CTF – Page 1861 – NewzIntel.com

MIL-OSI USA: ICE Dallas apprehends Venezuelan woman who fled scene of jet ski accident that killed woman on kayak at Grapevine Lake

Source: US Immigration and Customs Enforcement

DALLAS — U.S. Immigration and Customs Enforcement in a joint operation with state and federal law enforcement, arrested Daikerlyn Alejandraa Gonzalez-Gonzalez, a 22-year-old citizen of Venezuela in Dallas, Texas, May 27, following a state warrant execution for felony manslaughter.

Gonzales was operating a personal watercraft with a female passenger at high speed near the shoreline of Oak Grove Park when it collided with a kayak occupied by 18-year-old Ava Moore, May 25, resulting in her death. Gonzalez fled the scene with her passenger onboard.

Gonzalez and the passenger returned to Oak Grove Park. The passenger remained on scene with witnesses and was interviewed by Grapevine Police Department, while Gonzalez left in a vehicle with 21-year-old Maikel Coello Perozo, also of Venezuela.

Perozo has been charged with hindering apprehension. As the investigation unfolds, more state charges could be filed.

“This criminal alien and her boyfriend will account for the tragic accident that ended the life of a young woman who exhibited enormous potential,” said ICE Enforcement and Removal Operations Dallas acting Field Office Director Josh Johnson. ICE Dallas will remain steadfast in our commitment to arresting and removing criminal aliens who pose a threat to the safety of our communities.”

ERO Dallas lodged immigration detainers with the Grapevine Police Department following the arrest of Gonzalez and Coello. Both are in removal proceedings pursuant to the policies of the Immigration and Nationality Act as aliens present without admission or parole.

“Our partnerships with law enforcement across jurisdictions are key during these types of investigations,” said Special Agent in Charge for ICE Homeland Security Investigations Dallas Travis Pickard. “This investigation will continue to be driven by facts, evidence and a firm commitment to

justice. The arrests of these two illegal aliens reflect the diligence and professionalism of our law enforcement team.”

On Sept. 28, 2023, Gonzalez illegally entered the United States without inspection or parole by an immigration officer. On that same day, the U.S. Border Patrol arrested and processed Gonzalez as a Notice to Appear and released on an order of recognizance.

On Jan. 22, 2023, Maikel Alexander Coello-Perozo arrived at the Camino Real Port of Entry without authorization. Coello was released pending an immigration hearing.

This investigation included law enforcement from the following agencies: The Texas Department of Wildlife, the Grapevine Police Department, the Texas Department of Public Safety, the Texas Office of the Attorney General, the Dallas Police Department, ICE Enforcement and Removal Operations Dallas, Homeland Security Investigations Dallas, and the Dallas U.S. Marshals office.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form .

Learn more about ICE’s mission to increase public safety in our communities on X: @ERODallas or @HSI_Dallas.

MIL OSI USA News –

May 29, 2025

MIL-OSI: Palomar Holdings, Inc. Announces Participation in the William Blair 45th Annual Growth Stock Conference

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”) today announced that Mac Armstrong, Chairman and Chief Executive Officer, and Chris Uchida, Chief Financial Officer, will participate in the William Blair Growth Stock Conference at the Loews Chicago Hotel on Wednesday, June 4, 2025. In addition to participating in one-on-one investor meetings, management is scheduled to present at 1:20 pm Central Time.

Interested investors and other parties can access a live webcast of the presentation by visiting the Investor Relations section of Palomar’s website at https://ir.palomarspecialty.com/. An online replay will be available on the same website following the presentation.

About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.

To learn more, visit PLMR.com.

Follow Palomar on LinkedIn: @PLMRInsurance

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com

Source: Palomar Holdings, Inc.

The MIL Network –

May 29, 2025

MIL-OSI: HP Inc. Reports Fiscal 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

PALO ALTO, Calif., May 28, 2025 (GLOBE NEWSWIRE) — HP (NYSE: HPQ)

Second quarter GAAP diluted net earnings per share (“EPS”) of $0.42, down 31% from the prior year period
Second quarter non-GAAP diluted net EPS of $0.71, down 13% from the prior year period
Second quarter net revenue of $13.2 billion, up 3.3% from the prior-year period
Second quarter net cash provided by operating activities of $38 million, free cash flow of $(95) million
Second quarter returned $0.4 billion to shareholders in the form of dividend and share repurchases

*HP Inc.’s fiscal 2025 second quarter financial performance*
	Q2 FY25			Q2 FY24			Y/Y
GAAP net revenue ($B)	$	13.2		$	12.8		3.3	%
GAAP operating margin		4.9	%		7.4	%	(2.5	)pts
GAAP net earnings ($B)	$	0.4		$	0.6		(33	)%
GAAP diluted net EPS	$	0.42		$	0.61		(31	)%
Non-GAAP operating margin		7.3	%		8.8	%	(1.5	)pts
Non-GAAP net earnings ($B)	$	0.7		$	0.8		(17	)%
Non-GAAP diluted net EPS	$	0.71		$	0.82		(13	)%
Net cash provided by operating activities ($B)	$	0.0		$	0.6		(94	)%
Free cash flow ($B)	$	(0.1	)	$	0.5		(120	)%

^{Notes to table}
^{Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.}

Net revenue and EPS results
HP Inc. and its subsidiaries (“HP”) announced fiscal 2025 second quarter net revenue of $13.2 billion, up 3.3% (up 4.5% in constant currency) from the prior-year period.

“In Q2, we delivered solid revenue growth, led by strong Commercial performance in Personal Systems and continued momentum behind our future of work strategy,” said Enrique Lores, President and CEO, HP Inc. “While results in the quarter were impacted by a dynamic regulatory environment, we responded quickly to accelerate the expansion of our manufacturing footprint and further reduce our cost structure. These decisive actions strengthen our foundation and position us to deliver long-term sustainable growth.”

“In light of the increased macroeconomic uncertainty, we have adjusted our outlook to reflect moderated demand and the net impact of trade-related costs,” said Karen Parkhill, CFO, HP Inc. “We are executing targeted mitigation strategies, and assuming current conditions remain, we expect to fully offset these costs by Q4.”

Second quarter GAAP diluted net EPS was $0.42, down from $0.61 in the prior-year period and below the previously provided outlook of $0.62 to $0.72. Second quarter non-GAAP diluted net EPS was $0.71, down from $0.82 in the prior-year period and below the previously provided outlook of $0.75 to $0.85. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $272 million, or $0.29 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

Asset management
HP’s net cash provided by operating activities in the second quarter of fiscal 2025 was $38 million. Accounts receivable ended the quarter at $4.3 billion, up 2 days quarter over quarter to 30 days. Inventory ended the quarter at $8.2 billion, down 2 days quarter over quarter to 70 days. Accounts payable ended the quarter at $15.2 billion, down 9 days quarter over quarter to 130 days.

HP generated $(95) million of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $38 million adjusted for net investments in leases from integrated financing of $50 million and net investments in property, plant, equipment and purchased intangible of $183 million.

HP’s dividend payment of $0.2894 per share in the second quarter resulted in cash usage of $273 million. HP also utilized $100 million of cash during the quarter to repurchase approximately 3.0 million shares of common stock in the open market. HP exited the quarter with $2.7 billion in gross cash, which includes cash and cash equivalents of $2.7 billion, restricted cash of $33 million and short-term investments of $3 million included in other current assets. Restricted cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold.

Fiscal 2025 second quarter segment results

Personal Systems net revenue was $9.0 billion, up 7% year over year (up 8% in constant currency) with a 4.5% operating margin. Consumer PS net revenue was up 2% and Commercial PS net revenue was up 9%. Total units were up 6% with Consumer PS units down 2% and Commercial PS units up 11%.
Printing net revenue was $4.2 billion, down 4% year over year (down 3% in constant currency) with a 19.5% operating margin. Consumer Printing net revenue was down 3% and Commercial Printing net revenue was down 3%. Supplies net revenue was down 5% (down 3% in constant currency). Total hardware units were up 1%, with Consumer Printing units up 3% and Commercial Printing units down 2%.

Outlook
For the fiscal 2025 third quarter, HP estimates GAAP diluted net EPS to be in the range of $0.57 to $0.69 and non-GAAP diluted net EPS to be in the range of $0.68 to $0.80. Fiscal 2025 third quarter non-GAAP diluted net EPS estimates exclude $0.11 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

For fiscal 2025, HP estimates GAAP diluted net EPS to be in the range of $2.32 to $2.62 and non-GAAP diluted net EPS to be in the range of $3.00 to $3.30. Fiscal 2025 non-GAAP diluted net EPS estimates exclude $0.68 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items. For fiscal 2025, HP anticipates generating free cash flow in the range of $2.6 to $3.0 billion. HP’s outlook reflects the added cost driven by the current U.S. tariffs in place, and associated mitigations.

More information on HP’s earnings, including additional financial analysis and an earnings overview presentation, is available on HP’s Investor Relations website at investor.hp.com.

HP’s FY25 Q2 earnings conference call is accessible via audio webcast at www.hp.com/investor/2025Q2Webcast.

About HP Inc.
HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

Use of non-GAAP financial information
To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by operating activities or cash, cash equivalents, and restricted cash prepared in accordance with GAAP.

Forward-looking statements
This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events, including global trade policies, and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence; the use of artificial intelligence; the impact of macroeconomic and geopolitical trends, changes and events, including global trade policies, the ongoing military conflict in Ukraine, continued instability in the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations and the effects of business disruption events, including those resulting from climate change; the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; the competitive pressures faced by HP’s businesses; the impact of third-party claims of IP infringement; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; successfully competing and maintaining the value proposition of HP’s products, including supplies and services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; the hiring and retention of key employees; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; disruptions in operations from system security risks, data protection breaches, or cyberattacks; HP’s ability to maintain its credit rating, satisfy its debt obligations and complete any contemplated share repurchases, other capital return programs or other strategic transactions; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; integration and other risks associated with business combination and investment transactions; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; the effectiveness of our internal control over financial reporting; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and HP’s other filings with the Securities and Exchange Commission (“SEC”). HP’s fiscal 2023 plan includes HP’s efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ending October 31, 2025, Quarterly Report on Form 10-Q for the fiscal quarter ending July 31, 2025, and HP’s other filings with the SEC. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.


HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Three months ended
	April 30, 2025			January 31, 2025			April 30, 2024
Net revenue:
Products	$	12,423		$	12,695		$	12,043
Services		797			809			757
Total net revenue		13,220			13,504			12,800
Cost of net revenue:
Products		10,007			10,194			9,324
Services		474			470			453
Total cost of net revenue		10,481			10,664			9,777
Gross profit		2,739			2,840			3,023
Research and development		401			397			436
Selling, general and administrative		1,480			1,459			1,462
Restructuring and other charges		122			70			71
Acquisition and divestiture charges		17			6			22
Amortization of intangible assets		65			63			80
Total operating expenses		2,085			1,995			2,071
Earnings from operations		654			845			952
Interest and other, net		(148	)		(141	)		(155	)
Earnings before taxes		506			704			797
Provision for taxes		(100	)		(139	)		(190	)
Net earnings	$	406		$	565		$	607

Net earnings per share:
Basic	$	0.43		$	0.60		$	0.62
Diluted	$	0.42		$	0.59		$	0.61

Cash dividends declared per share	$	—		$	0.58		$	—

Weighted-average shares used to compute net earnings per share:
Basic		950			948			984
Diluted		956			957			990

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Six months ended
	April 30, 2025			April 30, 2024
Net revenue:
Products	$	25,118		$	24,462
Services		1,606			1,523
Total net revenue		26,724			25,985
Cost of net revenue:
Products		20,201			19,195
Services		944			879
Total cost of net revenue		21,145			20,074
Gross profit		5,579			5,911
Research and development		798			835
Selling, general and administrative		2,939			2,845
Restructuring and other charges		192			134
Acquisition and divestiture charges		23			49
Amortization of intangible assets		128			161
Total operating expenses		4,080			4,024
Earnings from operations		1,499			1,887
Interest and other, net		(289	)		(297	)
Earnings before taxes		1,210			1,590
Provision for taxes		(239	)		(361	)
Net earnings	$	971		$	1,229

Net earnings per share:
Basic	$	1.02		$	1.24
Diluted	$	1.02		$	1.23

Cash dividends declared per share	$	0.58		$	0.55

Weighted-average shares used to compute net earnings per share:
Basic		949			990
Diluted		956			996

HP INC. AND SUBSIDIARIES ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS, OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts)

	Three months ended
	April 30, 2025						January 31, 2025						April 30, 2024
	Amounts			Diluted net earnings per share			Amounts			Diluted net earnings per share			Amounts			Diluted net earnings per share
GAAP net earnings	$	406		$	0.42		$	565		$	0.59		$	607		$	0.61
Non-GAAP adjustments:
Restructuring and other charges		122			0.13			70			0.07			71			0.07
Acquisition and divestiture charges		17			0.01			6			0.01			22			0.02
Amortization of intangible assets		65			0.07			63			0.07			80			0.08
Certain litigation charges^(a)		103			0.11			—			—			—			—
Non-operating retirement-related credits		(6	)		(0.01	)		(5	)		(0.01	)		(3	)		—
Tax adjustments^(b)		(29	)		(0.02	)		5			0.01			35			0.04
Non-GAAP net earnings	$	678		$	0.71		$	704		$	0.74		$	812		$	0.82

GAAP earnings from operations	$	654					$	845					$	952
Non-GAAP adjustments:
Restructuring and other charges		122						70						71
Acquisition and divestiture charges		17						6						22
Amortization of intangible assets		65						63						80
Certain litigation charges^(a)		103						—						—
Non-GAAP earnings from operations	$	961					$	984					$	1,125

GAAP operating margin		4.9	%					6.3	%					7.4	%
Non-GAAP adjustments		2.4	%					1.0	%					1.4	%
Non-GAAP operating margin		7.3	%					7.3	%					8.8	%

^{(a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened Standard Essential Patent (“SEP”) litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the third and fourth quarters of fiscal year 2024 are $0.84 and $0.96, respectively.}
^{(b) Includes tax impact on non-GAAP adjustments.}

HP INC. AND SUBSIDIARIES ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS, OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts)

	Six months ended
	April 30, 2025						April 30, 2024
	Amounts			Diluted net earnings per share			Amounts			Diluted net earnings per share
GAAP net earnings	$	971		$	1.02		$	1,229		$	1.23
Non-GAAP adjustments:
Restructuring and other charges		192			0.20			134			0.14
Acquisition and divestiture charges		23			0.03			49			0.05
Amortization of intangible assets		128			0.13			161			0.16
Certain litigation charges^(a)		103			0.11			—			—
Non-operating retirement-related credits		(11	)		(0.01	)		(5	)		(0.01	)
Tax adjustments^(b)		(24	)		(0.03	)		52			0.06
Non-GAAP net earnings	$	1,382		$	1.45		$	1,620		$	1.63

GAAP earnings from operations	$	1,499					$	1,887
Non-GAAP adjustments:
Restructuring and other charges		192						134
Acquisition and divestiture charges		23						49
Amortization of intangible assets		128						161
Certain litigation charges^(a)		103						—
Non-GAAP earnings from operations	$	1,945					$	2,231

GAAP operating margin		5.6	%					7.3	%
Non-GAAP adjustments		1.7	%					1.3	%
Non-GAAP operating margin		7.3	%					8.6	%

^{(a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the nine months ended fiscal year 2024 and fiscal year 2024 are $2.47 and $3.43, respectively.}
^{(b) Includes tax impact on non-GAAP adjustments.}

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions)

	As of
	April 30, 2025			October 31, 2024
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	2,730		$	3,253
Accounts receivable, net		4,336			5,117
Inventory		8,175			7,720
Other current assets		4,217			4,670
Total current assets		19,458			20,760
Property, plant and equipment, net		2,951			2,914
Goodwill		8,713			8,627
Other non-current assets		7,677			7,608
Total assets	$	38,799		$	39,909

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Notes payable and short-term borrowings	$	1,446		$	1,406
Accounts payable		15,195			16,903
Other current liabilities		9,915			10,378
Total current liabilities		26,556			28,687
Long-term debt		9,291			8,263
Other non-current liabilities		4,228			4,282
Stockholders’ deficit		(1,276	)		(1,323	)
Total liabilities and stockholders’ deficit	$	38,799		$	39,909

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Three months ended
	April 30, 2025			April 30, 2024
Cash flows from operating activities:
Net earnings	$	406		$	607
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		205			209
Stock-based compensation expense		140			94
Restructuring and other charges		122			71
Deferred taxes on earnings		(60	)		5
Other, net		37			7
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(115	)		(552	)
Inventory		279			(631	)
Accounts payable		(1,302	)		1,104
Net investment in leases from integrated financing		(50	)		(19	)
Taxes on earnings		(133	)		(177	)
Restructuring and other		(75	)		(57	)
Other assets and liabilities		584			(80	)
Net cash provided by operating activities		38			581
Cash flows from investing activities:
Investment in property, plant, equipment and purchased intangible		(183	)		(119	)
Purchases of available-for-sale securities and other investments		(3	)		—
Maturities and sales of available-for-sale securities and other investments		9			—
Collateral (posted) returned for derivative instruments		(540	)		70
Payment made in connection with business acquisitions, net of cash acquired		(116	)		—
Net cash used in investing activities		(833	)		(49	)
Cash flows from financing activities:
Proceeds from short-term borrowings with original maturities less than 90 days, net		—			(100	)
Proceeds from debt, net of issuance costs		1,076			94
Payment of debt		(52	)		(53	)
Stock-based award activities and others		(26	)		(4	)
Repurchase of common stock		(100	)		(100	)
Cash dividends paid		(273	)		(269	)
Settlement of cash flow hedges		6			—
Net cash provided by (used in) financing activities		631			(432	)
(Decrease) increase in cash, cash equivalents and restricted cash		(164	)		100
Cash, cash equivalents and restricted cash at beginning of period		2,894			2,417
Cash, cash equivalents and restricted cash at end of period	$	2,730		$	2,517

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Six months ended
	April 30, 2025			April 30, 2024
Cash flows from operating activities:
Net earnings	$	971		$	1,229
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		402			414
Stock-based compensation expense		332			271
Restructuring and other charges		192			134
Deferred taxes on earnings		(83	)		—
Other, net		72			(13	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		851			(106	)
Inventory		(472	)		(678	)
Accounts payable		(1,699	)		360
Net investment in leases from integrated financing		(48	)		(81	)
Taxes on earnings		(121	)		(128	)
Restructuring and other		(149	)		(144	)
Other assets and liabilities		164			(556	)
Net cash provided by operating activities		412			702
Cash flows from investing activities:
Investment in property, plant, equipment and purchased intangible		(485	)		(277	)
Purchases of available-for-sale securities and other investments		(6	)		—
Maturities and sales of available-for-sale securities and other investments		14			—
Collateral posted for derivative instruments		(540	)		—
Payment made in connection with business acquisitions, net of cash acquired		(116	)		—
Net cash used in investing activities		(1,133	)		(277	)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs		1,158			186
Payment of debt		(102	)		(102	)
Stock-based award activities and others		(118	)		(80	)
Repurchase of common stock		(200	)		(600	)
Cash dividends paid		(546	)		(544	)
Settlement of cash flow hedges		6			—
Net cash provided by (used in) financing activities		198			(1,140	)
Decrease in cash, cash equivalents and restricted cash		(523	)		(715	)
Cash, cash equivalents and restricted cash at beginning of period		3,253			3,232
Cash, cash equivalents and restricted cash at end of period	$	2,730		$	2,517

HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions)

	Three months ended									Change (%)
	April 30, 2025			January 31, 2025			April 30, 2024			Q/Q		Y/Y
Net revenue:
Commercial PS	$	6,786		$	6,645		$	6,242		2	%	9	%
Consumer PS		2,238			2,579			2,184		(13	)%	2	%
Personal Systems		9,024			9,224			8,426		(2	)%	7	%
Supplies		2,725			2,826			2,864		(4	)%	(5	)%
Commercial Printing		1,167			1,144			1,205		2	%	(3	)%
Consumer Printing		289			299			299		(3	)%	(3	)%
Printing		4,181			4,269			4,368		(2	)%	(4	)%
Corporate Investments^(a)		16			11			5		NM		NM
Total segment net revenue		13,221			13,504			12,799		(2	)%	3	%
Other^(a)		(1	)		—			1		NM		NM
Total net revenue	$	13,220		$	13,504		$	12,800		(2	)%	3	%

Earnings before taxes:
Personal Systems^(b)	$	409		$	507		$	508
Printing		814			810			829
Corporate Investments		(37	)		(27	)		(30	)
Total segment earnings from operations		1,186			1,290			1,307
Corporate and unallocated cost and other		(85	)		(114	)		(88	)
Stock-based compensation expense		(140	)		(192	)		(94	)
Restructuring and other charges		(122	)		(70	)		(71	)
Acquisition and divestiture charges		(17	)		(6	)		(22	)
Amortization of intangible assets		(65	)		(63	)		(80	)
Certain litigation charges^(b)		(103	)		—			—
Interest and other, net		(148	)		(141	)		(155	)
Total earnings before taxes	$	506		$	704		$	797

^{(a) “NM” represents not meaningful.}
^{(b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.}

HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions)

	Six months ended						Change (%)
	April 30, 2025			April 30, 2024			Y/Y
Net revenue:
Commercial PS	$	13,431		$	12,287		9	%
Consumer PS		4,817			4,948		(3	)%
Personal Systems		18,248			17,235		6	%
Supplies		5,551			5,727		(3	)%
Commercial Printing		2,311			2,432		(5	)%
Consumer Printing		588			584		1	%
Printing		8,450			8,743		(3	)%
Corporate Investments^(a)		27			7		NM
Total segment net revenue		26,725			25,985		3	%
Other^(a)		(1	)		—		NM
Total net revenue	$	26,724		$	25,985		3	%

Earnings before taxes:
Personal Systems^(b)	$	916		$	1,045
Printing		1,624			1,701
Corporate Investments		(64	)		(67	)
Total segment earnings from operations		2,476			2,679
Corporate and unallocated cost and other		(199	)		(177	)
Stock-based compensation expense		(332	)		(271	)
Restructuring and other charges		(192	)		(134	)
Acquisition and divestiture charges		(23	)		(49	)
Amortization of intangible assets		(128	)		(161	)
Certain litigation charges^(b)		(103	)		—
Interest and other, net		(289	)		(297	)
Total earnings before taxes	$	1,210		$	1,590

^{(a) “NM” represents not meaningful.}
^{(b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.}

HP INC. AND SUBSIDIARIES SEGMENT OPERATING MARGIN SUMMARY (Unaudited)

	Three months ended						Change (pts)
	April 30, 2025		January 31, 2025		April 30, 2024		Q/Q		Y/Y
Segment operating margin:
Personal Systems^(a)	4.5	%	5.5	%	6.0	%	(1.0	)pts	(1.5	)pts
Printing	19.5	%	19.0	%	19.0	%	0.5	pts	0.5	pts
Corporate Investments^(c)	NM		NM		NM		NM		NM
Total segment	9.0	%	9.6	%	10.2	%	(0.6	)pts	(1.2	)pts

	Six months ended				Change (pts)
	April 30, 2025		April 30, 2024		Y/Y
Segment operating margin:
Personal Systems^(b)	5.0	%	6.1	%	(1.1	)pts
Printing	19.2	%	19.5	%	(0.3	)pts
Corporate Investments^(c)	NM		NM		NM
Total segment	9.3	%	10.3	%	(1.0	)pts

^{(a) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised Segment operating margin for Personal Systems for the third and fourth quarters of fiscal year 2024 are 6.6% and 6.2%, respectively and the revised Total segment operating margin for the third and fourth quarters of fiscal year 2024 are 9.6% and 10.2%, respectively.}
^{(b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised Segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 6.2%, respectively and the revised Total segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 10.1%, respectively.}
^{(c) “NM” represents not meaningful.}

HP INC. AND SUBSIDIARIES CALCULATION OF DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts)

	Three months ended
	April 30, 2025		January 31, 2025		April 30, 2024
Numerator:
GAAP net earnings	$	406	$	565	$	607
Non-GAAP net earnings	$	678	$	704	$	812

Denominator:
Weighted-average shares used to compute basic net earnings per share		950		948		984
Dilutive effect of employee stock plans^(a)		6		9		6
Weighted-average shares used to compute diluted net earnings per share		956		957		990

GAAP diluted net earnings per share	$	0.42	$	0.59	$	0.61
Non-GAAP diluted net earnings per share	$	0.71	$	0.74	$	0.82

^{(a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.}

HP INC. AND SUBSIDIARIES CALCULATION OF DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts)
	Six months ended
	April 30, 2025		April 30, 2024
Numerator:
GAAP net earnings	$	971	$	1,229
Non-GAAP net earnings	$	1,382	$	1,620

Denominator:
Weighted-average shares used to compute basic net earnings per share		949		990
Dilutive effect of employee stock plans^(a)		7		6
Weighted-average shares used to compute diluted net earnings per share		956		996

GAAP diluted net earnings per share	$	1.02	$	1.23
Non-GAAP diluted net earnings per share	$	1.45	$	1.63

^{(a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.}

Use of non-GAAP financial measures

To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt). HP also provides forecasts of non-GAAP diluted net EPS and free cash flow.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables above or elsewhere in the materials accompanying this news release.

Use and economic substance of non-GAAP financial measures

Net revenue on a constant currency basis excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging impact recognized in the current period. Non-GAAP operating margin is defined to exclude the effects of any amounts relating to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and certain litigation charges. Non-GAAP net earnings and non-GAAP diluted net EPS consist of net earnings or diluted net EPS excluding those same charges, non-operating retirement related (credits)/charges, debt extinguishment costs (benefit), tax adjustments and the amount of additional taxes or tax benefits associated with each non-GAAP item.

HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding the items mentioned above for these non-GAAP financial measures allows HP’s management to better understand HP’s consolidated financial performance in relation to the operating results of HP’s segments, as HP’s management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

Restructuring and other charges are (i) costs associated with a formal restructuring plan and are primarily related to employee separation from service and early retirement costs and related benefits, costs of real estate consolidation and other non-labor charges; and (ii) other charges, which includes non-recurring costs including those as a result of information technology rationalization efforts and transformation program management and are distinct from ongoing operational costs. HP excludes these restructuring and other charges (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because HP believes that these costs do not reflect expected future operating expenses and excluding such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
HP incurs cost related to its acquisitions and divestitures, which it would not have otherwise incurred as part of its operations. The charges are direct expenses such as third-party professional and legal fees, integration and divestiture-related costs, as well as non-cash adjustments to the fair value of certain acquired assets such as inventory and certain compensation charges related to cash settlement of restricted stock units and performance-based restricted stock units towards acquisitions. These charges related to acquisitions and divestitures are inconsistent in amount and frequency and are significantly impacted by the timing and nature of HP’s acquisitions or divestitures. HP believes that eliminating such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
HP incurs charges relating to the amortization of intangible assets. Those charges are included in HP’s GAAP earnings, operating margin, net earnings and diluted net EPS. Such charges are significantly impacted by the timing and magnitude of HP’s acquisitions and any related impairment charges. Consequently, HP excludes these charges for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. Consequently, HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
HP incurs debt extinguishment (benefit)/costs includes certain (gain)/loss related to repurchase of certain of its outstanding U.S. dollar global notes or termination of commitments under revolving credit facilities. These (gain)/loss resulting from debt redemption transactions are partially or more than offset by costs such as bond repurchase premiums, bank fees, unpaid accrued interests, etc. HP excludes these (benefit)/costs for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
Non-operating retirement-related (credits)/charges includes certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains or losses, associated with HP’s defined benefit pension and post-retirement benefit plans. The market-driven retirement-related adjustments are primarily due to the changes in the value of pension plan assets and liabilities which are tied to financial market performance and HP considers these adjustments to be outside the operational performance of the business. Non-operating retirement-related (credits)/charges also include certain plan curtailments, settlements and special termination benefits related to HP’s defined benefit pension and post-retirement benefit plans. HP believes that eliminating such adjustments for purposes of calculating non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
HP recorded tax adjustments including tax expenses and benefits from internal reorganizations, realizability of certain deferred tax assets, various tax rate and regulatory changes, and tax settlements across various jurisdictions. HP excludes these adjustments for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.

Free cash flow is a non-GAAP measure that is defined as cash flow provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. Gross cash is a non-GAAP measure that is defined as cash, cash equivalents and restricted cash plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP’s management uses free cash flow and gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, repurchasing stock and other purposes. HP’s management also uses free cash flow and gross cash to evaluate HP’s historical and prospective liquidity. Because gross cash includes liquid assets that are not included in cash, cash equivalents and restricted cash, HP believes that gross cash provides a helpful assessment of HP’s liquidity. Because free cash flow includes net cash provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. HP believes that free cash flow provides a useful assessment of HP’s liquidity and capital resources. Net cash (debt) is defined as gross cash less gross debt after adjusting the effect of unamortized premium/discount on debt issuance, debt issuance costs and gains/losses on interest rate swaps.

Key Growth Areas
Key Growth Areas represent HP’s businesses which management expects to collectively grow at a rate faster than HP’s core business with accretive margins in the longer term. HP’s Key Growth Areas are comprised of:

Hybrid Systems: Video conferencing solutions, cameras, headsets, voice, and related software capabilities

Advanced Compute Solutions: Diverse portfolio encompassing high-performance computing, mobile and desktop workstations, retail workstations, retail solutions, and emerging technologies to address complex computational tasks, data-intensive applications, and evolving industry needs.

AI PC: PCs, excluding Workstations, equipped with dedicated hardware components like Neural Processing Units (NPUs), are designed to facilitate and enhance the execution of AI and machine learning tasks.

Workforce Solutions: Managed services (Managed Print Service and Device-as-a-Service), digital services and lifecycle services

Consumer Subscriptions: Instant Ink services, other consumer subscriptions and consumer digital services

Industrial Graphics: Large Format Industrial, Page Wide Press (PWP), Indigo and Page Wide Industrial packaging solutions and supplies

3D & Personalization: Portfolio of additive manufacturing solutions and supplies including end-to-end solutions such as moulded fiber, footwear and orthotics

Material limitations associated with use of non-GAAP financial measures
These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

Items such as amortization of intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this change in value is not included in non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted net EPS, and therefore does not reflect the full economic effect of the change in value of those intangible assets.
Items such as restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges are excluded from non-GAAP operating margin. In addition, non-operating retirement-related (credits)/charges, debt extinguishment costs (benefit) and tax adjustments are excluded from non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings and non-GAAP diluted net EPS. These items can have a material impact on the equivalent GAAP earnings measure and cash flows.
HP may not be able to immediately liquidate the short-term and certain long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.

Other companies may calculate the non-GAAP financial measures differently than HP, limiting the usefulness of those measures for comparative purposes.

Compensation for limitations associated with use of non-GAAP financial measures

HP accounts for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review those reconciliations carefully.

Usefulness of non-GAAP financial measures to investors

HP believes that providing net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) to investors in addition to the related GAAP financial measures provides investors with greater insight to the information used by HP’s management in its financial and operational decision making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and financial condition and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance and financial condition. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

Editorial contacts

HP Inc. Media Relations
MediaRelations@hp.com

HP Inc. Investor Relations
InvestorRelations@hp.com

The MIL Network –

May 29, 2025

MIL-OSI: NVIDIA Announces Financial Results for First Quarter Fiscal 2026

Source: GlobeNewswire (MIL-OSI)

Revenue of $44.1 billion, up 12% from Q4 and up 69% from a year ago
Data Center revenue of $39.1 billion, up 10% from Q4 and up 73% from a year ago

SANTA CLARA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 27, 2025, of $44.1 billion, up 12% from the previous quarter and up 69% from a year ago.

On April 9, 2025, NVIDIA was informed by the U.S. government that a license is required for exports of its H20 products into the China market. As a result of these new requirements, NVIDIA incurred a $4.5 billion charge in the first quarter of fiscal 2026 associated with H20 excess inventory and purchase obligations as the demand for H20 diminished. Sales of H20 products were $4.6 billion for the first quarter of fiscal 2026 prior to the new export licensing requirements. NVIDIA was unable to ship an additional $2.5 billion of H20 revenue in the first quarter.

For the quarter, GAAP and non-GAAP gross margins were 60.5% and 61.0%, respectively. Excluding the $4.5 billion charge, first quarter non-GAAP gross margin would have been 71.3%.

For the quarter, GAAP and non-GAAP earnings per diluted share were $0.76 and $0.81, respectively. Excluding the $4.5 billion charge and related tax impact, first quarter non-GAAP diluted earnings per share would have been $0.96.

“Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production across system makers and cloud service providers,” said Jensen Huang, founder and CEO of NVIDIA. “Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on July 3, 2025, to all shareholders of record on June 11, 2025.

Q1 Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)		Q1 FY26		Q4 FY25		Q1 FY25	Q/Q	Y/Y
Revenue	$44,062		$39,331		$26,044		12%	69%
Gross margin		60.5%		73.0%		78.4%	(12.5) pts	(17.9) pts
Operating expenses	$5,030		$4,689		$3,497		7%	44%
Operating income	$21,638		$24,034		$16,909		(10)%	28%
Net income	$18,775		$22,091		$14,881		(15)%	26%
Diluted earnings per share*	$0.76		$0.89		$0.60		(15)%	27%

Non-GAAP
($ in millions, except earnings per share)		Q1 FY26		Q4 FY25		Q1 FY25	Q/Q	Y/Y
Revenue	$44,062		$39,331		$26,044		12%	69%
Gross margin		61.0%		73.5%		78.9%	(12.5) pts	(17.9) pts
Gross margin excluding H20 charge		71.3%
Operating expenses	$3,583		$3,378		$2,501		6%	43%
Operating income	$23,275		$25,516		$18,059		(9)%	29%
Net income	$19,894		$22,066		$15,238		(10)%	31%
Diluted earnings per share*	$0.81		$0.89		$0.61		(9)%	33%
Diluted earnings per share excluding H20 charge and related tax impact	$0.96


*All per share amounts presented herein have been retroactively adjusted to reflect NVIDIA’s ten-for-one stock split, which was effective June 7, 2024.

Outlook
NVIDIA’s outlook for the second quarter of fiscal 2026 is as follows:

Revenue is expected to be $45.0 billion, plus or minus 2%. This outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0%, respectively, plus or minus 50 basis points. The company is continuing to work toward achieving gross margins in the mid-70% range late this year.
GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the mid-30% range.
GAAP and non-GAAP other income and expense are expected to be an income of approximately $450 million, excluding gains and losses from non-marketable and publicly-held equity securities.
GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:

Data Center

First-quarter revenue was $39.1 billion, up 10% from the previous quarter and up 73% from a year ago.
Announced that NVIDIA is building factories in the U.S. and working with its partners to produce NVIDIA AI supercomputers in the U.S.
Introduced NVIDIA Blackwell Ultra and NVIDIA Dynamo for accelerating and scaling AI reasoning models.
Announced partnership with HUMAIN to build AI factories in the Kingdom of Saudi Arabia to drive the next wave of artificial intelligence development.
Unveiled Stargate UAE, a next-generation AI infrastructure cluster in Abu Dhabi, United Arab Emirates, alongside strategic partners G42, OpenAI, Oracle, SoftBank Group and Cisco.
Revealed plans to work with Foxconn and the Taiwan government to build an AI factory supercomputer.
Announced NVIDIA is speeding the IT infrastructure transition to enterprise AI factories with NVIDIA RTX PRO™ Servers.
Unveiled NVLink Fusion™ for industry to build semi-custom AI infrastructure with NVIDIA’s partner ecosystem.
Announced NVIDIA Spectrum-X™ and NVIDIA Quantum-X silicon photonics networking switches to scale AI factories to millions of GPUs.
Introduced the NVIDIA DGX SuperPOD™ built with NVIDIA Blackwell Ultra GPUs to provide AI factory supercomputing for agentic AI reasoning.
Announced joint initiatives with Alphabet and Google to advance agentic AI solutions, robotics and drug discovery.
Announced integration between NVIDIA accelerated computing and inference software with Oracle’s AI infrastructure.
Revealed that NVIDIA Blackwell cloud instances are now available on AWS, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure.
Announced that the NVIDIA Blackwell platform set records in the latest MLPerf inference results, delivering up to 30x higher throughput.
Announced NVIDIA DGX Cloud Lepton™ to connect developers to NVIDIA’s global compute ecosystem.
Launched the open Llama Nemotron family of models with reasoning capabilities, providing a foundation for creating advanced AI agents.
Introduced the NVIDIA AI Data Platform, a customizable reference design for AI inference workloads.
Announced the opening of a research center in Japan that hosts the world’s largest quantum research supercomputer.

Gaming and AI PC

First-quarter Gaming revenue was a record $3.8 billion, up 48% from the previous quarter and up 42% from a year ago.
Announced the NVIDIA GeForce RTX™ 5070 and RTX 5060, bringing Blackwell graphics to gamers at prices starting from $299 for desktops and $1,099 for laptops.
Unveiled NVIDIA DLSS 4 is now available in over 125 games, including Black Myth Wukong, DOOM: The Dark Ages, Indiana Jones and the Great Circle, Marvel Rivals and Star Wars Outlaws.
Announced the Nintendo Switch 2 is powered by an NVIDIA processor and AI-powered DLSS, delivering up to 4K gaming.
Launched the NVIDIA RTX Remix modding platform, attracting over 2 million gamers, alongside the release of the Half-Life 2 RTX demo.

Professional Visualization

First-quarter revenue was $509 million, flat with the previous quarter and up 19% from a year ago.
Announced the NVIDIA RTX PRO™ Blackwell series for workstations and servers.
Unveiled NVIDIA DGX Spark and DGX Station™ personal AI supercomputers powered by the NVIDIA Grace Blackwell platform.
Announced that leading industrial software and service providers Accenture, Ansys, Databricks, SAP, Schneider Electric with ETAP, and Siemens are integrating the NVIDIA Omniverse™ platform into their solutions to accelerate industrial digitalization with physical AI.

Automotive and Robotics

First-quarter Automotive revenue was $567 million, down 1% from the previous quarter and up 72% from a year ago.
Announced a collaboration with General Motors on next-generation vehicles, factories and robots using NVIDIA Omniverse, NVIDIA Cosmos™ and NVIDIA DRIVE AGX™.
Launched NVIDIA Halos, a unified safety system combining NVIDIA’s automotive hardware, software and advanced AV safety AI research.
Announced NVIDIA Isaac™ GR00T N1, the world’s first open humanoid robot foundation model, followed by NVIDIA Isaac™ GR00T N1.5; NVIDIA Isaac GR00T-Dreams, a blueprint for generating synthetic motion data; and NVIDIA Blackwell systems to accelerate humanoid robot development.
Released new NVIDIA Cosmos™ world foundation models and physical AI data tools.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2026.

Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 excess inventory and purchase obligation charges, and the associated tax impact of these items where applicable. The inclusion of H20 excess inventory and purchase obligation charges in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA on April 9, 2025 that it requires a license for export to China of H20 products. H20 products were designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.


NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)


			Three Months Ended
			April 27,			April 28,
				2025			2024

Revenue			$	44,062		$	26,044
Cost of revenue				17,394			5,638
Gross profit				26,668			20,406

Operating expenses
	Research and development			3,989			2,720
	Sales, general and administrative			1,041			777
		Total operating expenses		5,030			3,497

Operating income				21,638			16,909
	Interest income			515			359
	Interest expense			(63	)		(64	)
	Other income (expense), net			(180	)		75
		Total other income (expense), net		272			370

Income before income tax				21,910			17,279
Income tax expense				3,135			2,398
Net income			$	18,775		$	14,881

Net income per share:
	Basic		$	0.77		$	0.60
	Diluted		$	0.76		$	0.60

Weighted average shares used in per share computation:
	Basic			24,441			24,620
	Diluted			24,611			24,890

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)


			April 27,		January 26,
				2025		2025
ASSETS

Current assets:
	Cash, cash equivalents and marketable securities		$	53,691	$	43,210
	Accounts receivable, net			22,132		23,065
	Inventories			11,333		10,080
	Prepaid expenses and other current assets			2,779		3,771
		Total current assets		89,935		80,126

Property and equipment, net				7,136		6,283
Operating lease assets				1,810		1,793
Goodwill				5,498		5,188
Intangible assets, net				769		807
Deferred income tax assets				13,318		10,979
Other assets				6,788		6,425
		Total assets	$	125,254	$	111,601

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
	Accounts payable		$	7,331	$	6,310
	Accrued and other current liabilities			19,211		11,737
		Total current liabilities		26,542		18,047

Long-term debt				8,464		8,463
Long-term operating lease liabilities				1,521		1,519
Other long-term liabilities				4,884		4,245
		Total liabilities		41,411		32,274

Shareholders’ equity				83,843		79,327
		Total liabilities and shareholders’ equity	$	125,254	$	111,601

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)


		Three Months Ended
		April 27,			April 28,
			2025			2024

Cash flows from operating activities:
Net income		$	18,775		$	14,881
Adjustments to reconcile net income to net cash
provided by operating activities:
	Stock-based compensation expense		1,474			1,011
	Depreciation and amortization		611			410
	(Gains) losses on non-marketable equity securities and publicly-held equity securities, net		175			(69	)
	Deferred income taxes		(2,177	)		(1,577	)
	Other		(98	)		(145	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable		933			(2,366	)
	Inventories		(1,258	)		(577	)
	Prepaid expenses and other assets		560			(726	)
	Accounts payable		941			(22	)
	Accrued and other current liabilities		7,128			4,202
	Other long-term liabilities		350			323
Net cash provided by operating activities			27,414			15,345

Cash flows from investing activities:
	Proceeds from maturities of marketable securities		3,122			4,004
	Proceeds from sales of marketable securities		467			149
	Proceeds from sales of non-marketable equity securities		–			55
	Purchases of marketable securities		(6,546	)		(9,303	)
	Purchase related to property and equipment and intangible assets		(1,227	)		(369	)
	Purchases of non-marketable equity securities		(649	)		(190	)
	Acquisitions, net of cash acquired		(383	)		(39	)
Net cash used in investing activities			(5,216	)		(5,693	)

Cash flows from financing activities:
	Proceeds related to employee stock plans		370			285
	Payments related to repurchases of common stock		(14,095	)		(7,740	)
	Payments related to employee stock plan taxes		(1,532	)		(1,752	)
	Dividends paid		(244	)		(98	)
	Principal payments on property and equipment and intangible assets		(52	)		(40	)
Net cash used in financing activities			(15,553	)		(9,345	)

Change in cash and cash equivalents			6,645			307
Cash and cash equivalents at beginning of period			8,589			7,280
Cash and cash equivalents at end of period		$	15,234		$	7,587

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

		Three Months Ended
		April 27,			January 26,			April 28,
			2025			2025			2024

GAAP cost of revenue		$	17,394		$	10,608		$	5,638
GAAP gross profit		$	26,668		$	28,723		$	20,406
	GAAP gross margin		60.5%			73.0%			78.4%
	Acquisition-related and other costs (A)		123			118			119
	Stock-based compensation expense (B)		64			53			36
	Other		3			–			(1	)
Non-GAAP cost of revenue		$	17,204		$	10,437		$	5,484
Non-GAAP gross profit		$	26,858		$	28,894		$	20,560
	Non-GAAP gross margin		61.0%			73.5%			78.9%

GAAP operating expenses		$	5,030		$	4,689		$	3,497
	Stock-based compensation expense (B)		(1,410	)		(1,268	)		(975	)
	Acquisition-related and other costs (A)		(37	)		(43	)		(21	)
Non-GAAP operating expenses		$	3,583		$	3,378		$	2,501

GAAP operating income		$	21,638		$	24,034		$	16,909
	Total impact of non-GAAP adjustments to operating income		1,637			1,482			1,150
Non-GAAP operating income		$	23,275		$	25,516		$	18,059

GAAP total other income (expense), net		$	272		$	1,183		$	370
	(Gains) losses from non-marketable equity securities and publicly-held equity securities, net		175			(727	)		(69	)
	Interest expense related to amortization of debt discount		1			1			1
Non-GAAP total other income (expense), net		$	448		$	457		$	302

GAAP net income		$	18,775		$	22,091		$	14,881
	Total pre-tax impact of non-GAAP adjustments		1,813			756			1,082
	Income tax impact of non-GAAP adjustments (C)		(694	)		(781	)		(725	)
Non-GAAP net income		$	19,894		$	22,066		$	15,238

Diluted net income per share (D)
	GAAP	$	0.76		$	0.89		$	0.60
	Non-GAAP	$	0.81		$	0.89		$	0.61

Weighted average shares used in diluted net income per share computation (D)			24,611			24,706			24,890

GAAP net cash provided by operating activities		$	27,414		$	16,628		$	15,345
	Purchases related to property and equipment and intangible assets		(1,227	)		(1,077	)		(369	)
	Principal payments on property and equipment and intangible assets		(52	)		(32	)		(40	)
Free cash flow		$	26,135		$	15,519		$	14,936




(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
		Three Months Ended
		April 27,			January 26,			April 28,
			2025			2025			2024
	Cost of revenue	$	123		$	118		$	119
	Research and development	$	28		$	27		$	12
	Sales, general and administrative	$	9		$	16		$	8

(B) Stock-based compensation consists of the following:
		Three Months Ended
		April 27,			January 26,			April 28,
			2025			2025			2024
	Cost of revenue	$	64		$	53		$	36
	Research and development	$	1,063		$	955		$	727
	Sales, general and administrative	$	347		$	313		$	248

(C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

(D) Reflects a ten-for-one stock split on June 7, 2024.





								Three Months
								Ended
								April 27,
									2025
								($ in millions)
GAAP gross profit								$	26,668
GAAP gross margin									60.5%
	Stock-based compensation expense, acquisition-related costs, and other costs								190
	H20 excess inventory and purchase obligation charges								4,538
Non-GAAP gross profit (as adjusted to exclude H20 excess inventory and purchase obligation charges)								$	31,396
Non-GAAP gross margin (as adjusted to exclude H20 excess inventory and purchase obligation charges)									71.3%


GAAP net income								$	18,775
	Total pre-tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges								6,351
	Income tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges								(1,491	)
Non-GAAP net income (as adjusted to exclude H20 excess inventory and purchase obligation charges)								$	23,635

Diluted net income per share
	GAAP							$	0.76
	Non-GAAP (as adjusted to exclude H20 excess inventory and purchase obligation charges)							$	0.96

Weighted average shares used in diluted net income per share computation									24,611

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK


		Q2 FY2026 Outlook
		($ in millions)

GAAP gross margin			71.8%
	Impact of stock-based compensation expense, acquisition-related costs, and other costs		0.2%
Non-GAAP gross margin			72.0%

GAAP operating expenses		$	5,700
	Stock-based compensation expense, acquisition-related costs, and other costs		(1,700	)
Non-GAAP operating expenses		$	4,000

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:

Certain statements in this press release including, but not limited to, statements as to: the impact of H20 export licensing requirements; global demand for NVIDIA’s AI infrastructure; the demand for AI computing accelerating; countries recognizing AI as essential infrastructure and NVIDIA’s role; AI factories fueling a new industrial revolution and their impact; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the second quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, DGX Cloud Lepton, DGX Station, GeForce RTX, NVIDIA Cosmos, NVIDIA DGX SuperPOD, NVIDIA Isaac, NVIDIA Omniverse, NVIDIA RTX PRO, NVIDIA Spectrum-X, and NVLink Fusion are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

The MIL Network –

May 29, 2025

MIL-Evening Report: The body as landscape: how post-war Japanese dance and theatre shaped performance in Australia

Source: The Conversation (Au and NZ) – By Jonathan W. Marshall, Associate Professor & Postgraduate Research Coordinator, Western Australian Academy of Performing Arts, Edith Cowan University

“Tamaokoshi (たまおこし-) – Evocation” (2013) by Yumi Umiumare. Performers: Umiumare, Felix Ching Ching Ho, Fina
Po, Helen Smith, Willow Conway, Sevastian Peters-Lazaro, Takashi Takiguchi. Photo by Vikk Shayen, reproduced courtesy of Umiumare and Shayen.

Post-war Japan was home to exciting new theatrical forms. These included the often grotesque and contorted, but at times flowing, dance style “butoh”, created by dancer/choreographer Hijikata Tatsumi – and the intensely focused, sometimes militaristic, sometimes dreamy theatre of Suzuki Tadashi.

Both Hijikata’s and Suzuki’s work attracted followers in Australia, and continue to have influence today. They often exchanged ideas, and several of Hijikata’s former dancers performed in Suzuki’s productions.

Here’s a brief history of how these two helped bring Japanese performance to Australia – and how local artists made it their own.

Suzuki’s training method

Visits by Japanese performing artists to Australia increased during the 1990s, with Melbourne’s Playbox Theatre commissioning Suzuki Tadashi to direct an Australian cast in The Chronicle of Macbeth (1992). But even before he came here, several Australians visited his training institution in the Japanese mountains.

Suzuki is best known for his training method, in which performers stomp up and down in a line, or swiftly move from one physical position to another.

Suzuki claims this generates an actor who, even when standing still, is full of suppressed energy like a “Boeing 747, its brakes on and engines full-throttle just before take-off”.

The performances themselves often have a dreamlike quality, similar to the Japanese noh theatre that inspired Suzuki.

Tanaka brings butoh to Australia

The first of Hijikata’s students to reach Australia was Japanese performer Tanaka Min. Tanaka appeared at the 1982 Sydney Biennale, showcasing his dance style of “Body Weather”.

The Sydney Morning Herald described it as “the relationship between body and place […] improvisation and […] textures” – viewed as a shifting microclimate of impulses moving between the dancer’s body and their surroundings.

Tanaka claimed Hijikata and his principal dancer Ashikawa Yoko taught him 1,000 embodied states that were prompted or described by poetic images or motifs. He passed these on to several Australian performers through his own training.

Although similar to Hijikata’s approach, Tanaka’s focus on the body as an interactive landscape was unique to his version of butoh.

Yumi Umiumare

Japanese choreographer-director Maro Akaji had the greatest influence on Australian physical performance. His butoh company, Dairakudakan, appeared at the 1992 Melbourne Festival and left behind dancer Yumi Umiumare, who settled in the city. Dairakudakan established some of the key motifs recognisable in early Australian butoh.

Maro’s Tale of the Sea-Dappled Horse (1991), opens with a group of almost-naked dancers in white makeup performing a grotesque group dance, coming together in a pulsating mass. As author Bruce Baird describes it, “on their hands and knees […] they convulse progressively energetically”.

Umiumare’s Japanese heritage gives her the most direct link to butoh’s origins. After performing solos, duets and character roles, she developed what she calls “butoh cabaret”. This often surrealistically funny style is similar to Melbourne’s zanier comedy shows, as well as Dairakudakan’s own “grand seminarrative spectacles”.

Umiumare says even her serious works in Melbourne were aimed at “audiences [who] really wanted a laugh”. In a 1995 cabaret skit, she parodied Madonna’s famous pointed cone bra costume. She pulled out accordian-style tubes placed over her breasts to render herself a phallic woman, before threatening and flirting with spectators.

Umiumare continues to train and direct ensembles.

Tess de Quincey

Choreographer-dancer Tess de Quincey was the first non-Japanese, Australian-based artist to focus on Japanese physical theatre. She trained with Tanaka in Japan from 1985, before returning to performing in Sydney in 1988.

De Quincey’s early Australian shows of 1988 and 1989 featured her naked body, all white like the Japanese butoh dancers, twisting and shifting in semi darkness.

She later produced introspective multimedia works such as Nerve 9 (2001-05), structured around the slow unfolding of dissociated bodily gestures.

Zen Zen Zo Physical Theatre

Hijikata’s butoh style was further explored by the Brisbane-based Zen Zen Zo Physical Theatre, founded by performer/director/trainer Lynne Bradley and director/trainer Simon Woods. The pair also witnessed Suzuki’s training in Japan.

Zen Zen Zo’s fusion of butoh, Suzuki’s method, and Jacques Lecoq’s approach to clowning culminated in the 1996 production The Cult of Dionysus, performed at the Brisbane Festival.

Audiences described a “glamorously grotesque” chorus, attired in “ragged skirts of rich reds, oranges and pinks, and strings of beads across their […] bare torsos,” “smeared” with ochre.

Although Zen Zen Zo’s work became increasingly varied during the 2000s, it still trains in Suzuki’s method.

Frank Theatre

Another pair dedicated to Suzuki’s theatre and training were former contemporary dancers Jacqui Carroll and John Nobbs. The pair founded Frank Theatre in Brisbane in 1992, drawing on many of the same performers as Zen Zen Zo.

Nobbs rejected any dilution of Suzuki’s method, going on to develop what he characterises as an unsullied “regional variant”. Carroll and Nobbs also retained the often riotous grotesquerie and absurdism of Suzuki’s productions.

Frank Theatre’s masterpiece was Carroll’s Doll Seventeen (2002), an adaptation of Ray Lawler’s Summer of the Seventeenth Doll (1955). Very similar to a Japanese noh play in its sense of inevitability, the characters intoned their words as though trapped in a slowly unfolding nightmare.

Crisscrossing the Pacific

Hijikata and Suzuki have also inspired performance-makers more distant from Japanese tradition.

Australian dance company Marrugeku combines certain elements of Japanese theatre with First Nations performance.

Similarly, multidisiplinary Māori–Australian artist Victoria Hunt combines butoh influences with her own whakapapa, or Māori genealogy.

And Tony Yap, of Malaysian Chinese descent, has developed what he calls “trance dance”, drawing on Hijikata’s writings, Polish theatre director Jerzy Grotowski’s’s theatre of bodily and spiritual transfiguration, and Yap’s own background in Southeast Asian possession rituals.

In these, and other exchanges, performance practices crisscross the Pacific, from Japan to Aotearoa New Zealand, to Australia, to Malaysia, and back.

Some of Jonathan W. Marshall’s research into butoh was supported by an ARC-LIEF grant.

– ref. The body as landscape: how post-war Japanese dance and theatre shaped performance in Australia – https://theconversation.com/the-body-as-landscape-how-post-war-japanese-dance-and-theatre-shaped-performance-in-australia-254814

MIL OSI Analysis – EveningReport.nz –

May 29, 2025

MIL-Evening Report: Antarctica’s sea ice is changing, and so is a vital part of the marine food web that lives within it

Source: The Conversation (Au and NZ) – By Jacqui Stuart, Postdoctoral Researcher in Marine Ecology, Te Herenga Waka — Victoria University of Wellington

Jacqui Stuart, VUW, CC BY-NC-ND

Antarctica is the world’s great cooling unit. This vital part of Earth’s climate system is largely powered by the annual freeze and melt of millions of square kilometres of sea ice around the continent.

Our research shows changes to this annual freeze cycle in McMurdo Sound can lead to shifts in the diversity of algal communities that live within the sea ice.

At the start of the southern winter, as sea water begins to freeze, it expels salt and forms heavy and very cold brine. This sinks to the seafloor, ultimately forming what’s known as Antarctic Bottom Water. This is then pumped out to the rest of the world through several major oceanic currents.

Historically, this cycle meant that Antarctica effectively doubled in size and the continent was surrounded by an enormous apron of sea ice at the peak of winter. But the changing climate is shifting this annual cycle.

Major ocean currents transport cold Antarctic Bottom Water out to the rest of the world.
Jacqui Stuart, VUW, CC BY-NC-ND

For the past decade, Antarctic sea ice has been in decline. It hasn’t been a steady trend, but each year since 2016 less sea ice has formed compared to historic averages.

Antarctica’s annual maximum sea ice extent in September 2023 was the lowest on record, with approximately 1.75 million square kilometres less sea ice than normal – an area equivalent to about 6.5 times the land area of Aotearoa.

Change happening at the continental scale is usually well documented and publicised. However, smaller, more local changes are also occurring in places such as McMurdo Sound, the home of Aotearoa New Zealand’s only Antarctic outpost.

For four of the last seven years, unseasonable winter southerly storms have been associated with significant delays in the timing of sea-ice formation within McMurdo Sound.

Where measurements were taken during these “unusual” years, the sea ice that formed later was thinner (1.5 metres compared to 2.5 metres) and had less snow cover (about 5 centimetres versus 15-30 centimetres) compared to the same locations during “typical” years.

Ken Ryan and Jacqui Stuart measuring the depth of sea ice and the sub-ice platelet layer in McMurdo Sound in 2022.
Svenja Halfter, NIWA, CC BY-NC-ND

Icy reefs and algal meadows

Another type of ice, known as “platelet ice”, also appears to be affected by the later formation of sea ice.

A layer of platelet ice extends into the ocean below the sea ice in some regions around Antarctica, including McMurdo Sound. It is a fragile lattice structure made up of loosely consolidated plate-shaped ice crystals, creating an upside-down reef-like structure.

The resulting protective environment is a hot spot for primary productivity – microscopic algae that support the base of the marine food web. When sea ice forms later, the platelet ice doesn’t have as much time to accumulate beneath and can be metres thinner than beneath older ice (down to about 1 metre from more than 3 metres).

Scientist collecting cores of sea ice in McMurdo Sound.
Jacqui Stuart, VUW, CC BY-NC-ND

Why should we care about sea ice? Because, it isn’t just a frozen, lifeless sheet expanding out from the continent, broken by the odd silhouette of a seal or a gathering of penguins on the top.

Beneath the desolate surface, where ice meets water, green meadows of microalgae can spread out as far as the eye can see.

View from under the sea ice in McMurdo Sound, with the sub-ice platelet layer extending down into the water. The green-yellow tinge shows thriving microalgae living within the reef-like structure.
Leigh Tate, NIWA, CC BY-NC-ND

Microalgae are single-cell, plant-like organisms that use sunlight to create energy. Similar to land-based meadows, they provide food for many other creatures. In winter, when other sources of food can be scarce, this sea-ice superstore plays a crucial role in feeding other inhabitants of McMurdo Sound.

Diminishing algal diversity under thinner sea ice

Our research indicates that when the sea ice forms later, microalgal communities living within the ice are also different. In later-forming sea ice, these vital communities are less diverse and dominated by fewer species.

Some species usually abundant in earlier-forming sea ice are absent or in low numbers when the sea ice forms later. Interestingly, though, it appears the quantity of microalgae in later-forming ice conditions is similar to “typical” ice. However, instead of being spread out through almost three metres depth of the platelet layer, they are crammed into a metre-thick habitat instead.

These microscopic snacks are diverse in shape, size and the roles they play in the ecosystem. It can help to think of microalgal communities as the produce section in the supermarket. Each type has preferred growing conditions and different nutritional values, producing varied quantities of important resources such as proteins, carbohydrates and fatty acids.

Microalgae come in different shapes, sizes and nutritional content, like fruits and vegetables.
Jacqui Stuart, VUW, CC BY-NC-ND

Imagine, one winter the weather is different and all that grows are cabbages and sweet peas. These won’t provide you with all the nutrients you need. This mirrors the problem when there is less diversity at the base of the food web. As the microalgal communities shift in the ways our research has observed, the quantity and quality of resources they provide are likely to change, too.

These early signals matter. They foreshadow wider ecological impacts, especially, if Antarctic sea ice continues to thin, retreat or form later each year.

We need more research to establish the nuances of these changes and the extent of their impact. But it is worth remembering that what happens at the base of the food web in Antarctica doesn’t necessarily stay there. These changes could ripple through ecosystems further afield with the potential to affect key fisheries in the Southern Ocean.

By paying close attention now, we have a chance to understand and adapt, to ensure ecosystems stay resilient in a changing world.

Natalie Robinson receives funding from the Marsden Fund and Antarctic Science Platform. She is affiliated with New Zealand Antarctic Society.

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

– ref. Antarctica’s sea ice is changing, and so is a vital part of the marine food web that lives within it – https://theconversation.com/antarcticas-sea-ice-is-changing-and-so-is-a-vital-part-of-the-marine-food-web-that-lives-within-it-255606

MIL OSI Analysis – EveningReport.nz –

May 29, 2025

MIL-Evening Report: X-rays have revealed a mysterious cosmic object never before seen in our galaxy

Source: The Conversation (Au and NZ) – By Ziteng Wang, Associate Lecturer, Curtin Institute of Radio Astronomy (CIRA), Curtin University

Author provided

In a new study published today in Nature, we report the discovery of a new long-period transient – and, for the first time, one that also emits regular bursts of X-rays.

Long-period transients are a recently identified class of cosmic objects that emit bright flashes of radio waves every few minutes to several hours. This is much longer than the rapid pulses we typically detect from dead stars such as pulsars.

What these objects are, and how they generate their unusual signals, remains a mystery.

Our discovery opens up a new window into the study of these puzzling sources. But it also deepens the mystery: the object we found doesn’t resemble any known type of star or system in our galaxy – or beyond.

An image of the sky showing the region around ASKAP J1832-0911. The yellow circle marks the position of the newly discovered source. This image shows X-rays from NASA’s Chandra X-ray Observatory, radio data from the South African MeerKAT radio telescope, and infrared data from NASA’s Spitzer Space Telescope.
Author provided

Watching the radio sky for flickers

There’s much in the night sky that we can’t see with human eyes but can detect when we look at other wavelengths, such as radio emissions.

Our research team regularly scans the radio sky using the Australian SKA Pathfinder (ASKAP), operated by CSIRO on Wajarri Yamaji Country in Western Australia. Our goal is to find cosmic objects that appear and disappear (known as transients).

Transients are often linked to some of the most powerful and dramatic events in the universe, such as the explosive deaths of stars.

In late 2023, we spotted an extremely bright source, named ASKAP J1832-0911 (based on its position in the sky), in the direction of the galactic plane. This object is located about 15,000 light years away. This is far, but still within the Milky Way.

Some of the ASKAP antennas, located at Inyarrimanha Ilgari Bundara, the Murchison Radio-astronomy Observatory in Western Australia.
CSIRO

A dramatic event

After the initial discovery, we began follow-up observations using telescopes around the world, hoping to catch more pulses. With continued monitoring, we found the radio pulses from ASKAPJ1832 arrive regularly – every 44 minutes. This confirmed it as a new member of the rare long-period transient group.

But we did not just look forward in time – we also looked back. We searched through older telescope data from the same part of the sky. We found no trace of the object before the discovery.

This suggests something dramatic happened shortly before we first detected it – something powerful enough to suddenly switch the object “on”.

Then, in February 2024, ASKAPJ1832 became extremely active. After a quieter period in January, the source brightened dramatically. Fewer than 30 objects in the sky have ever reached such brightness in radio waves.

For comparison, most stars we detect in radio are about 10,000 times fainter than ASKAPJ1832 during that flare-up.

A lucky break

X-rays are a form of light that we can’t see with our eyes. They usually come from extremely hot and energetic environments. Although about ten similar radio-emitting objects have been found so far, none had ever shown X-ray signals.

In March, we tried to observe ASKAPJ1832 in X-rays. However, due to technical issues with the telescope, the observation could not go ahead.

Then came a stroke of luck. In June, I reached out to my friend Tong Bao, a postdoctoral researcher at the Italian National Institute for Astrophysics, to check if any previous X-ray observations had captured the source. To our surprise, we found two past observations from NASA’s Chandra X-ray Observatory, although the data were still under a proprietary period (not yet public).

We contacted Kaya Mori, a research scientist at Columbia University and the principal investigator of those observations. He generously shared the data with us. To our amazement, we discovered clear X-ray signals coming from ASKAPJ1832. Even more remarkable: the X-rays followed the same 44-minute cycle as the radio pulses.

It was a truly lucky break. Chandra had been pointed at a different target entirely, but by pure coincidence, it caught ASKAPJ1832 during its unusually bright and active phase.

A chance alignment like that is incredibly rare – like finding a needle in a cosmic haystack.

NASA’s Chandra X-ray Observatory is the world’s most powerful X-ray telescope, in orbit around Earth since 1999.
NASA/CXC & J. Vaughan

Still a mystery

Having both radio and X-ray bursts is a common trait of dead stars with extremely strong magnetic fields, such as neutron stars (high-mass dead stars) and white dwarf (low-mass dead stars).

Our discovery suggests that at least some long-period transients may come from these kinds of stellar remnants.

But ASKAPJ1832 does not quite fit into any known category of object in our galaxy. Its behaviour, while similar in some ways, still breaks the mould.

We need more observations to truly understand what is going on. It is possible that ASKAPJ1832 is something entirely new, or it could be emitting radio waves in a way we have never seen before.

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

– ref. X-rays have revealed a mysterious cosmic object never before seen in our galaxy – https://theconversation.com/x-rays-have-revealed-a-mysterious-cosmic-object-never-before-seen-in-our-galaxy-256797

MIL OSI Analysis – EveningReport.nz –

May 29, 2025

MIL-OSI USA: Rep. Hoyle Announces 2025 Congressional Art Competition Winner

Source: US Representative Val Hoyle (OR-04)

May 28, 2025

For Immediate Release: May 28, 2025

WASHINGTON, D.C. – Today, Representative Val Hoyle (OR-04) announced Teakki Rain Legg from Florence as Oregon’s Fourth District’s winner of the 2025 Congressional Art Competition. Winners have their artwork featured in the U.S. Capitol for one year and receive a round-trip ticket to Washington, D.C. for themselves and a guardian to be recognized at an annual awards ceremony when the art is displayed.

“Teakki Legg’s artistry and attention to detail stood out with his entry into this year’s competition, Shining Light, which depicts the rugged beauty of the Oregon Coast,” Rep. Hoyle said. “His work will hang in the U.S. Capitol for the next year, representing the best of our district. Beyond his artwork, Teakki is a model student giving back to his community, serving on the board of the Florence Regional Arts Alliance and teaching art classes. I also want to commend his teachers, Lauren Suveges of Siuslaw High School and John Leasure at the Florence Regional Arts Alliance, for nurturing Teakki’s talents and pushing him to enter this competition. I look forward to meeting Teakki and his parents, Roanne and Brandt, and welcoming them to our office in Washington, D.C.”

‘Shining Light’ by Teakki Rain Legg

A Word from the Artist

My name is Teakki Legg and I’m a 16 year-old artist raised in Oregon. My piece, Shining Light, was heavily inspired by the Oregon coast where I live, which is populated by many lighthouses, such as Heceta Head and Yaquina. The lighthouse is a metaphor to illuminate possibilities and connection in the world, which sometimes can feel dark, but there’s always a light to go toward. As an artist, I simply can’t help but be inspired by the beauty of Oregon, in particular the coast.

I mainly work in watercolor and ink, but my painting was done in oil, a relatively new medium I’ve been experimenting with. I’ve had a great oil teacher, John Leasure, as well as my wonderful High School art teacher, Lauren Suveges, who also encouraged me to enter the Congressional art competition. Oil allows me to be more expressive with my colors and strokes, due to the fact that oil paint is so much thicker.

I’m so excited for the opportunity to go to Washington DC to see my painting hanging in the Capitol. Thank you!

Teakki Rain Legg

Teakki Rain Legg, 16, was born in the art colony of Taos, New Mexico into a creative family filled with artists and writers. Home-schooled since birth, Teakki completed his first commissioned work at age 13.

Teakki’s work has won him multiple recognitions, including an Artist’s Choice Award. At age 15, Teakki began serving on the board of the Florence Regional Arts Alliance (FRAA). In his spare time, he teaches classes in watercolor, and pen and ink.

Some of his favorite artists include M. C. Escher, Rob Gonsalves, Bob Ross, Mark Kistler, and his grandfather, Martin Goldman. He enjoys and is inspired by comics, such as Calvin and Hobbes, and plans to pursue a career as an artist.

You can see more of Teakki’s work here.

The Congressional Art Competition

The Congressional Art Competition is a bipartisan initiative to incentivize arts education for high school students across America. Every district that chooses to participate selects one winner annually. More information can be found on Rep. Hoyle’s website.

###

MIL OSI USA News –

May 29, 2025

Our relationship, our connect, our empathy is truly special: Jaishankar on India-Africa ties

Source: Government of India

Source: Government of India (4)

External Affairs Minister S. Jaishankar on Wednesday described the relationship between India and Africa as “truly special,” highlighting shared values, historical ties, and mutual development goals at the Africa Day 2025 celebrations in New Delhi.

Addressing the event, Jaishankar said, “Our relationship, our connect, our empathy is truly special. Many of you would be aware of the deeply held view in this country that our independence would not be complete until Africa secured hers. Today that logic extends to development, to prosperity, and to progress as well. When we speak of food, health, and energy security, it is not just a concern about our national prospects. It is equally about the challenges that Africa faces and the solutions that could emerge from international partnerships.”

Jaishankar expressed India’s commitment to development of Africa by keeping India’s market open, sharing experiences with the digital revolution to support Africa’s development, improving delivery of public services, spreading education and digital literacy in Africa, strengthening African agriculture and working with African nations to keep the oceans open and free for the benefit of all nations.

During his address, the external affairs minister recalled the COVID-19 pandemic and criticized the vaccine apartheid and travel restrictions that disproportionately affected Africa. He underscored the urgent need for stronger global partnerships to address shared challenges in food, health, and energy security.

On the Global South, the EAM said India and Africa are its pillars, asserting that those who question its relevance do not understand it. He also noted Africa’s growing transformation and affirmed India’s support during its G20 presidency for granting full membership to the African Union.

The foreign minister reiterated India’s call for greater African representation in global institutions, including the UN Security Council, in line with the Ezulwini Consensus.

India has expanded its diplomatic presence in Africa to 46 missions and has trained over 37,000 Africans under the ITEC and ICCR scholarship programs. Initiatives such as IIT Zanzibar and various IT and training centers reflect India’s commitment to education and capacity-building.

Jaishankar also underlined support for the African Union’s Agenda 2063, stating India’s approach is inclusive and demand-driven—focused on local capacity building and self-sustaining ecosystems.

He highlighted India’s USD 700 million grant assistance to African nations, including health equipment, ambulances, Jaipur Foot prosthetics, and food grains, demonstrating India’s enduring partnership in times of need.

ANI

May 29, 2025

MIL-OSI Australia: Police incident Royston Park

Source: New South Wales – News

Police are investigating an incident at Royston Park.

At 2.45am Thursday 29 May police saw an incident occurring between a man and a woman on Payneham Road Royston Park.

As a result, police attempted to arrest the man who was restrained.

During his arrest he became unresponsive.

SA Ambulance attended the scene, and the man was taken to hospital where he remains.

Major Crime and Ethical and Professional Standards detectives are investigating the circumstances surrounding the incident.

The investigation is in the early stages and is ongoing.

More information will be released later this morning.

Any members of the public who witnessed or have footage of this incident are asked to call Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au

MIL OSI News –

May 29, 2025

MIL-OSI USA: S. 723, Tribal Trust Land Homeownership Act of 2025

Source: US Congressional Budget Office

S. 723 would require the Bureau of Indian Affairs (BIA) to process and review mortgage packages involving property located on tribal land held in trust by deadlines specified in the bill. The bill also would establish a position within BIA to serve as an intermediary between the bureau and tribes, tribal members, and lenders.

In addition, the bill would require BIA to provide federal agencies and Indian tribes with access to relevant land documents from the Trust Asset and Accounting Management System. Finally, S. 723 would require the Government Accountability Office (GAO) to report to the Congress about the digitization of documents related to mortgages on tribal land.

Using information from the Department of the Interior, CBO expects the agency would need three employees at an average annual cost of $125,000 per employee in 2025. On that basis, and accounting for anticipated inflation, CBO estimates it would cost BIA $2 million over the 2025‑2030 period to implement those requirements. Based on the costs of similar activities, CBO estimates that the cost to GAO to complete the report would not be significant. Any related spending would be subject to the availability of appropriated funds.

The CBO staff contact for this estimate is Julia Aman. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: S. 1047, Assisting Small Businesses Not Fraudsters Act

Source: US Congressional Budget Office

S. 1047 would clarify that small businesses with associates who are convicted of falsely receiving financial assistance from the Small Business Administration (SBA) for programs related to COVID-19 are ineligible for future financial assistance. Under current law, those people are already ineligible for future funding from the SBA.

The SBA currently requires applicants for loans and grants to disclose whether they are being investigated for or have been convicted of defrauding a federal agency. In addition, the agency uses federal databases to identify applicants previously convicted of fraud and provides lenders with pre-approval screening to detect fraud before financial assistance is awarded.

Because the SBA already reviews applications to verify that applicants who have falsely received assistance do not receive additional federal assistance, CBO estimates that implementing S. 1047 would have insignificant costs. Any related spending would be subject to the availability of appropriated funds.

The CBO staff contact for this estimate is Aurora Swanson. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: S. 642, Keweenaw Bay Indian Community Land Claim Settlement Act of 2025

Source: US Congressional Budget Office

S. 642 would authorize the appropriation of $34 million in fiscal year 2026 for the Keweenaw Bay Indian Community as compensation for the loss of land under the Swamp Land Act of 1850 and the Canal Land Act of 1852. The funds could be used by the tribe for any lawful purpose, including governmental services, economic development, natural resources protection, and land acquisition for purposes other than gaming. For this estimate, CBO assumes that the Congress will appropriate the specified amount in fiscal year 2026.

S. 642 contains intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). The cost of the mandates would not exceed the annual threshold established in that act ($103 million in 2025, adjusted annually for inflation).

The bill would extinguish claims of the Keweenaw Bay Indian Community against owners of the Reservation Swamp Lands and the Reservation Canal Lands. Eliminating an existing right of action is a mandate because the right to seek redress and recover damages beyond what is provided in the bill would be lost. Based on information from the tribe, CBO expects it is unlikely that the tribe would pursue such claims. Therefore, CBO estimates that the cost, if any, of the mandate would be small.

The bill would prohibit gambling on tribal land obtained by the Keweenaw Bay Indian Community with funds from the settlement awarded under the bill. Because gaming on such land is currently allowed under federal law, the proposed ban would be a mandate. However, because the tribe has no plan to use settlement funds to obtain land for gaming purposes, the cost of the mandate would be small.

The bill contains no private-sector mandates as defined in UMRA.

The CBO staff contacts for this estimate are Julia Aman (for federal costs) and Rachel Austin (for mandates). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: Attorney General James Sues Trump Administration to Protect Scientific Research and Education Programs

Source: US State of New York

EW YORK – New York Attorney General Letitia James today co-led a coalition of 15 other attorneys general in suing the Trump administration to stop its illegal attempts to cut critical National Science Foundation (NSF) programs and funding that help maintain the United States’ position as a global leader in science, technology, engineering, and math (STEM). On April 18, NSF began terminating projects focused on increasing the participation of women, minorities, and people with disabilities in STEM fields. On May 2, NSF announced that it would also cap “indirect costs” of research projects like laboratory space, equipment, and facility services at 15 percent. This arbitrary limit on indirect costs would slash millions of dollars for groundbreaking scientific research across the country, jeopardizing national security, the economy, and public health. With this lawsuit, Attorney General James and the coalition are seeking a court order blocking the implementation of NSF’s new directives to eliminate programs addressing diversity in STEM and cut vital funding for research across the country.

“Every time we go online, scan a barcode at checkout, or get an MRI, we use technology made possible by the National Science Foundation,” said Attorney General James. “This administration’s attacks on basic science and essential efforts to ensure diversity in STEM will weaken our economy and our national security. Putting politics over science will only set our country back, and I will continue to fight to protect critical scientific research and education.”

Since its creation in 1950, NSF has been an independent federal agency crucial to maintaining the United States’ dominance in STEM. From developing artificial intelligence (AI) technology to creating innovative solutions to environmental and energy challenges, NSF-funded research at American universities is vital to addressing the nation’s biggest challenges and maintaining the country’s competitive edge.

NSF also has a Congressionally-mandated focus on improving diversity in STEM fields. Congress has instructed in law that a “core strategy” of NSF’s work must be to increase the participation of people who have historically been left out of STEM occupations. This policy has been a success. As Attorney General James and the coalition note, between 1995 and 2017, the number of women in science and engineering occupations, or with science or engineering degrees, has doubled. During that same time, people of color went from 15 percent to 35 percent of science and engineering job or degree holders.

As a result of NSF’s April 18 directive to terminate programs seeking to increase diversity in STEM, dozens of projects have been canceled. In New York, these include 18 programs funded with $11 million in NSF funds within the City University of New York (CUNY) that specifically seek to promote participation in STEM fields by women, minorities, and people with disabilities. All of those programs have had their funding canceled.

Attorney General James and the coalition also assert in the lawsuit that NSF’s directive to cap indirect costs at 15 percent would devastate scientific research at universities throughout the country. Twenty-three campuses across the State University of New York (SUNY) system participate in NSF-funded research and received over $104 million in NSF funding in fiscal year 2024. These funds supported cutting-edge research, including microelectronics research at the University at Buffalo, world-leading atmospheric science and climate research at the University at Albany, and the NSF Upstate New York Energy Storage Engine led by Binghamton University, which aims to establish a hub for new battery technology to decrease dependence on technology from China.

As Attorney General James and the coalition argue, NSF’s new cap would mean essential research and infrastructure would be cut, leading to critical projects being abandoned, staff laid off, and research essential to national security, public health, and economic stability ending. In fiscal year 2025, SUNY expects to receive $24.6 million for indirect costs. A 15 percent cap on indirect costs would slash $18 million in critical research funding for the SUNY system. The administration’s unlawful attempts to cap indirect costs at 15 percent for National Institutes of Health (NIH) and Department of Energy (DOE) grants have already been stopped by courts, in part due to a lawsuit brought by Attorney General James and 21 other attorneys general.

Attorney General James and the coalition argue that NSF’s directives violate the Administrative Procedure Act and the Constitution by unlawfully changing NSF policy and ignoring Congress’s intent for how NSF should function. The lawsuit seeks a court order ruling NSF’s new policies are illegal and blocking them from being implemented.

Joining Attorney General James in filing this lawsuit are the attorneys general of California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, Oregon, Rhode Island, Wisconsin, and Washington.

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: OEM Now Accepting SPIRE IV Grant Applications

Source: US State of Oregon

alem, OR—The Oregon Department of Emergency Management (OEM) has announced that the State Preparedness and Incident Response Equipment (SPIRE) Grant is open for applications—providing critical emergency preparedness equipment to local governments and other eligible recipients.

All application packages must be submitted online by 5 p.m. on Monday, June 2, 2025. Applicants should ensure they review materials well in advance, as letters of support from partnering agencies are required.

Applicants in previous years have used the grant to purchase things like generators, sand bagging machines and search and rescue vehicles. This equipment can then be used by the local jurisdiction or lent to other jurisdictions during disaster response.

Applicants can visit the OEM SPIRE webpage to access:

The SPIRE Application Form
SPIRE Guidance and Application Instructions, including the Equipment List
Anticipated Equipment Specifications
SPIRE Evaluation Criteria
Application form for review team members

Funding for SPIRE grants is made available through bond sales by the state. Applications will be evaluated within regional, Tribal, and urban search and rescue (USAR) categories to ensure fair distribution of equipment. This process is designed to address capability gaps identified through the Threat and Hazard Identification and Risk Assessment (THIRA)/State Preparedness Report (SPR), ensuring representation from all disciplines and regions in decision-making and guaranteeing that awarded equipment has the greatest impact.

“The SPIRE Grant plays a critical role in strengthening emergency preparedness across our state,” OEM Director Erin McMahon said. “By equipping local governments and response teams with the tools they need, we’re ensuring Oregon communities can respond swiftly and effectively to emergencies. We encourage eligible applicants to take advantage of this opportunity to enhance their emergency response capabilities.”

Our webpage also includes:

A map of current SPIRE-funded equipment, including items awarded but not yet arrived
Annual reporting forms and instructions for current SPIRE equipment holders (reports were due Oct. 15, 2024)

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: DAUPHIN COUNTY – Department of State to Begin Risk-Limiting Audit of 2025 Primary Election

Source: US State of Pennsylvania

May 29, 2025 – Harrisburg, PA

ADVISORY – DAUPHIN COUNTY – Department of State to Begin Risk-Limiting Audit of 2025 Primary Election

Department of State officials and staff will begin the statewide risk-limiting audit (RLA) of Pennsylvania’s 2025 primary election. Department staff will roll 10-sided dice to generate a 20-digit “seed number,” which will be used to randomly determine which batches of ballots from the May 20 primary election will be audited over the next several days.

WHO:
Jonathan Marks, Deputy Secretary for Elections and Commissions
Department of State staff members

WHEN:
TOMORROW, Thursday, May 29 at 2 P.M.

PUBLIC LIVESTREAM:
The livestream will be available at https://pacast.com/live/dos. A PACast with audio, video, and a press release will be available after the event.

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: CUMBERLAND COUNTY – Shapiro Administration to Launch 8th Annual Great American Getaway Scooped: An Ice Cream Trail

Source: US State of Pennsylvania

May 29, 2025 – Carlisle, PA

ADVISORY – CUMBERLAND COUNTY – Shapiro Administration to Launch 8th Annual Great American Getaway Scooped: An Ice Cream Trail

Agriculture Secretary Russell Redding will join Department of Community and Economic Development Secretary Rick Siger at Destiny Dairy Bar for the launch of the 2025 Scooped: An Ice Cream Trail and the start of June as dairy month.

The event will highlight the Pennsylvania dairy and tourism industries connecting farm families and ice cream lovers and the partnership of the Pennsylvania Department of Agriculture’s PA Preferred® program, DCED’s Tourism Office, and the Center for Dairy Excellence. The 2025 ice cream trail will take visitors all across Pennsylvania with 51 creameries included in this year’s ice cream trail.

Pennsylvania has six culinary trails for families to explore and support local farms while making sweet family memories. Governor Josh Shapiro’s 2025-26 budget proposes an increase of $13 million to the historic Agricultural Innovation Grant program to help farms across Pennsylvania compete and succeed.

WHO:
Agriculture Secretary Russell Redding
Department of Community and Economic Development Secretary Rick Siger
Pennsylvania Tourism Office Executive Director Kaitie Burger
Destiny Dairy Bar Owner and Stover Farms Herd Manager Amy Brickner

WHEN:
Thursday, May 29 at 11 a.m.

WHERE:
Destiny Dairy Bar, 60 Horners Road, Carlisle, PA 17015

RSVP:
Press attending should RSVP with news outlet and photographer and reporter names to aginfo@pa.gov.

MIL OSI USA News –

May 29, 2025

MIL-OSI Security: Illegal Firearm Possession Lands Oklahoma City Man in Federal Prison for Six Years Following Domestic Calls to Law Enforcement

Source: US FBI

OKLAHOMA CITY – AARON JOELRAYEL TURNER, 27, of Oklahoma City, has been sentenced to serve 72 months in federal prison for illegal possession of firearms after a previous felony conviction, announced U.S. Attorney Robert J. Troester.

On February 25, 2025, Turner was charged by Superseding Information with three counts of being a felon in possession of a firearm. According to public record, in 2024, Turner had three separate interactions with the Oklahoma City Police Department (OCPD). During the first incident on June 19, 2024, OCPD officers responded to a home on reports of a domestic dispute. Once at the home, the victim told police Turner gained entry into her residence despite a recent emergency VPO issued against Turner, and that Turner had struck her in the face before leaving the house. OCPD located and arrested Turner shortly after and discovered a firearm in his pocket. The second encounter with OCPD took place on August 23, 2024, after OCPD officers encountered Turner again at the same residence and seized two more pistols possessed by Turner.

The third encounter with OCPD took place on October 23, 2024, after officers responded to another home on a welfare check. The calling party advised OCPD that Turner was in the home with a firearm, and that Turner had been having domestic issues with the calling party’s granddaughter. OCPD officers received consent to search the home, and seized two firearms and several live rounds of ammunition possessed by Turner.

On February 25, 2025, Turner pleaded guilty to the Superseding Information and admitted he possessed a firearm on the three instances noted above, despite his previous felony convictions.

On May 19, 2025, U.S. District Judge Bernard M. Jones sentenced Turner to serve 72 months in federal prison, followed by three years of supervised release. In announcing his sentence, Judge Jones noted Turner’s history of illegal firearm possession as well as his extensive criminal history. Public record reflects that Turner has previous felony convictions in Oklahoma County District Court that include two counts of being a felon in possession of a firearm in case numbers CF-2020-1985 and CF-2017-5873.

This case is the result of an investigation by the FBI Oklahoma City Field Office and the Oklahoma City Police Department. Assistant U.S. Attorney Mary E. Walters prosecuted the case.

This case is part of Project Safe Neighborhoods (PSN), a Department of Justice program to reduce violent crime. This case is also part of “Operation 922,” the Western District of Oklahoma’s implementation of PSN, which prioritizes prosecution of federal crimes connected to domestic violence. For more information about PSN, please visit https://justice.gov/psn and https://justice.gov/usao-wdok.

Reference is made to public filings for additional information.

MIL Security OSI –

May 29, 2025

MIL-OSI: Beneficient Adjourns Annual Meeting of Stockholders to 2 p.m. CDT May 29, 2025

Source: GlobeNewswire (MIL-OSI)

DALLAS, May 28, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced today that the Company’s Annual Meeting of Stockholders, which had been previously adjourned to 2:00 p.m. Central Daylight Time today, May 28, 2025, has been once again adjourned to allow for more time for stockholders to vote.

At this time, there were not present, by remote communication or by proxy, a sufficient number of shares of the Company’s common stock to constitute a quorum. The Company’s Board of Directors continues to believe that all the proposals contained in the proxy statement are advisable and in the best interests of the Company’s stockholders to consider and act upon. Therefore, the Company adjourned the Annual Meeting.

The meeting has been scheduled to reconvene on May 29, 2025, at 2:00 p.m. Central Daylight Time and will be held virtually online at https://www.cstproxy.com/beneficient/2025.

During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposals set forth in the Company’s proxy statement. Proxies previously submitted in respect to the Annual Meeting will be voted at the reconvened meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action unless they wish to change their vote.

The Company encourages all stockholders who have not yet voted to do so before May 28, 2025, at 11:59 p.m. Central time. The stockholders may vote by internet at https://www.cstproxyvote.com, or by telephone at 1 (866) 894-0536, or by returning a properly executed proxy card to Corporate Secretary, Beneficient, at 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.

About Beneficient

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

Additional Information and where to find it

The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com.

Contact

investors@beneficient.com

The MIL Network –

May 29, 2025

MIL-OSI: Brooge Energy Voluntarily Delists from Nasdaq

Source: GlobeNewswire (MIL-OSI)

DUBAI, May 28, 2025 (GLOBE NEWSWIRE) — Brooge Energy Limited, (“BEL” or the “Company”) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services, today announced that it has provided notification to The Nasdaq Stock Market, LLC (“Nasdaq”) of its intent to voluntarily delist the Company’s ordinary shares (the “Shares”), from the Nasdaq Capital Market and subsequently deregister with the Securities and Exchange Commission (the “SEC”). The Company intends to file a Form 25 (Notification of Removal from Listing) with the SEC and Nasdaq relating to the delisting of its Shares on or about June 9, 2025. As a result, the Company expects the last day of quotation of its Shares on Nasdaq will be on or about June 19, 2025. The Company does not intend to list the Shares on another securities exchange.

Following the termination of the quotation of the Company’s Shares from Nasdaq, the Company intends to file a Form 15 with the SEC on or about June 19, 2025 to suspend its reporting obligations under the Exchange Act. As a result of the filing of the Form 15, the Company’s obligation to file certain Exchange Act reports and forms with the SEC, including Forms 20-F and 6-K, will immediately cease. Other SEC filing requirements will terminate upon the effectiveness of the deregistration. Although the Company will have no continuing requirement to file periodic reports with the SEC after June 19, 2025, the Company expects that the formal deregistration of its Securities will become effective 90 days after the filing of the Form 15 with the SEC. The documents filed with the SEC will be available at www.sec.gov.

The withdrawal of the Shares from listing and registration is being undertaken following a determination by the Company’s Board of Directors (the “Board”) that such delisting and deregistration is in the best interest of the Company and the holders of its Shares. The Board’s decision was based on a careful review of numerous factors, including but not limited to, the lack of an active trading market for the Company’s securities, the required resources and expenses relating to continued Securities Exchange Act of 1934 and Nasdaq disclosure and reporting requirements and related regulatory burdens which have resulted and would continue to result in significant operating expense and attention of the Company’s management team.

About Brooge Energy Limited
BEL is a Cayman Islands-based infrastructure provider which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services. BEL conducts the business and operations through its subsidiary BPGIC FZE. BPGIC FZE is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE Its business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses.

Forward-Looking Statements
This press release contains statements that are not historical facts and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by BEL with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEL does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212-896-1254
BROG@kcsa.com

The MIL Network –

May 29, 2025

MIL-OSI: Nutanix Reports Third Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Delivers Outperformance Across All Guided Metrics

Reports 18% YoY ARR Growth and Strong Free Cash Flow

SAN JOSE, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its third quarter ended April 30, 2025.

“We delivered solid third quarter results, above the high end of our guided ranges, driven by the strength of the Nutanix Cloud Platform and demand from businesses looking for a trusted long-term partner,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our recent announcements around support for external storage, modern applications, and generative AI reflect our continued focus on driving innovation and broadening our partnerships to further enhance the value proposition of the Nutanix Cloud Platform.”

“Our third quarter results included 18% year-over-year ARR growth and strong year-to-date free cash flow generation,” said Rukmini Sivaraman, CFO of Nutanix. “We remain focused on delivering sustainable, profitable growth.”

Third Quarter Fiscal 2025 Financial Summary

	Q3 FY’25	Q3 FY’24	Y/Y Change
Annual Recurring Revenue (ARR)¹	$2.14 billion	$1.82 billion	18%
Average Contract Duration²	3.1 years	3.0 years	0.1 year
Revenue	$639.0 million	$524.6 million	22%
GAAP Gross Margin	87.0%	84.8%	220 bps
Non-GAAP Gross Margin	88.2%	86.5%	170 bps
GAAP Operating Expenses	$507.3 million	$456.5 million	11%
Non-GAAP Operating Expenses	$426.5 million	$380.4 million	12%
GAAP Operating Income (Loss)	$48.6 million	$(11.6) million	$60.2 million
Non-GAAP Operating Income	$137.1 million	$73.3 million	$63.8 million
GAAP Operating Margin	7.6%	(2.2)%	980 bps
Non-GAAP Operating Margin	21.5%	14.0%	750 bps
Net Cash Provided by Operating Activities	$218.5 million	$96.4 million	$122.1 million
Free Cash Flow	$203.4 million	$78.3 million	$125.1 million

Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.

Recent Company Highlights

Nutanix held its annual .NEXT conference in Washington, D.C. on May 7 – 9, and made the following announcements at the event:

Fourth Quarter Fiscal 2025 Outlook

Revenue	$635 – $645 million
Non-GAAP Operating Margin	15.5% to 16.5%
Weighted Average Shares Outstanding (Diluted)³	Approximately 297 million

Fiscal 2025 Outlook

Revenue	$2.52 – $2.53 billion
Non-GAAP Operating Margin	~20.5%
Free Cash Flow	$700 – $730 million

Supplementary materials to this press release, including our third quarter fiscal 2025 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.

Webcast and Conference Call Information

Nutanix executives will discuss the Company’s third quarter fiscal 2025 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

Footnotes

¹Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Excludes amounts related to professional services and hardware.

²Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.

³Weighted average share count used in computing diluted non-GAAP net income per share.

Non-GAAP Financial Measures and Other Key Performance Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to debt, interest expense related to debt, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, and net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our fourth quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.

Forward-Looking Statements

This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including the strength of our platform, demand from businesses looking for a trusted long-term partner, and our continued focus on driving innovation and broadening our partnerships; our focus on delivering sustainable, profitable growth; our fourth quarter fiscal 2025 outlook; and our fiscal 2025 outlook.

These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 19, 2024 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

About Nutanix

Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

© 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

Investor Contact:
Richard Valera
ir@nutanix.com

Media Contact:
Jennifer Massaro
pr@nutanix.com


NUTANIX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	As of
	July 31, 2024			April 30, 2025
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	655,270		$	872,599
Short-term investments		339,072			1,009,870
Accounts receivable, net		229,796			270,232
Deferred commissions—current		159,849			147,361
Prepaid expenses and other current assets		97,307			110,981
Total current assets		1,481,294			2,411,043
Property and equipment, net		136,180			143,711
Operating lease right-of-use assets		109,133			142,200
Deferred commissions—non-current		198,962			180,111
Intangible assets, net		5,153			2,809
Goodwill		185,235			185,235
Other assets—non-current		27,961			31,521
Total assets	$	2,143,918		$	3,096,630
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	45,066		$	49,596
Accrued compensation and benefits		195,602			175,814
Accrued expenses and other current liabilities		24,967			22,463
Deferred revenue—current		954,543			1,008,731
Operating lease liabilities—current		24,163			24,951
Total current liabilities		1,244,341			1,281,555
Deferred revenue—non-current		918,163			1,020,467
Operating lease liabilities—non-current		90,359			120,351
Convertible senior notes, net		570,073			1,342,601
Other liabilities—non-current		49,130			43,090
Total liabilities		2,872,066			3,808,064
Stockholders’ deficit:
Common stock		7			7
Additional paid-in capital		4,118,898			4,179,565
Accumulated other comprehensive loss		146			3,391
Accumulated deficit		(4,847,199	)		(4,894,397	)
Total stockholders’ deficit		(728,148	)		(711,434	)
Total liabilities and stockholders’ deficit	$	2,143,918		$	3,096,630


NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended April 30,					Nine Months Ended April 30,
	2024			2025		2024			2025
	(in thousands, except per share data)
Revenue:
Product	$	255,465		$	345,479	$	802,047		$	1,001,585
Support, entitlements and other services		269,112			293,504		798,817			883,075
Total revenue		524,577			638,983		1,600,864			1,884,660
Cost of revenue:
Product ⁽¹⁾⁽²⁾		8,469			6,776		28,105			23,969
Support, entitlements and other services ⁽¹⁾		71,150			76,215		215,029			226,980
Total cost of revenue		79,619			82,991		243,134			250,949
Gross profit		444,958			555,992		1,357,730			1,633,711
Operating expenses:
Sales and marketing ⁽¹⁾⁽²⁾		245,901			260,402		717,926			775,185
Research and development ⁽¹⁾		159,220			186,413		471,596			543,157
General and administrative ⁽¹⁾		51,425			60,532		148,457			174,036
Total operating expenses		456,546			507,347		1,337,979			1,492,378
(Loss) income from operations		(11,588	)		48,645		19,751			141,333
Other income (expense), net		659			15,954		(2,520	)		25,172
(Loss) income before provision for income taxes		(10,929	)		64,599		17,231			166,505
Provision for income taxes		4,687			1,236		15,905			16,789
Net (loss) income	$	(15,616	)	$	63,363	$	1,326		$	149,716
Net (loss) income per share attributable to Class A common stockholders, basic	$	(0.06	)	$	0.24	$	0.01		$	0.56
Net (loss) income per share attributable to Class A common stockholders, diluted	$	(0.06	)	$	0.22	$	0.05		$	0.52
Weighted average shares used in computing net (loss) income per share attributable to Class A common stockholders, basic		245,766			267,566		243,688			267,081
Weighted average shares used in computing net (loss) income per share attributable to Class A common stockholders, diluted		245,766			296,804		297,055			292,942

________________
(1) Includes the following stock-based compensation expense:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Product cost of revenue	$	1,576	$	401	$	5,201	$	2,425
Support, entitlements and other services cost of revenue		6,391		6,623		20,690		20,768
Sales and marketing		18,901		19,513		61,110		61,558
Research and development		38,719		42,162		117,664		132,489
General and administrative		16,705		15,543		47,594		49,179
Total stock-based compensation expense	$	82,292	$	84,242	$	252,259	$	266,419

________________
(2) Includes the following amortization of intangible assets:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Product cost of revenue	$	766	$	546	$	2,626	$	2,080
Sales and marketing		99		89		218		265
Total amortization of intangible assets	$	865	$	635	$	2,844	$	2,345


NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended April 30,
	2024			2025
	(in thousands)
Cash flows from operating activities:
Net income	$	1,326		$	149,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		54,986			54,451
Stock-based compensation		252,259			266,419
Amortization of debt discount and issuance costs		33,738			2,519
Inducement expense from partial repurchase of the 2027 Notes		—			11,347
Operating lease cost, net of accretion		24,009			21,355
Non-cash interest expense		15,143			—
Other		(14,117	)		(4,690	)
Changes in operating assets and liabilities:
Accounts receivable, net		(49,669	)		(14,084	)
Deferred commissions		5,199			31,339
Prepaid expenses and other assets		37,588			(10,589	)
Accounts payable		10,326			3,774
Accrued compensation and benefits		29,660			(10,528	)
Accrued expenses and other liabilities		(83,857	)		(5,601	)
Operating leases, net		(22,394	)		(23,640	)
Deferred revenue		134,037			130,139
Net cash provided by operating activities		428,234			601,927
Cash flows from investing activities:
Maturities of investments		625,519			272,846
Purchases of investments		(740,034	)		(941,406	)
Sales of investments		—			2,011
Payments for acquisitions, net of cash acquired		(4,500	)		—
Purchases of property and equipment		(54,813	)		(59,533	)
Net cash used in investing activities		(173,828	)		(726,082	)
Cash flows from financing activities:
Proceeds from sales of shares through employee equity incentive plans		50,660			68,525
Taxes paid related to net share settlement of equity awards		(111,620	)		(212,919	)
Proceeds from the issuance of convertible notes, net of issuance costs		—			848,010
Payment of third-party debt issuance costs		—			(3,448	)
Partial repurchase of the 2027 Notes		—			(95,453	)
Payment of revolver issuance costs		—			(2,794	)
Repurchases of common stock		(106,131	)		(257,859	)
Payment of finance lease obligations		(2,928	)		(2,943	)
Net cash (used in) provided by financing activities		(170,019	)		341,119
Net increase in cash, cash equivalents and restricted cash	$	84,387		$	216,964
Cash, cash equivalents and restricted cash—beginning of period		515,771			655,662
Cash, cash equivalents and restricted cash—end of period	$	600,158		$	872,626
Restricted cash ⁽¹⁾		2,131			27
Cash and cash equivalents—end of period	$	598,027		$	872,599
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	20,938		$	25,550
Supplemental disclosures of non-cash investing and financing information:
Purchases of property and equipment included in accounts payable and accrued and other liabilities	$	983		$	1,186
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other liabilities	$	—		$	2,554

________________
(1) Included within other assets—non-current in the condensed consolidated balance sheets.

Reconciliation of Revenue to Billings (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Total revenue	$	524,577	$	638,983	$	1,600,864	$	1,884,660
Change in deferred revenue		32,708		8,062		134,037		130,139
Total billings	$	557,285	$	647,045	$	1,734,901	$	2,014,799

Disaggregation of Revenue and Billings (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Disaggregation of revenue:
Subscription revenue	$	486,620	$	609,663	$	1,498,081	$	1,794,777
Professional services revenue		26,240		28,001		74,083		83,316
Other non-subscription product revenue		11,717		1,319		28,700		6,567
Total revenue	$	524,577	$	638,983	$	1,600,864	$	1,884,660
Disaggregation of billings:
Subscription billings	$	515,920	$	627,249	$	1,617,593	$	1,925,278
Professional services billings		29,648		18,477		88,608		82,954
Other non-subscription product billings		11,717		1,319		28,700		6,567
Total billings	$	557,285	$	647,045	$	1,734,901	$	2,014,799

Subscription revenue — Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based software-as-a-service, or SaaS, offerings.

Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.

Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.

Other non-subscription product revenue — Other non-subscription product revenue includes approximately $11.1 million and $26.3 million of non-portable software revenue for the three and nine months ended April 30, 2024, respectively, $0.5 million and $2.9 million of non-portable software revenue for the three and nine months ended April 30, 2025, respectively, $0.6 million and $2.4 million of hardware revenue for the three and nine months ended April 30, 2024, respectively, and $0.8 million and $3.7 million of hardware revenue for the three and nine months ended April 30, 2025, respectively.

Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.


Annual Recurring Revenue (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Annual Recurring Revenue (ARR)	$	1,820,207	$	2,142,969	$	1,820,207	$	2,142,969


Reconciliation of GAAP to Non-GAAP Profit Measures (Unaudited)

	GAAP			Non-GAAP Adjustments																	Non-GAAP
	Three Months Ended April 30, 2025			(1)			(2)			(3)			(4)			(5)		(6)			Three Months Ended April 30, 2025
	(in thousands, except percentages and per share data)
Gross profit	$	555,992		$	7,024		$	546		$	—		$	—		$	—	$	—		$	563,562
Gross margin		87.0	%		1.1	%		0.1	%		—			—			—		—			88.2	%
Operating expenses:
Sales and marketing		260,402			(19,513	)		(89	)		—			—			—		—			240,800
Research and development		186,413			(42,162	)		—			—			—			—		—			144,251
General and administrative		60,532			(15,543	)		—			(3,545	)		—			—		—			41,444
Total operating expenses		507,347			(77,218	)		(89	)		(3,545	)		—			—		—			426,495
Income from operations		48,645			84,242			635			3,545			—			—		—			137,067
Operating margin		7.6	%		13.2	%		0.1	%		0.6	%		—			—		—			21.5	%
Net income	$	63,363		$	84,242		$	635		$	3,545		$	(80	)	$	2,950	$	(29,942	)	$	124,713
Weighted shares outstanding, basic		267,566																				267,566
Weighted shares outstanding, diluted ⁽⁷⁾		296,804																				296,804
Net income per share, basic	$	0.24		$	0.32		$	–		$	0.01		$	–		$	0.01	$	(0.11	)	$	0.47
Net income per share, diluted ⁽⁸⁾	$	0.22																			$	0.42

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Amortization of debt issuance costs and interest expense related to debt
(6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(7)   Includes 29,238 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(8)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $1,099 of interest expense related to the convertible senior notes

	GAAP			Non-GAAP Adjustments																			Non-GAAP
	Nine Months Ended April 30, 2025			(1)			(2)			(3)			(4)			(5)		(6)		(7)			Nine Months Ended April 30, 2025
	(in thousands, except percentages and per share data)
Gross profit	$	1,633,711		$	23,193		$	2,080		$	—		$	—		$	—	$	—	$	—		$	1,658,984
Gross margin		86.7	%		1.2	%		0.1	%		—			—			—		—		—			88.0	%
Operating expenses:
Sales and marketing		775,185			(61,558	)		(265	)		—			—			—		—		—			713,362
Research and development		543,157			(132,489	)		—			—			—			—		—		—			410,668
General and administrative		174,036			(49,179	)		—			(6,480	)		—			—		—		—			118,377
Total operating expenses		1,492,378			(243,226	)		(265	)		(6,480	)		—			—		—		—			1,242,407
Income from operations		141,333			266,419			2,345			6,480			—			—		—		—			416,577
Operating margin		7.5	%		14.2	%		0.1	%		0.3	%		—			—		—		—			22.1	%
Net income	$	149,716		$	266,419		$	2,345		$	6,480		$	(210	)	$	11,347	$	5,369	$	(74,862	)	$	366,604
Weighted shares outstanding, basic		267,081																						267,081
Weighted shares outstanding, diluted ⁽⁸⁾		292,942																						292,942
Net income per share, basic	$	0.56		$	1.00		$	0.01		$	0.02		$	–		$	0.04	$	0.02	$	(0.28	)	$	1.37
Net income per share, diluted ⁽⁹⁾	$	0.52																					$	1.25

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Inducement expense related to partial repurchase of the 2027 Notes
(6)   Amortization of debt issuance costs and interest expense related to debt
(7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(8)   Includes 25,861 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $2,074 of interest expense related to the convertible senior notes

	GAAP			Non-GAAP Adjustments																	Non-GAAP
	Three Months Ended April 30, 2024			(1)			(2)			(3)			(4)			(5)		(6)			Three Months Ended April 30, 2024
	(in thousands, except percentages and per share data)
Gross profit	$	444,958		$	7,967		$	766		$	—		$	—		$	—	$	—		$	453,691
Gross margin		84.8	%		1.6	%		0.1	%		—			—			—		—			86.5	%
Operating expenses:
Sales and marketing		245,901			(18,901	)		(99	)		—			—			—		—			226,901
Research and development		159,220			(38,719	)		—			—			—			—		—			120,501
General and administrative		51,425			(16,705	)		—			(1,707	)		—			—		—			33,013
Total operating expenses		456,546			(74,325	)		(99	)		(1,707	)		—			—		—			380,415
(Loss) income from operations		(11,588	)		82,292			865			1,707			—			—		—			73,276
Operating margin		(2.2	)%		15.7	%		0.2	%		0.3	%		—			—		—			14.0	%
Net (loss) income	$	(15,616	)	$	82,292		$	865		$	1,707		$	(110	)	$	16,876	$	(13,453	)	$	72,561
Weighted shares outstanding, basic		245,766																				245,766
Weighted shares outstanding, diluted ⁽⁷⁾		245,766																				301,860
Net (loss) income per share, basic	$	(0.06	)	$	0.33		$	–		$	0.01		$	–		$	0.07	$	(0.05	)	$	0.30
Net (loss) income per share, diluted	$	(0.06	)																		$	0.24

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
(6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(7)   Includes 56,094 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans

	GAAP			Non-GAAP Adjustments																				Non-GAAP
	Nine Months Ended April 30, 2024			(1)			(2)			(3)			(4)			(5)			(6)		(7)			Nine Months Ended April 30, 2024
	(in thousands, except percentages and per share data)
Gross profit	$	1,357,730		$	25,891		$	2,626		$	—		$	—		$	—		$	—	$	—		$	1,386,247
Gross margin		84.8	%		1.6	%		0.2	%		—			—			—			—		—			86.6	%
Operating expenses:
Sales and marketing		717,926			(61,110	)		(218	)		194			—			—			—		—			656,792
Research and development		471,596			(117,664	)		—			—			—			—			—		—			353,932
General and administrative		148,457			(47,594	)		—			—			(1,755	)		(225	)		—		—			98,883
Total operating expenses		1,337,979			(226,368	)		(218	)		194			(1,755	)		(225	)		—		—			1,109,607
Income from operations		19,751			252,259			2,844			(194	)		1,755			225			—		—			276,640
Operating margin		1.2	%		15.8	%		0.2	%		—			0.1	%		—			—		—			17.3	%
Net income	$	1,326		$	252,259		$	2,844		$	(194	)	$	1,755		$	925		$	49,874	$	(49,034	)	$	259,755
Weighted shares outstanding, basic		243,688																							243,688
Weighted shares outstanding, diluted ⁽⁸⁾		297,055																							297,055
Net income per share, basic	$	0.01		$	1.04		$	0.01		$	–		$	0.01		$	–		$	0.20	$	(0.20	)	$	1.07
Net income per share, diluted ⁽⁹⁾	$	0.05																						$	0.87

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Restructuring charges (reversals)
(4)   Legal fees
(5)   Other
(6)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
(7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(8)   Includes 53,367 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $12,749 of interest expense related to the convertible senior notes


Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2025			2024			2025
	(in thousands)
Net cash provided by operating activities	$	96,353		$	218,506		$	428,234		$	601,927
Purchases of property and equipment		(18,029	)		(15,095	)		(54,813	)		(59,533	)
Free cash flow	$	78,324		$	203,411		$	373,421		$	542,394

The MIL Network –

May 29, 2025

MIL-OSI: Core Specialty Announces Changes to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

CINCINNATI, May 28, 2025 (GLOBE NEWSWIRE) — Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that Patrick Gordon has been appointed to the Board of Directors of the Company effective immediately, in replacement of Marc Stad. Mr. Stad has served on the Company’s Board since the Company’s recapitalization in November 2020 as a director designated by Dragoneer Investment Group (‘Dragoneer”). The Board and management of the Company are grateful for his many contributions and wish him the very best in the years ahead.

Mr. Gordon currently serves as Principal at Dragoneer, a position he has held since 2018 where he is focused on private investing. Prior to joining Dragoneer, Mr. Gordon’s previous roles were with Google, Stripe, and Parthenon Capital serving in operations and investment management roles. He earned a Bachelor of Arts Degree in History and Science from Harvard College and a Master of Business Administration from Harvard Business School, where he was a George F. Baker Scholar.

Commenting on changes to Core Specialty’s Board, Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, said, “We appreciate Marc Stad’s leadership on our board. From inception, Core Specialty has greatly benefitted from Dragoneer’s history of partnering with management teams in companies characterized by sustainable differentiation and superior economic models. Dragoneer has substantial committed capital, a long track record of successfully identifying category and industry leaders and deep experience in the public markets and Patrick Gordon’s skills and experience will continue to drive these benefits to Core Specialty. Mr. Gordon will be an excellent fit with the Core Specialty Board.”

About Core Specialty

Core Specialty offers a diversified range of specialty insurance products for small to mid-sized businesses. From its underwriting offices spanning the U.S., the company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess & surplus lines insurer, StarStone National Insurance Company, Lancer Insurance Company, Lancer Insurance Company of New Jersey and American Surety Company, each of which is a U.S. admitted markets insurer, and Standard Life and Accident Insurance Company, a life, accident and health insurer. For further information about Core Specialty, please visit www.corespecialty .com.

About Dragoneer Investment Group

Dragoneer Investment Group is a growth-oriented investment firm with over $25 billion under management and a flexible mandate to invest in high-quality businesses in both the public and private markets. For over a decade, Dragoneer has partnered with management teams growing exceptional companies, characterized by sustainable differentiation and superior economic models. The firm seeks to deliver attractive returns while maintaining a focus on capital preservation and margin of safety.

The MIL Network –

May 29, 2025

MIL-OSI: Outdoor Holding Company Announces Settlement and Leadership Transition

Source: GlobeNewswire (MIL-OSI)

Board Appoints Steve Urvan, Founder of GunBroker.com and Largest Shareholder, as Chairman and CEO

Announces Regained Compliance with Nasdaq Listing Rule Regarding Timely Periodic Reporting

SCOTTSDALE, Ariz., May 28, 2025 (GLOBE NEWSWIRE) — Outdoor Holding Company (Nasdaq: POWW, POWWP) (“Outdoors Online,” “we,” “us,” “our” or the “Company”), the owner of GunBroker.com, the largest online marketplace for firearms, hunting and related products, today announced that Steve Urvan will serve as the Company’s Chief Executive Officer and Chairman of the Board following the recent closing of the divestiture of the Company’s ammunition manufacturing division and in connection with the settlement of litigation between Mr. Urvan and the Company. Mr. Urvan’s appointment will be effective at 5:00 p.m. Eastern Time on May 30, 2025, provided that, as of such time, Nasdaq has not objected to the settlement transaction described in more detail below (the “Effective Date”). Mr. Urvan is the founder of GunBroker.com and single largest shareholder of the Company.

Mr. Urvan commented:

“I am excited to step into the executive role to drive the core GunBroker business and lead the Company’s recent repositioning of the publicly traded holding company as Outdoor Holding Company. Although there is a lot of hard work ahead, we are going to build a winning culture and set clear operating principles to guide us to success. I look forward to providing updates to all of my fellow shareholders and stakeholders in the coming quarters in a renewed spirit of openness and transparency.”

The Company’s Board of Directors (the “Board”) determined that Mr. Urvan is the right leader for the Company given his extensive expertise in building, growing and investing in technology and e-commerce companies, which he developed in part founding GunBroker.com and leading that business for 22 years. As part of the leadership transition, Mr. Urvan will also be assuming the Chairman role on the Board.

Fred Wagenhals, the Company’s founder and former Executive Chairman, commented:

“As I have stepped into retirement, I have continued to stay focused the performance of Outdoors Online from my position as a large shareholder. Steve’s upcoming appointment, along with the recent rebrand, reflects a continued dedication to accelerating and supporting the Company’s strategic focus on growing its profitable e-commerce segment. I look forward to offering whatever support I can from the shareholder perspective as Steve leverages his significant experience to refocus on capital allocation and ideas that will generate shareholder value for all.”

Update on Litigation

In connection with today’s announcement, the Company has settled its ongoing litigation with Mr. Urvan (the “Settlement”). The Settlement, which will become effective on the Effective Date, results in an end to high-cost litigation, locks in a fair resolution, and enables the Company to fully focus on positioning its e-commerce business to increase profitability and shareholder value. As a function of the Settlement, outgoing CEO Jared Smith will immediately resign from the Board on the Effective Date. The Board will be comprised of six total members, consisting of the five remaining independent members and Mr. Urvan.

Along with his appointment as CEO, Mr. Urvan will receive financial remuneration as a product of the Settlement. For additional information about the terms of the Settlement, see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 28, 2025.

Additionally, to ensure that his focus is on delivering shareholder value, and to effectively align his compensation with performance, Mr. Urvan will take a salary of just $1 in his first year – with bonus or equity grants to be determined by the Compensation Committee of the Board as it deems appropriate.

Period Reporting Compliance

Upon the May 20, 2025, filing of the Company’s Forms 10-Q for the periods ended September 30 and December 31, 2024, the Company has met the requirement for The Nasdaq Stock Market under Listing Rule 5250(c)(1). The Company intends to timely file its annual report on Form 10-K for fiscal year 2025.

About Outdoor Holding Company (dba Outdoors Online)

AMMO, Inc., the publicly traded parent of GunBroker.com has been rebranded to Outdoor Holding Company, now the sole owner of Outdoors Online, LLC, and operator of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting and related products. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, the GunBroker.com website is an informative, secure and safe way to buy and sell firearms, ammunition, shooting accessories and outdoor gear online. GunBroker promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release are considered “forward-looking statements” within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, among others, statements about the expected timing and effectiveness of the Settlement, the expected benefits of the Settlement and leadership transition, the Company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Instead, they are based only on Company management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the delayed effectiveness of the Settlement, including the leadership transition, and the risk that Nasdaq objects to the Settlement transaction. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in the Company’s amended Annual Report on Form 10-K filed with the SEC on May 20, 2025, and additional disclosures the Company makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this release, and except as provided by law, the Company expressly disclaims any obligation or undertaking to any updated forward-looking statements.

Contacts

For media:
Longacre Square Partners
Rebecca Kral
AMMO@longacresquare.com

For investors:
CoreIR
Phone: (212) 655-0924
IR@ammo-inc.com

Source: Outdoor Holding Company

The MIL Network –

May 29, 2025

MIL-OSI: Financial Institutions, Inc. Announces Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

WARSAW, N.Y., May 28, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (Nasdaq: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.31 per outstanding common share.

The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.

All dividends are payable July 2, 2025, to shareholders of record on June 13, 2025.

About Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets as of March 31, 2025, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

For additional information contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
klcroft@five-starbank.com

The MIL Network –

May 29, 2025

MIL-OSI: LPL Financial to Present at the William Blair Growth Stock Conference

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, May 28, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) today announced that Matt Audette, President and Chief Financial Officer, will present at the William Blair Growth Stock Conference on June 4.

The presentation takes place at 11 a.m. ET. A live audio webcast of the presentation will be accessible at investor.lpl.com, with a replay available on the website after the presentation.

Contacts

Investor Relations
investor.relations@lplfinancial.com

Media Relations
media.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer. Member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

The MIL Network –

May 29, 2025

MIL-OSI: Silvaco To Present at the Rosenblatt 5th Annual Technology Summit

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced that Silvaco’s Chief Executive Officer, Dr. Babak Taheri, Interim Chief Financial Officer, Keith Tainsky, and Chief Revenue Officer, Ian Chen, will participate in a fireside chat at the Rosenblatt 5th Annual Technology Summit on Wednesday, June 11, at 4 p.m. Eastern time.

A live webcast, as well as a replay, of the presentation will be available on the company’s investor relations website at https://investors.silvaco.com/.

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

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

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Tiffany Behany
press@silvaco.com

The MIL Network –

May 29, 2025

MIL-OSI Africa: Statement attributable to the Spokesperson for the Secretary-General – on the occasion of the 50th Anniversary of the Economic Community of West African States (ECOWAS)

Source: United Nations – English

he Secretary-General extends his warm congratulations to the people of West Africa on the occasion of the 50th anniversary of the Economic Community of West African States (ECOWAS).

The Secretary-General notes that, over the past five decades, ECOWAS has played a vital role in advancing economic cooperation, regional integration, and peace and stability in this rich and vibrant region. From free movement of people and trade liberalization to regional infrastructure projects, conflict resolution, and contributions to peacekeeping, ECOWAS has made remarkable strides towards achieving its vision of an integrated Community of peoples in a peaceful and prosperous region.

The Secretary-General recognizes the strong institutional partnership between the United Nations and ECOWAS, as exemplified by several joint initiatives in the region, including through the United Nations Office for West Africa and the Sahel and the broader United Nations system.

He encourages continued cooperation to preserve hard-won regional gains and mobilize international support to address the challenges and needs of the region.

The Secretary-General reiterates the commitment of the United Nations to ECOWAS, including in support to regional efforts to accelerate the implementation of the 2030 Agenda for Sustainable Development and the ECOWAS Vision 2050 of an “ECOWAS of the Peoples: Peace and Prosperity for All”.

MIL OSI Africa –

May 29, 2025

MIL-OSI USA: Sen. Cramer: DOT Awards $9.2 Million to North Dakota Department of Transportation

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)
BEULAH, N.D. – The U.S. Department of Transportation (DOT) awarded two grants totaling $9,201,975 to the North Dakota Department of Transportation through the Federal Highway Administration’s Emergency Relief (ER) Program. The ER Program supplements state and local resources to help pay for substantial expenses resulting from extraordinary conditions. The awards will go toward the following repairs following extreme weather events in North Dakota:
$8,946,150 to address the severe flooding in Eastern North Dakota which occurred on April 12, 2022. The flooding resulted in widespread damage to culverts and roadway erosion on state and county roadways.
$255,825 to address damages from an overland and riverine flooding event on April 10, 2023. The flooding led to a landslide, damage of culverts, and erosion of state and county roadways.

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: Cramer, Talon Metals Celebrate Advanced Nickel, Copper Minerals Processing Facility in Beulah

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)
Project to advance American mineral production
BEULAH, N.D. – U.S. Senator Kevin Cramer (R-ND) joined Talon Metals leadership to celebrate securing a former Westmoreland Mining site where the company will develop its Beulah Minerals Processing Facility (BMPF). This facility is slated to be the world’s most advanced nickel and copper minerals processing facility.
The BMPF will process nickel and copper, utilizing nickel ore from a Talon mine in Minnesota and the fly ash byproduct of Mercer County coal-fired power stations. The nickel concentrate processed at the Beulah facility will be used in cathodes for EV batteries, and the fly ash will help chemically neutralize and harden the tailings. The nickel concentrate and other byproducts, including cobalt and iron, from the Beulah facility will be used by Tesla for its EV batteries.
Cramer, a member of the Senate Environment and Public Works (EPW) and Armed Services Committees, delivered remarks at the signing ceremony today in Beulah.
“You could not over exaggerate the significance of today, or the significance of what’s about to happen at the Westmoreland site,” said Cramer. “Its contribution to economic opportunity will be significant to national security, global security, and domestic supply chain development. I can hardly wait to see what happens next.”

In 2023, the U.S. Department of Energy (DOE) awarded nearly $115 million from the Bipartisan Infrastructure Law to Talon Metals for the construction of this facility, and Talon will provide a recipient cost share of nearly $320 million. This project includes workforce training in Mercer County and will offer employment opportunities to nearby communities and tribal members. The U.S. Department of Defense also awarded Talon over $20 million in Defense Production Act funding to increase exploration and development of domestic nickel.
Cramer is a longtime advocate for domestic critical minerals production, stressing the superiority of American labor and environmental standards and the importance of strategically decoupling supply chains from adversaries like China. He co-led a bipartisan letter with U.S. Senator Tina Smith (D-MN) to express their concerns regarding a potential critical mineral free trade agreement with Indonesia for the procurement of nickel. In 2022, Cramer also wrote a letter of support on behalf of Talon’s application to then-DOE Secretary Jennifer Granholm.

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: PHOTOS: Capito Tours CAMC, Hubbard Hospice House

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
CHARLESTON, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Appropriations Committee, made stops in Charleston, W.Va. focused on health care.
First, Senator Capito toured the Charleston Area Medical Center’s (CAMC) updated intensive care unit (ICU). During the visit, Senator Capito also met with CAMC leadership to discuss the updated ICU and the health system’s continued impact on the state.
“CAMC and Vandalia Health System provide tremendous care to West Virginians. I was excited to tour the updated ICU today to see how CAMC continues to provide premiere care to our neighbors in the greatest need,” Senator Capito said.
Later, Senator Capito visited the Hubbard Hospice House in Charleston, W.Va. to see the impact of the nearly complete renovation project she helped support through the Congressionally Directed Spending process. Hubbard Hospice House is a 24-bed inpatient hospice facility that is the first standalone hospice facility in the state of West Virginia.
“The Hubbard Hospice House has long been a place of peace, dignity, and comfort for West Virginians during some of life’s most difficult moments,” Senator Capito said. “I was proud to advocate for this funding because preserving this facility means preserving a sanctuary for patients and their loved ones. As this vital wing reopens, it ensures families in the Kanawha Valley continue to have access to compassionate, community-based end-of-life care in a setting that feels like home.”
“This isn’t just a building. It’s a place of peace, a sanctuary for families during some of life’s most difficult moments. Thanks to Senator Capito, our generous donors, and community partners, we’re building on a legacy of care that will last another 20 years—and beyond,” HospiceCare CEO Chris Rawlings said.
Photos from today’s visits are below:

U.S. Senator Shelley Moore Capito (R-W.Va.) tours Charleston Area Medical Center’s (CAMC) intensive care unit (ICU) in Charleston, W.Va. on Wednesday, May 28, 2025.

U.S. Senator Shelley Moore Capito meets with Charleston Area Medical Center (CAMC) leadership to discuss the updated intensive care unit (ICU) in Charleston, W.Va. on Wednesday, May 28, 2025.

U.S. Senator Shelley Moore Capito visits Hubbard Hospice House to see their nearly complete renovation project in Charleston, W.Va. on Wednesday, May 28, 2025.

MIL OSI USA News –

May 29, 2025

Category: CTF

Suzuki’s training method

Tanaka brings butoh to Australia

Yumi Umiumare

Tess de Quincey

Zen Zen Zo Physical Theatre

Frank Theatre

Crisscrossing the Pacific

Icy reefs and algal meadows

Diminishing algal diversity under thinner sea ice

Watching the radio sky for flickers

A dramatic event

A lucky break

Still a mystery