Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 29 (Xinhua) — Chinese Vice Premier Liu Guozhong on Thursday called for relentlessly consolidating and expanding China’s achievements in poverty alleviation and ensuring a smooth transition to providing aid to rural areas on a regular basis.
During the thematic meeting, Liu Guozhong, also a member of the Politburo of the CPC Central Committee, noted that continuous efforts must be made to prevent a large-scale return to poverty or its re-emergence.
Having announced that absolute poverty will be eradicated in 2021, China has set a five-year transition period to consolidate and build on the achievements of poverty alleviation and integrate these achievements into the process of rural revitalization.
Recalling that this year is the final year of this transition period, Liu Guozhong called for measures to optimize the monitoring and assistance system, ensure stable employment for people who have been lifted out of poverty, improve the quality and efficiency of supporting industries, and improve the mechanisms for long-term asset management of assistance projects.
The Vice Premier stressed the need to deepen cooperation between the eastern and western regions of the country and targeted assistance, calling for active work to provide regular assistance to low-income rural residents and underdeveloped areas in the post-transition period.
During the meeting, eight provincial-level regions in eastern China signed aid agreements for 2025 with 10 provincial-level regions in the west. –0–
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Moscow, May 29 /Xinhua/ — Chen Wenqing, a member of the Politburo of the CPC Central Committee and head of the Political and Legal Affairs Commission of the CPC Central Committee, attended and delivered a speech at the 13th International Meeting of High Representatives in Charge of Security Issues held in Russia on May 28.
Representatives from 126 countries and international organizations attended the meeting.
Chen Wenqing recalled that Chinese President Xi Jinping put forward the Global Security Initiative, holding high the banner of cooperation, innovation, rule of law and win-win, and providing important guidance for unifying efforts to safeguard global security.
The head of the Political and Legal Affairs Commission of the CPC Central Committee noted that China is ready to work with the international community to adhere to the concept of common, comprehensive, joint and sustainable security, jointly respond to various risks and challenges, and jointly build a world of universal security.
In addition, Chen Wenqing attended the meeting of the heads of delegations of the BRICS countries and the meeting of the heads of delegations of the Shanghai Cooperation Organization member states, and held bilateral meetings with the heads of some of these delegations. The two sides reached consensus on strengthening international security cooperation and improving global security governance.
In addition, on May 27, Chen Wenqing and Russian Security Council Secretary Sergei Shoigu co-chaired the 10th meeting of the China-Russia cooperation mechanism in law enforcement and security.
Chen Wenqing pointed out that in early May, Chinese President Xi Jinping held a successful meeting with Russian President Vladimir Putin, outlining new development horizons for the next stage of Chinese-Russian relations.
China is ready to work with Russia to implement the important consensus reached by the heads of state of the two countries, improve the quality of cooperation in law enforcement and security, give a powerful impetus to the development, rise and modernization of the two countries, actively implement the Global Security Initiative, and make a positive contribution to global strategic stability and the democratization of international relations, Chen Wenqing emphasized.
S. Shoigu, for his part, noted that the state visit of Chairman Xi Jinping to Russia and his participation in the celebrations of the 80th anniversary of Victory in the Great Patriotic War were of great bilateral and multilateral significance. He added that Russia is ready to work with China to increase the level of cooperation in law enforcement and security, effectively protect the fundamental interests of the two countries and bring stability to the world. –0–
Support continues to grow for President Donald J. Trump’s One, Big, Beautiful Bill — a generational opportunity to secure historic tax cuts, deficit reduction, border security, and more.
READ: The National Fraternal Order of Police endorses the One, Big, Beautiful Bill
In recent days:
The National Fraternal Order of Police — the nation’s largest organization of law enforcement —announcedtheir support, highlighting the bill’s strong pro-labor provisions: “The ‘One Big Beautiful Bill Act’ is more than legislation—it is a promise kept to the public safety officers across the country and a bold step toward an economy that respects, rewards, and uplifts the people who keep it safe … We appreciate that President Trump is always fighting for our nation’s law enforcement officers.”
Secretary of Transportation Sean Duffyurgedthe Senate to quickly pass the bill and fund the long overdue modernization of America’s air traffic control systems: “We have an antiquated and old air traffic control system, anywhere from 25 to 35, 40 years old in some places. It is in desperate need of a brand-new build. We need Congress to act.”
National Federation of Independent Business SVP Jeff Brabantpraisedthe legislation’s commitment to economic prosperity: “This is one of the more pro-small business pieces of legislation, in my opinion, in recent history. Hopefully this thing becomes law.”
Scores of other organizations have declared their support for the One, Big, Beautiful Bill:
Association of Equipment Manufacturers SVP of Government and Industry Relations Kip Eideberg: “Equipment manufacturers applaud the House of Representatives for passing the One Big Beautiful Bill Act, which will supercharge job creation and investment in domestic manufacturing. The bill’s critical tax proposals – including protecting the corporate tax rate, reinstating immediate R&D expensing, and increasing the pass-through deduction – will strengthen the U.S. equipment manufacturing industry and bolster our global competitiveness. We urge the Senate to keep these pro-manufacturing provisions and act swiftly to pass this historic legislation.”
National Restaurant Association President and CEO Michelle Korsmo: “This legislation is a major victory for restaurant owners, employees, and the communities they serve. It incorporates key tax provisions vital for industry growth, such as the 199A qualified business income deduction, full expensing of capital investments, and the reinstatement of depreciation and amortization in calculating business interest expenses. These measures are crucial for helping businesses have the working capital they need to cover payroll, manage rising supply costs, and stay competitive. The inclusion of the No Tax on Tips and No Tax on Overtime provisions recognizes the value of our dedicated workforce. More than two million tipped servers and bartenders stand to benefit, while the overtime measure rewards the commitment of over 13 million hourly team members across the sector. Tax policy can determine the survival of small businesses, especially restaurants, where pre-tax margins are often just 3–5%. The inclusion of so many supportive policies was made possible by the unified efforts of our National and State Association members, including the restaurant owners, industry advocates, and employees who shared compelling stories with House members about the positive effect these changes will have on businesses and local economies. We’re grateful for the strong policy provisions and look forward to collaborating with the Senate as the process moves forward.”
International Foodservice Distributors Association SVP of Government and Public Affairs Mala Parker: “IFDA applauds House passage of the One Big Beautiful Bill Act, which includes tax policy essential for the foodservice distribution industry, almost 90 percent of which are family-owned businesses. Increasing and making permanent the 199A pass-through deduction and estate tax exemption will provide certainty and encourage growth for the industry that makes meals away from home possible. We urge the Senate to maintain these provisions as the bill works its way through the legislative process.”
Independent Insurance Agents and Brokers of America SVP Nathan Riedel: “The House took a very big and positive step to bring economic certainty to thousands of small business owners and the consumers they represent. We urge the Senate to do its work to move this legislation forward.”
American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds the House passage of H.R.1, which modernizes farm bill programs and extends and improves critical tax provisions that benefit America’s small farmers and ranchers. Updated reference prices will provide more certainty for farmers struggling through tough economic times. Making business tax deductions permanent and continuing current estate tax exemptions will ensure thousands of families will be able to pass their farms to the next generation. We urge the Senate to work together and swiftly pass legislation to deliver much-needed relief to America’s farm and ranch families.”
U.S. Chamber of Commerce Executive Vice President Neil Bradley: “The House sent a clear message today—American workers and businesses want and need permanent tax relief. A competitive, pro-growth tax code doesn’t just grow the overall U.S. economy, it raises wages for workers and improves the lives of Americans. The legislation passed out of the House this morning contains critical measures that support main street businesses, enhance America’s global competitiveness, and bolster sustained economic growth. The Chamber commends Speaker Johnson for his leadership and commitment to ensuring the permanence of President Trump’s pro-growth tax reforms, and applauds the lawmakers involved in driving this effort forward. We encourage the Senate to continue to move the legislative process forward to deliver lasting benefits for American workers and businesses.”
Airlines for America: “A4A commends the House for passing the One Big Beautiful Bill Act which includes a critical investment of $12.5 billion for modernizing the Federal Aviation Administration’s air traffic facilities, systems and infrastructure. ATC staffing shortages and antiquated equipment, such as copper wires, floppy disks and paper strips, have been a serious concern for years—we are past time to make meaningful change and ensure that the United States has a world-class aviation system. This funding is a vital down payment on updating the system that guides 27,000 flights, 2.7 million passengers and 61,000 tons of cargo every day. The legislation also makes smart, strategic investments in Customs and Border Protection personnel and training for the aviation workforce of tomorrow while supporting American energy dominance in aviation fuel production. We encourage the Senate to move swiftly to pass this bill and send it to the President.”
National Cattlemen’s Beef Association President Buck Wehrbein: “Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation, and pass tax relief that protects family farms and ranches for future generations. Thankfully, this reconciliation bill includes all these key priorities. NCBA was proud to help pass this bill in the House and we will continue pushing for these key policies until the bill is signed into law.”
Uber CEO Dara Khosrowshahi: “Big news from DC—the House just passed President Trump’s tax bill, bringing No Tax On Tips one step closer to the finish line. While it still needs to clear the Senate, this is a big win for hardworking @Uber drivers and couriers across the country 👏”
Job Creators Network CEO Alfredo Ortiz: “Congratulations to President Trump and Speaker Johnson for passing their reconciliation bill in the House. This bill offers historic tax cuts for small businesses and ordinary Americans. By making the Tax Cuts and Jobs Act permanent and expanding key provisions, such as the small business tax deduction, which Job Creators Network was the loudest voice for, this bill offers significant tax relief for decades to come. It will allow small businesses, the backbone of the American economy, to expand, hire, raise wages, and reinvest in their communities, ushering in a new economic Golden Age. On behalf of all small businesses, JCN thanks President Trump and Speaker Johnson for their leadership in passing this bill, which the media said couldn’t be done on this aggressive timeline. Now it’s time for the Senate to follow suit and pass similar legislation, which includes the House’s key small business tax cuts, as soon as possible.”
National Association of Manufacturers President and CEO Jay Timmons: “Today’s House passage of this historic legislation marks a major victory for manufacturers across America. This pro-growth legislation preserves crucial tax policies that will enable manufacturers to create jobs, invest in their communities, grow here at home and compete globally. In short, this is a manufacturers’ bill … This is a pivotal moment. It’s time to double down on policies that encourage manufacturers to invest and create jobs in America and keep our industry strong and our nation competitive on the world stage—because when manufacturing wins, America wins.”
Business Roundtable President and COO Kristen Silverberg: “Under Speaker Johnson’s leadership, the House has achieved a major milestone toward extending and strengthening President Trump’s historic tax reform. Business Roundtable commends the House on taking a giant step forward to protect and boost the economic benefits that tax reform delivered for American businesses, workers and families. By maintaining a competitive corporate tax rate and enhancing essential domestic and international tax provisions, the House budget reconciliation bill will help fuel U.S. investment, innovation and economic growth. As the Senate prepares to act, we stand ready to continue working with Congress and the Administration to pass the most competitive, pro-growth tax package possible.”
American Petroleum Institute President and CEO Mike Sommers: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act to help restore American energy dominance. By preserving competitive tax policies, beginning to reverse the ‘methane fee,’ opening lease sales and advancing important progress on permitting, this historic legislation is a win for our nation’s energy future. We look forward to working with the Senate to strengthen pro-investment provisions and keep America at the forefront of energy innovation.”
National Association of Wholesaler-Distributors CEO Eric Hoplin: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act and extend our sincere thanks to Speaker Mike Johnson, Chairman Jason Smith, the Ways and Means Committee, and House leadership for championing this pro-business, pro-worker legislation. This is a win for the people who roll up their sleeves every day to power our economy, entrepreneurs who build businesses from the ground up, and the workers who keep them running. We urge the Senate to act swiftly and send this bill to the President’s desk so America’s job creators and workers can keep driving our economy forward. The bill makes the 199A deduction permanent and expands it to 23%, helping millions of small businesses, including most wholesaler-distributors. It raises the death tax exemption, protecting family-owned businesses, and restores vital incentives that encourage investment, innovation, and long-term economic growth.”
Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “H.R. 1 delivers a big, beautiful boost to U.S. entrepreneurship and small businesses. SBE Council applauds U.S. House passage of this critically important legislation. In addition to permanent tax relief and incentives that will help entrepreneurs and small business owners grow their firms, level up their businesses, and support their employees, various measures in the legislation correctly right-fit various federal programs and functions that have gone awry and consequently have undermined fiscal accountability and the private sector. Time is of the essence in getting the One Big Beautiful Bill to President Trump’s desk, and we urge the U.S. Senate to move post haste on the work that must be done to deliver the big benefits of the package to small business owners, all taxpayers, and the U.S. economy.”
National Business Aviation Association President and CEO Ed Bolen: “We commend the House for recognizing the importance of improving ATC infrastructure and strengthening the controller workforce to enhance safety and efficiency in the National Airspace System. Business aviation’s ability to serve citizens, companies and communities is only possible because the U.S. leads the world in aviation … As the House reconciliation bill moves to the Senate for consideration, we look forward to working with lawmakers on both sides of the aisle to advance these forward-looking provisions that bolster an essential industry, support countless workers and promote American competitiveness.”
America’s Credit Unions President and CEO Jim Nussle: “Thank you to the U.S. House of Representatives for securing credit unions’ not-for-profit tax status as part of H.R. 1 and recognizing the industry’s importance to strong Main Streets across the country. More than 142 million Americans trust and rely on credit unions to achieve their American Dream, and this bill allows them to continue on their path of financial freedom. We will continue to advocate for policies that create more opportunities for credit unions to bolster our nation’s economic prosperity. We call on the U.S. Senate to continue to protect the credit union tax status as they consider this legislation.”
National Taxpayers Union Executive Vice President Brandon Arnold: “The bill passed by the House contains growth-focused tax relief and some important first steps toward long-needed spending restraint. The Senate now has a strong package that it can build upon and further improve.”
National Association of REALTORS Executive Vice President Shannon McGahn: “We appreciate House leaders for taking this important step with this tax reform bill, which supports hardworking families and strengthens the real estate economy. With lower tax rates, SALT relief, and new incentives for small businesses and community development, this proposal brings real benefits to everyday Americans.”
National Electrical Contractors Association CEO David Long: “These provisions recognize the real-world needs of the electrical construction industry. Whether it’s power generation, grid modernization, cutting-edge data center projects, or clean energy installations, electrical contractors are at the forefront of America’s infrastructure evolution. This legislation gives our contractors the certainty they need to plan, invest, and grow.”
American Hotel & Lodging Association President and CEO Rosanna Maietta: “This is a win for Main Street businesses. We commend lawmakers for including critical tax provisions in the budget reconciliation bill that will prevent a tax increase on American workers and the small businesses that are the backbone of America’s hotel and lodging industry. This is a critical step to stave off the expiration of important tax provisions that will provide our members, the majority of whom are small business owners, the level of certainty they need to effectively operate their businesses. We urge the U.S. Senate to swiftly pass this legislation and send it to President Trump’s desk.”
National Pork Producers Council President Duane Stateler: “America’s pork producers are one step closer to more certainty with the House’s reconciliation bill passage, which includes necessary legislation to keep farms afloat during uncertain times.”
Associated Equipment Distributors President and CEO Brian P. McGuire: “AED commends House Speaker Mike Johnson and his leadership team for securing House passage of the budget reconciliation bill. This legislation delivers pro-growth tax policies, streamlines energy project approvals and strengthens surface transportation infrastructure investments. We look forward to working with the Senate to ensure final passage of this comprehensive package.”
American Federation for Children CEO Tommy Schultz: “We are grateful for the efforts of Speaker Johnson and Congressional leaders in both chambers who have stood up so far to ensure that President Trump’s goal of school choice for every family in every state becomes a reality. American parents deserve nothing less, and we will continue working to get school choice across the finish line as the Senate can deliver on a historic national school choice tax credit. Bringing school choice to every state will be a legacy item for the lawmakers who stand boldly behind parents. We will continue to stand with them to achieve this goal.”
National Federation of Independent Business SVP for Advocacy Adam Temple: “The One Big Beautiful Bill Act includes the most important thing Congress can do to help small businesses and their workers – increasing and making the Small Business Deduction permanent. The bill also provides a tax cut for small business owners through lower individual rates, encourages new capital investments, and helps small business owners provide greater health care benefits to their employees. Members of Congress have a historic opportunity to provide over 33 million small business owners with permanent tax relief and NFIB strongly encourages them to do so.”
Growth Energy CEO Emily Skor: “We’re grateful to our champions on Capitol Hill who have worked hard to preserve and extend rural priorities, like the 45Z clean fuel production tax credit. This budget reconciliation package would give farmers and ethanol producers the freedom and flexibility to deliver for the American people. It ultimately delivers on the President’s agenda—it’s good for rural communities, good for innovation, good for investment, and good for American energy dominance.”
Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “On behalf of our network of grassroots activists and small business owners nationwide, AFP congratulates Speaker Johnson, Majority Leader Scalise, Whip Emmer, and all the committee chairs for shepherding this legislation through the U.S. House of Representatives. Thanks to the efforts of policy champions across the House GOP conference, we are one step closer to giving Americans the pro-growth tax policy they voted for in November. Beyond cementing the foundation for a post-Biden economic recovery, we are poised to embrace an all-of-the-above approach to U.S. energy production, and finally secure our southern border.”
National Foreign Trade Council Vice President for International Tax Policy Anne Gordon: “We would like to once again thank Chairman Smith and the Ways & Means Committee and staff for their tireless work on this bill and Speaker Johnson and the leadership team for their efforts to bring critical U.S. tax legislation one step closer to becoming a reality. We congratulate the House on passing the One, Big, Beautiful Bill and urge the Senate to take up work on it as quickly as possible.”
American Land Title Association CEO Diane Tomb: “We commend the House for passing legislation that recognizes the needs of American small businesses, including the thousands of title and settlement companies ALTA represents. The expanded deduction under Section 199A is a welcome step that supports the long-term health of our small business members and the communities they serve. ALTA is especially pleased to see the preservation of Section 1031 like-kind exchanges, which play a vital role in fueling real estate investment, promoting property improvements and driving local economic growth. Provisions supporting homeownership, including those related to mortgage interest and capital gains exclusions, help provide certainty for buyers, sellers and lenders alike—strengthening the entire housing ecosystem. We urge the Senate to build on this momentum and protect the real estate and housing incentives that help Americans build wealth, promote generational stability and drive our economy forward.”
NRA Institute for Legislative Action Executive Director John Commerford: “This morning, the U.S. House of Representatives passed President Trump’s One, Big, Beautiful Bill, which includes the complete removal of suppressors from the National Firearms Act (NFA). This represents a monumental victory for Second Amendment rights, eliminating burdensome regulations on the purchase of critical hearing protection devices. The NRA thanks the House members who supported this bill and urges its swift passage in the U.S. Senate.”
RATE Coalition Executive Director Dan Combs: “Today’s vote is an historic step toward securing a tax code that rewards investment, supports job growth, and puts American workers first. This legislation builds on the success of the Tax Cuts and Jobs Act, preserving the policies that have helped drive wages up, unemployment down, and investment back into the U.S. economy. The House has done its part to move this forward. Now it’s time to keep that momentum going and get this across the finish line.”
Independent Women’s Center for Economic Opportunity Director Patrice Onwuka: “BOOM. Tax cuts, welfare reforms, green spending cuts, and border strengthening. Major credit is due to @SpeakerJohnson for getting @potus @realDonaldTrump #OneBigBeautifulBill through the House. He has proven to be a quiet force for conservatives. Now onto the Senate.”
Missouri Farm Bureau President Garrett Hawkins: “Our organization remains firmly committed to bringing the next generation home to rural Missouri. The legislation as passed contains top-tier Missouri Farm Bureau priorities to do just that, including making permanent several critical tax provisions such as an increased estate tax exemption, increasing access to Section 179 expensing, and ensuring continued use of key tools such as cash accounting, business interest deductions, and expensing for farms and small businesses. Additionally, the bill contains critical updates to the current farm safety net, including a reference price increase under farm bill programs and updates to dairy margin coverage. We are pleased to see several provisions related to promoting affordable, reliable and domestically produced energy and biofuels contained in the legislation. All of these things together, we believe, will help build a stronger and more resilient rural economy for our children and grandchildren to call home.”
Georgia Commissioner of Agriculture Tyler J. Harper: “President Trump’s Big Beautiful Bill is a much-needed win for Georgia Farmers and American Agriculture after four years of failure under President Biden. I am grateful to every Georgia member who voted in favor, and I urge Senators Ossoff and Warnock to put partisan politics aside and support this critical legislation.”
May 29, 2025 – Ottawa, Ontario – Department of National Defence
The Sexual Misconduct Support and Resource Centre (SMSRC) is expanding its services to include direct legal assistance at no cost to individuals, 18 years and older, who have experienced sexual misconduct in a Department of National Defence (DND)/Canadian Armed Forces (CAF) context.
Starting today, the Independent Legal Assistance (ILA) Program is launching the services of a full-time bilingual independent legal counsel with a background in the prosecution of sexual offences and knowledge of the military justice system.
The ILA Program supports individuals in making informed choices that align with their needs, goals, and circumstances, while helping them understand their rights and options.
Since May 2023, individuals who have experienced sexual misconduct within a DND/CAF context can also apply for reimbursement of eligible legal expenses if they consulted an external lawyer in Canada. Eligible expenses must have been incurred on or after April 1, 2019.
Individuals interested in the ILA Program’s services or in receiving reimbursement for their eligible legal costs can call the SMSRC 24/7 line at 1-844-750-1648 to speak with a counsellor, who will refer them to the ILA Program. They can also email the SMSRC Monday to Friday 7 a.m. to 5 p.m. Eastern Time at DND.SMSRC-CSRIS.MDN@forces.gc.ca.
Headline: Governor Stein Statement on Revised State Revenue Forecast
Governor Stein Statement on Revised State Revenue Forecast lsaito
Raleigh, NC
Today Governor Josh Stein released the following statement on the Consensus Forecasting Group’s revised consensus general fund revenue forecast:
“This nonpartisan report confirms our concerns about the fiscal cliff the state faces if we do not take action to address future revenue shortfalls. State revenues for the two fiscal years ahead are predicted to be lower than what was expected in February: $218 million for FY 2025-26 and $222 million for the fiscal year after that. Slower revenue growth means fewer state dollars to invest in keeping people safe, educating our young people, and providing other important public services.
“This news comes in the midst of an uncertain economy and federal budget pressures that may put funding for critical resources including Medicaid and SNAP in jeopardy. It also comes as we find ourselves on the hook for even more Hurricane Helene recovery expenses. That’s why I proposed freezing tax rates where they are. While the House rejects my proposal and keeps the tax cuts in law, it did create more fiscally prudent triggers that must be satisfied before the cuts go into effect. I call upon the Senate budget writers to follow suit. We need to balance our books, not bury our heads in the sand.”
CHARLESTON, W.Va. – Laurel Blankenship, 58, of Bluefield, was sentenced today to two years in prison, to be followed by one year of supervised release, for conspiracy to commit witness tampering.
On January 18, 2024, a federal jury found Blankenship and her husband, Terry Leon Blankenship, guilty of conspiracy to commit witness tampering following a one-day trial. Evidence at trial proved that from on or about April 4, 2023 through at least July 25, 2023, the Blankenships conspired to influence the testimony of a witness in a federal sex trafficking case against Terry Leon Blankenship.
The witness was a 12-year-old girl who alleged that Terry Leon Blankenship had paid her for sexual activity with vapes and other items. Based upon those allegations, Terry Leon Blankenship was indicted on a charge of sex trafficking of a minor under the age of 14. Later, the minor victim recanted the allegation during the course of a West Virginia Child Protective Services (CPS) investigation that could have resulted in her being placed into foster care. In multiple recorded audio and video jail calls while Terry Leon Blankenship was incarcerated pending trial in the sex trafficking case, he and his wife had numerous conversations about ensuring that the minor witness maintained the recantation she had allegedly made to CPS. The recorded conversations included discussions about bribing the minor witness with an iPhone to ensure she stood by her recantation.
At the time of this offense conduct, Terry Leon Blankenship was a registered sex offender after pleading guilty to possession of child pornography in United States District Court for the Southern District of West Virginia on December 5, 2008. He was sentenced to eight years and four months in prison in that case, and was serving a lifetime term of supervised release at the time of the alleged sex trafficking offense and subsequent attempts at witness tampering.
Following an evidentiary hearing, the Court concluded that Terry Leon Blankenship engaged in sex acts with the minor female, that her initial disclosure of his sexual abuse was credible, and that the later recantation was not.
“Despite knowing that her husband was on federal supervised release and not permitted to be around children, Laurel Blankenship allowed children into their home including overnight,” said Acting United States Attorney Lisa G. Johnston. “She fostered the environment that allowed her husband to sexually abuse the child.”
The jury also convicted Terry Leon Blankenship, 56, of interfering with the enforcement of federal sex trafficking laws and attempted witness tampering. He was sentenced on Tuesday, May 27, 2025, to 12 years in prison, to be followed by a lifetime of supervised release. He is scheduled for a revocation hearing on his alleged violations of supervised release on June 10, 2025.
Johnston made the announcement and commended the investigative work of the Mercer County Sheriff’s Department.
United States District Judge Thomas E. Johnston imposed the sentence. Assistant United States Attorney Jennifer Rada Herrald and former Assistant United States Attorney Andrew D. Isabell prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:23-cr-97.
NOTICE TO LAW ENFORCEMENT: Before arrest, verify warrant through the National Crime Information Center (NCIC). If subject is arrested or whereabouts known, contact the nearest U.S. Marshals Service office, American Embassy/Consulate, call the U.S. Marshals Service Communications Center at 1-800-336-0102, or submit a tip using U.S. Marshals Service Tips.
VANCOUVER, British Columbia, May 29, 2025 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) today reported its 2025 first quarter performance reflecting continued strength in its core fee-based revenue streams and a one-time provision associated with the transfer of its Digital Banking business.
“This quarter, we finalized activities to support the transition of the digital banking side of our business, including the transfer of some employees to Intellect Design,” said Sheila Vokey, President & CEO of Central 1. “We are focused on our role to deliver reliable payments through a centralized platform of new APIs, core investments and financial products through our treasury team, and as a connector to critical financial services partners and major banking hosts in Canada. Central 1 remains focused on delivering long-term value through ongoing innovation and operational stability.”
First quarter 2025 compared with the first quarter 2024:
Net loss, inclusive of provision related to digital banking, was $24.0 million, compared with net income of $28.9 million.
Adjusted net income of $1.7 million, compared with $28.9 million.
Net interest income was $17.4 million, compared with $14.5 million.
Net fair value losses were $7.4 million, compared with net fair value gains of $34.5 million.
Return on average equity (ROE)1,2 of (2.3)%, compared with 3.8%.
Adjusted ROE1,2 of 0.8%, compared with 3.8%.
Adjusted net income in the current quarter excludes a provision of $35.1 million (pre-tax).
Core Business Performance:
Digital Banking In January 2025, Central 1 announced the transfer of digital banking operations to Intellect Design Arena Ltd. (Intellect), and the transaction closed February 28, 2025. Also during the quarter, Central 1 recognized a provision of $35.1 million related to the asset transfer and Central 1’s obligation to provide on-going access to its digital banking infrastructure to Intellect. Central 1 continues to work with Intellect and our clients to support clients’ transition to alternative digital banking providers within a three-to-four-year timeline.
Treasury Treasury reported net income was $5.4 million for the quarter, reflecting the impact of challenging market conditions, including a broad-based widening of credit spreads and a shift in market sentiment. Widening credit spreads in response to the threat of higher tariffs resulted in unrealized losses on Treasury’s fixed income portfolio of $7.4 million. While these external factors influenced performance compared to the $34.6 million reported in the first quarter of the prior year, results were supported by an increase in net interest income, underscoring the strength and resilience of the core business operations.
Payments Payments reported a net loss of $1.7 million for the quarter, compared to net income of $1.9 million in the same period last year. This loss reflects strategic investments to accelerate long-term growth, including the ongoing development of enhanced payment capabilities for both new and existing clients. As part of this forward-looking approach, non-interest expenses increased by $5.6 million year-over-year. Total revenue remained consistent with the prior year, highlighting a stable foundation as the division positions itself for future expansion.
In February, Central 1 welcomed a new Chief Payments Officer, Barclay Hancock, who draws on his significant experience in payments across business and financial services to lead the business line as we continue to deliver reliable payments services through our centralized, modular platform of APIs. Central 1 continues to add API availability, including API access to our existing connections with all the major banking hosts in Canada — delivering payments transactions and banking host data for clients regardless of the digital banking provider they use.
Central 1’s first quarter Management’s Discussion and Analysis (MD&A) and Financial Statements have been filed on Central 1’s SEDAR profile at www.sedarplus.com and are also available at www.central1.com/investor-relations.
Notes 1.This is anon-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section oftheMD&A for more information.
2.When calculating the annualized return on average assets and annualized return on average equity, the onerous contract provision was treated as a non-recurring item and therefore was not annualized.
About Central 1 Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $10.8 billion as of March 31, 2025, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.
Caution Regarding Forward Looking Statements This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals and priorities, including focus on capital and cost management, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate , the impacts of external events such as international conflicts, protests, natural disasters or pandemics, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results and the timing of such results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemics, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Central 1 is subject to risks associated with evolving U.S. trade and tariff policies, inflationary pressures, interest rate volatility, and potential regulatory changes under the current U.S. administration. Shifts in tariff structures or global trade conditions may adversely affect our cost structure and overall operating environment. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contacts
Media: Heather Merry Senior Manager, Communications Central 1 Credit Union T 1.800.661.6813 ext. 2355 Ecommunications@central1.com
Investors: Brent Clode Chief Investment Officer Central 1 Credit Union T 905.282.8588 or 1.800.661.6813 ext. 8588 Ebclode@central1.com
Revenue grows 23% year-over-year to $678.0 million
Calculated billings grows 25% year-over-year to $784.5 million
Deferred revenue grows 26%year-over-year to $1,985.0 million
GAAP net loss of $4.1 million compared to GAAP net income of $19.1 million on a year-over-year basis
Non-GAAP net income of $136.8 million compared to non-GAAP net income of $113.0 million on a year-over-year basis
SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its third quarter of fiscal year 2025, ended April 30, 2025.
“We delivered outstanding Q3 results as an increasing number of customers adopt our expanding Zero Trust Exchange platform. We enable customers to realize Zero Trust Everywhere while lowering operational cost and complexity,” said Jay Chaudhry, Chairman and CEO of Zscaler. “The proliferation of AI in all aspects of business is increasing the need for our AI security. We empower customers to securely adopt both public GenAI apps and their own private AI apps, and we are increasing our investments in this area.”
ThirdQuarter Fiscal 2025 Financial Highlights
Revenue: $678.0 million, an increase of 23% year-over-year.
Income (loss) from operations: GAAP loss from operations was $25.4 million, or 4% of revenue, compared to $3.0 million, or 1% of revenue, in the third quarter of fiscal 2024. Non-GAAP income from operations was $146.7 million, or 22% of revenue, compared to $121.8 million, or 22% of revenue, in the third quarter of fiscal 2024.
Net income (loss): GAAP net loss was $4.1 million, compared to GAAP net income of $19.1 million in the third quarter of fiscal 2024. Non-GAAP net income was $136.8 million, compared to $113.0 million in the third quarter of fiscal 2024.
Net income (loss) per share, diluted: GAAP net loss per share was $0.03, compared to GAAP net income per share of $0.12 in the third quarter of fiscal 2024. Non-GAAP net income per share was $0.84, compared to $0.71 in the third quarter of fiscal 2024.
Cash flows: Cash provided by operations was $211.1 million, or 31% of revenue, compared to $173.4 million, or 31% of revenue, in the third quarter of fiscal 2024. Free cash flow was $119.5 million, or 18% of revenue, compared to $123.1 million, or 22% of revenue, in the third quarter of fiscal 2024.
Deferred revenue: $1,985.0 million as of April 30, 2025, an increase of 26% year-over-year.
Cash, cash equivalents and short-term investments: $3,005.6 million as of April 30, 2025, an increase of $595.9 million from July 31, 2024.
Recent Business Highlights
Announced the appointment of Kevin Rubin as Chief Financial Officer. Rubin brings over two decades of experience leading finance organizations at high-growth public and private companies.
Announced the appointment of Raj Judge to the Board of Directors, and as EVP of Corporate Strategy & Ventures. Judge brings over 25 years of experience in the tech legal and venture capital space.
In May 2025, signed a definitive agreement to acquire Red Canary, a leading managed detection and response (MDR) vendor. By combining Zscaler’s high-volume and high-quality data with Red Canary’s domain expertise in MDR, Zscaler will accelerate its vision to deliver AI-powered security operations.
Recognized as a Leader in the 2025 Gartner® Magic Quadrant™ for Security Service Edge (SSE) for the fourth year in a row.
Positioned as a Leader in the IDC MarketScape: Worldwide Data Loss Prevention (DLP) 2025 Vendor Assessment, which offers a comprehensive evaluation of nine companies in the competitive DLP space based on detailed analysis of vendor capabilities and performance and market trajectories.
Introduced Zscaler Asset Exposure Management, a critical foundation of the company’s broader Continuous Threat Exposure Management (CTEM) offerings. Asset Exposure Management provides organizations with a comprehensive and accurate inventory of their assets and their risk.
Zscaler’s ThreatLabz published several research reports, including the 2025 AI Security Report, the 2025 VPN Risk Report, and the 2025 Phishing Report.
The 2025 AI Security Report found that enterprises’ usage of AI/ML tools increased by over 3,000% in the past year, reinforcing the need to deploy Zero Trust Everywhere to stay ahead of rapidly evolving cyberthreats.
The 2025 VPN Risk Report found that 92% of organizations are concerned about ransomware attacks due to VPN vulnerabilities, and 81% of organizations are planning to implement a zero trust everywhere strategy.
The 2025 Phishing Report found that attackers are using GenAI to launch targeted attacks against high-impact business functions like HR and finance, making a Zero Trust + AI defense strategy mission critical for organizations.
Announced T-Mobile modernized its infrastructure with Zscaler’s Zero Trust Exchange to provide Zero Trust security to its employees and team members whether they are in the office, at home or on the go.
Announced the inclusion of Zscaler solutions in the AWS Marketplace for the U.S. Intelligence Community (ICMP), a curated digital catalog from Amazon Web Services (AWS) that makes it easy to discover, purchase, and deploy software packages and applications from vendors that specialize in supporting government customers.
Change in Non-GAAP Measures Presentation
Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.
Financial Outlook
For the fourth quarter of fiscal 2025, we expect:
Revenue of $705 million to $707 million
Non-GAAP income from operations of $152 million to $154 million
Non-GAAP net income per share of approximately $0.79 to $0.80, assuming approximately 164 million fully diluted shares outstanding and a non-GAAP tax rate of 23%
For the full year of fiscal 2025, we expect:
Revenue of approximately $2.659 billion to $2.661 billion
Calculated billings of $3.184 billion to $3.189 billion
Non-GAAP income from operations of $573 million to $575 million
Non-GAAP net income per share of $3.18 to $3.19, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.
For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.
Conference Call and Webcast Information
Zscaler will host a conference call for analysts and investors to discuss its third quarter of fiscal 2025 and outlook for its fourth quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).
To join by phone, register at the following link: (https://register-conf.media-server.com/register/BIa63048e1e74d49ad9d61c0370b786cbb. After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.
Upcoming Conferences
Fourth quarter of fiscal 2025 investor conference participation schedule:
Bank of America 2025 Global Technology Conference in San Francisco Thursday, June 5, 2025
2025 BMO Virtual Software Conference (Virtual) Monday, June 9, 2025
Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the fourth quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.
Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2025 filed on March 10, 2025 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Use of Non-GAAP Financial Information
We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.
About Zscaler
Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.
Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.
Less: Antidilutive impact of capped call transactions (4)
(1,946
)
(2,050
)
(1,656
)
(1,539
)
Weighted-average shares used in computing non-GAAP net income per share, diluted
163,401
159,657
162,782
159,338
___________
(1) Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.
(2) Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three and nine months ended April 30, 2025, we recognized a tax benefit of $0.2 million and $17.4 million, respectively, attributable to the release of the valuation allowance on U.K. deferred tax assets.
(3) The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.
(4) We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.
ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
Three Months Ended
Nine Months Ended
April 30,
April 30,
2025
2024
2025
2024
Calculated Billings
Revenue
$
678,034
$
553,201
$
1,953,889
$
1,574,903
Add: Total deferred revenue, end of period
1,984,985
1,577,014
1,984,985
1,577,014
Less: Total deferred revenue, beginning of period
(1,878,505
)
(1,502,175
)
(1,894,974
)
(1,439,676
)
Calculated billings
$
784,514
$
628,040
$
2,043,900
$
1,712,241
Free Cash Flow
Net cash provided by operating activities
$
211,081
$
173,414
$
721,849
$
576,289
Less: Purchases of property, equipment and other assets
(72,163
)
(35,651
)
(104,206
)
(95,204
)
Less: Capitalized internal-use software
(19,455
)
(14,637
)
(62,871
)
(32,453
)
Free cash flow
$
119,463
$
123,126
$
554,772
$
448,632
Free Cash Flow Margin
Net cash provided by operating activities, as a percentage of revenue
31
%
31
%
37
%
37
%
Less: Purchases of property, equipment and other assets, as a percentage of revenue
(10
)%
(6
)%
(6
)%
(6
)%
Less: Capitalized internal-use software, as a percentage of revenue
(3
)%
(3
)%
(3
)%
(3
)%
Free cash flow margin
18
%
22
%
28
%
28
%
ZSCALER, INC. Explanation of Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.
Expenses Excluded from Non-GAAP Measures
Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.
Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.
Non-GAAP Financial Measures
Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.
Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.
Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net income (loss) excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.
Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.
Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.
LOS ANGELES, May 29, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank (“the Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”, announced that its Board of Directors authorized a stock repurchase plan providing for the repurchase of up to $18 million of the Company’s outstanding common stock through June 30, 2026.
The repurchase plan permits shares to be purchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission. The authorized repurchase plan may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase plan does not obligate the Company to purchase any particular number of shares.
Corporate Overview
RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to Asian-centric communities through 24 full-service branches across 6 states including California, Nevada, New York, New Jersey, Illinois, and Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.
Safe Harbor
Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.
NEW PORT RICHEY, Fla., May 29, 2025 (GLOBE NEWSWIRE) — Zeo Energy Corp. (Nasdaq: ZEO) “Zeo Energy” or the “Company”), announced today that, as expected, it received a notice (the “Notice”) from Nasdaq on May 22, 2025, notifying the Company that it is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) because the Company’s Quarterly Report on Form 10-Q for the for the three months ended March 31, 2025 (the “10-Q”) was not filed with the Securities and Exchange Commission (the “SEC”) by the required due date of May 15, 2025.
As previously reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the “Commission”) on April 18, 2025, the Company received a deficiency notice from Nasdaq that the Company was not in compliance with Nasdaq’s Listing Rules as set forth in Listing Rule 5250(c)(1) given the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “10-K”). The Company subsequently filed the 10-K on May 28, 2025.
This Notice received from Nasdaq has no immediate effect on the listing or trading of the Company’s shares. Nasdaq has provided the Company until Monday, June 16, 2025, to submit a plan to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company an exception until October 13, 2025 to regain compliance with the Nasdaq Listing Rules.
The Company continues to work diligently to complete the 10-Q, after which the Company anticipates maintaining compliance with its SEC reporting obligations.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Zeo Energy Corp.
Zeo Energy Corp. is a Florida-based regional provider of residential solar, distributed energy, and energy efficiency solutions. Zeo Energy focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo Energy, through its Sunergy business, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.
This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the filing of the 10-Q, maintaining compliance with SEC reporting obligations and regaining compliance with Nasdaq listing rules. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company’s success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company’s ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company’s securities; (v) geopolitical risk and changes in applicable laws or regulations; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company’s resources; and (ix) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2024 and in its subsequent periodic reports and other filings with the SEC.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.
Zeo Energy Corp. Contacts
For Investors: Tom Colton and Greg Bradbury Gateway Group ZEO@gateway-grp.com
Monterey, CA, May 29, 2025 (GLOBE NEWSWIRE) — ChampionsGate Acquisition Corporation (Nasdaq: CHPGU), a Cayman Islands exempted company (the “Company”), today announced that it closed its initial public offering of 7,475,000 units at $10.00 per unit, which includes the full exercise of the underwriter’s over-allotment option. The gross proceeds from the offering were $74.75 million before deducting underwriting discounts and estimated offering expenses. The units began trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CHPGU” on May 28, 2025.
The Company is a blank check company sponsored by ST Sponsor Limited (the “Sponsor”), a Cayman Islands exempted company, formed for the purpose of effecting into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.
Each unit consists of one Class A ordinary share, par value $0.0001 per share (a “Class A Ordinary Share”), and one right (a “Right”). Each Right entitles the holder to receive one-eighth of one Class A Ordinary Share at the closing of the initial business combination of the Company. Once the securities comprising the units begin separate trading, the Class A Ordinary Shares and the Rights are expected to be listed on Nasdaq under the symbols “CHPG” and “CHPGR”, respectively.
Clear Street LLC (“Clear Street”) acted as the sole book-running manager in the offering.
FocalPoint Asia acted as the exclusive advisor to the Sponsor.
Robinson & Cole LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to Clear Street.
The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on May 14, 2025.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities regulatory authority has either approved or disapproved of the contents of this press release.
About ChampionsGate Acquisition Corporation
ChampionsGate Acquisition Corporation is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability for the purpose of effecting into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement and related preliminary prospectus filed by the Company with the SEC in connection with the Company’s initial public offering. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.
Contact Information:
ChampionsGate Acquisition Corporation
Bala Padmakumar Chairman, Chief Executive Officer, and Director 419 Webster Street Monterey, CA 93940 Email: bala@championsgate.biz
New York, May 29, 2025 (GLOBE NEWSWIRE) — Color Star Technology Co., Ltd. (Nasdaq: ADD) (“Color Star” or the “Company”), a global entertainment technology company specializing in the integration of artificial intelligence and technology in the entertainment industry, today announced a significant milestone in the company’s new cryptocurrency mining business.
The Company has deployed 10,000 Bitmain Antminer T21 rigs at the facility in Kazakhstan, positioning Color Star as a significant emerging player in the global Bitcoin mining landscape. During its first month of operation in April, the cryptocurrency mining farm generated approximately 29 Bitcoins (BTC).
Color Star will continue to monitor the performance of its mining operations and the broader cryptocurrency market to determine its strategic decisions. The Company remains committed to maximizing returns on investment and delivering long-term value to its shareholders through operational efficiency and technological advancement.
About Color Star Technology Co., Ltd. Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. The Company has also commenced operations in its new cryptocurrency mining business. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.com.
Forward-Looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and pricing; government regulations; the ability of Color Star to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.
Contact Color Star Investor Relations Office Number No. 1003, 9th Floor, 7 World Trade Center, Suite 4621 New York NY 10007 Office: (212) 410-5186 Email ir@colorstarinternational.com
SANTA CLARA, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced first quarter fiscal 2026 financial results for the period ended April 30, 2025.
Revenue for the first quarter of fiscal 2026 was $85.9 million, up 57.6% from $54.5 million in the same period in fiscal 2025.
Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2026 was 60.0%, compared with 60.9% for the same period in fiscal 2025.
GAAP net loss for the first quarter of fiscal 2026 was $24.3 million, or loss per diluted ordinary share of $0.58, compared with a GAAP net loss of $37.9 million, or loss per diluted ordinary share of $0.93, for the same period in fiscal 2025.
Financial results on a non-GAAP basis for the first quarter of fiscal 2026 are as follows:
Gross margin on a non-GAAP basis for the first quarter of fiscal 2026 was 62.0%, compared with 63.4% for the same period in fiscal 2025.
Non-GAAP net profit for the first quarter of fiscal 2026 was $3.0 million, or earnings per diluted ordinary share of $0.07. This compares with non-GAAP net loss of $10.5 million, or loss per diluted ordinary share of $0.26, for the same period in fiscal 2025.
Based on information available as of today, Ambarella is offering the following guidance for the second quarter of fiscal year 2026, ending July 31, 2025:
Revenue is expected to be between $86.0 million and $94.0 million.
Gross margin on a non-GAAP basis is expected to be between 60.5% and 62.0%.
Non-GAAP operating expenses are expected to be between $52.5 million and $55.5 million.
Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation and acquisition-related costs adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.
Total cash, cash equivalents and marketable debt securities on hand at the end of the first quarter of fiscal 2026 was $259.4 million, compared with $250.3 million at the end of the prior quarter and $203.3 million at the end of the same quarter a year ago.
“As the established edge AI market leader, we achieved our fourth consecutive quarter of record AI revenue with results in the upper half of our Q1 revenue guidance range. We are increasing our fiscal 2026 revenue growth guidance to a range of 19% to 25%, or approximately $348 million at the mid-point, with the broader guidance range reflecting our consideration of the uncertain geopolitical environment,” said Fermi Wang, President & CEO. “We continue to innovate at a rapid pace, and by leveraging our low power and scalable 3rd generation AI silicon and software architecture, our development of a new SoC is efficiently extending our reach into the edge AI infrastructure market.”
Stock Repurchase
During the second quarter of fiscal year 2026, Ambarella’s Board of Directors approved an extension of the current share repurchase program for an additional twelve months ending June 30, 2026. In the first quarter of fiscal year 2026, the company repurchased a total of 24,152 shares for total consideration of approximately $1.0 million. As of today, there is approximately $48.0 million available for repurchase under the company’s stock repurchase program. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company’s discretion.
Quarterly Conference Call
Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and John Young, Chief Financial Officer, to discuss the first quarter of fiscal year 2026 results. A live and archived webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ for up to 30 days after the call.
About Ambarella
Ambarella’s products are used in a wide variety of edge AI and human vision applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) provide powerful deep neural network processing to enable intelligent perception, fusion and planning, and offer high-resolution video compression, advanced image and radar processing. For more information, please visit www.ambarella.com.
“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as “outlook,” “projected,” “intends,” “will,” “estimates,” “anticipates,” “expects,” “believes,” “could,” “should,” or similar expressions, including the guidance for the second quarter of fiscal year 2026 ending July 31, 2025, and the comments of our CEO relating to our expectation of future revenue growth, the growth potential for our edge AI inference products, our ability to continue to innovate, and our ability to expand into edge infrastructure. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance.
The risks and uncertainties referred to above include, but are not limited to, global economic and political conditions; changes in government policies, including possible trade tariffs and restrictions; revenue being generated from new customers or design wins, neither of which is assured; the commercial success of our customers’ products; our customers’ ability to manage their inventory requirements; our growth strategy; our ability to anticipate future market demands and future needs of our customers, particularly for AI inference applications; our ability to introduce, and to generate revenue from, new and enhanced solutions; our ability to develop, and to generate revenue from, new advanced technologies, such as computer vision, AI functionality and advanced networks, including vision-language models and GenAI; our ability to retain and expand customer relationships and to achieve design wins; the expansion of our current markets and our ability to successfully enter new markets and applications, such as edge infrastructure; anticipated trends and challenges, including competition, in the markets in which we operate; risks associated with global health conditions and associated risk mitigation measures; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation.
Further information on these and other factors that could affect our financial results is included in the company’s Annual Report on Form 10-K for our 2025 fiscal year, which is on file with the Securities and Exchange Commission. Additional information will also set forth in the company’s quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings the company makes with the Securities and Exchange Commission from time to time, copies of which may be obtained by visiting the Investor Relations portion of our web site at www.ambarella.com or the SEC’s web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. The results we report in our Quarterly Report on Form 10-Q for the first fiscal quarter ended April 30, 2025 could differ from the preliminary results announced in this press release.
Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.
Non-GAAP Financial Measures
The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.
With respect to its financial results for the first quarter of fiscal year 2026, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the second quarter of fiscal year 2026, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.
AMBARELLA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended April 30,
2025
2024
Revenue
$
85,872
$
54,473
Cost of revenue
34,336
21,313
Gross profit
51,536
33,160
Operating expenses:
Research and development
58,819
54,137
Selling, general and administrative
18,575
18,468
Total operating expenses
77,394
72,605
Loss from operations
(25,858
)
(39,445
)
Other income, net
2,175
2,271
Loss before income taxes
(23,683
)
(37,174
)
Provision for income taxes
645
758
Net loss
$
(24,328
)
$
(37,932
)
Net loss per share attributable to ordinary shareholders:
Basic
$
(0.58
)
$
(0.93
)
Diluted
$
(0.58
)
$
(0.93
)
Weighted-average shares used to compute net loss per share
attributable to ordinary shareholders:
Basic
42,219,972
40,774,991
Diluted
42,219,972
40,774,991
The following tables present details of stock-based compensation and acquisition-related costs included in each functional line item in the condensed consolidated statements of operations above:
Three Months Ended April 30,
2025
2024
(unaudited, in thousands)
Stock-based compensation:
Cost of revenue
$
951
$
607
Research and development
17,585
17,621
Selling, general and administrative
7,594
7,808
Total stock-based compensation
$
26,130
$
26,036
Three Months Ended April 30,
2025
2024
(unaudited, in thousands)
Acquisition-related costs:
Cost of revenue
$
757
$
757
Research and development
—
—
Selling, general and administrative
456
520
Total acquisition-related costs
$
1,213
$
1,277
The difference between GAAP and non-GAAP gross margin was 2.0% and 2.5%, or $1.7 million and $1.4 million, for the three months ended April 30, 2025 and 2024, respectively. The differences were due to the effect of stock-based compensation and amortization of acquisition-related costs.
AMBARELLA, INC.
RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
(in thousands, except share and per share data)
Three Months Ended April 30,
2025
2024
(unaudited)
GAAP net loss
$
(24,328
)
$
(37,932
)
Non-GAAP adjustments:
Stock-based compensation expense
26,130
26,036
Acquisition-related costs
1,213
1,277
Income tax effect
14
152
Non-GAAP net income (loss)
$
3,029
$
(10,467
)
GAAP – diluted weighted average shares
42,219,972
40,774,991
Non-GAAP – diluted weighted average shares
42,451,235
40,774,991
GAAP – diluted net loss per share
$
(0.58
)
$
(0.93
)
Non-GAAP adjustments:
Stock-based compensation expense
0.62
0.64
Acquisition-related costs
0.03
0.03
Income tax effect
—
—
Effect of Non-GAAP – diluted weighted average shares
Beijing, May 29, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, today announced that it will implement the consolidation (the “Consolidation”) of the ordinary shares of the Company (the “Shares”) on the basis of 50 pre-Consolidation Shares for every one (1) post-Consolidation Share. The Company’s ordinary shares will begin trading on a post-Consolidation basis at market open on June 3, 2025.
The Consolidation reduces the number of the Company’s total issued and outstanding Class A ordinary shares from 98,713,955 Class A ordinary shares with a par value of US$0.001 each to approximately 1,974,279 Class A ordinary shares with a par value of US$0.05 each. The Company’s total issued and outstanding Class B ordinary shares will be reduced from 2,100,000 Class B ordinary shares with a par value of US$0.001 each to approximately 42,000 Class B ordinary shares with a par value of US$0.05 each.
No fractional shares will be issued to any shareholders in connection with the Consolidation, and any fractional shares which would have resulted from the Consolidation will be rounded down to the next whole number and the Company will make a cash payment (without interest) to all the holders of Class A Ordinary Shares and Class B Ordinary Shares equal to such fraction multiplied by the average of the closing sales prices of the ordinary shares on Nasdaq during regular trading hours for the five consecutive trading days immediately preceding the expected first trading day of the Consolidation (with such average closing sales prices being adjusted to give effect to the Consolidation) subject to a de minimums. The Consolidation affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s ordinary shares, except for adjustments that may result from the treatment of fractional shares.
Trading in the Class A ordinary shares will continue on the Nasdaq Capital Market, under the same symbol “AGMH” but under a new CUSIP Number, G0132V121.
Registered shareholders who hold physical Share certificates will receive a letter of transmittal requesting that they forward pre-Consolidation Share certificates to the Company’s transfer agent, VStock Transfer, LLC in exchange for new Share certificates representing Shares on a post-Consolidation basis. Shareholders who hold their Shares through a broker or other intermediary and do not have Shares registered in their own name will not be required to complete a letter of transmittal.
About AGM Group Holdings Inc.
AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today announced the appointment of Kevin Rubin as Chief Financial Officer. In his role, Rubin will oversee Zscaler’s global finance organization and play a critical role in scaling the company’s operations to support its next phase of growth and innovation.
Rubin brings a wealth of financial expertise and strategic leadership experience in the technology industry, with a strong track record of driving operational excellence, managing business transformations, and delivering shareholder value. He will succeed Remo Canessa, who announced his intention to retire last year. Canessa will remain with Zscaler until the end of the fiscal year 2025 in an advisory capacity to support the transition.
“I am thrilled to welcome Kevin to the Zscaler leadership team during this transformative era of growth,” said Jay Chaudhry, Chairman and CEO of Zscaler. “As organizations around the globe embrace AI security and Zero Trust Everywhere for their digital transformation journeys, Kevin’s exceptional financial expertise, industry depth, and leadership at scale will be pivotal in driving Zscaler towards $5 billion and beyond in Annual Recurring Revenue. His proven CFO experience will be instrumental as we empower businesses to reimagine secure cloud adoption, harness AI-driven innovation, and shape the future of cybersecurity. I look forward to collaborating closely with Kevin to achieve our goals and further strengthen Zscaler’s leadership in the market.”
Rubin brings over two decades of experience leading finance organizations at high-growth public and private companies. Prior to Zscaler he was CFO at BetterUp, where he guided the company’s financial strategy and operational scale. Before that, Rubin served as CFO at Alteryx, where he was responsible for global financial operations, investor relations, corporate development and ventures, real estate, and workplace services. Rubin led the company’s successful IPO, and under his leadership, the company’s Annual Recurring Revenue grew to $1 billion. Previously, Rubin served as CFO at MSC Software, Pictage, DDN Storage and MRV Communications, honing a diverse skill set in financial strategy, operations, compliance, and investor relations.
“Zscaler is driving a major paradigm shift in cybersecurity with its unique Zero Trust platform which enables organizations to digitally transform their operations and securely adopt AI for productivity and efficiency gains,” said Kevin Rubin. “I am excited to join such a dynamic and innovative company and look forward to collaborating with the team to advance Zscaler’s mission.”
Forward-Looking Statements
This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include the potential impact of the executive appointment to Zscaler’s future recurring revenue and ability to grow and scale. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. A significant number of factors could cause actual results to differ materially from statements made in this press release.
Additional risks and uncertainties are set forth in our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on March 10, 2025, which is available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. Any forward-looking statements in this release are based on the limited information currently available to Zscaler as of the date hereof, which is subject to change, and Zscaler will not necessarily update the information, even if new information becomes available in the future.
About Zscaler
Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.
Zscaler™, Zscaler Zero Trust Exchange™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™, and ZPA™ and Zscaler B2B™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.
PRINCETON, NEW JERSEY, May 29, 2025 (GLOBE NEWSWIRE) — Digital Asset Acquisition Corp. (Nasdaq: DAAQU) (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their overallotment option in full, completed on April 30, 2025 (the “Offering”), may elect to separately trade the Class A ordinary shares and warrants included in the units commencing on or about June 2, 2025. Any units not separated will continue to trade on The Nasdaq Global Market under the symbol “DAAQU,” and each of the Class A ordinary shares and warrants will separately trade on The Nasdaq Global Market under the symbols “DAAQ” and “DAAQW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Efficiency, the Company’s transfer agent, at dwacrequests@useefficiency.com in order to separate the units into Class A ordinary shares and warrants.
A registration statement relating to the securities was declared effective on April 28, 2025 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Digital Asset Acquisition Corp.
Digital Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the digital asset and cryptocurrency sectors.
Contact
Peter Ort Principal Executive Officer and Co-Chairman Digital Asset Acquisition Corp. pete@curaleaassociates.com
PRINCETON, NEW JERSEY, May 29, 2025 (GLOBE NEWSWIRE) — Real Asset Acquisition Corp. (Nasdaq: RAAQU) (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their overallotment option in full, completed on April 30, 2025 (the “Offering”), may elect to separately trade the Class A ordinary shares and warrants included in the units commencing on or about June 2, 2025. Any units not separated will continue to trade on The Nasdaq Global Market under the symbol “RAAQU,” and each of the Class A ordinary shares and warrants will separately trade on The Nasdaq Global Market under the symbols “RAAQ” and “RAAQW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Efficiency, the Company’s transfer agent at dwacrequests@useefficiency.com, in order to separate the units into Class A ordinary shares and warrants.
A registration statement relating to the securities was declared effective on April 28, 2025 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Real Asset Acquisition Corp.
Real Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the quantum computing, metals/mining, rare earth and infrastructure sectors.
Contact
Peter Ort Principal Executive Officer and Co-Chairman Real Asset Acquisition Corp. pete@curaleaassociates.com
Congressman Fry Leads Push for State-Led Management of South Atlantic Snapper-Grouper Fishery
WASHINGTON, D.C. – Congressman Russell Fry (SC-07) led a letter from Republican members of the South Carolina delegation to U.S. Secretary of Commerce Howard Lutnick, urging the Department of Commerce to adopt a new state-led framework for managing the snapper-grouper fishery in the South Atlantic. The letter calls for putting a stop to heavy-handed federal restrictions and letting states like South Carolina take the lead in managing and tracking their own fisheries.
Earlier this month, South Carolina Governor Henry McMaster signed a similar bill giving more control of the red snapper industry to the state.
The South Carolina lawmakers expressed strong concerns over the National Oceanic and Atmospheric Administration’s (NOAA) reliance on flawed Marine Recreational Information Program (MRIP) data, which has driven severe restrictions, including extremely short recreational red snapper seasons and expansive bottomfishing closures.
South Carolina’s recreational fishing and boating economy generates over $6.5 billion annually and supports more than 27,000 jobs. Local anglers and business owners—from Murrells Inlet to Hilton Head—depend on fair and effective fisheries management to sustain their way of life.
In their letter, the lawmakers urged the Department of Commerce to:
Pause implementation of Amendment 59 and similar federal closures
Support a cooperative, state-led fisheries management approach modeled after the successful Gulf red snapper program
Empower states to collect better data and deliver more balanced, accountable management
“For too long, federal mismanagement has hurt our coastal communities and undermined trust in the system,” said Congressman Fry. “South Carolina anglers deserve better than critical decisions based on bad data. It’s time to follow the successful model we’ve seen in the Gulf of America and let states lead the way, just like we did under the first Trump administration in the Gulf.”
This letter was signed by South Carolina Senators Lindsey Graham and Tim Scott, as well as South Carolina Representatives Sherri Biggs, Nancy Mace, Ralph Norman, William Timmons, and Joe Wilson.
Read the full letter here.
Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.
Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)
Today, Congresswoman Suzan DelBene (WA-01) highlighted the harm of President Trump’s ongoing tariff chaos at the Port of Seattle with Washington workers, businesses, and health care providers.
Tariffs are a tax on imported goods paid by American businesses and often passed along to American consumers. Since taking office, Trump has put sweeping tariffs in place against some of our closest allies and trading partners with no clear plan. In other instances, he has threatened to do so and pulled back at the last minute. This instability is extremely harmful to businesses and their customers as they cannot adequately plan for the future. This leads to more expensive business inputs, supply chain disruptions, and fewer markets available to sell goods into.
Tariffs hit Washington especially hard because the state is trade-dependent: 4-in-10 Washington jobs are tied to trade. Slowdowns at the Port of Seattle and other ports of entry can mean less work for longshoremen, truckers, and other shipping jobs, and fewer goods on shelves.
“Washington is a very trade-dependent state, and the president’s tariff chaos is hurting businesses, threatening jobs, and raising prices on families. Trump has no clear plan for his trade war, and damage is being done. As a former businesswoman, I know firsthand that businesses need stability to plan and grow,” said DelBene. “Congress must reassert its constitutional authority over trade by making clear any president must get a vote before putting in place sweeping tariffs.”
At the event, DelBene was joined by representatives from the Northwest Seaport Alliance, Port of Seattle, International Longshore and Warehouse Union (ILWU), Washington Hospital Association, Overlake Medical Center, and SOGDA, a Washington-based seafood wholesaler.
“International trade and supply chains rely on predictable, consistent policy. We remain concerned about the market disruptions, cargo fluctuations, and lost business caused by the initial tariff implantation as well as the continued lack of clarity. We are deeply grateful to have Congresswoman DelBene advocating for trade policy that helps Washington businesses grow and prosper,” said Northwest Seaport Alliance and Port of Seattle Commissioner Sam Cho.
“At the Northwest Seaport Alliance, we take pride in being a top export gateway for American agricultural goods and manufacturers. Trade wars often hit our exporters hardest, and we are closely tracking the impacts to Northwest producers. We hope our policymakers can continue working towards an outcome that lowers trade barriers and unnecessary tariffs. We thank Congresswoman DelBene for her steadfast commitment to these issues,” said Northwest Seaport Alliance and Port of Tacoma Commissioner Deanna Keller.
“We have seen a slowdown in cargo operations in Seattle and the Pacific Northwest. We longshoremen need stability in long-term decisions from Washington, DC. These are 20- and 30-year decisions for international shipping companies that are being disrupted by daily changes currently. We look forward to jobs for longshoremen, trucking companies, warehouse workers, and farmers,” said ILWU President Mark Elverston.
DelBene has introduced several pieces of legislation that would ensure any president must come to Congress for a vote before any sweeping tariffs could be put in place. Republicans in Congress have hidden from votes on repealing Trump’s tariffs and voted against DelBene offering them as amendments to legislation. Two federal courts have now ruled that Trump’s tariffs are illegal but the administration has vowed to appeal.
Home Newsroom AG Labrador Joins Coalition Urging Meta to Address AI Sexual Exploitation Risks
BOISE — Attorney General Raúl Labrador has joined a coalition of 28 state attorneys general in demanding answers from Meta Platforms, Inc. after disturbing reports surfaced showing that Meta’s social media AI assistant, known as “Meta AI,” may expose children to sexually explicit content and allow adults to simulate the grooming of minors. “The reports concerning Meta’s AI exposing children to sexually explicit content and enabling virtual grooming are deeply alarming,” said Attorney General Labrador. “We are demanding immediate answers from Meta regarding these grave allegations. Protecting children from exploitation remains my top priority, and we expect Meta to take swift, decisive action to ensure their platforms are safe to use.” Meta AI, integrated across Instagram, Facebook, and WhatsApp, allows users to interact with synthetic personas through text, voice, and image exchanges. Some personas are created by Meta and impersonate celebrities like Kristen Bell or John Cena, while others are user-generated but approved and promoted by Meta. Recent investigative reporting has revealed that several Meta AI personas have engaged in graphic sexual conversations with users identifying as minors. In one case, a Meta-created persona using the voice of John Cena described a sexual encounter with a user posing as a 14-year-old girl and acknowledged its illegality. User-created underage personas were also implicated in facilitating pedophilic scenarios with adult-identifying users. The attorneys general are seeking answers to several urgent questions, including:
Whether Meta intentionally removed safeguards to allow sexual role-play, Whether any of these capabilities remain available on Meta’s social media platforms, and Whether Meta plans to halt access to sexual role-play on its platforms.
The letter gives Meta until June 10, 2025, to respond. Attorney General Labrador’s office has been at the forefront of protecting children from evolving digital threats. Last year, the Idaho Legislature passed House Bill 465 (2024), now Idaho Code Section 18-1507C, a forward-looking statute that criminalizes the production, distribution, receipt, possession, or access of visual representations of the sexual abuse of children created using generative AI or machine learning. This new law provides prosecutors with crucial tools to combat emerging forms of child exploitation.Attorney General Labrador joined South Carolina Attorney General Alan Wilson, who led the letter, along with the attorneys general from Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, and Wyoming. You can read the letter here.
RALEIGH, N.C. – Mitchell Summerfield, age 45, of Raleigh, pleaded guilty Tuesday to conspiracy to commit bank fraud and wire fraud in connection with a scheme to fraudulently obtain COVID-19 loan funds. At sentencing, Summerfield faces a maximum sentence of 30 years’ imprisonment, a $1,000,000 fine, and five years of supervised release. Summerfield will also be required to pay restitution in an amount to be determined.
According to court documents and other information presented in court, Summerfield was the pastor of the Word of God Fellowship Church in Raleigh, and also owned various other entities, including Winning Ways, KHS Investments, and Vision and Destiny. Between July 2020 and July 2021, Summerfield conspired with others to submit false and fraudulent applications for Paycheck Protection Program (PPP) loans and Economic Injury Disaster loans (EIDL) for these entities.
Congress created the PPP program in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in order to mitigate the economic impacts of the COVID-19 pandemic for small businesses. PPP loans were fully guaranteed by the United States and forgivable so long as the proceeds were used for payroll and other qualified expenses. The CARES Act also expanded the EIDL program to assist small businesses experiencing financial distress due to the pandemic. The PPP and EIDL programs were administered by the U.S. Small Business Administration (SBA).
Summerfield submitted multiple EIDL and/or PPP applications on behalf of Winning Ways, KHS Investments, and Vision and Destiny. Summerfield made various false statements in the applications to induce the SBA and lending institutions to approve and disburse the requested loan amounts. Summerfield also provided fabricated IRS tax forms, including false income tax returns. As a result of the fraudulent applications, Summerfield received more than $400,000 in PPP and EIDL funds. Summerfield used the loan fraud proceeds for unauthorized and unlawful purposes, including paying for personal expenses.
Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina, made the announcement after U.S. District Judge Terrence W. Boyle accepted the plea. The Internal Revenue Service, Criminal Investigation, investigated the case. Special Assistant U.S. Attorney Lisa K. Labresh prosecuted the case.
CHARLESTON, W.Va. – Brice Allen Pomeroy, 26, of Hernshaw, was sentenced today to two years of federal probation and ordered to pay $2,051.21 in restitution for obstruction of mail.
According to court documents and statements made in court, on May 11, 2023, Pomeroy knowingly and willfully threw away approximately 227 pieces of mail by depositing a large plastic bad containing the mail pieces into a trash can located outside a gas service station in Charleston.
At the time of the offense, Pomeroy was employed by a United States Postal Service vendor as a mail handler at the vendor’s facility in Charleston. The 227 pieces of mail included Mother’s Day, graduation, anniversary, and birthday cards. Any cash or gift cards that had been in the mail pieces was removed by the time they were discarded at the service station. Over $2,000 in cash or gift cards was reported stolen.
Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the U.S. Postal Inspection Service.
United States District Judge Irene C. Berger imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:25-cr-2.
MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Efrain Estrada, 31, Onalaska, Wisconsin was sentenced today by Chief U.S. District Judge James D. Peterson to 132 months in federal prison for possessing 400 grams or more of fentanyl intended for distribution and possessing firearms as a felon. Estrada pleaded guilty to these charges on March 13, 2025.
On July 22, 2024, law enforcement found approximately 5,000 fentanyl pills and 3,000 methamphetamine pills in a package mailed from Houston, Texas, to La Crosse, Wisconsin. On July 25, 2024, after replacing the pills with candy, agents conducted a controlled delivery to the recipient address and arrested the person who retrieved the package. Upon arrest, the person told agents that the package was meant for Estrada and agreed to conduct a controlled delivery to Estrada’s house in Onalaska, Wisconsin. The person then delivered the package to Estrada and agents arrested him as he left his house.
Law enforcement then searched Estrada’s house and found another 2,800 fentanyl pills, approximately 1,000 pills containing other controlled substances, and more than 600 grams of methamphetamine. Law enforcement also found 10 firearms and ammunition of varying caliber in various locations throughout the house, some containing loaded high-capacity magazines. One firearm was a short-barreled rifle, and 2 other firearms were sawed-off shotguns with scratched off serial numbers. Some of the drugs and guns were found in a hidden compartment of a coffee table accessible only through a key card found in Estrada’s dresser.
At sentencing, Judge Peterson acknowledged Estrada inherited a mature drug operation from a deceased relative, but Estrada was not an amateur and did not simply fall into drug trafficking. He said Estrada not only stepped into it but embraced it, and it constituted a very destructive financial shortcut for him. Estrada was not a low-level actor in someone else’s organization caught with a large quantity of drugs – this was Estrada’s organization for which he was fully accountable. Judge Peterson also observed that Estrada possessed a mini arsenal of firearms that had no purpose other than to protect his drug operation and that the result would have been catastrophic if he had used the firearms for that purpose.
The charges against Estrada were the result of an investigation conducted by the U.S. Postal Inspection Service, Wisconsin Department of Justice-Division of Criminal Investigation, La Crosse Sheriff’s Office, La Crosse Police Department, Madison Police Department, and the ATF Madison Crime Gun Task Force, which consists of federal agents from ATF and Task Force Officers (TFOs) from state and local agencies throughout the Western District of Wisconsin. Assistant U.S. Attorneys Steven Ayala and David Reinhard prosecuted this case.
Ocala, Florida – United States District Judge Thomas P. Barber has sentenced a federal inmate, Jessie Wooden (36, Miami), to 10 years in federal prison for possession with the intent to distribute 50 grams or more of methamphetamine. A co-defendant, Janai Chanel Stephens (38, Opa Locka), also was sentenced to 18 months’ probation for her role in introducing contraband into a federal prison and making false statements to a federal agent. A federal grand jury indicted Wooden and Stephens on May 28, 2024. Both defendants entered guilty pleas to the charges in January 2025.
According to the court records, on March 10, 2024, Wooden was an inmate at the Coleman Federal Correctional Complex (FCC Coleman) in Sumter County, Florida. On that date, Stephens visited Wooden at the prison. She entered FCC Coleman with a bag containing contraband 78 grams of methamphetamine and tobacco cigarettes that she intended to give to Wooden. Federal inmates are prohibited from possessing such items because they threaten the order, discipline, and security of the prison.
Prior to the visitation, Stephens falsely represented to a corrections officer on a written form that she did not have any contraband in her possession. When she subsequently met with Wooden in a visitation room, however, she threw him the bag containing the contraband. After being confronted by law enforcement, Stephens confessed to bringing in the contraband for Wooden, though she claimed only to know about the tobacco products. Wooden admitted that he had planned to distribute the methamphetamine and other items to inmates inside FCC Coleman.
“Individuals who smuggle contraband into federal prisons put lives at risk,” said Eric Fehlman, Special Agent in Charge of the Department of Justice Office of the Inspector General Southeast Region. “The Department of Justice Office of Inspector General will continue to work with our law enforcement partners to keep federal prisons safe and hold those who would exploit our correctional system for personal gain accountable.”
This case was prosecuted as part of a United States Department of Justice (DOJ) task force aimed at rooting out contraband and misconduct in the Federal Bureau of Prisons (BOP). The task force was led by the BOP and the DOJ – Office of the Inspector General (DOJ-OIG), with support from the Federal Bureau of Investigation (FBI), the Drug Enforcement Administration (DEA), and the United States Attorney’s Office for the Middle District of Florida. It was prosecuted by Assistant United States Attorney Hannah Nowalk Watson.
ELKINS, WEST VIRGINIA – Joshua Ray Vanreenan, 37, of Hillsboro, West Virginia, was sentenced today to 46 months in federal prison for the distribution of methamphetamine.
According to court documents and statements made in court, Vanreenan was selling methamphetamine from his home in Pocahontas County. He has prior firearms convictions, as well as a domestic violence protection order.
Vanreenan will serve three years of supervised release following his prison sentence.
Assistant U.S. Attorney Stephen Warner prosecuted the case on behalf of the government.
The Mountain Region Drug Task Force, a HIDTA-funded initiative investigated.
Chief U.S. District Judge Thomas S. Kleeh presided.
BOSTON – A Boston man pleaded guilty yesterday in federal court in Boston to child exploitation offenses.
Kyle Joyner, 40 pleaded guilty to one count of sexual exploitation of children and one count of possession of child pornography. U.S. District Court Judge Denise Casper scheduled sentencing for Sept. 10, 2025. Joyner was indicted by a federal grand jury on March 6, 2024.
On various dates between Jan. 3, 2023, through Sept. 17, 2023, Joyner sexually exploited a minor victim known to him by producing child sexual abuse material (CSAM). Additionally, two cell phones seized from Joyner in October 2023 were found to contain over 700 CSAM images that included prepubescent females.
The charge of sexual exploitation of children provides for a mandatory minimum sentence of 15 years and up to 30 years in prison, a lifetime of supervised release and a fine of up to $250,000. The charge of possession of child pornography provides for a sentence of up to 20 years in prison, up to a lifetime of supervised release and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
United States Attorney Leah B. Foley and Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Valuable assistance was provided by the Boston Police Department. Assistant U.S. Attorney Jessica L. Soto of the Major Crimes Unit is prosecuting the case.
The case is brought as part of Project Safe Childhood. In 2006, the Department of Justice created Project Safe Childhood, a nationwide initiative designed to protect children from exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.
ELKINS, WEST VIRGINIA – Wesley Shane Haggerty, 37, of Cabins, West Virginia, was sentenced today to 120 months in federal prison for the unlawful possession of a firearm.
According to court documents and statements made in court, Pendleton County Sheriff’s deputies were called to a disturbance involving a firearm. When officers arrived at the home, Haggerty was arrested after a short foot pursuit. Haggerty had a pistol and is prohibited from having firearms because of seven prior felony convictions and two misdemeanor domestic battery convictions.
Haggerty will serve three years of supervised release following his prison sentence.
The Bureau of Alcohol, Tobacco, Firearms, and Explosives and the Pendleton County Sheriff’s Office investigated.
Assistant U.S. Attorney Stephen Warner prosecuted the case on behalf of the government.
Chief U.S. District Judge Thomas S. Kleeh presided.
COLUMBIA, S.C. — A federal grand jury in Florence has returned a 13-count indictment charging Stephen Todd Greene, 55, of West Columbia, with conspiracy to produce child sexual abuse material, two counts of production of child sexual abuse material, four counts of distribution of child sexual abuse material, three counts of receipt of child sexual abuse material, possession of child sexual abuse material, and two counts of coercion and enticement of a minor into illegal sexual conduct.
The indictment alleges that from June 2023 through September 2024, Greene worked with a woman in Brazil, referred to in the indictment as C0-Conspirator 1, to sexually exploit her nieces, who are 3 years old and 9 years old as of the date of the indictment. Co-Conspirator 1 abused the children in person and Greene abused the children virtually, including by livestreaming their sex abuse to his home in West Columbia and by directing Co-Conspirator 1 to engage in certain abuse over livestream, according to the indictment.
Greene and Co-Conspirator 1 used Instagram, WhatsApp, Telegram, and FaceTime to facilitate the scheme, as well as a series of cameras installed in Greene’s home and in Co-Conspirator 1’s home in Brazil, which allowed a livestream from both locations. According to the indictment, Greene produced, received, distributed, and possessed child sexual abuse material, and he engaged in sexually explicit conduct on video and caused the minor victims to watch. During the scheme, Greene travelled twice to Brazil, where he gained direct access to the children, and he transferred money during the scheme to Co-Conspirator 1 through a wire service, according to the indictment.
Agents with the FBI Columbia field office arrested Greene and he was arraigned in federal court earlier this afternoon. He was ordered detained pending a bond hearing.
Greene faces a maximum penalty of life in prison. He also faces a mandatory minimum of 15 years on the conspiracy to produce child sexual abuse material and the production of child sexual abuse material charges, a mandatory minimum of 10 years on the coercion and enticement charges, and a mandatory minimum of five years on the receipt and distribution of child sexual abuse material charges. Greene also faces up to a $250,000 fine, restitution payable to the minor victims for damages incurred as a result of the conduct, a special assessment of $5,000, lifetime supervision by the U.S. Probation Office following any term of incarceration, and potential sex offender registry requirements.
The case was investigated by the FBI Columbia field office and the Brazilian Federal Police. Assistant U.S. Attorneys Elliott B. Daniels and Elle E. Klein are prosecuting the case.
The FBI’s Columbia field office is seeking any information regarding additional potential victims in this investigation. Tips can be provided at 1-800-CALL-FBI or tips.fbi.gov.
U.S. Attorney Bryan P. Stirling stated that all charges in the indictment are merely accusations and that defendants are presumed innocent unless and until proven guilty.
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* The term “pornography” is currently used in federal statutes and is defined as any visual depiction of sexually explicit conduct involving a person less than 18 years old. While this phrase still appears in federal law, “child sexual abuse material” is preferred, as it better reflects the abuse that is depicted in the images and videos and the resulting trauma to the child. The Associated Press Stylebook also discourages the use of the phrase “child pornography.”
ALEXANDRIA, Va. – A Maryland woman was sentenced yesterday to four years in prison for bank fraud, aggravated identity theft, and possession of a firearm by a convicted felon.
According to court documents, on Nov. 23, 2022, Loryn Michelle Dorsey, 36, of Elkridge, Maryland, fraudulently obtained the personal identifying information (PII) of two victims, identified as K.R. and Z.B, due to their high credit scores, which she needed to fraudulently obtain a loan from a bank to purchase a vehicle. Dorsey also assumed the fake identity of “Julia Ball,” who is not a real person.
On December 6, 2022, Dorsey used K.R.’s PII to apply online for financing to purchase a vehicle from a car dealership in Fairfax, falsely presenting herself as K.R., a female. The dealership then submitted the information to financial institutions to provide the requested credit. Ally Bank, among others, received but rejected the application, but no loan was awarded, and no vehicle was purchased.
Later that day, Dorsey again attempted to obtain approval for financing to purchase a vehicle from the same dealership, this time applying with Z.B. as the co-purchaser and “Julia Ball” as the co-owner. Through the dealership’s website, Dorsey was granted conditional approval of a loan from Ally Bank based on Z.B.’s good credit rating. Because Z.B. had to be present to complete the purchase, and because Z.B. is a man, Dorsey asked a coconspirator to accompany her to the dealership and fraudulently present himself as Z.B. Dorsey also arranged for someone to create a fraudulent identification document with Z.B.’s information and the co-conspirator’s photograph.
Dorsey and the co-conspirator, at Dorsey’s direction, completed paperwork to purchase a 2015 Cadillac Escalade for $48,629.20, with $1,000 cash downpayment provided by Dorsey and the remaining sum of $47,629.20 to be financed by Ally Bank. Fairfax County Police (FCPD) arrived at the dealership after the paperwork was completed. When Dorsey was arrested, she was in possession of a firearm. In 2016, Dorsey was convicted of possession with the intent to distribute a controlled substance in Maryland. As a previously convicted felon, Dorsey cannot legally possess a firearm or ammunition.
Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia; and Emily Odom, Special Agent in Charge of the FBI Washington Field Office’s Criminal and Cyber Division, and Kevin Davis, Fairfax County Chief of Police, made the announcement after sentencing by Senior U.S. District Judge Anthony J. Trenga.
FCPD Auto Crimes Enforcement and the FBI WFO TOC-E/Major Theft Task Force investigated this case.
Assistant U.S. Attorney Nicholas A. Durham prosecuted the case.
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:24-cr-7.