 30, 2024. Average deposits for the fourth quarter of 2024 were $2.78 billion, an increase of $53.5 million, or 2.0%, from the prior quarter. The following tables provide details on our deposit portfolio:

Deposits by Account Type
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change			% Change
Noninterest-bearing demand deposits	$	866,496	30.9	%	$	882,394	32.1	%	$	(15,898	)	(1.8	%)
Interest-bearing deposits:
Interest-bearing demand deposits		154,720	5.5	%		163,787	6.0	%		(9,067	)	(5.5	%)
NOW accounts		467,118	16.7	%		379,566	13.8	%		87,552		23.1	%
Money market accounts		556,769	19.8	%		551,229	20.0	%		5,540		1.0	%
Savings accounts		169,894	6.1	%		166,723	6.1	%		3,171		1.9	%
Time deposits less than or equal to $250,000		403,096	14.3	%		411,361	15.0	%		(8,265	)	(2.0	%)
Time deposits greater than $250,000		187,013	6.7	%		192,065	7.0	%		(5,052	)	(2.6	%)
Total interest-bearing deposits		1,938,610	69.1	%		1,864,731	67.9	%		73,879		4.0	%
Total deposits	$	2,805,106	100.0	%	$	2,747,125	100.0	%	$	57,981		2.1	%

Deposits by Customer Type
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change			% Change
Consumer	$	1,362,740	48.6	%	$	1,348,281	49.1	%	$	14,459		1.1	%
Commercial		1,178,488	42.0	%		1,191,625	43.4	%		(13,137	)	(1.1	%)
Public		263,878	9.4	%		207,219	7.5	%		56,659		27.3	%
Total deposits	$	2,805,106	100.0	%	$	2,747,125	100.0	%	$	57,981		2.1	%

The increase in deposits in the fourth quarter of 2024 was mainly due to the seasonal inflow of funds from public entity customers, partially offset by a decrease in commercial customer deposit balances related to normal business activity.

The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of December 31, 2024, the average deposit account size was approximately $28,000.

As of December 31, 2024, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $879.8 million, or 31.4% of total deposits. This amount was estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of December 31, 2024, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $667.6 million, or 23.8% of total deposits. Our cash and cash equivalents of $269.0 million, combined with our available borrowing capacity of $1.62 billion, equaled 214.6% of our estimated uninsured deposits and 282.8% of our estimated uninsured deposits, excluding collateralized public entity deposits.

Stockholders’ Equity

Total stockholders’ equity as of December 31, 2024, was $319.7 million compared to $324.3 million as of September 30, 2024. The $4.6 million, or 1.4%, decrease in stockholders’ equity during the fourth quarter of 2024 was attributable to a $10.6 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, the repurchase of 50,632 shares of common stock for $2.7 million, and $610,000 in cash dividends related to a $0.09 per share cash dividend that we paid on December 19, 2024. The common stock repurchase of $2.7 million includes $213,000 of stock repurchase excise tax related to our 2023 and 2024 stock repurchases, which tax regulations require to be recorded as a reduction to shareholders’ equity. These decreases in stockholders’ equity were partially offset by $9.3 million of net income and $95,000 of stock compensation.

Non-GAAP Disclosure

Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.

About Red River Bancshares, Inc.

Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business, interest rates, and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

Contact:
Isabel V. Carriere, CPA, CGMA
Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
318-561-4023
icarriere@redriverbank.net

FINANCIAL HIGHLIGHTS (UNAUDITED)

	As of and for the Three Months Ended									As of and for the Years Ended
(dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net Income	$	9,306		$	8,754		$	8,292		$	34,235		$	34,879

Per Common Share Data:
Earnings per share, basic	$	1.37		$	1.28		$	1.16		$	4.96		$	4.87
Earnings per share, diluted	$	1.37		$	1.27		$	1.16		$	4.95		$	4.86
Book value per share	$	47.18		$	47.51		$	42.85		$	47.18		$	42.85
Tangible book value per share ⁽¹⁾	$	46.95		$	47.28		$	42.63		$	46.95		$	42.63
Realized book value per share ⁽¹⁾	$	56.07		$	54.78		$	51.38		$	56.07		$	51.38
Cash dividends per share	$	0.09		$	0.09		$	0.08		$	0.36		$	0.32
Shares outstanding		6,777,238			6,826,120			7,091,637			6,777,238			7,091,637
Weighted average shares outstanding, basic		6,797,469			6,851,223			7,128,988			6,898,286			7,164,314
Weighted average shares outstanding, diluted		6,816,299			6,867,474			7,145,870			6,918,060			7,181,728

Summary Performance Ratios:
Return on average assets		1.18	%		1.13	%		1.08	%		1.11	%		1.15	%
Return on average equity		11.46	%		11.11	%		11.63	%		11.02	%		12.44	%
Net interest margin		3.04	%		2.93	%		2.78	%		2.91	%		2.87	%
Net interest margin FTE		3.09	%		2.98	%		2.82	%		2.96	%		2.91	%
Efficiency ratio		58.71	%		60.09	%		60.51	%		60.29	%		59.39	%
Loans HFI to deposits ratio		73.97	%		74.84	%		71.13	%		73.97	%		71.13	%
Noninterest-bearing deposits to deposits ratio		30.89	%		32.12	%		32.71	%		30.89	%		32.71	%
Noninterest income to average assets		0.63	%		0.70	%		0.67	%		0.66	%		0.70	%
Operating expense to average assets		2.14	%		2.17	%		2.08	%		2.14	%		2.11	%

Summary Credit Quality Ratios:
NPAs to assets		0.10	%		0.10	%		0.08	%		0.10	%		0.08	%
Nonperforming loans to loans HFI		0.16	%		0.15	%		0.13	%		0.16	%		0.13	%
ACL to loans HFI		1.05	%		1.06	%		1.07	%		1.05	%		1.07	%
Net charge-offs to average loans		0.01	%		0.00	%		0.01	%		0.03	%		0.02	%

Capital Ratios:
Stockholders’ equity to assets		10.15	%		10.46	%		9.71	%		10.15	%		9.71	%
Tangible common equity to tangible assets⁽¹⁾		10.11	%		10.41	%		9.67	%		10.11	%		9.67	%
Total risk-based capital to risk-weighted assets		18.28	%		18.07	%		18.28	%		18.28	%		18.28	%
Tier 1 risk-based capital to risk-weighted assets		17.12	%		17.05	%		17.24	%		17.12	%		17.24	%
Common equity Tier 1 capital to risk-weighted assets		17.12	%		17.05	%		17.24	%		17.12	%		17.24	%
Tier 1 risk-based capital to average assets		11.86	%		11.90	%		11.56	%		11.86	%		11.56	%

_{⁽¹⁾Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.}

RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	30,558		$	39,664		$	35,035		$	19,401		$	53,062
Interest-bearing deposits in other banks		238,417			192,983			178,038			210,404			252,364
Securities available-for-sale, at fair value		550,148			560,555			526,890			545,967			570,092
Securities held-to-maturity, at amortized cost		131,796			134,145			136,824			139,328			141,236
Equity securities, at fair value		2,937			3,028			2,921			2,934			2,965
Nonmarketable equity securities		2,328			2,305			2,283			2,261			2,239
Loans held for sale		2,547			1,805			3,878			1,653			1,306
Loans held for investment		2,075,013			2,056,048			2,047,890			2,038,072			1,992,858
Allowance for credit losses		(21,731	)		(21,757	)		(21,627	)		(21,564	)		(21,336	)
Premises and equipment, net		59,441			57,661			57,910			57,539			57,088
Accrued interest receivable		10,048			9,465			9,570			9,995			9,945
Bank-owned life insurance		30,380			30,164			29,947			29,731			29,529
Intangible assets		1,546			1,546			1,546			1,546			1,546
Right-of-use assets		2,733			2,853			2,973			3,091			3,629
Other assets		33,433			31,285			34,450			32,940			32,287
Total Assets	$	3,149,594		$	3,101,750		$	3,048,528		$	3,073,298		$	3,128,810
LIABILITIES
Noninterest-bearing deposits	$	866,496		$	882,394		$	892,942		$	895,439		$	916,456
Interest-bearing deposits		1,938,610			1,864,731			1,823,704			1,850,452			1,885,432
Total Deposits		2,805,106			2,747,125			2,716,646			2,745,891			2,801,888
Accrued interest payable		7,583			11,751			8,747			8,959			8,000
Lease liabilities		2,864			2,982			3,100			3,215			3,767
Accrued expenses and other liabilities		14,302			15,574			13,045			15,919			11,304
Total Liabilities		2,829,855			2,777,432			2,741,538			2,773,984			2,824,959
COMMITMENTS AND CONTINGENCIES		—			—			—			—			—
STOCKHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—			—			—
Common stock, no par value		38,655			41,402			44,413			45,177			55,136
Additional paid-in capital		2,777			2,682			2,590			2,485			2,407
Retained earnings		338,554			329,858			321,719			314,352			306,802
Accumulated other comprehensive income (loss)		(60,247	)		(49,624	)		(61,732	)		(62,700	)		(60,494	)
Total Stockholders’ Equity		319,739			324,318			306,990			299,314			303,851
Total Liabilities and Stockholders’ Equity	$	3,149,594		$	3,101,750		$	3,048,528		$	3,073,298		$	3,128,810

RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	For the Three Months Ended							For the Years Ended
(in thousands)		December 31, 2024			September 30, 2024		December 31, 2023		December 31, 2024			December 31, 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	28,285		$	27,909	$	24,898	$	108,969		$	93,439
Interest on securities		4,623			4,334		3,656		17,089			14,291
Interest on federal funds sold		—			—		—		—			886
Interest on deposits in other banks		2,699			2,630		3,438		11,077			9,797
Dividends on stock		23			28		49		95			155
Total Interest and Dividend Income		35,630			34,901		32,041		137,230			118,568
INTEREST EXPENSE
Interest on deposits		11,943			12,444		10,747		47,936			32,066
Interest on other borrowed funds		—			—		—		—			64
Total Interest Expense		11,943			12,444		10,747		47,936			32,130
Net Interest Income		23,687			22,457		21,294		89,294			86,438
Provision for credit losses		300			300		250		1,200			735
Net Interest Income After Provision for Credit Losses		23,387			22,157		21,044		88,094			85,703
NONINTEREST INCOME
Service charges on deposit accounts		1,452			1,486		1,459		5,674			5,776
Debit card income, net		960			905		875		3,836			3,563
Mortgage loan income		652			732		441		2,490			1,965
Brokerage income		924			987		1,039		3,791			3,798
Loan and deposit income		463			588		575		2,034			2,140
Bank-owned life insurance income		216			217		197		851			754
Gain (Loss) on equity securities		(91	)		107		132		(28	)		(14	)
SBIC income		346			301		393		1,453			2,873
Other income (loss)		73			96		76		340			259
Total Noninterest Income		4,995			5,419		5,187		20,441			21,114
OPERATING EXPENSES
Personnel expenses		9,769			9,700		9,233		38,623			37,241
Occupancy and equipment expenses		1,716			1,661		1,647		6,691			6,581
Technology expenses		884			865		693		3,182			2,759
Advertising		313			317		347		1,374			1,302
Other business development expenses		486			521		537		2,076			1,987
Data processing expense		681			652		631		2,331			2,320
Other taxes		547			622		679		2,407			2,721
Loan and deposit expenses		334			294		256		895			984
Legal and professional expenses		658			653		664		2,657			2,378
Regulatory assessment expenses		428			421		423		1,654			1,645
Other operating expenses		1,024			1,046		913		4,264			3,955
Total Operating Expenses		16,840			16,752		16,023		66,154			63,873
Income Before Income Tax Expense		11,542			10,824		10,208		42,381			42,944
Income tax expense		2,236			2,070		1,916		8,146			8,065
Net Income	$	9,306		$	8,754	$	8,292	$	34,235		$	34,879

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)

	For the Three Months Ended
	December 31, 2024							September 30, 2024
(dollars in thousands)	Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans^(1,2)	$	2,072,858		$	28,285	5.34	%	$	2,054,451		$	27,909	5.32	%
Securities – taxable		555,622			3,636	2.62	%		545,171			3,344	2.45	%
Securities – tax-exempt		190,470			987	2.07	%		191,285			990	2.07	%
Interest-bearing deposits in other banks		225,660			2,699	4.74	%		194,229			2,630	5.36	%
Nonmarketable equity securities		2,307			23	3.99	%		2,284			28	4.85	%
Total interest-earning assets		3,046,917		$	35,630	4.60	%		2,987,420		$	34,901	4.59	%
Allowance for credit losses		(21,824	)						(21,702	)
Noninterest-earning assets		109,992							104,599
Total assets	$	3,135,085						$	3,070,317
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,263,775		$	5,658	1.78	%	$	1,230,487		$	6,042	1.95	%
Time deposits		599,910			6,285	4.17	%		597,286			6,402	4.26	%
Total interest-bearing deposits		1,863,685			11,943	2.55	%		1,827,773			12,444	2.71	%
Other borrowings		—			—	—	%		—			—	—	%
Total interest-bearing liabilities		1,863,685		$	11,943	2.55	%		1,827,773		$	12,444	2.71	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		918,804							901,192
Accrued interest and other liabilities		29,567							28,006
Total noninterest-bearing liabilities		948,371							929,198
Stockholders’ equity		323,029							313,346
Total liabilities and stockholders’ equity	$	3,135,085						$	3,070,317
Net interest income				$	23,687						$	22,457
Net interest spread						2.05	%						1.88	%
Net interest margin						3.04	%						2.93	%
Net interest margin FTE⁽³⁾						3.09	%						2.98	%
Cost of deposits						1.71	%						1.81	%
Cost of funds						1.56	%						1.66	%

_{⁽¹⁾Includes average outstanding balances of loans held for sale of $3.2 million and $3.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.}
_{⁽²⁾Nonaccrual loans are included as loans carrying a zero yield.}
_{⁽³⁾Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.}

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)

	For the Years Ended
	December 31, 2024							December 31, 2023
(dollars in thousands)	Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans^(1,2)	$	2,046,339		$	108,969	5.24	%	$	1,943,381		$	93,439	4.74	%
Securities – taxable		554,194			13,098	2.36	%		605,692			10,169	1.68	%
Securities – tax-exempt		193,368			3,991	2.06	%		202,673			4,122	2.03	%
Federal funds sold		—			—	—	%		18,594			886	4.70	%
Interest-bearing deposits in other banks		210,959			11,077	5.22	%		188,199			9,797	5.17	%
Nonmarketable equity securities		2,273			95	4.19	%		3,353			155	4.61	%
Total interest-earning assets		3,007,133		$	137,230	4.50	%		2,961,892		$	118,568	3.96	%
Allowance for credit losses		(21,646	)						(20,980	)
Noninterest-earning assets		102,951							86,939
Total assets	$	3,088,438						$	3,027,851
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,246,528		$	23,082	1.85	%	$	1,249,259		$	17,555	1.41	%
Time deposits		593,817			24,854	4.19	%		470,522			14,511	3.08	%
Total interest-bearing deposits		1,840,345			47,936	2.60	%		1,719,781			32,066	1.86	%
Other borrowings		—			—	—	%		1,151			64	5.49	%
Total interest-bearing liabilities		1,840,345		$	47,936	2.60	%		1,720,932		$	32,130	1.87	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		910,507							1,004,107
Accrued interest and other liabilities		26,884							22,385
Total noninterest-bearing liabilities		937,391							1,026,492
Stockholders’ equity		310,702							280,427
Total liabilities and stockholders’ equity	$	3,088,438						$	3,027,851
Net interest income				$	89,294						$	86,438
Net interest spread						1.90	%						2.09	%
Net interest margin						2.91	%						2.87	%
Net interest margin FTE⁽³⁾						2.96	%						2.91	%
Cost of deposits						1.74	%						1.18	%
Cost of funds						1.59	%						1.08	%

_{⁽¹⁾Includes average outstanding balances of loans held for sale of $2.9 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.}
_{⁽²⁾Nonaccrual loans are included as loans carrying a zero yield.}
_{⁽³⁾Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.}

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023
Tangible common equity
Total stockholders’ equity	$	319,739		$	324,318		$	303,851
Adjustments:
Intangible assets		(1,546	)		(1,546	)		(1,546	)
Total tangible common equity (non-GAAP)	$	318,193		$	322,772		$	302,305
Realized common equity
Total stockholders’ equity	$	319,739		$	324,318		$	303,851
Adjustments:
Accumulated other comprehensive (income) loss		60,247			49,624			60,494
Total realized common equity (non-GAAP)	$	379,986		$	373,942		$	364,345
Common shares outstanding		6,777,238			6,826,120			7,091,637
Book value per share	$	47.18		$	47.51		$	42.85
Tangible book value per share (non-GAAP)	$	46.95		$	47.28		$	42.63
Realized book value per share (non-GAAP)	$	56.07		$	54.78		$	51.38

Tangible assets
Total assets	$	3,149,594		$	3,101,750		$	3,128,810
Adjustments:
Intangible assets		(1,546	)		(1,546	)		(1,546	)
Total tangible assets (non-GAAP)	$	3,148,048		$	3,100,204		$	3,127,264
Total stockholders’ equity to assets		10.15	%		10.46	%		9.71	%
Tangible common equity to tangible assets (non-GAAP)		10.11	%		10.41	%		9.67	%

The MIL Network –

January 31, 2025

MIL-OSI USA: Derek Cearley Appointed Southern Territory Special Representative

Source: US GOIAM Union

IAM International President Brian Bryant has announced the appointment of Derek Cearley as an IAM Southern Territory Special Representative, effective Feb. 1, 2025.

Cearley, who has been serving as the Business Representative for IAM District 776 in Texas since 2020, brings a wealth of experience and dedication to his new role.

A seasoned leader and union advocate, Cearley has been a dedicated IAM member since 2003. He began his union career at Lockheed Martin in Fort Worth, where he joined IAM Local 776B. Over the years, Cearley has proven himself as an advocate for workers’ rights, rising through the ranks with a deep understanding of the issues facing IAM members.

“We’re excited to have Derek in this role,” said IAM Southern Territory General Vice President Craig Martin. “His years of experience, coupled with his deep commitment to our members and their needs, make him the ideal representative to advocate for workers in the Southern Territory.”

Cearley’s leadership journey within the IAM is marked by a variety of key roles and responsibilities that reflect his broad skill set and strong connection with the union’s core values. He has served in multiple capacities, including on Local 776B’s Audit and New Applications Committees, as Departmental Steward, and as a member of the STEP III Plant Grievance Committee.

Additionally, Cearley has held the roles of Vice President and President of Local 776B, further demonstrating his leadership capabilities and his commitment to advocating for the rights and needs of IAM members.

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MIL OSI USA News –

January 31, 2025
MIL-OSI USA: RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS
Source: US State of Hawaii

RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

Posted on Jan 29, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

KA ʻOIHANA PILI KĀLEPA

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

NADINE Y. ANDO

DIRECTOR

KA LUNA HOʻOKELE

DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

FOR IMMEDIATE RELEASE

January 29, 2025

HONOLULU — The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is urging residents and business owners to prioritize emergency preparedness in response to the rise of weather events throughout the state. The department is offering vital resources and information on how to safeguard property, ensure continued utility services, understand insurance coverage, avoid scams, and navigate the disaster recovery process.

Key Emergency Preparedness Tips:
1. Preparing Homes and Businesses for Disasters
- Create an Emergency Plan: Establish clear evacuation routes, designating safe areas for family members or employees. Ensure everyone knows the plan and conduct practice drills regularly.
- Secure Property: Reinforce windows and doors, check roofing and siding for potential vulnerabilities, and secure outdoor objects that could become projectiles.
- Emergency Kits: Stock essential supplies including water, non-perishable food, medications, flashlights, batteries, first-aid supplies, cash, and any special items required by family members or staff.
- Prepare for Business Disruption: Businesses should develop continuity plans, back up important data, and ensure essential services can be maintained during and after a disaster.
1. Utility Emergency Preparedness
- Sign Up for Crucial Updates: Register for utility provider notifications to receive alerts about service disruptions, outages and updates during emergencies. Visit the links below to sign up:
  - Hawaiian Electric
  - KIUC
- Keep the Lights On: Consider investing in backup power sources like generators or solar-powered systems to maintain key operations during service outages.
- Stay Safe: Keep gas, water and electrical systems well-maintained, and learn how to shut off utilities in case of a leak or other emergency. Visit the links below to report a power outage or potential safety issues:
  - Hawaiian Electric
  - KIUC
- Stay Informed: To learn more about public utilities and utility preparedness, please visit the DCCA Division of Consumer Advocacy.
1. Understanding Insurance Coverage for Disasters
- Review Your Insurance Policy: Ensure that your home and business insurance policies cover common disaster-related risks, including floods, fires and hurricanes. Standard policies may not cover all types of damage.
- Document Property: Take inventory of your belongings and keep photos and/or videos of property, valuables and important documents in case you need to file an insurance claim.
- Know Your Deductibles and Coverage Limits: Be aware of your policy’s terms, including any exclusions or specific disaster-related deductibles.
- Seek Input or Assistance: The DCCA Insurance Division can help you understand the claims process and provide assistance with other insurance questions or issues.
- Stay Informed: To learn more about Insurance, please visit the DCCA Insurance Division.
1. Identifying Disaster-Related Consumer Scams
- Be Cautious of Fraud: Scammers often exploit disasters to prey on vulnerable consumers. Common scams include fake contractors, charity fraud and phishing emails or texts offering government assistance.
- Check Credentials: When doing repairs on your property, always hire licensed and insured contractors, and never pay for services up front. Report suspicious activities to the DCCA Regulated Industries Complaints Office.
- Verify Charity Solicitations: Before donating to disaster relief efforts, ensure that the charity is legitimate. Use resources like the Better Business Bureau or Charity Navigator to check organizations’ credibility.
- Stay Informed: To learn more about consumer protection, please visit the DCCA Office of Consumer Protection.
1. Disaster Recovery Resources for Homeowners and Business Owners
- For Homeowners: FEMA and other government agencies offer financial assistance for home repairs, temporary housing and disaster-related expenses. Visit https://www.fema.gov/ for more information.
- For Business Owners: The U.S. Small Business Administration (SBA) provides low-interest disaster loans to help businesses recover from physical damage and economic losses. Visit https://www.sba.gov/ for more information.
- Stay Informed: To learn more about disaster recovery loans and financial assistance, please visit the DCCA Division of Financial Institutions.
These resources, along with other emergency preparedness information, are available on the DCCA website.

“Taking steps to prepare now can make all the difference in the aftermath of a disaster,” shares DCCA Director Nadine Ando. “Whether it’s preparing your property, understanding your insurance, or protecting yourself from fraud, DCCA is here to help our community stay safe and recover quickly.”

For more information or to report any disaster-related consumer concerns, visit the DCCA website or contact the DCCA directly.

###

Media Contact:

Communications Office
Department of Commerce and Consumer Affairs

Phone: 808-586-2760
Email: [email protected]

MIL OSI USA News –
January 31, 2025
MIL-OSI USA: Governor Newsom provides ongoing support to help business owners and workers recover from LA firestorms
Source: US State of California 2
Jan 29, 2025
What you need to know: As part of ongoing actions to help support workers and businesses impacted by the Los Angeles area fires, Governor Newsom is issuing an executive order to defer licensing fees and streamline requirements for certain small businesses. The order also defers annual licensure fees for thousands of impacted workers – from nurses and barbers to contractors and dental hygienists.

LOS ANGELES — To help Los Angeles continue to recover and rebuild, Governor Gavin Newsom today issued an executive order to support small business owners and workers impacted by Los Angeles-area firestorms. The executive order provides relief to help local businesses recover quickly by deferring annual licensure fees for workers and businesses and waiving other requirements that may impose barriers to recovery.

“Small businesses are not only key to a thriving economy but make up the heart of healthy communities. As we help Los Angeles rise and rebuild, it is crucial that we protect and support the businesses and workers affected. Just as we have removed red tape to rebuild our homes, we are breaking down barriers and helping pave the way for impacted businesses and workers to get back on their feet.”

Governor Gavin Newsom

The executive order helps workers and business owners by:

Extending the deadline to pay for renewing licenses, certificates, and permits for one year for licenses with a renewal date occurring between January 1, 2025, and July 1, 2025.

Waiving fees for businesses and workers requesting duplicate or replacement of a license certificate that was burned or destroyed.

Extending deadlines for businesses to appeal license-related proceedings.

Eliminating requirements that make it more difficult to relocate certain businesses impacted by the fires.

Find resources to help your business at gov.ca.gov/LAfires/help-your-business.

Helping businesses and workers recover

California has worked with federal and local providers to help businesses and workers with the resources and support they need to recover and rebuild from the firestorms.

Supporting workers and employers: The Employment Development Department (EDD) supports workers with unemployment, disability insurance, or Paid Family Leave benefits, including Disaster Unemployment Assistance (DUA) for those who do not qualify for regular unemployment benefits. Citizenship or immigration status doesn’t affect eligibility for disability insurance or Paid Family leave. Employers can request a 60-day extension on payroll reports and taxes, or participate in the Work Sharing program. California also announced $20 million to create temporary jobs in impacted areas and deliver other supportive services through America’s Job Center of California.

On-the-ground advisors for small businesses: 200+ business advisors from Small Business Support Centers funded through the California Office of the Small Business Advocate’s (CalOSBA) Technical Assistance Program (TAP) are staffed across the region, including business advisors from the Small Business Development Center (SBDC) and Women’s Business Center (WBC). All of these TAP partners can answer questions about key aspects of economic recovery, including the loan application process, insurance inquiries, employee and workforce support, and business planning related individual recovery plans. SBDC and WBC staff are co-located at the Disaster Recovery Center at Pasadena City College and the Disaster Loan Outreach Center in Camarillo (Ventura County), as well as various Business Recovery Centers organized by the U.S. Small Business Administration (SBA).

Providing resources for recovery: CalOSBA has launched a Resource Guide for small businesses impacted by the wildfires through its Outsmart Disaster website, and is conducting a series of online trainings in both English and Spanish.

Financial assistance for businesses: The California Infrastructure and Economic Development Bank (IBank) is offering loan programs for businesses from one to 750 employees affected by the LA wildfires. Disaster Relief Loan Guarantee Program (DRLGP) issues loan guarantees up to 95% of the loan through IBank’s partner Financial Development Corporations to help small business borrowers impacted by disaster who need term loans or lines of credit for working capital.

Expediting licensing for contractors: The Contractor State Licensing Board (CSLB) is processing licensing applications as fast as 48 hours from the time an application and exam are complete. Rapid licensing will support the Governor’s efforts to rebuild the homes and businesses destroyed.

Helping fire survivors rebuild safely: CSLB is also partnering with state agencies to directly assist survivors at the Southern California Disaster Recovery Centers, urging them to only hire California-licensed contractors for repairs or to rebuild their homes or businesses. CSLB’s Disaster Hotline 1-800-962-1125 and online Disaster Help Center are also providing valuable support to survivors.

Protecting against unlicensed contractors: Investigation teams are on the ground, posting signs to put unlicensed contractors on notice that it is a felony to contract without a license in a California disaster area. Consumers are urged to always check licenses before hiring a contractor and notify the state of unlicensed activity immediately. Consumers can file complaints and find additional resources online at www2.cslb.ca.gov.

Helping licensees rebuild their businesses: The Board of Barbering and Cosmetology, the Board of Accountancy, and other DCA boards are rescheduling licensing examinations at no charge and assisting licensees by issuing duplicate licenses due to a physical license being lost in the fires.

Governor Newsom has issued a number of executive orders in response to the Los Angeles firestorms to help aid in rebuilding and recovery, create more temporary housing, and protect survivors from exploitation and price gouging.

Get help today

For those Californians impacted by the firestorms in Los Angeles, there are resources available.Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.

Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.
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MIL OSI USA News –
January 31, 2025
MIL-OSI: Dave Cantin Group Signs PGA Tour Professional Quade Cummins as Its First Athlete Ambassador

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — The Dave Cantin Group (DCG), a leading advisor to retail automotive groups and their owners, today announced its partnership with PGA Tour professional Quade Cummins, marking the company’s first venture into athlete sponsorship. Cummins, born into the automotive industry as the son of a dealership family, embodies the drive, preparation and determination that DCG champions in its mission to serve its retail automotive clients.

Quade is a native of Weatherford, Oklahoma, and the son of Chad and Stacy Cummins, owners of the Cummins Auto Group, a trio of domestic automotive dealerships in Oklahoma. Growing up, Quade spent his early years splitting time between the dealership and the golf course, but quickly realized he had a future in the sport his grandfather taught him. Quade attended the University of Oklahoma, where he was the first four-time All American in the program’s history.

“Quade’s background makes him a perfect fit for Dave Cantin Group’s first athlete ambassador,” said Dave Cantin, President and CEO of Dave Cantin Group. “Quade’s journey from his family’s dealership to the PGA Tour reflects the same commitment and vision that we bring to our clients in the automotive industry. His story resonates deeply with us, and we are honored to support him on his journey as a Tour professional.”

Quade transitions this year from the Korn Ferry Tour to the PGA Tour after finishing with enough points in 2024 to earn his Tour card. That achievement is a testament to his tenacity and determined pursuit of excellence, a quality mirrored in DCG’s approach to its M&A advisory services.

“Being part of the DCG team is an incredible opportunity,” Cummins said. “The automotive industry has been a big part of my life, and it’s exciting to partner with a company that understands where I came from and shares my values. I’m looking forward to representing DCG on and off the course as I continue my PGA Tour journey.”

“The entire automotive industry should be rooting for Quade and we’re just happy to help raise awareness of who he is, and how special his story is,” DCG Chief Business and Strategy Officer Brian Gordon said. “He is one of us and should feel his whole extended automotive family behind him on every shot.”

About Dave Cantin Group

The Dave Cantin Group is a leading automotive mergers and acquisitions advisory company specializing in acquisitions, divestitures, intelligence, and other advisory services. The company is the M&A services provider of choice for North America’s top automotive dealership groups, advising on approximately 40 transactions annually, DCG is differentiated by its advisory approach, long-term lens on client relationships, and commitment to market intelligence tools that inform DCG and client strategies. In 2023, DCG became the only retail automotive M&A company with a significant strategic investor, welcoming Kaltroco to the DCG family.

Through its M&A intelligence division, DCG produces automotive content and delivers relevant, timely marketing intelligence, including the automotive industry Market Outlook Report (MOR). Together with CBT News, DCG produces the Inside M&A studio show and podcast to share stories, news and trends impacting the retail automotive industry. DCG’s proprietary AI-enabled software, Jump IQ, anchors its advisory services that support retail automotive dealers in developing informed M&A strategies and making smarter M&A decisions.

The company’s nonprofit initiative, DCG Giving, funds child and adolescent cancer research and treatment in communities nationwide and other worthy charitable initiatives. DCG team members regularly feature on the industry speaking circuit and are regularly cited by top national and global news outlets. For more information, please visit davecantingroup.com.

Media Contact:

Katie Merx
katiemerx@gmail.com
313.510.5090

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/141f7b76-fb6a-4a10-bd7e-65c61fc77d53

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23a49777-1b1a-44ac-9734-ae8529cfc450

The MIL Network –

January 31, 2025
MIL-OSI: Flex Pricing Releases First Ever User Level Dynamic Pricing Software

Source: GlobeNewswire (MIL-OSI)

CHEYENNE, Wyo., Jan. 30, 2025 (GLOBE NEWSWIRE) — Flex Pricing is announcing the release of the world’s first user level dynamic pricing software for e-commerce. The software enables merchants to set pricing rules based on user attributes including shoppers estimated income, type of device they’re browsing on and their geographic location. Unique prices display to each shopper, in real-time, without any perception that the prices rendered are unique to them.

FlexPricing Logo

This technology has previously only been developed and used internally, by large multinational companies. Flex Pricing will not bring this advanced technology to small and medium sized merchants in the e-commerce industry.

Flex Pricing has released it’s software as a Woo Commerce plugin, supporting merchants that sell goods on WordPress sites through Woo Commerce. Additionally Flex Pricing plans the release of a Shopify compatible application by March 1^st. With the release of the Shopify app, Flex Pricing’s patent pending software will become available to nearly 90% of all U.S. based ecommerce businesses.

Merchants using the Flex Pricing application can expect benefits in both conversion rate and margin, which is a unique benefit of a user level dynamic pricing system. Shoppers with greater price sensitivities, determined by a variety of user attributes can be rendered a lower, more competitive price to increase the likelihood of a conversion. Whereas shoppers who are less price sensitive, often determined by attributes indicative of high affluence can be rendered a higher price to increase margins.

Learn more about Flex Pricing at FlexPricing.com and follow us on Twitter https://twitter.com/FlexPricing or YouTube https://www.youtube.com/@FlexPricing

Media Contact:

Brendon Fields
Flex Pricing LLC
press@flexpricing.com
914-384-7611

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5211a66-0600-4fcb-b8ec-7fa4b086a476

The MIL Network –

January 31, 2025
MIL-OSI: NANO Nuclear Energy to Work with Thermal Engineering International to Fabricate Primary and Secondary Heat Exchangers for its Portable ODIN Microreactor
Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has contracted with Thermal Engineering International (TEi), a Babcock Power Inc.^® company, to advance the design and fabrication of several heat exchangers for use in NANO Nuclear’s proprietary, portable ODIN nuclear microreactor in development.

TEi is a leading supplier of heat transfer technology to the electric power generation industry, designing and fabricating surface condensers, feedwater heaters, power plant heat exchangers and moisture separator reheaters for the world’s power generation industry continuously for over 100 years.

“We are proud to support innovative SMR developers like NANO Nuclear with their heat exchange needs,” said Ken Murakoshi, President and CEO of Thermal Engineering International Inc. “TEi is excited to contribute to the successful deployment of NANO Nuclear’s ODIN transportable reactor and help advance clean, portable energy solutions for the future.”

Under the terms of the contract, TEi will develop detailed designs for key heat exchanger technology integral to the ODIN microreactor. This includes the eventual fabrication of both primary and secondary heat exchangers. TEi will lead a broad, cross-functional initiative, drawing on its expertise to design practical heat transfer systems in collaboration with NANO Nuclear’s world-class technical team, from procurement to the eventual fabrication of the exchangers.

“We are very pleased to take the next step in the development of the ODIN microreactor in tandem with TEi, who we believe have valuable expertise in this sector,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “The design and fabrication of heat exchangers will mark a critical milestone in ODIN’s development roadmap, and TEi is well-equipped to oversee this essential phase. By designing and fabricating these heat transfer technologies, we can advance our testing and demonstration efforts that will support our prototype construction, while equipping our world-class technical teams with data that can be broadly applied to our other reactors in development.”

Figure 1 – NANO Nuclear Energy Inc. to Work with Thermal Engineering International to Design and Fabricate Key Enabling Heat Transfer Technology for Use in its ODIN Microreactor.

“Collaborating with an industry-leading manufacturer on the design of our heat exchangers marks a major stride in advancing the plans for our portable ODIN microreactor,” said Prof. Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear Energy. “By having such a reputable industry partner for both primary and secondary exchanger designs, we can optimize performance while maintaining the highest safety standards and ensure that the reactor functions at the highest achievable efficiency. We believe this collaboration will help minimize developments risks going forward and ensure we meet performance benchmarks before advancing to full demonstration.”

The heat transfer systems are essential components within NANO Nuclear’s innovative portable ODIN microreactor and their integration marks a significant milestone in advancing NANO Nuclear’s proprietary microreactor toward demonstration, regulatory licensing and eventual market introduction. This agreement builds on the work done by NANO Nuclear’s world-class technical team and follows last year’s external technical audit of the ODIN reactor by the Idaho National Laboratory, during which crucial design solutions and the system components were examined, reassuring the design development strategy.

“Incorporating the heat exchangers into a compact system like ODIN marks a significant milestone in advancing our proprietary microreactor design” said Prof. Ian Farnan, Lead for Nuclear Fuel Cycle, Radiation and Materials at NANO Nuclear Energy. “TEi’s expertise is well known in designing these critical heat transfer solutions. Accelerating this aspect of the compact reactor design is vital for meeting our milestones and ensuring that the microreactor meets our operational requirements.”

About NANO Nuclear Energy, Inc.

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

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR^™ Energy System and space focused, portable LOKI MMR^™.

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

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

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

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

For further NANO Nuclear information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

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Cautionary Note Regarding Forward Looking Statements

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

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
January 31, 2025

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RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

Helping businesses and workers recover

Get help today

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