Category: CTF

MIL-OSI: AGM Group Holdings Inc. Announces 50 for 1 Share Consolidation

Source: GlobeNewswire (MIL-OSI)

Beijing, May 14, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, today announced that the Company’s board of directors approved on May 9, 2025 that the ordinary shares of the Company be consolidated on a 50 for 1 ratio. The effective date is scheduled to be June 3, 2025, subject to the Company’s satisfaction of Nasdaq Operations notice requirements, with trading of the Company’s Class A ordinary shares to begin on a reverse-split-adjusted basis at the market open on that day. Trading in the Class A ordinary shares will continue on the Nasdaq Capital Market, under the same symbol “AGMH” but under a new CUSIP Number, G0132V121.

The objective of the share consolidation is to enable the Company to regain compliance with the minimum bid price requirement pursuant to Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq.

As a result of the share consolidation, each 50 ordinary shares will automatically combine and convert to one ordinary share without any action on the part of the shareholders. No fractional shares will be issued to any shareholders in connection with the share consolidation, and any fractional shares which would have resulted from the share consolidation will be rounded down to the next whole number and the Company will make a cash payment (without interest) to all the holders of Class A Ordinary Shares and Class B Ordinary Shares equal to such fraction multiplied by the average of the closing sales prices of the ordinary shares on Nasdaq during regular trading hours for the five consecutive trading days immediately preceding the expected first trading day of the share consolidation (with such average closing sales prices being adjusted to give effect to the share consolidation) subject to a de minimums. The share consolidation affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s ordinary shares, except for adjustments that may result from the treatment of fractional shares.

At the time the share consolidation is effective, the Company’s maximum number of authorized shares will be reduced from 400,000,000 divided into (i) 200,000,000 Class A Ordinary Shares with a par value of US$0.001 per share; and (ii) 200,000,000 Class B Ordinary Shares with a par value of US$0.001 per share to 8,000,000 divided into (i) 4,000,000 Class A Ordinary Shares with a par value of US$0.05 per share; and (ii) 4,000,000 Class B Ordinary Shares with a par value of US$0.05 per share. The Company’s total issued and outstanding Class A ordinary shares will be changed from 98,713,955 Class A ordinary shares with a par value of US$0.001 each to approximately 1,974,279 Class A ordinary shares with a par value of US$0.05 each. The Company’s total issued and outstanding Class B ordinary shares will be changed from 2,100,000 Class B ordinary shares with a par value of US$0.001 each to approximately 42,000 Class B ordinary shares with a par value of US$0.05 each.

About AGM Group Holdings Inc.

AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

AGM Group Holdings Inc.
Email: ir@agmprime.com
Website: http://www.agmprime.com

Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

The MIL Network –

May 15, 2025

MIL-OSI: dLocal Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

Record highs across key financial and operational metrics.
TPV milestone of US$8 billion, +53% YoY and +5% QoQ. In constant currency, TPV increased +72% YoY.
Revenue and gross profit record highs of US$217 million and US$85 million. Continued geographic diversification.
Adjusted EBITDA of US$58 million, with Adjusted EBITDA/Gross Profit at 68%, demonstrating our ability to scale efficiently.
Strong cash flow, with free cash flow to net income conversion at 85%, reinforcing cash generating financial model.

MONTEVIDEO, Uruguay, May 14, 2025 (GLOBE NEWSWIRE) — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology – first payments platform, today announced its financial results for the first quarter ended March 31, 2025.

dLocal’s management team will host a conference call and audio webcast on May 14, 2025 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“The first quarter of 2025 demonstrated strong execution across many of the levers of our strategic plan. Our commercial team effectively leveraged existing merchant relationships and established new partnerships. Financially, we executed our investment plan in a responsible and efficient manner. In addition, our operations and technology teams delivered improved effectiveness to our merchants, and our legal and regulatory teams focused on expanding our license portfolios,” said Pedro Arnt, CEO of dLocal.

First quarter 2025 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

Total Payment Volume (“TPV”) reached a record US$8.1 billion in the first quarter, up 53% year-over-year compared to US$5.3 billion in the first quarter of 2024 and up 5% compared to US$7.7 billion in the fourth quarter of 2024. In constant currency, TPV growth for the period would have been 72% year-over-year.
Revenues amounted to US$216.8 million, up 18% year-over-year compared to US$184.4 million in the first quarter of 2024 and up 6% compared to US$204.5 million in the fourth quarter of 2024. This quarter-over-quarter increase, above TPV growth, was driven by higher cross-border share in the mix, and partially offset by Mexico, given the commerce seasonality effect in the fourth quarter and partial volume loss with a large merchant. In constant currency, revenue growth for the period would have been 36% year-over-year.
Gross profit was US$84.9 million in the first quarter of 2025, up 35% compared to US$63.0 million in the first quarter of 2024 and up 1% compared to US$83.7 million in the fourth quarter of 2024. The quarter-over-quarter comparison was primarily due to (i) Argentina, with gross profit following revenue trends, in addition to increasing advancement volumes (which have higher take rates) and wider FX spreads in Q1 2025 vs Q4 2024; and (ii) Other LatAm markets, with notable performance in Chile. These positive factors were partially offset by (i) Brazil, due to the migration to the Payment Orchestration model, which brings lower take rates, coupled with one-off incremental processing costs; and (ii) Mexico, as explained above. In addition, despite volume growth across various countries, Other Africa and Asia was adversely affected by increased processing costs in South Africa and Nigeria. In constant currency, gross profit growth for the period would have been 59% year-over-year.
As a result, gross profit margin was 39% in this quarter, compared to 34% in the first quarter of 2024 and 41% in the fourth quarter of 2024.
Gross profit over TPV was at 1.05% decreasing from 1.19% in the first quarter of 2024 and from 1.09% compared to the fourth quarter of 2024.
Operating profit was US$45.8 million, up 70% compared to US$26.9 million in the first quarter of 2024 and up 8% compared to US$42.3 million in the fourth quarter of 2024. Operating expenses grew by 8% year-over-year, explained by the increase in headcount, as we continue to invest in our capabilities. On the sequential comparison, operating expenses decreased by 6% quarter-over-quarter, primarily attributed to a reduction in G&A and Technology & Development expenses, driven by the decrease in third-party services, travel expenses and timing of implementation of new initiatives. This decrease was partially offset by the growth in headcount and increase in Sales & Marketing expenses, driven by key commercial events.
As a result, Adjusted EBITDA was US$57.9 million, up 57% compared to US$36.8 million in the first quarter of 2024 and up 2% compared to US$56.9 million in the fourth quarter of 2024.
Adjusted EBITDA margin was 27%, compared to the 20% recorded in the first quarter of 2024 and 28% in the fourth quarter of 2024. Adjusted EBITDA over gross profit of 68% increased compared to 58% in the first quarter of 2024 and slightly increased compared to 68% in the fourth quarter of 2024, marking the fourth consecutive quarter of improvement.
Net financial result was US$7.0 million gain, compared to a net finance gain of US$0.2 million in the first quarter of 2024 and a net finance loss of US$1.1 million in the fourth quarter of 2024, as explained in the Net Income section.
Our effective income tax rate decreased to 10% from 27% last quarter (or 16% when excluding the tax settlement, as mentioned in the fourth quarter earnings release), as result of higher cross-border share of pre-tax income and a lower pre-tax income in Brazil given the higher costs, as explained previously.
Net income for the first quarter of 2025 was US$46.7 million, or US$0.15 per diluted share, up 163% compared to a profit of US$17.7 million, or US$0.06 per diluted share, for the first quarter of 2024 and up 57% compared to a profit of US$29.7 million, or US$0.10 per diluted share for the fourth quarter of 2024. During the current period, net income was mostly affected by the positive non-cash mark to market effect related to our Argentine bond investments and lower finance costs.
Free cash flow for the first quarter of 2025 amounted to US$39.7 million, up 200% year-over-year compared to US$13.2 million in the first quarter of 2024 and up 22% compared to US$32.5 million in the fourth quarter of 2024. The variation quarter-over-quarter is primarily explained by improved operational results, partially offset by normal variability in corporate working capital and higher income tax paid and capex.
As of March 31, 2025, dLocal had US$511.5 million in cash and cash equivalents, which includes US$355.9 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$58.0 million from US$298.0 million as of March 31, 2024, despite the US$100 million in shares repurchased throughout 2024. When compared to the US$317.8 million Corporate cash and cash equivalents position as of December 31, 2024, it increased by US$38.1 million quarter-over-quarter.

The following table summarizes our key performance metrics:

	Three months ended March 31
	2025	2024	% change
Key Performance metrics	(In millions of US$ except for %)
TPV	8,107	5,310	53%
Revenue	216.8	184.4	18%
Gross Profit	84.9	63.0	35%
Gross Profit margin	39%	34%	5p.p
Adjusted EBITDA	57.9	36.8	57%
Adjusted EBITDA margin	27%	20%	7p.p
Adjusted EBITDA/Gross Profit	68%	58%	10p.p
Profit	46.7	17.7	163%
Profit margin	22%	10%	12p.p

Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin

dLocal has only one operating segment. dLocal measures its operating segment’s performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues. dLocal defines Adjusted EBITDA to Gross Profit Ratio as Adjusted EBITDA divided by Gross Profit. Although Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal’s Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment’s performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal’s performance measures may not be comparable to those of other entities. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income:

$ in thousands	Three months ended March 31
	2025	2024
Profit for the period	46,667	17,718
Income tax expense	5,262	7,114
Depreciation and amortization	5,062	3,762
Finance income and costs, net	(6,969)	(299)
Share-based payment non-cash charges	6,020	4,461
Other operating loss¹	422	1,819
Impairment loss / (gain) on financial assets	386	(177)
Inflation adjustment	885	2,368
Other non-recurring costs²	123	–
Adjusted EBITDA	57,858	36,766

Note: ¹ The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. ² Other non-recurring costs consist of costs not directly associated with the Company’s core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2025.

dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Comprehensive Income for the three-month period ended March 31, 2025 and 2024 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

	Three months ended March 31
	2025	2024
Continuing operations
Revenues	216,759	184,430
Cost of services	(131,880)	(121,459)
Gross profit	84,879	62,971

Technology and development expenses	(6,767)	(5,465)
Sales and marketing expenses	(7,135)	(4,631)
General and administrative expenses	(24,324)	(24,332)
Impairment (loss)/gain on financial assets	(386)	177
Other operating (loss)/gain	(422)	(1,819)
Operating profit	45,845	26,901
Finance income	12,228	18,257
Finance costs	(5,259)	(17,958)
Inflation adjustment	(885)	(2,368)
Other results	6,084	(2,069)
Profit before income tax	51,929	24,832
Income tax expense	(5,262)	(7,114)
Profit for the period	46,667	17,718

Profit attributable to:
Owners of the Group	46,630	17,708
Non-controlling interest	37	10
Profit for the period	46,667	17,718

Earnings per share (in USD)
Basic Earnings per share	0.16	0.06
Diluted Earnings per share	0.15	0.06

Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation on foreign operations	3,526	(669)
Other comprehensive income for the period, net of tax	3,526	(669)
Total comprehensive income for the period, net of tax	50,193	17,049

Total comprehensive income for the period
Owners of the Group	50,174	17,036
Non-controlling interest	19	13
Total comprehensive income for the period	50,193	17,049

dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Financial Position as of March 31, 2025 and December 31, 2024 (All amounts in thousands of U.S. dollars)

	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	511,506	425,172
Financial assets at fair value through profit or loss	125,487	129,319
Trade and other receivables	477,349	496,713
Derivative financial instruments	463	2,874
Other assets	28,001	18,805
Total Current Assets	1,142,806	1,072,883

Non-Current Assets
Trade and other receivables	15,518	18,044
Deferred tax assets	5,468	5,367
Property, plant and equipment	4,007	3,377
Right-of-use assets	3,852	3,645
Intangible assets	65,301	63,318
Other assets	4,695	4,695
Total Non-Current Assets	98,841	98,446
TOTAL ASSETS	1,241,647	1,171,329

LIABILITIES
Current Liabilities
Trade and other payables	614,133	597,787
Lease liabilities	1,107	1,137
Tax liabilities	20,631	21,515
Derivative financial instruments	1,098	6,227
Financial liabilities	54,248	50,455
Provisions	543	500
Total Current Liabilities	691,760	677,621

Non-Current Liabilities
Deferred tax liabilities	1,862	1,858
Lease liabilities	2,825	2,863
Total Non-Current Liabilities	4,687	4,721
TOTAL LIABILITIES	696,447	682,342

EQUITY
Share Capital	570	570
Share Premium	187,671	186,769
Treasury Shares	(200,980)	(200,980)
Capital Reserve	38,556	33,438
Other Reserves	(17,390)	(20,934)
Retained earnings	536,654	490,024
Total Equity Attributable to owners of the Group	545,081	488,887
Non-controlling interest	119	100
TOTAL EQUITY	545,200	488,987
TOTAL EQUITY AND LIABILITIES	1,241,647	1,171,329

dLocal Limited Certain interim financial information Consolidated Statements of Cash flows for the three-month period ended March 31, 2025 and 2024 (All amounts in thousands of U.S. dollars)

	Three months ended March 31
	2025	2024
Cash flows from operating activities
Profit before income tax	51,929	24,832
Adjustments:
Interest Income from financial instruments	(5,106)	(7,442)
Interest charges for lease liabilities	41	43
Other interests charges	883	127
Finance expense related to derivative financial instruments	414	9,878
Net exchange differences	4,142	7,637
Fair value loss/(gain) on financial assets at FVPL	(7,343)	(10,815)
Amortization of Intangible assets	4,584	3,424
Depreciation and disposals of PP&E and right-of-use	703	400
Share-based payment expense, net of forfeitures	6,020	4,461
Other operating gain	422	1,819
Net Impairment loss/(gain) on financial assets	386	(177)
Inflation adjustment and other financial results	6,083	(5,892)
	63,158	28,295
Changes in working capital
Increase in Trade and other receivables	21,082	(32,836)
Decrease / (Increase) in Other assets	1,025	3,219
Increase / (Decrease) in Trade and Other payables	16,346	45,964
Increase / (Decrease) in Tax Liabilities	965	(1,120)
Increase / (Decrease) in Provisions	43	4
Cash (used) / generated from operating activities	102,619	43,526
Income tax paid	(7,208)	(3,558)
Net cash (used) / generated from operating activities	95,411	39,968

Cash flows from investing activities
Acquisitions of Property, plant and equipment	(945)	(786)
Additions of Intangible assets	(6,567)	(5,022)
Acquisition of financial assets at FVPL	(41,374)	–
Collections of financial assets at FVPL	47,416	(243)
Interest collected from financial instruments	5,106	7,442
Payments for investments in other assets at FVPL	(10,000)	–
Net cash (used in) / generated investing activities	(6,364)	1,391

Cash flows from financing activities
Interest payments on lease liability	(41)	(43)
Principal payments on lease liability	(663)	(95)
Finance expense paid related to derivative financial instruments	(3,132)	(10,151)
Net proceeds from financial liabilities	5,790	–
Interest payments on financial liabilities	(2,166)	–
Other finance expense paid	(714)	(127)
Net cash used in by financing activities	(926)	(10,416)
Net increase in cash flow	88,121	30,943

Cash and cash equivalents at the beginning of the period	425,172	536,160
Net (decrease)/increase in cash flow	88,121	30,943
Effects of exchange rate changes on inflation and cash and cash equivalents	(1,787)	5,254
Cash and cash equivalents at the end of the period	511,506	572,357

About dLocal
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across Africa, Asia, and Latin America. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

Forward-looking statements
This press release contains certain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance are based on current management expectations and involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

Investor Relations Contact:
investor@dlocal.com

Media Contact:
media@dlocal.com

The MIL Network –

May 15, 2025

MIL-OSI: Snail, Inc. Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

CULVER CITY, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced financial results for its first quarter ended March 31, 2025.

First Quarter 2025 and Recent Operational Highlights

ARK Franchise Updates:

ARK: Survival Evolved (“ASE”):
- Units sold were approximately 690,775 for the first quarter 2025
- Revealed teaser trailer for ARK: Aquatica, a new in-house developed downloadable content (“DLC”) expansion map for ASE
ARK: Survival Ascended (“ASA”):
- Units sold were approximately 751,960 for the first quarter 2025
- Launched the Astraeos Map as an Official Partner DLC for ASA
- Revealed the official trailer for ARK: Lost Colony, the next DLC for ASA produced by Studio Wildcard
ARK: Ultimate Mobile Edition (“ARK Mobile”) :
- Surpassed 4.8 million downloads as of March 31, 2025
- Launched the Ragnarok expansion map and the Extinction map
- In the three months ended March 31, 2025, average DAUs totaled 143,976

Game Portfolio Updates:

Debuted teaser trailers for two in-house developed projects, Nine Yin Sutra: Wushu and Nine Yin Sutra: Immortal
Launched new trailers for upcoming games: For The Stars, Honeycomb: The World Beyond, Robots at Midnight, and Echoes of Elysium
Celebrated Bellwright’s one-year Early Access anniversary in April 2025 and introduced major update with significant content and player-requested features. Bellwright will be making its way to Xbox
Launched The Cecil: The Journey Begins and Chasmal Fear
Company indie publishing label, Wandering Wizards, acquired publishing rights to Whispers of West Grove

Business Updates:

Company subsidiary Interactive Films LLC (“Interactive Films”) signed a Memorandum of Understanding (“MoU”) with Mega Matrix Inc. (“MPU”) for the joint development, production, and global distribution of short dramas

Management Commentary

Company co-Chief Executive Officer Tony Tian commented: “The first quarter saw sustained growth and strong engagement across our ARK franchise. Our ARK franchise had an increase in daily active users in the first quarter of 2025 of approximately 16%, up to 243,000 on the Steam and Epic platforms, when compared to the same period in 2024. We unveiled and released new maps and DLCs for ASE, ASA, and our mobile title, delivering fresh, immersive experiences that continue to expand the ARK universe and deepen player engagement. ARK: Ultimate Mobile Edition maintained strong momentum since launch last quarter, a promising indicator of our ongoing efforts to broaden ARK’s audience. The mobile platform removes hardware barriers, opening the franchise to a new and growing player base. In February, we participated in GDC, where we unveiled a series of new trailers, announcements, and upcoming content for the ARK franchise and our broader game portfolio.”

“Next month marks a major milestone: the 10-year anniversary of ASE. This pivotal moment for Snail Games offers an opportunity to celebrate the franchise’s legacy and community. Beyond gaming, we also signed a MoU with Mega Matrix to co-develop at least 10 short dramas. In support of this initiative, we soft-launched Salty TV, our mobile short film platform, last quarter, which currently hosts 49 short dramas. We look forward to finalizing the agreement and working closely with the MPU team to deliver high-quality entertainment content. As we look to the remainder of 2025, our focus remains on expanding global reach, investing in scalable growth, commemorating ARK’s 10-year journey, and continuing to deliver innovative experiences that engage players and audiences across multiple platforms and genres.”

First Quarter 2025 Financial Highlights

Net revenues for the three months ended March 31, 2025, increased 42.5% to $20.1 million compared to $14.1 million in the same period last year. The increase was primarily due to an increase in total ARK sales of $2.7 million, an increase in ARK Mobile sales of $1.3 million that was driven by the release of ARK: Ultimate Mobile Edition, and the Company deferring $3.3 million less of its sales during the three months ended March 31, 2025 than it deferred in the same period last year, partially offset by a decrease in revenues related to other games of $1.6 million.

Net loss for the three months ended March 31, 2025, was $(1.9) million compared to $(1.8) million in the same period last year; as a result of the aforementioned increase in net revenue offset by increases in the costs of revenues and operating expenses – a result of the Company’s increased headcount, research and development, and marketing expenses.

Bookings for the three months ended March 31, 2025, increased 13.6% to $22.2 million compared to $19.6 million in the same period last year. The increase was primarily due to the releases of ARK: Survival Ascended DLC Astraeos in the first quarter of 2025, the releases of Bobs Tall Tales, and Bellwright in the latter quarters of 2024.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended March 31, 2025, was $(3.2) million compared to $(1.9) million in the same period last year. The decrease was primarily due to an increase in benefit from income taxes of $1.0 million, a decrease in interest expense of $0.3 million, and an increase in net loss of $0.1 million, partially offset by a decrease in interest income and interest income – related parties of $0.1 million.

As of March 31, 2025, unrestricted cash was $9.4 million compared to $7.3 million as of December 31, 2024.

Use of Non-GAAP Financial Measures

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

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

	Three months ended March 31,
	2025		2024
	(in millions)
Total net revenue	$	20.1	$	14.1
Change in deferred net revenue		2.1		5.5
Bookings	$	22.2	$	19.6

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

	Three months ended March 31,
	2025			2024
	(in millions)
Net loss	$	(1.9	)	$	(1.8	)
Interest income and interest income - related parties		–			(0.1	)
Interest expense		0.1			0.4
Benefit from income taxes		(1.5	)		(0.5	)
Depreciation expense		0.1			0.1
EBITDA	$	(3.2	)	$	(1.9	)

Webcast Details

The Company will host a webcast at 4:30 PM ET today to discuss the first quarter 2025 financial results. Participants may access the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.

Forward-Looking Statements

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

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

About Snail, Inc.

Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.

Investor Contact:

John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com

Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)
	*March 31, 2025*			*December 31, 2024*

ASSETS

Current Assets:
Cash and cash equivalents	$	9,359,116		$	7,303,944
Accounts receivable, net of allowances for credit losses of $523,500 as of March 31, 2025 and December 31, 2024		9,118,269			9,814,822
Accounts receivable – related party		1,332,867			2,336,274
Loan and interest receivable – related party		106,252			105,759
Prepaid expenses – related party		2,536,748			2,521,291
Prepaid expenses and other current assets		1,468,062			1,846,024
Prepaid taxes		7,174,973			7,318,424
Total current assets		31,096,287			31,246,538

Restricted cash and cash equivalents		935,000			935,000
Accounts receivable – related party, net of current portion		592			1,500,592
Prepaid expenses – related party, net of current portion		9,907,669			9,378,594
Property and equipment, net		4,310,448			4,378,352
Intangible assets, net		2,159,141			973,914
Deferred income taxes		12,852,299			10,817,112
Other noncurrent assets		2,282,709			1,683,932
Operating lease right-of-use assets, net		953,082			1,279,330
Total assets	$	64,497,227		$	62,193,364

LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	4,241,403		$	4,656,367
Accounts payable – related party		15,716,600			15,383,171
Accrued expenses and other liabilities		2,886,414			4,499,280
Interest payable – related parties		527,770			527,770
Revolving loan		3,000,000			3,000,000
Convertible notes at fair value		2,854,518			–
Current portion of long-term promissory note		2,701,003			2,722,548
Current portion of deferred revenue		3,864,474			3,947,559
Current portion of operating lease liabilities		1,042,688			1,444,385
Total current liabilities		36,834,870			36,181,080

Accrued expenses		265,251			265,251
Deferred revenue, net of current portion		23,740,999			21,519,888
Operating lease liabilities, net of current portion		52,921			57,983
Total liabilities		60,894,041			58,024,202

Commitments and contingencies

Stockholders’ Equity:
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,815,355 shares issued and 8,465,080 shares outstanding as of March 31, 2025, and 9,626,070 shares issued and 8,275,795 shares outstanding as of December 31, 2024		981			962
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of March 31, 2025 and December 31, 2024		2,875			2,875
Additional paid-in capital		27,063,795			25,738,082
Accumulated other comprehensive loss		(224,202	)		(279,457	)
Accumulated deficit		(14,063,392	)		(12,117,385	)
Treasury stock at cost (1,350,275 shares as of March 31, 2025 and December 31, 2024)		(3,671,806	)		(3,671,806	)
Total Snail, Inc. equity		9,108,251			9,673,271
Noncontrolling interests		(5,505,065	)		(5,504,109	)
Total stockholders’ equity		3,603,186			4,169,162
Total liabilities, noncontrolling interests and stockholders’ equity	$	64,497,227		$	62,193,364

Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2025 and 2024 (Unaudited)

	Three months ended March 31,
	*2025*			*2024*

Revenues, net	$	20,110,872		$	14,115,729
Cost of revenues		14,263,345			12,041,698

Gross profit		5,847,527			2,074,031

Operating expenses:
General and administrative		4,964,351			2,282,040
Research and development		3,609,745			1,776,522
Advertising and marketing		1,306,365			141,030
Depreciation and amortization		67,904			82,338
Total operating expenses		9,948,365			4,281,930

Loss from operations		(4,100,838	)		(2,207,899	)

Other income (expense):
Interest income		29,906			99,762
Interest income – related parties		493			499
Interest expense		(80,828	)		(395,964	)
Other income		769,762			227,066
Foreign currency transaction income (loss)		(36,288	)		18,128
Total other income (expense), net		683,045			(50,509	)

Loss before benefit from income taxes		(3,417,793	)		(2,258,408	)

Benefit from income taxes		(1,470,830	)		(477,950	)

Net loss		(1,946,963	)		(1,780,458	)

Net loss attributable to non-controlling interests		(956	)		(1,129	)

Net loss attributable to Snail, Inc.	$	(1,946,007	)	$	(1,779,329	)

Comprehensive loss statement:

Net loss	$	(1,946,963	)	$	(1,780,458	)

Other comprehensive income (loss) related to foreign currency translation adjustments, net of tax		33,232			(19,297	)
Other comprehensive income (loss) related to credit adjustments, net of tax		22,023			–

Total comprehensive loss	$	(1,891,708	)	$	(1,799,755	)

Net loss attributable to Class A common stockholders:
Basic	$	(441,731	)	$	(385,722	)
Diluted	$	(521,393	)	$	(385,722	)

Net loss attributable to Class B common stockholders:
Basic	$	(1,504,276	)	$	(1,393,607	)
Diluted	$	(1,775,558	)	$	(1,393,607	)

Loss per share attributable to Class A and B common stockholders:
Basic	$	(0.05	)	$	(0.05	)
Diluted	$	(0.06	)	$	(0.05	)

Weighted-average shares used to compute loss per share attributable to Class A common stockholders:
Basic		8,442,025			7,957,031
Diluted		9,241,822			7,957,031

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

Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
	*2025*			*2024*

Cash flows from operating activities:
Net loss	$	(1,946,963	)	$	(1,780,458	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization – intangible assets, net		35,516			200
Amortization – film assets		212,709			–
Amortization – loan origination fees and debt discounts		(1,889	)		47,729
Accretion – convertible notes		–			181,754
Gain on change in fair value of convertible notes		(117,105	)		–
Gain on change in fair value of warrant liabilities		(639,518	)		–
Depreciation and amortization – property and equipment		67,904			82,338
Stock-based compensation expense (income)		843,619			(926,875	)
Deferred taxes, net		(2,041,515	)		(555,781	)

Changes in assets and liabilities:
Accounts receivable		696,553			17,759,629
Accounts receivable – related party		2,503,407			(1,085,213	)
Prepaid expenses – related party		(544,532	)		(1,351,838	)
Prepaid expenses and other current assets		377,962			(1,779,508	)
Prepaid taxes		143,451			70,407
Other noncurrent assets		(656,562	)		–
Accounts payable		(198,705	)		(1,938,654	)
Accounts payable – related party		623,430			(6,143,374	)
Accrued expenses and other liabilities		(650,236	)		(461,311	)
Loan and interest receivable – related party		(493	)		(499	)
Lease liabilities		(80,510	)		(64,821	)
Deferred revenue		2,138,026			4,723,462
Net cash provided by operating activities		764,549			6,777,187

Cash flows from investing activities:
Acquisition of software		(290,000	)		–
Acquisition of software licenses		(1,412,000	)		–
Investments in software		(177,002	)		–
Net cash used in investing activities		(1,879,002	)		–
Cash flows from financing activities:
Repayments on promissory note		(21,546	)		(20,484	)
Repayments on notes payable		–			(2,333,333	)
Repayments on convertible notes		–			(269,550	)
Repayments on revolving loan		–			(3,000,000	)
Cash proceeds from exercise of warrants		159,000			–
Proceeds from issuance of convertible notes		3,000,000			–
Payments of capitalized offering costs		–			(262,914	)
Net cash provided by (used in) financing activities		3,137,454			(5,886,281	)

Effect of foreign currency translation on cash and cash equivalents		32,171			(19,186	)

Net increase in cash and cash equivalents, and restricted cash and cash equivalents		2,055,172			871,720

Cash and cash equivalents, and restricted cash and cash equivalents – beginning of the period		8,238,944			16,314,319

Cash and cash equivalents, and restricted cash and cash equivalents – end of the period	$	10,294,116		$	17,186,039

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	97,260		$	171,101
Income taxes	$	184,707		$	1,871
Noncash transactions during the period for:
Debt converted to equity	$	–		$	(60,000	)
Liabilities converted to equity upon exercise of warrants	$	323,113		$	–
Acquisition of film licenses in accounts payable	$	152,000		$	–
Acquisition of software and software licenses in accounts payable and accrued expenses	$	51,741		$	–
Change in fair value of notes recorded in accumulated other comprehensive income	$	22,023		$	–

The MIL Network –

May 15, 2025

MIL-OSI: Aterian Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

SUMMIT, N.J., May 14, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a consumer products company, today announced financial results for the first quarter ended March 31, 2025 (“Q1 2025”). The Company also provided an update on a series of initiatives that are underway to mitigate the impact of tariffs on the Company’s performance, including the commencement of a cost optimization plan designed to produce annual savings of approximately $5 – $6 million.

“While tariffs did not have a direct impact on our first quarter results, the uncertainty in the broader macroeconomic environment led to some softness in consumer demand,” said Arturo Rodriguez, Chief Executive Officer. “That said, sales seasonality remained consistent with prior years, and we continued to see solid performance across our core products.”

First Quarter 2025 Highlights
All comparisons are to the first quarter ended March 31, 2024 (“Q1 2024”)

Net revenue was $15.4 million compared to $20.2 million, primarily reflecting the previously announced SKU rationalization designed to focus on the Company’s most profitable products and changes to Amazon’s affiliate market program leading to reduced traffic and conversions for certain products.
Gross margin was 61.4% compared to 65.1%, reflecting a change in product mix.
Contribution margin decreased to 13.4% from 14.1%.
Operating loss narrowed to $(3.7) million from an operating loss of $(5.3) million. Q1 2025 operating loss included $(0.8) million of non-cash stock compensation, while Q1 2024 operating loss included $(1.7) million of non-cash stock compensation, and restructuring costs of $(0.6) million.
Net loss improved to $(3.9) million from $(5.2) million. Q1 2025 net loss included ($0.8) million of non-cash stock compensation and a gain on fair value of warrant liability of $0.1 million, while Q1 2024 net loss included ($1.7) million of non-cash stock compensation, restructuring costs of $(0.6) million, and a gain on fair value of warrant liability of $0.5 million.
Adjusted EBITDA loss was $(2.5) million compared to a loss of $(2.6) million.
Total cash balance at March 31, 2025 declined to $14.3 million from $18.0 million at December 31, 2024.

Tariff Mitigation Initiatives and Cost Optimization Plan

Mr. Rodriguez continued, “The uncertainty created by tariffs and broader macroeconomic conditions has energized our team to manage those elements of Aterian’s business that are within our control, including: 1) reducing fixed costs; 2) accelerating our plan of re-sourcing and diversifying our manufacturing; 3) hastening our advance towards a more resilient business model by deepening our expansion into consumables, the majority of which will be US-manufactured; and 4) strategically raising prices.”

“The actions we are taking will allow us to maintain an acceptable level of revenue during this transition period, conserve cash, preserve margin, maximize cash flow, and optimize our cost structure, all while maintaining the high level of innovation and customer service that has defined our company. This is a significant undertaking; however, we believe that these initiatives will mitigate the effects of tariffs on our results in 2025 and position Aterian to pivot towards a return to growth and profitability beyond 2025, even under prolonged tariff pressure.”

Tariff Response

Accelerated product re-sourcing and diversification initiatives to regions with more favorable cost and tariff structures.
Established a new goal of manufacturing no more than 30% of goods from China by the end of 2025 compared to a previously stated objective to reduce manufacturing in China to less than 40% by the second half of 2026.
Implemented strategic pricing increases across our product portfolio.
Remained on track for the late Q3 2025 launch of our Squatty Potty flushable wipes. We are redoubling our efforts to launch a portfolio of new tariff-exempt US-sourced consumable products in 2025, including additional wipe-based products.
Paused new product category launches originating in Asia, specifically our hard electronic goods.
Implemented supply chain and inventory changes, including partnering with our manufacturers to find cost savings, renegotiating price and delivery timelines, and accelerating expansion into non-US territories to mitigate the impact of tariffs and redirect a portion of our previously produced China inventory.

Cost Optimization Plan

These initiatives include emphasizing targeted workforce reductions and vendor savings. The plan is expected to generate $5-$6 million of pre-tax cost savings, $5 million of which is expected to be realized by the end of 2025 with the balance realized in 2026. The Company currently estimates that it will incur approximately $2.3 million in total costs associated with the plan.

Guidance Commentary

Josh Feldman, Chief Financial Officer, commented, “The current economic landscape is marked by significant uncertainty, and the rapidly changing market conditions make it challenging to predict future developments. Because of that, we are withdrawing our previously issued net revenue and Adjusted EBITDA guidance for 2025. However, we do believe that the steps underway will soften the impact of tariffs and their related costs for much of 2025. We will continue to evaluate our ability to provide guidance as the year progresses.”

Webcast and Conference Call Information

Aterian will host a live conference call to discuss financial results today, May 14, 2025, at 5:00 p.m. Eastern Time, which will be accessible by telephone and the internet. Investors interested in participating in the live call can dial:

(800) 715-9871 (Domestic)
(646) 307-1963 (International)
Passcode: 1616427

Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the investors section of the Aterian corporate website.

Non-GAAP Financial Measures
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures” section below. The most directly comparable GAAP financial measure for EBITDA and adjusted EBITDA is net loss and we are reporting a net loss for the quarter ending March 31, 2025 due primarily to our operating losses, which includes stock-based compensation expense, and interest expense. We are unable to reconcile the forward-looking statements of EBITDA and adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.

About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER) is a consumer products company that builds and acquires leading e-commerce brands with top-selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon, Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct.

Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding our ability to successfully implement our tariff mitigation and cost optimization plans, and the current global environment and inflation and our ability to return to growth and profitability beyond 2025, even under prolonged tariff pressure. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, the effect of tariffs and other costs on our results, our ability to continue to operate following our reduction in workforce, our ability to meet financial covenants with our lenders, our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to maintain Amazon’s Prime badge on our seller accounts or reinstate the Prime badge in the event of any removal of such badge by Amazon; our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contact:

The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Associate
crodriguez@equityny.com


ATERIAN, INC. Consolidated Balance Sheets (in thousands, except share and per share data)

	December 31, 2024			March 31, 2025
ASSETS
Current assets:
Cash	$	17,998		$	14,337
Accounts receivable, net		3,782			3,391
Inventory		13,749			18,144
Prepaid and other current assets		3,190			3,512
Total current assets		38,719			39,384
Property and equipment, net		685			689
Intangibles, net		9,757			9,366
Other non-current assets		381			379
Total assets	$	49,542		$	49,818
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Credit facility	$	6,948		$	7,511
Accounts payable		3,080			6,164
Seller notes		466			471
Accrued and other current liabilities		8,804			8,404
Total current liabilities		19,298			22,550
Other liabilities		227			229
Total liabilities		19,525			22,779
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized and 8,750,741 and 8,748,741 shares outstanding at December 31, 2024 and March 31, 2025, respectively		9			9
Additional paid-in capital		742,591			743,374
Accumulated deficit		(711,677	)		(715,573	)
Accumulated other comprehensive loss		(906	)		(771	)
Total stockholders’ equity		30,017			27,039
Total liabilities and stockholders’ equity	$	49,542		$	49,818


ATERIAN, INC. Consolidated Statements of Operations *(in thousands, except share and per share data)*

	Three Months Ended March 31,
		2024			2025
Net revenue	$	20,214		$	15,360
Cost of goods sold		7,046			5,936
Gross profit		13,168			9,424
Operating expenses:
Sales and distribution		13,214			9,661
General and administrative		5,232			3,459
Total operating expenses		18,446			13,120
Operating loss		(5,278	)		(3,696	)
Interest expense, net		323			175
Change in fair value of warrant liabilities		(517	)		(55	)
Other expense, net		7			60
Loss before provision for income taxes		(5,091	)		(3,876	)
Provision for income taxes		71			20
Net loss	$	(5,162	)	$	(3,896	)
Net loss per share, basic and diluted	$	(0.76	)	$	(0.52	)
Weighted-average number of shares outstanding, basic and diluted		6,789,955			7,452,957


ATERIAN, INC. Consolidated Statement of Cash Flows *(in thousands, except share and per share data)*

	Three Months Ended March 31,
		2024			2025
OPERATING ACTIVITIES:
Net loss	$	(5,162	)	$	(3,896	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		428			408
Provision for sales returns		64			(72	)
Amortization of deferred financing cost and debt discounts		83			37
Stock-based compensation		1,667			783
Change in deferred tax expense		(5	)		—
Change in inventory provisions		(976	)		86
Change in fair value of warrant liabilities		(517	)		(55	)
Allowance for credit losses		—			(147	)
Changes in assets and liabilities:
Accounts receivable		1,843			538
Inventory		2,846			(4,481	)
Prepaid and other current assets		249			33
Accounts payable, accrued and other liabilities		(526	)		2,898
Cash used in operating activities		(6	)		(3,868	)
INVESTING ACTIVITIES:
Purchase of fixed assets		(36	)		—
Purchase of minority equity investment		(200	)		—
Cash used in investing activities		(236	)		—
FINANCING ACTIVITIES:
Repayments on seller notes		(153	)		—
Borrowings from MidCap credit facilities		11,453			10,296
Repayments for MidCap credit facilities		(13,244	)		(9,777	)
Insurance obligation payments		(254	)		(235	)
Insurance financing proceeds		—			156
Cash provided by (used in) financing activities		(2,198	)		440
Foreign currency effect on cash and restricted cash		(49	)		123
Net change in cash and restricted cash for the year		(2,489	)		(3,305	)
Cash and restricted cash at beginning of year		22,195			19,143
Cash and restricted cash at end of year	$	19,706		$	15,838
RECONCILIATION OF CASH AND RESTRICTED CASH:
Cash		17,545			14,337
Restricted Cash—Prepaid and other current assets		2,032			1,372
Restricted cash—Other non-current assets		129			129
TOTAL CASH AND RESTRICTED CASH	$	19,706		$	15,838

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	$	402		$	200
Cash paid for taxes	$	3		$	5
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash consideration paid to contractors	$	620		$	—
Non-cash minority equity investment	$	50		$	—

Non-GAAP Financial Measures

We believe that our financial statements and the other financial data included in this press release have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the U.S. (“GAAP”). However, for the reasons discussed below, we have presented certain non-GAAP measures herein.

We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution Margin; (ii) Contribution margin as a percentage of net revenue; (iii) EBITDA (iv) Adjusted EBITDA; and (v) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.

As used herein, Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of warrant liability, restructuring expenses, and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.

We present Contribution margin and Contribution margin as a percentage of net revenue, as we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to gross profit, provides useful supplemental information for investors. Specifically, Contribution margin and Contribution margin as a percentage of net revenue are two of our key metrics in running our business. All product decisions made by us, from the approval of launching a new product and to the liquidation of a product at the end of its life cycle, are measured primarily from Contribution margin and/or Contribution margin as a percentage of net revenue. Further, we believe these measures provide improved transparency to our stockholders to determine the performance of our products prior to fixed costs as opposed to referencing gross profit alone.

In the reconciliation to calculate contribution margin, we add e-commerce platform commissions, online advertising, selling and logistics expenses (“sales and distribution variable expense”) to gross profit to inform users of our financial statements of what our product profitability is at each period prior to fixed costs (such as sales and distribution expenses such as salaries as well as research and development expenses and general administrative expenses). By excluding these fixed costs, we believe this allows users of our financial statements to understand our products performance and allows them to measure our products performance over time.

We present EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provide useful supplemental information for investors. We use these measures with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items.

Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.

We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:

our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;
the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;
depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;
changes in cash requirements for our working capital needs; or
changes in fair value of warrant liabilities

Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and is expected to remain a key element of our overall long-term incentive compensation package.

We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:

general and administrative expense necessary to operate our business;
research and development expenses necessary for the development, operation and support of our software platform;
the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or
changes in fair value warrant liabilities

Contribution Margin

The following table provides a reconciliation of Contribution margin to gross profit and Contribution margin as a percentage of net revenue to gross profit as a percentage of net revenue, which are the most directly comparable financial measures presented in accordance with GAAP.


	Three Months Ended March 31,
		2024			2025
	(in thousands, except percentages)
Gross Profit	$	13,168		$	9,424
Less:
E-commerce platform commissions, online advertising, selling and logistics expenses		(10,320	)		(7,373	)
Contribution margin	$	2,848		$	2,051
Gross Profit as a percentage of net revenue		65.1	%		61.4	%
Contribution margin as a percentage of net revenue		14.1	%		13.4	%

Adjusted EBITDA

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:


	Three Months Ended March 31,
		2024			2025
	(in thousands, except percentages)
Net loss	$	(5,162	)	$	(3,896	)
Add:
Provision for income taxes		71			20
Interest expense, net		323			175
Depreciation and amortization		428			408
EBITDA		(4,340	)		(3,293	)
Other expense, net		7			60
Change in fair market value of warrant liabilities		(517	)		(55	)
Restructuring expense		558			—
Stock-based compensation expense		1,667			783
Adjusted EBITDA	$	(2,625	)	$	(2,505	)
Net loss as a percentage of net revenue		(25.5	)%		(25.4	)%
Adjusted EBITDA as a percentage of net revenue		(13.0	)%		(16.3	)%

Each of our products typically goes through the Launch phase and depending on its level of success is moved to one of the other phases as further described below:

Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE (Artificial Intelligence Marketplace e-Commerce Engine) and other sources. This phase also includes revenue from new product variations and relaunches. During this period of time, due to the combination of discounts and investment in marketing, our net margin for a product could be as low as approximately negative 35%. Net margin is calculated by taking net revenue less the cost of goods sold, less fulfillment, online advertising and selling expenses. These primarily reflect the estimated variable costs related to the sale of a product.
Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target of positive 15% net margin for most products, within approximately three months of launch on average. Net margin primarily reflects a combination of manual and automated adjustments in price and marketing spend.
Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) is not satisfactory, then it will go to the liquidate phase and we will sell through the remaining inventory. Products can also be liquidated as part of inventory normalization especially when steep discounts are required.

The following tables break out our first quarter of 2024 and 2025 results of operations by our product phases (in thousands):


	Three months ended March 31, 2024
	Sustain		Launch		Liquidation/ Other		Fixed Costs		Stock Based Compensation		Total
Net revenue	$	18,200	$	408	$	1,606	$	—	$	—	$	20,214
Cost of goods sold		6,449		125		472		—		—		7,046
Gross profit		11,751		283		1,134		—		—		13,168
Operating expenses:
Sales and distribution expenses		8,833		232		1,255		2,595		299		13,214
General and administrative		—		—		—		3,864		1,368		5,232

	Three months ended March 31, 2025
	Sustain		Launch		Liquidation/ Other		Fixed Costs		Stock Based Compensation		Total
Net revenue	$	14,638	$	386	$	336	$	—	$	—	$	15,360
Cost of goods sold		5,499		241		196		—		—		5,936
Gross profit		9,139		145		140		—		—		9,424
Operating expenses:
Sales and distribution expenses		6,879		268		326		1,996		192		9,661
General and administrative		—		—		—		2,868		591		3,459

The MIL Network –

May 15, 2025

MIL-OSI: Logansport Financial Corp. Announces Second Quarter Dividend

Source: GlobeNewswire (MIL-OSI)

LOGANSPORT, Ind., May 14, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp. (OTCBB – Symbol “LOGN”), an Indiana corporation which is the holding company for Logansport Savings Bank, a State Commercial bank located in Logansport, Indiana, announces that Logansport Financial Corp. has declared a quarterly cash dividend of $.45 on each share of its common stock for the second quarter of 2025. The dividend is payable on July 14, 2025 to the holders of record on June 13, 2025.

Contact: Kristie Richey
Chief Financial Officer
Phone 574-722-3855
Fax 574-722-3857

The MIL Network –

May 15, 2025

MIL-OSI: Battalion Oil Corporation Announces First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 14, 2025 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the first quarter of 2025.

Key Highlights

Generated first quarter 2025 sales volumes of 11,900 barrels of oil equivalent per day (“Boe/d”) (53% oil)
Continued to lower capex per well, outperforming AFE estimates
AGI facility online and treated 1.6 Bcf for the first quarter of 2025
Commenced drilling operations on final two wells of 2025 six-well plan

Management Comments

The Company has continued drilling operations as part of its previously announced 2025 six-well activity plan, completing four Monument Draw wells and drilling ahead of schedule on the remaining two wells in the West Quito area. Capital on first well post-TD in West Quito is approximately $1.0 million under AFE and the 10,000 foot lateral well was drilled in record time for the area. The Company is currently in the final stages of drilling operations on the last well. Recently completed wells in the Monument Draw field continue to produce above type curve and are on track to deliver over 1,000,000 barrels of oil ultimate recovery each. Additional permits and drilling pads are being built in Hackberry Draw and the Company is currently planning additional permits and drilling pads in Monument Draw and West Quito.

During the first quarter 2025, the acid gas injection (“AGI”) facility treated approximately 18 MMcf/d average and returned approximately 15 MMcf/d of sweet gas to the Company for sales to its midstream partner. Daily average volume was lower in the quarter due to facility-related downtime. Subsequent to quarter end, the midstream partner has added equipment and daily rates have reached over 30 MMcf/d.

Results of Operations

Average daily net production and total operating revenue during the first quarter of 2025 were 11,900 Boe/d (53% oil) and $47.5 million, respectively, as compared to production and revenue of 12,989 Boe/d (48% oil) and $49.9 million, respectively, during the first quarter of 2024. The decrease in revenues in the first quarter of 2025 as compared to the first quarter of 2024 is primarily attributable to an approximate 1,089 Boe/d decrease in average daily production partially offset by a $2.33 increase in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 97.7% of the average NYMEX oil price during the fourth quarter of 2024. Realized hedge losses totaled approximately $2.5 million during the first quarter of 2025.

Lease operating and workover expense was $11.01 per Boe in the first quarter of 2025 versus $10.55 per Boe in the first quarter of 2024. The increase in lease operating and workover expense per Boe year-over-year is primarily a result of an inflationary market increase in maintenance, power and chemical costs combined with a decrease in average daily production. Gathering and other expenses were $11.20 per Boe in the first quarter of 2025 versus $14.62 per Boe in the first quarter of 2024. The decrease in gathering and other expenses per Boe is primarily related to a full quarter of volumes being treated by the AGI facility this quarter compared to the prior period as the plant did not come online until March 2024. General and administrative expenses were $4.12 per Boe in the first quarter of 2025 compared to $3.44 per Boe in the first quarter of 2024. The increase in general and administrative expense is primarily due to higher payroll and benefits costs this quarter. Excluding non-recurring charges, general and administrative expenses would have been $3.01 per Boe in the first quarter of 2025 compared to $2.57 per Boe in the first quarter of 2024.

For the first quarter of 2025, the Company reported a net loss available to common stockholders of $5.8 million and a net loss of $0.35 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the first quarter of 2025 of $16.5 million or an adjusted diluted net loss of $1.00 per common share (see Reconciliation for additional information). Adjusted EBITDA during the first quarter ended March 31, 2025 was $15.1 million as compared to $9.4 million during the quarter ended March 31, 2024 (see Adjusted EBITDA Reconciliation table for additional information).

Liquidity and Balance Sheet

As of March 31, 2025, the Company had $225.0 million of term loan indebtedness outstanding and total liquidity made up of cash and cash equivalents of $73.6 million.

For further discussion on our liquidity and balance sheet, as well as recent developments, refer to Management’s Discussion and Analysis and Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Forward Looking Statements

This release contains 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. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as “expects”, “believes”, “intends”, “anticipates”, “plans”, “estimates”, “projects,” “potential”, “possible”, or “probable” or statements that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov or through the Company’s website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company’s expectations.

About Battalion

Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Contact

Matthew B. Steele
Chief Executive Officer & Principal Financial Officer
832-538-0300

BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts)

	Three Months Ended
	March 31,
	2025			2024
Operating revenues:
Oil, natural gas and natural gas liquids sales:
Oil	$	39,700		$	42,429
Natural gas		2,823			2,047
Natural gas liquids		4,862			5,056
Total oil, natural gas and natural gas liquids sales		47,385			49,532
Other		90			338
Total operating revenues		47,475			49,870

Operating expenses:
Production:
Lease operating		10,358			11,586
Workover and other		1,433			888
Taxes other than income		2,800			2,991
Gathering and other		12,000			17,286
General and administrative		4,413			4,071
Depletion, depreciation and accretion		13,080			13,025
Total operating expenses		44,084			49,847
Income from operations		3,391			23

Other income (expenses):
Net gain (loss) on derivative contracts		9,302			(24,187	)
Interest expense and other		(6,670	)		(7,039	)
Total other income (expenses)		2,632			(31,226	)
Income (loss) income before income taxes		6,023			(31,203	)
Income tax benefit (provision)		—			—
Net income (loss)	$	6,023		$	(31,203	)
Preferred dividends		(11,820	)		(5,632	)
Net income (loss) available to common stockholders	$	(5,797	)	$	(36,835	)

Net income (loss) per share of common stock available to common stockholders:
Basic	$	(0.35	)	$	(2.24	)
Diluted	$	(0.35	)	$	(2.24	)
Weighted average common shares outstanding:
Basic		16,457			16,457
Diluted		16,457			16,457

BATTALION OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts)

	March 31, 2025			December 31, 2024
Current assets:
Cash and cash equivalents	$	73,568		$	19,712
Accounts receivable, net		21,177			26,298
Assets from derivative contracts		15,706			6,969
Restricted cash		91			91
Prepaids and other		901			982
Total current assets		111,443			54,052
Oil and natural gas properties (full cost method):
Evaluated		841,213			816,186
Unevaluated		49,091			49,091
Gross oil and natural gas properties		890,304			865,277
Less: accumulated depletion		(509,945	)		(497,272	)
Net oil and natural gas properties		380,359			368,005
Other operating property and equipment:
Other operating property and equipment		4,669			4,663
Less: accumulated depreciation		(2,589	)		(2,455	)
Net other operating property and equipment		2,080			2,208
Other noncurrent assets:
Assets from derivative contracts		8,846			4,052
Operating lease right of use assets		298			453
Other assets		3,222			2,278
Total assets	$	506,248		$	431,048

Current liabilities:
Accounts payable and accrued liabilities	$	58,499		$	52,682
Liabilities from derivative contracts		14,716			12,330
Current portion of long-term debt		22,579			12,246
Operating lease liabilities		286			406
Total current liabilities		96,080			77,664
Long-term debt, net		196,833			145,535
Other noncurrent liabilities:
Liabilities from derivative contracts		6,272			6,954
Asset retirement obligations		19,428			19,156
Operating lease liabilities		43			84
Commitments and contingencies
Temporary equity:
Redeemable convertible preferred stock: 138,000 shares		189,354			177,535
of $0.0001 par value authorized, issued and outstanding
at March 31, 2025 and December 31, 2024
Stockholders’ equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;
16,456,563 shares issued and outstanding at March 31, 2025 and
December 31, 2024		2			2
Additional paid-in capital		277,088			288,993
Accumulated deficit		(278,852	)		(284,875	)
Total stockholders’ (deficit) equity		(1,762	)		4,120
Total liabilities, temporary equity and stockholders’ equity	$	506,248		$	431,048

BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)

	Three Months Ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net income (loss)	$	6,023		$	(31,203	)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depletion, depreciation and accretion		13,080			13,025
Stock-based compensation, net		(109	)		99
Unrealized (gain) loss on derivative contracts		(11,828	)		19,761
Amortization/accretion of financing related costs		395			1,701
Accrued settlements on derivative contracts		(560	)		1,433
Change in fair value of embedded derivative liability		—			(928	)
Other		53			270
Cash flows from operations before changes in working capital		7,054			4,158
Changes in working capital		5,677			(242	)
Net cash provided by operating activities		12,731			3,916

Cash flows from investing activities:
Oil and natural gas capital expenditures		(19,800	)		(24,599	)
Contract asset		—			(7,235	)
Other operating property and equipment capital expenditures		(6	)		(8	)
Other		(306	)		(6	)
Net cash used in investing activities		(20,112	)		(31,848	)

Cash flows from financing activities:
Proceeds from borrowings		63,000			—
Repayments of borrowings		(26	)		(10,026	)
Debt issuance costs		(1,737	)		—
Payment of debt financing costs		—			(129	)
Proceeds from issuance of preferred stock		—			19,500
Merger deposit		—			10,000
Net cash provided by financing activities		61,237			19,345

Net increase (decrease) in cash, cash equivalents and restricted cash		53,856			(8,587	)

Cash, cash equivalents and restricted cash at beginning of period		19,803			57,619
Cash, cash equivalents and restricted cash at end of period	$	73,659		$	49,032

BATTALION OIL CORPORATION SELECTED OPERATING DATA (Unaudited)

	Three Months Ended
	March 31,
	2025			2024
Production volumes:
Crude oil (MBbls)		569			566
Natural gas (MMcf)		1,799			2,180
Natural gas liquids (MBbls)		202			253
Total (MBoe)		1,071			1,182
Average daily production (Boe/d)		11,900			12,989

Average prices:
Crude oil (per Bbl)	$	69.77		$	74.96
Natural gas (per Mcf)		1.57			0.94
Natural gas liquids (per Bbl)		24.07			19.98
Total per Boe		44.24			41.91

Cash effect of derivative contracts:
Crude oil (per Bbl)	$	(7.00	)	$	(12.36	)
Natural gas (per Mcf)		0.81			1.18
Natural gas liquids (per Bbl)		—			—
Total per Boe		(2.36	)		(3.74	)

Average prices computed after cash effect of settlement of derivative contracts:
Crude oil (per Bbl)	$	62.77		$	62.60
Natural gas (per Mcf)		2.38			2.12
Natural gas liquids (per Bbl)		24.07			19.98
Total per Boe		41.88			38.17

Average cost per Boe:
Production:
Lease operating	$	9.67		$	9.80
Workover and other		1.34			0.75
Taxes other than income		2.61			2.53
Gathering and other		11.20			14.62
General and administrative, as adjusted ⁽¹⁾		3.01			2.57
Depletion		11.83			10.68

(1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below:

General and administrative:
General and administrative, as reported	$	4.12		$	3.44
Stock-based compensation:
Non-cash		(0.04	)		(0.08	)
Non-recurring charges and other:
Cash		(1.07	)		(0.79	)
General and administrative, as adjusted⁽²⁾	$	3.01		$	2.57

Total operating costs, as reported	$	28.94		$	31.14
Total adjusting items		(1.11	)		(0.87	)
Total operating costs, as adjusted⁽³⁾	$	27.83		$	30.27

________________________
(2) General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
(3) Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above.

BATTALION OIL CORPORATION RECONCILIATION (Unaudited) (In thousands, except per share amounts)

	Three Months Ended
	March 31,
	2025			2024
*As Reported:*
Net (loss) income available to common stockholders – diluted ⁽¹⁾	$	(5,797	)	$	(36,835	)

*Impact of Selected Items:*
Unrealized loss (gain) on derivatives contracts:
Crude oil	$	(5,544	)	$	21,417
Natural gas		(6,284	)		(1,656	)
Total mark-to-market non-cash charge		(11,828	)		19,761
Change in fair value of embedded derivative liability		—			(928	)
Non-recurring charges		1,149			937
Selected items, before income taxes		(10,679	)		19,770
Income tax effect of selected items		—			—
Selected items, net of tax		(10,679	)		19,770

Net loss available to common stockholders, as adjusted ⁽²⁾	$	(16,476	)	$	(17,065	)

Diluted net income (loss) per common share, as reported	$	(0.35	)	$	(2.24	)
Impact of selected items		(0.65	)		1.20
Diluted net loss per common share, excluding selected items ⁽²⁾⁽³⁾	$	(1.00	)	$	(1.04	)


Net cash provided by (used in) operating activities	$	12,731		$	3,916
Changes in working capital		(5,677	)		242
Cash flows from operations before changes in working capital		7,054			4,158
Cash components of selected items		1,709			(496	)
Income tax effect of selected items		—			—
Cash flows from operations before changes in working capital, adjusted for selected items ⁽¹⁾	$	8,763		$	3,662

________________________
(1) Amount reflects net (loss) income available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 15, Earnings Per Share in our Form 10-K for the year ended December 31, 2024.
(2) Net (loss) income per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management’s belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.
(3) The impact of selected items for the three months ended March 31, 2025 and 2024 were calculated based upon weighted average diluted shares of 16.5 million due to the net (loss) income available to common stockholders, excluding selected items.

BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands)

	Three Months Ended
	March 31,
	2025			2024

Net income (loss), as reported	$	6,023		$	(31,203	)
Impact of adjusting items:
Interest expense		7,189			8,391
Depletion, depreciation and accretion		13,080			13,025
Stock-based compensation		48			99
Interest income		(579	)		(701	)
Unrealized loss (gain) on derivatives contracts		(11,828	)		19,761
Change in fair value of embedded derivative liability		—			(928	)
Non-recurring charges and other		1,149			937
Adjusted EBITDA⁽¹⁾	$	15,082		$	9,381

________________________
(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands)

	Three Months			Three Months			Three Months			Three Months
	Ended			Ended			Ended			Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Net income (loss), as reported	$	6,023		$	(22,202	)	$	21,628		$	(105	)
Impact of adjusting items:
Interest expense		7,189			6,135			6,873			7,610
Depletion, depreciation and accretion		13,080			14,155			12,533			13,213
Impairment of contract asset		—			18,511			—			—
Stock-based compensation		48			12			5			36
Interest income		(579	)		(278	)		(509	)		(634	)
Loss (gain) on extinguishment of debt		—			7,489
Unrealized loss (gain) on derivatives contracts		(11,828	)		1,648			(28,091	)		(4,434	)
Change in fair value of embedded derivative liability		—			(761	)		41			(436	)
Merger Termination Payment		—			(10,000	)		—			—
Non-recurring charges (credits) and other		1,149			3,310			978			384
Adjusted EBITDA⁽¹⁾	$	15,082		$	18,019		$	13,458		$	15,634

Adjusted LTM EBITDA⁽¹⁾	$	62,193

BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands)

	Three Months			Three Months			Three Months			Three Months
	Ended			Ended			Ended			Ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023

Net (loss) income, as reported	$	(31,203	)	$	32,688		$	(53,799	)	$	(4,748	)
Impact of adjusting items:
Interest expense		8,391			8,917			9,219			9,366
Depletion, depreciation and accretion		13,025			12,337			13,426			14,713
Stock-based compensation		99			161			(686	)		(772	)
Interest income		(701	)		(525	)		(293	)		(234	)
Unrealized loss (gain) on derivatives contracts		19,761			(45,403	)		46,805			(2,332	)
Change in fair value of embedded derivative liability		(928	)		529			(1,878	)		358
Non-recurring charges (credits) and other		937			1,268			831			477
Adjusted EBITDA⁽¹⁾	$	9,381		$	9,972		$	13,625		$	16,828

Adjusted LTM EBITDA⁽¹⁾	$	49,806

________________________
(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

The MIL Network –

May 15, 2025

MIL-OSI: Investview, Inc. (“INVU”) Reports Financial Results and Current Operational and Financial Highlights for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

Haverford, PA, May 14, 2025 (GLOBE NEWSWIRE) — Investview, Inc. (OTCQB: INVU), a diversified financial technology services company that offers multiple business units across key sectors, including a financial education division offering tools, products and content through a global network of independent distributors; a manufacturing division focused on proprietary aesthetics, health, nutrition, & cognitive wellness products for wholesale and retail markets, with strategic plans for global expansion; an early-stage online trading platform that intends to offer self-directed retail brokerage services; and a business unit that owns and operates a sustainable blockchain business focused on bitcoin mining, today reported its first quarter 2025 financial results and shared highlights of key operational progress, strategic milestones, and forward-focused initiatives.

Summary Consolidated Financial Highlights:

Results of Operations-Three Months Ended March 31, 2025 vs March 31, 2024

Gross Revenue (a Non-GAAP measure) decreased 35.3% to $10.7 million for the three months ended March 31, 2025, compared to $16.5 million for the comparable prior year period.
Net Revenue decreased 36.0% to $10.0 million for the three months ended March 31, 2025, compared to $15.7 million for the comparable prior year period.
Net cash used in operating activities was ($3.4) million for the three months ended March 31, 2025, compared to net cash provided by operating activities of $4.8 million for the comparable prior year period.
Net income from operations decreased 122.1% to ($0.4) million for the three months ended March 31, 2025, compared to net income from operations of $1.9 million for the comparable prior year period.

Balance Sheet Data – March 31, 2025 vs December 31, 2024

Cash and cash equivalents at March 31, 2025 was $17.5 million, down $5.0 million or 22.1% from $22.5 million at December 31, 2024. The decrease was mainly attributable to a deposit to secure a writ of attachment order of $1.9 million in favor of the Company, an increase in bitcoin holdings of $0.5 million, an increase in prepaid assets of $0.8 million, purchases of inventory and manufacturing equipment of $0.7 million, and payments made under an agreement for the purchase of our common shares in a private transaction of $0.8 million.
Total assets decreased by $1.6 million or 5.2% to $29.9 million. Total liabilities decreased by $1.2 million or 8.7% to $13.1 million. Our current ratio remains strong at 2.29 as of March 31, 2025.
Working capital balance decreased by 6.1% at March 31, 2025, a decrease of $0.9 million from December 31, 2024.
Outstanding debt increased by $0.1 million to $3.3 million at March 31, 2025, up from $3.2 million at December 31, 2024.
Total stockholders’ equity at March 31, 2025 was $16.8 million, a decrease of $0.4 million, or 2.2%, from $17.2 million at December 31, 2024.

Comments on our industry segments and business units

Financial Education and Technology Segment

iGenius net revenue in the first quarter of 2025 was $8.8 million, a decrease of $4.2 million or 32.5% over the comparable period in 2024. The decrease was largely attributable to a combination of shifts in consumer behavior and demand following the COVID-19 pandemic as individuals reassess their spending priorities, lifestyle choices, and engagement habits. Broader macroeconomic headwinds also contributed to a general slowdown in direct sales and home-based business sectors.

Despite these challenges, iGenius remains optimistic about its long-term growth trajectory. The company is actively investing in the expansion of its sales network and is focused on broadening its portfolio of products and services. Management is confident that the core direct selling model remains robust and scalable, particularly as it evolves to include offerings beyond financial education.

As part of its strategic vision, iGenius plans to strengthen its value proposition through the continued development of its myLife Wellness division, which includes health, beauty, and wellness products. These initiatives are expected to enhance engagement across the sales network and drive future growth opportunities.

Our Blockchain Technology and Crypto Mining Products and Services Segment

SAFETek net revenue in the first quarter of 2025 was $0.9 million, a decrease of $1.8 million or 67.3% over the comparable period. The decrease in net revenue was primarily driven by the April 2024 Bitcoin halving event, which reduced block rewards by 50%, a more than 3.5% increase in mining network difficulty for the period, and a government-mandated energy curtailment due to low hydroelectric reservoir levels in our host country.

Despite a highly challenging environment, SAFETek successfully produced 9.12 Bitcoin during the first quarter of 2025. The company navigated the combined impact of tighter block rewards, escalating network difficulty, and energy restrictions, while simultaneously capitalizing on reduced power costs resulting from the curtailment, effectively turning operational adversity into a cost-management initiative that we expect will serve us well over time.

In 2024, SAFETek proactively executed key strategic initiatives to fortify long-term operational efficiency. These included the retirement of legacy mining hardware, deployment of next-generation ASIC miners, and the consolidation of mining operations—collectively lowering our hash cost and enhancing our competitive position in the global mining landscape. Importantly, we remain debt-free on all equipment purchases and maintain a strong balance sheet that provides the financial flexibility to pursue selective expansion opportunities.

SAFETek currently holds a reserve of nearly 2,900 mining machines, strategically positioned for deployment in qualified expansion scenarios. While the Bitcoin mining sector continues to evolve amid macroeconomic and protocol-level shifts, our outlook remains cautiously optimistic. We are committed to a disciplined, forward-looking strategy that prioritizes long-term sustainability and prepares us to scale when conditions improve.

Our Manufacturing and Development of Health, Beauty and Wellness Products Segment

In October 2024, we entered the over-the-counter health, beauty, and wellness market through our wholly owned subsidiary, myLife Wellness Company (“myLife Wellness”), with the strategic acquisition of Renu Laboratories, Inc. (“Renu Labs”), a contract developer and manufacturer of proprietary and non-proprietary products serving wholesale and retail clients. This acquisition marks a key milestone in our strategy to extend our platform into high-demand consumer verticals, with a growing focus on aesthetics, nutrition, and cognitive wellness.

Since the acquisition, we have made accelerated investments in Renu Labs’ core capabilities, including upgraded equipment, enhanced production technology, and key talent recruitment, which have resulted in measurable gains in both production output and operational efficiency. Net revenue for the first quarter of 2025 totaled $0.4 million. Encouragingly, net revenue generated to date in the second quarter has already exceeded first-quarter results, signaling continued momentum.

We are optimistic about Renu’s long-term growth trajectory and are focused on scaling manufacturing capacity while expanding our product portfolio and contract manufacturing (CMO) engagements with qualified partners. These steps are designed to position Renu as a nimble and scalable manufacturer in a market increasingly seeking trusted, innovative wellness product providers.

As the commercial arm of this initiative, myLife Wellness will serve as both the marketing engine and e-commerce platform for the products developed and manufactured by Renu Labs. The brand’s growing product catalog, centered around aesthetics, health, nutrition, and cognitive wellness, is expected to be distributed through a combination of retail (B2C) and wholesale (B2B) channels.

In addition to operating as a standalone consumer platform, myLife Wellness will also benefit from strategic collaboration with our iGenius subsidiary, enabling expanded access to retail, wholesale, and direct-to-consumer channels. This partnership is expected to significantly enhance market reach, while creating new revenue opportunities by introducing wellness products to a global member base and established consumer relationships.

We believe this integrated ecosystem represents a powerful foundation for long-term value creation across the health and wellness space.

Our Financial Services Initiatives

In March 2024, we achieved a significant milestone in our fintech growth strategy with the acquisition of Opencash Securities LLC, an early-stage registered broker-dealer. While the platform has not yet commenced commercial operations, this acquisition represents a strategic foundation for building a modern, mobile-first trading experience to-be focused on accessibility, simplicity, and cost-efficiency for retail investors globally.

Opencash is currently advancing through its final stages of development, including clearing integration, infrastructure buildout, and internal testing, in preparation for its commercial launch. Our goal is to establish Opencash as a low-cost, and commission-free platform offering trading in stocks, ETFs, and options, tailored to meet the expectations of today’s digitally native investor.

The Opencash initiative is designed to work in tandem with our proprietary MPower Trading Systems – Prodigio trading engine, acquired in 2021. Once fully deployed, we expect to offer two complementary trading solutions under the Opencash brand:

Opencash – a streamlined platform for everyday retail investors
OpencashPro – a feature-rich platform for advanced traders and active investors

Together, these platforms are expected to deliver a seamless, data-driven trading experience that integrates intelligent analytics, automation, and user-friendly interfaces, positioning us competitively in the evolving fintech landscape.

We remain optimistic about the long-term potential of the Opencash platform and are committed to executing a disciplined phased rollout that prioritizes regulatory readiness, technological integrity, and a superior user experience.

Operational Highlights (Quotes)

Victor Oviedo, Investview CEO, commented, “during the first quarter of 2025, Investview continued to make strategic progress across its diversified operating segments. In our financial education and direct selling division, iGenius generated $8.8 million in net revenue. While this represented a material contraction in our business compared to the prior-year period, the business remains focused on long-term growth through the planned expansion of its global sales network and the planned integration of health and wellness offerings from myLife Wellness.

“Our blockchain and crypto mining division, SAFETek, produced 9.12 Bitcoin during the quarter despite facing significant headwinds including the April 2024 halving event, a network difficulty increase of over 3.5%, and a government-mandated energy curtailment. These challenges were met with proactive operational adjustments, including the retirement of legacy hardware and the deployment of next-generation ASIC miners. SAFETek remains debt-free on all equipment purchases and holds a reserve of approximately 2,900 mining machines, preserving flexibility for future expansion.

“In our health, beauty, and wellness segment, Renu Labs generated $0.4 million in net revenue for the quarter, with revenues to date in Q2 2025 already exceeding first-quarter results. Strategic investments in production technology, equipment, and personnel are expected to lead to continued improvements in output and efficiency. The Company continues to position itself as a nimble and scalable manufacturer serving both proprietary and third-party CMO clients.

“Our fintech division also advanced with the continued development of Opencash Securities LLC. As a mobile-first platform for low-cost, and commission-free trading of stocks, ETFs, and options, “Opencash is progressing through clearing integration and platform testing in preparation for launch. The platform is expected to work in tandem with our MPower Prodigio trading engine, offering solutions for both retail and advanced traders under the Opencash and OpencashPro brands.

“Investview ended the quarter with $17.5 million in cash and cash equivalents, $1.7 million in bitcoin, maintained a strong current ratio of 2.29 and had a working capital balance of $14.2 million, reflecting prudent financial management and positioning the company to capitalize on future growth opportunities across its expanding portfolio.”

About Investview, Inc.

Investview, Inc., a Nevada corporation, operates a financial technology (FinTech) services company, offering several different lines of business, including a Financial Education and Technology business that delivers a series of products and services involving financial education, digital assets and related technology, through a network of independent distributors; and a Blockchain Technology and Crypto Mining Products and Services business, including leading-edge research, development and FinTech services involving the management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets. In addition, we are in the process of creating a Brokerage and Financial Markets business within the investment management and brokerage industries by, among others, commercializing on a proprietary trading platform we acquired in September 2021. For more information on Investview, please visit: www.investview.com.

About Opencash Securities LLC

Brokerage services are provided by Opencash Securities LLC, a member of FINRA and SIPC. Options involve risk and are not suitable for all investors. Please review Characteristics and Risks of Standardized Options prior to engaging in options trading. Opencash Securities LLC does not provide investment advice. Please consult with investment, tax, or legal professionals before making any investment decisions. All investments involve risks, including the possible loss of capital. Check the background of this investment professional on BrokerCheck. Opencash Securities LLC is a wholly-owned subsidiary of Investview, Inc.

Forward-Looking Statement

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. These forward-looking statements are based on Investview’s current beliefs and assumptions and information currently available to Investview and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Our forward-looking statements expect that we will be able to expand the scope and scale of our iGenius network, despite the recent material contractions in its business. Our forward-looking statements also expect that we will ultimately be able to develop retail brokerage operations at Opencash, although it is currently in the pre-revenue and early stage of its operations. We plan to do this by, among others, investing the funds we believe are necessary to develop the infrastructure necessary to achieve retail operations. This includes, among others, the on-boarding of customer support personnel and software developers, the development and implementation of a marketing strategy, the securing of necessary securities clearing arrangements, and the continued development of the online Opencash trading platform and completing its integration with the proprietary algorithmic trading platform we acquired in September 2021. Despite our best efforts, there can be no assurance that we will be able to achieve these objectives on a timely basis, if at all, as the development of an early-stage securities brokerage business involves inherent regulatory and operational risks and uncertainties, including the uncertain ability of us to integrate the Opencash investment platform application with the proprietary algorithmic trading platform we acquired in September 2021, particularly as the platform we acquired in 2021 has not been placed in commercial service since 2021; thus, any such integration could be subject to IT-related and commercial risks. More information on potential factors that could affect Investview’s financial results is included from time to time in Investview’s public reports filed with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Investor Relations
Contact: Ralph R. Valvano
Phone Number: 732.889.4300
Email: pr@investview.com

Reconciliation of Gross Revenue to Net Revenue
(unaudited)

As used in this report, Gross Revenues are not a measure of financial performance under United States Generally Accepted Accounting Principles (“GAAP”). Gross Revenues are presented as they are used by management to understand the total revenue before certain items such as refunds, incentives, credits, chargebacks, and amounts paid to third party providers. The non-GAAP Gross Revenue measure is a supplement to the GAAP financial information. A reconciliation between Gross Revenue (non-GAAP) and Net Revenue is presented in the table below.

Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2025 is as follows:

	Membership revenue			Mining revenue		Health and wellness product sales			Other Revenue		Total
Gross billings/receipts	$	9,439,857		$	862,944	$	368,443		$	7,344	$	10,678,588
Refunds, incentives, credits, and chargebacks		(648,414	)		–		(122	)		–		(648,536	)
Net revenue	$	8,791,443		$	862,944	$	368,321		$	7,344	$	10,030,052

Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2024 is as follows:

	Membership Revenue			Mining Revenue		Total
Gross billings/receipts	$	13,851,294		$	2,642,599	$	16,493,893
Refunds, incentives, credits, and chargebacks		(821,976	)		–		(821,976	)
Net revenue	$	13,029,318		$	2,642,599	$	15,671,917

The MIL Network –

May 15, 2025

MIL-OSI: PMGC Holdings Inc. Announces Filing of Quarterly Report on Form 10-Q

Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., May 14, 2025 (GLOBE NEWSWIRE) — PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”) today announced that it has filed its Quarterly Report on Form 10-Q (“Quarterly Report”) for the three months ended March 31, 2025, with the U.S. Securities and Exchange Commission (“SEC”).

The Quarterly Report is available on the SEC’s website at www.sec.gov under the company’s filings, as well as on the Company’s investor relations website.

Management believes the Company is well-capitalized, with a strong balance sheet and a clearly defined business focus. Through its operating subsidiaries, the Company is advancing its strategic growth priorities and actively pursuing acquisitions of operating B2B businesses and assets with the potential to drive meaningful revenue growth and enhance shareholder value.

Current Operating Subsidiaries:

• NorthStrive Biosciences Inc. – A biopharmaceutical company focused on the development and acquisition of cutting-edge aesthetic medicines. Its lead asset, EL-22, leverages an engineered probiotic approach to address a pressing issue in the obesity market by preserving muscle in patients undergoing weight loss treatments, including GLP-1 receptor agonists. For more information, visit northstrivebio.com.

• PMGC Research Inc. – A research and development subsidiary that utilizes Canadian research grants and partners with leading Canadian universities to accelerate scientific discovery and transform cutting-edge technologies into commercially viable products.

• PMGC Capital LLC – A multi-strategy investment firm focused on direct investments, strategic lending, and the acquisition of undervalued companies and assets across diverse markets. Its mission is to identify and seize high-potential opportunities to deliver sustainable growth and maximize returns on capital.

• Pending Acquisition – On April 16, 2025, the Company announced the signing of a non-binding Letter of Intent (“LOI”) to acquire a U.S.-based, cash-flow-positive information technology (“IT”) custom packaging company.

About PMGC Holdings Inc.

PMGC is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. 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 our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the SEC, including the “Risk Factors” section of the Company’s Annual Report for the year ended December 31, 2024, filed with the SEC on March 26, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

IR Contact:
IR@pmgcholdings.com

The MIL Network –

May 15, 2025
MIL-OSI: Apache Corporation Tree Grant Program Opens U.S. Applications for 2025-2026 Planting Season

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 14, 2025 (GLOBE NEWSWIRE) — Apache Corporation, a subsidiary of APA Corporation (Nasdaq: APA), today announced the opening of applications for the Apache Corporation Tree Grant Program’s 2025-2026 planting season. To receive tree grants, applicants must be based in the United States.

Since 2005, the program has partnered with more than 1,000 nonprofit organizations and government agencies across the company’s U.S. operating areas. In 2023, the program surpassed the significant milestone of donating more than 5 million trees to U.S. partners and expanded internationally launching a similar program in Scotland, where the company also operates.

“We maintain a legacy of supporting land conservation through our environmental stewardship initiatives,” said John J. Christmann IV, Apache’s chief executive officer. “Our award-winning Tree Grant Program is a key part of this as we focus on enhancing public green spaces through reforestation and environmental education. We have worked with a range of partners over the last 20 years to support conservation efforts, whether it is to enrich neighborhoods, preserve natural habitats, or restock areas affected by natural disasters. Our team at Apache is honored to collaborate with our tree grant partners to create a more sustainable world for future generations.”

The program is open to U.S.-based nonprofit organizations and government agencies in Texas and Louisiana. Grant recipients must request a minimum of 50 one-gallon, three-gallon or five-gallon trees per project or a minimum of 1,000 bareroot seedlings. Additionally, recipients must agree to receive all awarded trees in a single delivery and are required to provide ongoing care and maintenance of the trees. Grant awards will be announced Oct. 1, 2025, and all trees must be received and planted or distributed no later than May 31, 2026.

Last season, Apache donated more than 134,000 trees to 52 nonprofit partner organizations in the U.S., including carbon mitigation efforts with Houston Wilderness, an alliance of business, environmental and government interests protecting the Gulf Coast ecoregion, and In Alpine, Texas, BBCA is a nonprofit organization that serves local wildlife by nurturing relationships within shared environments to create inclusive, equitable and just approaches to conservation with communities in the region. The company also partnered with TPWD has provided outdoor recreational opportunities by managing and protecting wildlife, parklands and historic areas that are essential to the natural and cultural resources of Texas.

For more information and to apply to the 2025-2026 Apache Tree Grant Program, please visit www.apachelovestrees.com to submit an application by the July 13, 2025, deadline. To view the Apache Tree Grant Program video and learn more, click here.

About Apache

Apache Corporation, a wholly owned subsidiary of APA Corporation (Nasdaq: APA), is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache’s parent corporation, APA Corporation, posts announcements, operational updates, investor information and press releases on its websitewww.apacorp.com.

About Apache Corporation Tree Grant Program

Founded in 2005, the Apache Corporation Tree Grant Program is a philanthropic initiative of Apache Corporation that donates trees to nonprofits and government entities in the company’s operational areas. The program focuses on grants that support large-scale conservation, protection of habitats for wildlife and native species, as well as the restoration and enhancement of public greenspaces. This award-winning environmental stewardship initiative has provided more than 5 million trees to over 1,000 to qualified partners in the U.S. In addition to the development and improvement of public parks and greenspaces, community partners often request trees to support a broad range of conservation efforts, including preservation of natural habitats and reforestation. To learn more about the program, visit www.apachelovestrees.com.

APA-T

The MIL Network –

May 15, 2025
MIL-OSI USA: FEMA’s National Flood Insurance Program Pays Tennesseans More Than $15 Million

Source: US Federal Emergency Management Agency 2

FEMA’s National Flood Insurance Program Pays Tennesseans More Than $15 Million

FEMA’s National Flood Insurance Program has paid $15.1 million to Tennessee policyholders to repair flood damage from Tropical Storm Helene. More than 83% of these claims came from areas at high risk for flooding.National Flood Insurance Program policyholders with flood damage from the storm can submit a claim even if they do not live in one of the eight Tennessee counties eligible for federal disaster assistance. While tropical storms like Helene can bring significant flooding far inland, anywhere it rains can experience overflowing rivers, flash flooding and dam or levee failures. Just an inch of water can cause $25,000 in damage and most homeowners and renters insurance policies do not cover flood damage.The National Flood Insurance Program was created to provide financial protection from flood damage to property owners, renters and businesses through government-backed flood insurance policies. Federal assistance can only provide a small amount of funding, so having flood insurance can help you recover more quickly after a flood.In Tennessee, to buy a flood insurance policy, your community must participate in the National Flood Insurance Program. Visit FEMA’s Community Status page for a list of participating communities. If your community is on the list, you can call the National Flood Insurance Program Direct Helpline at 877-336-2627, visit FloodSmart.gov and follow the prompt to get a quote or call your insurance agent to find out how much coverage may cost.
kwei.nwaogu
Wed, 05/14/2025 – 18:44

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: NASA’s Magellan Mission Reveals Possible Tectonic Activity on Venus

Source: NASA

Using archival data from the mission, launched in 1989, researchers have uncovered new evidence that tectonic activity may be deforming the planet’s surface.
Vast, quasi-circular features on Venus’ surface may reveal that the planet has ongoing tectonics, according to new research based on data gathered more than 30 years ago by NASA’s Magellan mission. On Earth, the planet’s surface is continually renewed by the constant shifting and recycling of massive sections of crust, called tectonic plates, that float atop a viscous interior. Venus doesn’t have tectonic plates, but its surface is still being deformed by molten material from below.
Seeking to better understand the underlying processes driving these deformations, the researchers studied a type of feature called a corona. Ranging in size from dozens to hundreds of miles across, a corona is most often thought to be the location where a plume of hot, buoyant material from the planet’s mantle rises, pushing against the lithosphere above. (The lithosphere includes the planet’s crust and the uppermost part of its mantle.) These structures are usually oval, with a concentric fracture system surrounding them. Hundreds of coronae are known to exist on Venus.
Published in the journal Science Advances, the new study details newly discovered signs of activity at or beneath the surface shaping many of Venus’ coronae, features that may also provide a unique window into Earth’s past. The researchers found the evidence of this tectonic activity within data from NASA’s Magellan mission, which orbited Venus in the 1990s and gathered the most detailed gravity and topography data on the planet currently available.
“Coronae are not found on Earth today; however, they may have existed when our planet was young and before plate tectonics had been established,” said the study’s lead author, Gael Cascioli, assistant research scientist at the University of Maryland, Baltimore County, and NASA’s Goddard Space Flight Center in Greenbelt, Maryland. “By combining gravity and topography data, this research has provided a new and important insight into the possible subsurface processes currently shaping the surface of Venus.”

As members of NASA’s forthcoming VERITAS (Venus Emissivity, Radio science, InSAR, Topography, and Spectroscopy) mission, Cascioli and his team are particularly interested in the high-resolution gravity data the spacecraft will provide. Study coauthor Erwan Mazarico, also at Goddard, will co-lead the VERITAS gravity experiment when the mission launches no earlier than 2031.
Mystery Coronae
Managed by NASA’s Jet Propulsion Laboratory in Southern California, Magellan used its radar system to see through Venus’ thick atmosphere and map the topography of its mountains and plains. Of the geological features the spacecraft mapped, coronae were perhaps the most enigmatic: It wasn’t clear how they formed. In the years since, scientists have found many coronae in locations where the planet’s lithosphere is thin and heat flow is high.
“Coronae are abundant on Venus. They are very large features, and people have proposed different theories over the years as to how they formed,” said coauthor Anna Gülcher, Earth and planetary scientist at the University of Bern in Switzerland. “The most exciting thing for our study is that we can now say there are most likely various and ongoing active processes driving their formation. We believe these same processes may have occurred early in Earth’s history.”
The researchers developed sophisticated 3D geodynamic models that demonstrate various formation scenarios for plume-induced coronae and compared them with the combined gravity and topography data from Magellan. The gravity data proved crucial in helping the researchers detect less dense, hot, and buoyant plumes under the surface — information that couldn’t be discerned from topography data alone. Of the 75 coronae studied, 52 appear to have buoyant mantle material beneath them that is likely driving tectonic processes.
One key process is subduction: On Earth, it happens when the edge of one tectonic plate is driven beneath the adjacent plate. Friction between the plates can generate earthquakes, and as the old rocky material dives into the hot mantle, the rock melts and is recycled back to the surface via volcanic vents.

On Venus, a different kind of subduction is thought to occur around the perimeter of some coronae. In this scenario, as a buoyant plume of hot rock in the mantle pushes upward into the lithosphere, surface material rises and spreads outward, colliding with surrounding surface material and pushing that material downward into the mantle.
Another tectonic process known as lithospheric dripping could also be present, where dense accumulations of comparatively cool material sink from the lithosphere into the hot mantle. The researchers also identify several places where a third process may be taking place: A plume of molten rock beneath a thicker part of the lithosphere potentially drives volcanism above it.
Deciphering Venus
This work marks the latest instance of scientists returning to Magellan data to find that Venus exhibits geologic processes that are more Earth-like than originally thought. Recently, researchers were able to spot erupting volcanoes, including vast lava flows that vented from Maat Mons, Sif Mons, and Eistla Regio in radar images from the orbiter.
While those images provided direct evidence of volcanic action, the authors of the new study will need sharper resolution to draw a complete picture about the tectonic processes driving corona formation. “The VERITAS gravity maps of Venus will boost the resolution by at least a factor of two to four, depending on location — a level of detail that could revolutionize our understanding of Venus’ geology and implications for early Earth,” said study coauthor Suzanne Smrekar, a planetary scientist at JPL and principal investigator for VERITAS.
Managed by JPL, VERITAS will use a synthetic aperture radar to create 3D global maps and a near-infrared spectrometer to figure out what the surface of Venus is made of. Using its radio tracking system, the spacecraft will also measure the planet’s gravitational field to determine the structure of Venus’ interior. All of these instruments will help pinpoint areas of activity on the surface.
For more information about NASA’s VERITAS mission, visit:

VERITAS

News Media Contacts
Ian J. O’NeillJet Propulsion Laboratory, Pasadena, Calif.818-354-2649ian.j.oneill@jpl.nasa.gov
Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
2025-068

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: NASA Studies Reveal Hidden Secrets About Interiors of Moon, Vesta

Source: NASA

Analyzing gravity data collected by spacecraft orbiting other worlds reveals groundbreaking insights about planetary structures without having to land on the surface.
Although the Moon and the asteroid Vesta are very different, two NASA studies use the same technique to reveal new details about the interiors of both.
In the lunar study, published May 14 in the journal Nature, researchers developed a new gravity model of the Moon that includes tiny variations in the celestial body’s gravity during its elliptical orbit around Earth. These fluctuations cause the Moon to flex slightly due to Earth’s tidal force — a process called tidal deformation — which provides critical insights into the Moon’s deep internal structure.
Using their model, the researchers produced the most detailed lunar gravitational map yet, providing future missions an improved way to calculate location and time on the Moon. They accomplished this by analyzing data on the motion of NASA’s GRAIL (Gravity Recovery and Interior Laboratory) mission, whose spacecraft, Ebb and Flow, orbited the Moon from Dec. 31, 2011, to Dec. 17, 2012.

In a second study, published in the journal Nature Astronomy on April 23, the researchers focused on Vesta, an object in the main asteroid belt between Mars and Jupiter. Using NASA’s Deep Space Network radiometric data and imaging data from the agency’s Dawn spacecraft, which orbited the asteroid from July 16, 2011, to Sept. 5, 2012, they found that instead of having distinct layers as expected, Vesta’s internal structure may be mostly uniform, with a very small iron core or no core at all.
Both studies were led by Ryan Park, supervisor of the Solar System Dynamics Group at NASA’s Jet Propulsion Laboratory in Southern California, and were years in the making due to their complexity. The team used NASA supercomputers to build a detailed map of how gravity varies across each body. From that, they could better understand what the Moon and Vesta are made of and how planetary bodies across the solar system formed.
“Gravity is a unique and fundamental property of a planetary body that can be used to explore its deep interior,” said Park. “Our technique doesn’t need data from the surface; we just need to track the motion of the spacecraft very precisely to get a global view of what’s inside.”
Lunar Asymmetry
The lunar study looked at gravitational changes to the Moon’s near and far sides. While the near side is dominated by vast plains — known as mare — formed by molten rock that cooled and solidified billions of years ago, the far side is more rugged, with few plains.

Some theories suggest intense volcanism on the near side likely caused these differences. That process would have caused radioactive, heat-generating elements to accumulate deep inside the near side’s mantle, and the new study offers the strongest evidence yet that this is likely the case.
“We found that the Moon’s near side is flexing more than the far side, meaning there’s something fundamentally different about the internal structure of the Moon’s near side compared to its far side,” said Park. “When we first analyzed the data, we were so surprised by the result we didn’t believe it. So we ran the calculations many times to verify the findings. In all, this is a decade of work.”
When comparing their results with other models, Park’s team found a small but greater-than-expected difference in how much the two hemispheres deform. The most likely explanation is that the near side has a warm mantle region, indicating the presence of heat-generating radioactive elements, which is evidence for volcanic activity that shaped the Moon’s near side 2 billion to 3 billion years ago.
Vesta’s Evolution
Park’s team applied a similar approach for their study that focused on Vesta’s rotational properties to learn more about its interior.
“Our technique is sensitive to any changes in the gravitational field of a body in space, whether that gravitational field changes over time, like the tidal flexing of the Moon, or through space, like a wobbling asteroid,” said Park. “Vesta wobbles as it spins, so we could measure its moment of inertia, a characteristic that is highly sensitive to the internal structure of the asteroid.”
Changes in inertia can be seen when an ice skater spins with their arms held outward. As they pull their arms in, bringing more mass toward their center of gravity, their inertia decreases and their spin speeds up. By measuring Vesta’s inertia, scientists can gain a detailed understanding of the distribution of mass inside the asteroid: If its inertia is low, there would be a concentration of mass toward its center; if it’s high, the mass would be more evenly distributed.
Some theories suggest that over a long period, Vesta gradually formed onion-like layers and a dense core. But the new inertia measurement from Park’s team suggests instead that Vesta is far more homogeneous, with its mass distributed evenly throughout and only a small core of dense material, or no core.
Gravity slowly pulls the heaviest elements to a planet’s center over time, which is how Earth ended up with a dense core of liquid iron. While Vesta has long been considered a differentiated asteroid, a more homogenous structure would suggest that it may not have fully formed layers or may have formed from the debris of another planetary body after a massive impact.
In 2016, Park used the same data types as the Vesta study to focus on Dawn’s second target, the dwarf planet Ceres, and results suggested a partially differentiated interior.
Park and his team recently applied a similar technique to Jupiter’s volcanic moon Io, using data acquired by NASA’s Juno and Galileo spacecraft during their flybys of the Jovian satellite as well as from ground-based observations. By measuring how Io’s gravity changes as it orbits Jupiter, which exerts a powerful tidal force, they revealed that the fiery moon is unlikely to possess a global magma ocean.
“Our technique isn’t restricted just to Io, Ceres, Vesta, or the Moon,” said Park. “There are many opportunities in the future to apply our technique for studying the interiors of intriguing planetary bodies throughout the solar system.”
News Media Contacts
Ian J. O’NeillJet Propulsion Laboratory, Pasadena, Calif.818-354-2649ian.j.oneill@jpl.nasa.gov
Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Another First: NASA Webb Identifies Frozen Water in Young Star System

Source: NASA

Is frozen water scattered in systems around other stars? Astronomers have long expected it is, partially based on previous detections of its gaseous form, water vapor, and its presence in our own solar system.
Now there is definitive evidence: Researchers confirmed the presence of crystalline water ice in a dusty debris disk that orbits a Sun-like star 155 light-years away using detailed data known as spectra from NASA’s James Webb Space Telescope. (The term water ice specifies its makeup, since many other frozen molecules are also observed in space, such as carbon dioxide ice, or “dry ice.”) In 2008, data from NASA’s retired Spitzer Space Telescope hinted at the possibility of frozen water in this system.
“Webb unambiguously detected not just water ice, but crystalline water ice, which is also found in locations like Saturn’s rings and icy bodies in our solar system’s Kuiper Belt,” said Chen Xie, the lead author of the new paper and an assistant research scientist at Johns Hopkins University in Baltimore, Maryland.
All the frozen water Webb detected is paired with fine dust particles throughout the disk — like itsy-bitsy “dirty snowballs.” The results published Wednesday in the journal Nature.
Astronomers have been waiting for this definitive data for decades. “When I was a graduate student 25 years ago, my advisor told me there should be ice in debris disks, but prior to Webb, we didn’t have instruments sensitive enough to make these observations,” said Christine Chen, a co-author and associate astronomer at the Space Telescope Science Institute in Baltimore. “What’s most striking is that this data looks similar to the telescope’s other recent observations of Kuiper Belt objects in our own solar system.”
Water ice is a vital ingredient in disks around young stars — it heavily influences the formation of giant planets and may also be delivered by small bodies like comets and asteroids to fully formed rocky planets. Now that researchers have detected water ice with Webb, they have opened the door for all researchers to study how these processes play out in new ways in many other planetary systems.

The star, cataloged HD 181327, is significantly younger than our Sun. It’s estimated to be 23 million years old, compared to the Sun’s more mature 4.6 billion years. The star is slightly more massive than the Sun, and it’s hotter, which led to the formation of a slightly larger system around it.
Webb’s observations confirm a significant gap between the star and its debris disk — a wide area that is free of dust. Farther out, its debris disk is similar to our solar system’s Kuiper Belt, where dwarf planets, comets, and other bits of ice and rock are found (and sometimes collide with one another). Billions of years ago, our Kuiper Belt was likely similar to this star’s debris disk.
“HD 181327 is a very active system,” Chen said. “There are regular, ongoing collisions in its debris disk. When those icy bodies collide, they release tiny particles of dusty water ice that are perfectly sized for Webb to detect.”

Water ice isn’t spread evenly throughout this system. The majority is found where it’s coldest and farthest from the star. “The outer area of the debris disk consists of over 20% water ice,” Xie said.
The closer in the researchers looked, the less water ice they found. Toward the middle of the debris disk, Webb detected about 8% water ice. Here, it’s likely that frozen water particles are produced slightly faster than they are destroyed. In the area of the debris disk closest to the star, Webb detected almost none. It’s likely that the star’s ultraviolet light vaporizes the closest specks of water ice. It’s also possible that rocks known as planetesimals have “locked up” frozen water in their interiors, which Webb can’t detect.
This team and many more researchers will continue to search for — and study — water ice in debris disks and actively forming planetary systems throughout our Milky Way galaxy. “The presence of water ice helps facilitate planet formation,” Xie said. “Icy materials may also ultimately be ‘delivered’ to terrestrial planets that may form over a couple hundred million years in systems like this.”
The researchers observed HD 181327 with Webb’s NIRSpec (Near-Infrared Spectrograph), which is super-sensitive to extremely faint dust particles that can only be detected from space.
The James Webb Space Telescope is the world’s premier space science observatory. Webb is solving mysteries in our solar system, looking beyond to distant worlds around other stars, and probing the mysterious structures and origins of our universe and our place in it. Webb is an international program led by NASA with its partners, ESA (European Space Agency) and CSA (Canadian Space Agency).
To learn more about Webb, visit:
https://science.nasa.gov/webb
Downloads
Click any image to open a larger version.
View/Download all image products at all resolutions for this article from the Space Telescope Science Institute.
View/Download the research results from the journal Nature.

Laura Betz – laura.e.betz@nasa.govNASA’s Goddard Space Flight Center, Greenbelt, Md.
Claire Blome – cblome@stsci.eduSpace Telescope Science Institute, Baltimore, Md.
Christine Pulliam – cpulliam@stsci.eduSpace Telescope Science Institute, Baltimore, Md.

View Webb images of other debris disks around Vega, Fomalhaut, Beta Pictoris, and AU Microscopii
Learn more about spectroscopy
Read more: Webb’s Near-infrared Spectrograph (NIRSpec)
More Webb News
More Webb Images
Webb Science Themes
Webb Mission Page

What is the Webb Telescope?
SpacePlace for Kids
En Español
Ciencia de la NASA
NASA en español
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MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Understanding Your FEMA Determination Letter

Source: US Federal Emergency Management Agency

Headline: Understanding Your FEMA Determination Letter

Understanding Your FEMA Determination Letter

FRANKFORT, Ky

– If you applied for FEMA assistance after the April severe storms, straight-line winds, flooding, landslides and mudslides, you’ll receive a letter from FEMA in the mail or by email

This is your determination letter

The letter will explain your application status and how to respond

It is important to read the letter carefully because it will include the amount of any assistance FEMA may provide and information on the appropriate use of disaster assistance funds

If your letter says you are not currently eligible for assistance, this is not a denial

There are things you can do that may change that decision

Eligibility and Missing InformationYou may need to submit additional information or supporting documentation for FEMA to continue to process an application for financial assistance

Examples of missing documentation may include: Proof of insurance coverage

Settlement of insurance claims or denial letter from insurance provider

Proof of identity

Proof of occupancy

Proof of ownership

Proof that the damaged property was the applicant’s primary residence at the time of the disaster

How Can I Appeal FEMA’s Decision? The letter from FEMA will provide information on the types of documents or information that FEMA needs

It will also include an optional appeal form that you can use

Every applicant has the right to appeal a FEMA determination

If you feel the amount or type of assistance is incorrect, you may submit an appeal letter and any documents supporting your claim

You have 60 days from the date on your FEMA determination letter to send your appeal

You can submit your appeal and supporting documentation:Online at DisasterAssistance

gov, where you can create an account and upload documents

In-person at a Disaster Recovery Center

By mail: FEMA National Processing Service Center, P

O

Box 10055, Hyattsville MD 20782-7055

If you have questions about your letter, or disagree with the initial decision, call the disaster assistance helpline at 800-621-3362 to find out what information FEMA needs

You can also get help at a Disaster Recovery Center

Find the center nearest you: fema

gov/DRCRead more about your FEMA letter here

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860 and www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Wed, 05/14/2025 – 13:12

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: NASA Glenn Showcases Stirling Engine Technology at Piston Powered Auto-Rama

Source: NASA

NASA Glenn Research Center’s work in power and propulsion was on full display at the Piston Powered Auto-Rama at the I-X Center in Cleveland, March 28-30. The event is the largest indoor showcase of cars, trucks, motorcycles, tractors, and other engine-powered vehicles.
Center staff introduced guests to NASA’s Stirling engine technology, a free-piston Stirling power convertor that set records for accomplishing 14 years of maintenance-free operation at NASA Glenn in 2020. Attendees also explored how NASA is using space nuclear power to reach the deepest, dustiest, darkest, and most distant regions of our solar system through radioisotope power systems.
More than 57,500 people attended the event.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Gov Pillen Joins Republican Governors in Recognizing Jewish American Heritage Month and Israel’s Independence Day

Source: US State of Nebraska

.

In addition to the joint statement, Gov. Pillen said: “Jewish people have had a strong and dynamic influence on Nebraska since its territorial beginnings and have made significant contributions across our state. We stand united in soundly rejecting all forms of antisemitism. I appreciate the partnerships we have fostered so far and look forward to strengthening the bond between Nebraska and Israel moving forward.”

Gov. Pillen will sign a proclamation recognizing Jewish American Heritage Month tomorrow.

In their statement, the Republican Governors wrote:

“As public servants and governors, we are proud to recognize May as Jewish American Heritage Month. We encourage all Americans to honor and celebrate the profound historical, cultural, and economic contributions of Jewish Americans who continue to enrich our communities and strengthen our nation. In our classrooms and at the kitchen table, we encourage our citizens to learn more about the strong heritage of our nation’s Jewish American community that has long been a part of our nation’s fabric, beginning with the Revolutionary War.

“The United States was proudly the first nation to recognize the State of Israel, cementing what has been an unbreakable bond for nearly 80 years. We reaffirm our continued, unwavering support for the nation of Israel and her people.

“We stand in solidarity with our nation’s Jewish community, and we condemn the rampant antisemitism, vile religious bigotry, and brutal terrorism that still festers in our country and across the globe.”

Signatories to the statement include: Governor Kay Ivey (AL), Governor Mike Dunleavy (AK), Governor Sarah Sanders (AR), Governor Ron DeSantis (FL), Governor Brian Kemp (GA), Governor Brad Little (ID), Governor Mike Braun (IN), Governor Kim Reynolds (IA), Governor Jeff Landry (LA), Governor Tate Reeves (MS), Governor Mike Kehoe (MO), Governor Greg Gianforte (MT), Governor Jim Pillen (NE), Governor Joe Lombardo (NV), Governor Kelly Ayotte (NH), Governor Kelly Armstrong (ND), Governor Mike DeWine (OH), Governor Kevin Stitt (OK), Governor Jenniffer González-Colón (PR), Governor Henry McMaster (SC), Governor Larry Rhoden (SD), Governor Bill Lee (TN), Governor Greg Abbott (TX), Governor Spencer Cox (UT), Governor Phil Scott (VT), Governor Glenn Youngkin (VA), Governor Patrick Morrisey (WV), and Governor Mark Gordon (WY).

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: NASA Glenn Engineer Highlights Research for Hubble Servicing Missions

Source: NASA

April 24 marked the 35th anniversary of the launch of NASA’s Hubble Space Telescope. The iconic space observatory remains a household name —the most well-recognized and scientifically productive telescope in history. Engineers at NASA’s Glenn Research Center in Cleveland played a significant role in how the telescope functions today.

NASA Glenn researchers assisted in all five Hubble servicing missions by testing damaged insulation, determining why it degraded in space, and recommending replacement materials.

[embedded content]

One of those researchers, Kim de Groh, senior materials research engineer, shared some of that research in a special presentation at Great Lakes Science Center, home of the NASA Glenn Visitor Center, in Cleveland on May 8. She chronicled her Hubble experience with a presentation, a show-and-tell with samples directly from the telescope, and a Q&A addressing the audience’s Hubble-related questions.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Landmarks Illuminated on Buffalo Shooting Anniversary
Source: US State of New York

overnor Kathy Hochul today announced 15 State landmarks will be illuminated orange on the evening of May 14 to honor the lives taken and those impacted by the racially motivated mass shooting at Tops on Jefferson Avenue on May 14, 2022.

“As a daughter of Buffalo, my heart continues to break for our 10 neighbors that were senselessly taken away from us and the pain that was inflicted across this community,” Governor Hochul said. “Buffalo is tough and resilient, and as we reflect on that tragic day, I remain steadfast in my dedication to helping the East Buffalo community heal and ensuring the memory of those we lost and the lives impacted will never be forgotten.”

The following landmarks will be illuminated orange tonight:
- One World Trade Center
- Albany International Airport Gateway
- Alfred E. Smith State Office Building
- Empire State Plaza
- Fairport Lift Bridge over the Erie Canal
- Governor Mario M. Cuomo Bridge
- Grand Central Terminal – Pershing Square Viaduct
- Kosciuszko Bridge
- Moynihan Train Hall
- Niagara Falls
- State Education Building
- State Fairgrounds – Main Gate & Expo Center
- The H. Carl McCall SUNY Building
- The “Franklin D. Roosevelt” Mid-Hudson Bridge
- Walkway Over the Hudson State Historic Park
Governor Kathy Hochul, City of Buffalo Mayor Christopher P. Scanlon and members of the 5/14 Memorial Commission yesterday announced a major milestone for the permanent and living memorial to honor the lives affected by the 5/14 shooting. The 5/14 Memorial Commission identified 18 city-owned and privately-owned lots required for the construction of a permanent memorial, which have now been designated by the City of Buffalo for a unified site. The acquisition and designation of these parcels marks a critical step forward for the 5/14 Memorial Foundation Inc. to enter detailed phases of design, engineering, permitting and fundraising.

The 5/14 Memorial Commission, established in October 2022 by Governor Kathy Hochul and then-Mayor Byron W. Brown, unveiled the final design for the memorial, titled “Seeing Us,” on May 13, 2024. Designed by Jin Young Song and Douglass Alligood, the memorial features ten interconnected stone pillars inscribed with the names of the lives taken and survivors, each with a unique arc and height. A sweeping support building will serve as a central hub for education, exhibitions, community activities and events, with an elevated Memorial Walk on its roof. The design was selected through a comprehensive public engagement process, including community meetings and surveys.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: NASA Glenn Hosts Slovenian Delegation and Ohio Governor’s Office

Source: NASA

NASA’s Glenn Research Center in Cleveland hosted a delegation of Slovenian government officials and representatives from the Ohio Governor’s Office on April 11. NASA Glenn leadership provided the group with an overview of the center’s vital role within the agency. The delegation also visited key space-related and aeronautics facilities, including tours of the Zero Gravity Research Facility, Simulated Lunar Operations Laboratory, and Icing Research Tunnel.
Republic of Slovenia Minister of Defense Borut Sajovic and Ambassador of the Republic of Slovenia to the United States Iztok Mirosic headed the delegation. Joe Zeis, who is the senior advisor for Aerospace and Defense for the Office of the Governor, and Tobias Engel, who is with the Ohio Department of Development International Affairs, also attended.

The Slovenia Space Office — under the Ministry of the Economy, Industry, and Sport — coordinates Slovenia’s space activities within ESA (European Space Agency). Slovenia recently became a member state of ESA, enabling more international opportunities for Slovenian scientists and engineers. Last year, Slovenia joined the Artemis Accords, which provides a common set of principles to enhance the governance of the civil exploration and use of outer space, as the 39th participant.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Specialty NASA Glenn License Plates Available

Source: NASA

Ohio residents can now take their vehicle to new heights with a specialty license plate showcasing NASA’s Glenn Research Center in Cleveland.
It is available on the Ohio Bureau of Motor Vehicles (BMV) website under the “Special Interest Plates” section. Click the “Organizational Plates” drop-down tab for details on NASA Glenn’s plate.
The Ohio BMV will collect an additional $10 above the regular license plate fee. NASA will not receive any money from the sale.
NASA Glenn makes space exploration and aviation possible. This incredible work is happening right here in Northeast Ohio. The specialty license plate allows fans to show support for their community and Ohio’s NASA center.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: NASA Glenn Shows Students Temperature-Cooling Technology

Source: NASA

Water is essential for life, and it is an important engineering tool as well. On March 21, NASA’s Glenn Research Center staff joined Great Lakes Science Center in celebrating World Water Day at the science center, home of the NASA Glenn Visitor Center, in downtown Cleveland. Staff conducted hands-on demonstrations highlighting NASA’s Liquid Cooling and Ventilation Garment during the free day for students.

This interactive activity helped students discover how NASA uses water to regulate the body temperatures of astronauts during spacewalks. 
Approximately 450 students and educators attended the event.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: President Donald J. Trump Approves Major Disaster Declaration for Arkansas

Source: US Federal Emergency Management Agency 2

ASHINGTON — FEMA announced that federal disaster assistance is available to the state of Arkansas to supplement recovery efforts in the areas affected by severe storms and tornadoes from March 14–15, 2025.
The President’s action makes federal funding available to affected individuals in Greene, Hot Spring, Independence, Izard, Jackson, Lawrence, Randolph, Sharp and Stone counties.
Assistance can include grants for temporary housing and home repairs, low-interest loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster.
Roland W. Jackson has been named the Federal Coordinating Officer for federal recovery operations in the affected areas. Additional designations may be made at a later date if requested by the state and warranted by the results of further assessments.
Individuals and business owners who sustained losses in the designated areas can begin applying for assistance by registering online at www.DisasterAssistance.gov, by calling 1-800-621-3362 or by using the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, provide FEMA the number for that service.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Statement on Certain Form N-PORT Data

Source: Securities and Exchange Commission

The staff of the Securities and Exchange Commission has determined that certain masked data fields on the publicly available reports on Form N-PORT submitted between Feb. 3, 2025, and May 8, 2025, were inadvertently made public on the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. The unmasking occurred as a result of a software update effective Feb. 3, 2025. The masking error has been corrected and did not affect Form N-PORT filings made after May 8, 2025.

SEC staff has removed the affected data from the public EDGAR system as displayed on SEC.gov and all affected filers have been informed.

The Chairman has directed a comprehensive review of the EDGAR system.

MIL OSI USA News –

May 15, 2025

MIL-OSI USA: H.R. 1364, Automotive Support Services to Improve Safe Transportation Act of 2025

Source: US Congressional Budget Office

Bill Summary

H.R. 1364 would expand the types of adaptative equipment that the Department of Veterans Affairs (VA) can purchase for vehicles belonging to veterans who have received medical care from the department. The bill also would extend the reduction of pension payments for veterans and survivors who reside in Medicaid nursing homes.

Estimated Federal Cost

The estimated budgetary effects of H.R. 1364 are shown in Table 1. The bill would decrease net direct spending by $29 million and increase spending subject to appropriation by $26 million over the 2025‑2035 period. The costs of the legislation fall within budget functions 550 (health) and 700 (veterans benefits and services).

Table 1. Estimated Budgetary Effects of H.R. 1364
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
	Increases or Decreases (-) in Direct Spending
Estimated Budget Authority	*	1	1	1	1	1	1	-39	1	1	2	5	-29
Estimated Outlays	*	1	1	1	1	1	1	-39	1	1	2	5	-29
	Increases in Spending Subject to Appropriation
Estimated Authorization	1	2	2	2	2	2	3	3	3	3	3	11	26
Estimated Outlays	1	2	2	2	2	2	3	3	3	3	3	11	26

Basis of Estimate

For this estimate, CBO assumes that H.R. 1364 will be enacted in fiscal year 2025 and that provisions will take effect upon enactment. CBO also estimates that outlays will follow historical spending patterns for affected programs.

Provisions That Affect Spending Subject to Appropriation and Direct Spending

Section 2 would expand the types of adaptative equipment that VA can purchase for the vehicles of eligible veterans who receive medical care at VA facilities. In addition to equipment that VA provides under its current policy, section 2 would authorize VA to provide kneeling systems. Those systems lower the side or rear of a vehicle to reduce the incline of a ramp, making it easier for people using wheelchairs or other mobility devices to access the vehicle. Using information from VA, CBO estimates that the department would purchase kneeling systems for roughly 55 veterans each year at a cost of about $63,000 on average, for a total of $37 million over the 2025‑2035 period.

Some of the veterans who would acquire kneeling systems under section 2 would be veterans who have been exposed to environmental hazards; thus, CBO expects that some of the costs of implementing the bill would be paid from the Toxic Exposures Fund (TEF) established by Public Law 117-168, the Honoring our PACT Act. The TEF is a mandatory appropriation that VA uses to pay for health care, disability claims processing, medical research, and information technology modernization that benefit veterans who were exposed to environmental hazards. Additional spending from the TEF occurs if legislation increases the costs of similar activities that benefit veterans with such exposure. Thus, in addition to increasing spending subject to appropriation, enacting section 2 would increase amounts paid from the TEF, which are classified as direct spending.

CBO projects that the proportion of costs paid by the TEF will grow over time based on the amount of formerly discretionary appropriations that CBO expects will be provided through the mandatory appropriation as specified in the Honoring our PACT Act. CBO estimates that over the 2025-2035 period, implementing section 2 would increase spending subject to appropriation by $26 million and direct spending by $11 million.

Direct Spending

In addition to expanding benefits that would partly be covered by the TEF, CBO estimates that enacting the bill would affect direct spending by reducing pension payments to veterans and survivors who reside in Medicaid nursing homes. In total, the bill would decrease net direct spending by $29 million over the 2025‑2035 period (see Table 2).

Under current law, VA reduces pension payments to veterans and survivors who reside in Medicaid nursing homes to $90 per month. That required reduction expires November 30, 2031. Section 3 would extend that reduction for ten months, through September 30, 2032. CBO estimates that extending that requirement would reduce VA benefits by $10 million per month. (Those benefits are paid from mandatory appropriations and are therefore considered direct spending.) As a result of that reduction in beneficiaries’ income, Medicaid would pay more of the cost of their care, increasing spending for that program by $6 million per month. Thus, enacting section 3 would reduce net direct spending by $40 million over the 2025-2035 period.

Table 2. Estimated Increases in Direct Spending Under H.R. 1364
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
Adaptive Equipment
Estimated Budget Authority	*	1	1	1	1	1	1	1	1	1	2	5	11
Estimated Outlays	*	1	1	1	1	1	1	1	1	1	2	5	11
Pensions
Estimated Budget Authority	0	0	0	0	0	0	0	-40	0	0	0	0	-40
Estimated Outlays	0	0	0	0	0	0	0	-40	0	0	0	0	-40
Total Changes
Estimated Budget Authority	*	1	1	1	1	1	1	-39	1	1	2	5	-29
Estimated Outlays	*	1	1	1	1	1	1	-39	1	1	2	5	-29

Spending Subject to Appropriation

The discussion above in “Provisions That Affect Spending Subject to Appropriation and Direct Spending” describes the expansion of vehicle adaptations VA can purchase for eligible veterans after receiving medical care from the department. That expansion would increase spending subject to appropriation by $26 million over the 2025‑2035 period (see Table 3).

Table 3. Estimated Increases in Spending Subject to Appropriation Under H.R. 1364
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
Adaptive Equipment
Estimated Authorization	1	2	2	2	2	2	3	3	3	3	3	11	26
Estimated Outlays	1	2	2	2	2	2	3	3	3	3	3	11	26

Pay-As-You-Go Considerations

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 2.

Increase in Long-Term Net Direct Spending and Deficits

CBO estimates that enacting H.R. 1364 would not increase net direct spending by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2036.

CBO estimates that enacting H.R. 1364 would not increase on‑budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2036.

Mandates

The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

Federal Costs: Paul B.A. Holland

Mandates: Brandon Lever

Estimate Reviewed By

David Newman
Chief, Defense, International Affairs, and Veterans’ Affairs Cost Estimates Unit

Kathleen FitzGerald
Chief, Public and Private Mandates Unit

Christina Hawley Anthony
Deputy Director of Budget Analysis

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

May 15, 2025

MIL-OSI USA: ICE Tampa conducts worksite enforcement at rapidly expanding community, arrests 33 illegal aliens

Source: US Immigration and Customs Enforcement

WILDWOOD, Fla. — U.S. Immigration and Customs Enforcement, with the support of the Florida Highway Patrol, the Federal Bureau of Prison’s Coleman Federal Correctional Complex, and the U.S. Marshals Service arrested 33 illegal aliens May 13 during a targeted worksite enforcement operation at construction sites in one of the fastest growing communities in the nation located 20 miles south of Ocala.

The multiagency operation, directed by ICE Homeland Security Investigations Tampa, led to the arrest of 33 illegal aliens from Mexico, Honduras, and Guatemala. Four are charged with felony reentry after being previous removed from the United States. During the operation, more than 360 individuals were interviewed. As federal officers encountered construction workers, more than 30 could be seen fleeing from the construction sites.

“Worksite enforcement investigations are integral to uncovering many crimes, including unauthorized employment, document fraud, human smuggling, and sometimes human trafficking,” said ICE Homeland Security Investigations Tampa Assistant Special Agent in Charge Micah C. McCombs. “Following the president’s executive order, HSI Tampa will continue enforcing the immigration laws throughout the state of Florida to the fullest extent of the law.”

“State Troopers are proud to support ICE-HSI in their immigration enforcement efforts, and participate in all aspects of immigration enforcement operations,” said Florida Highway Patrol Executive Director Dave Kerner. “Florida Highway Patrol is committed to leading state efforts to enforce federal immigration law and ensuring Governor DeSantis’ immigration enforcement directives are faithfully executed.”

According to the U.S. Census Bureau, this central Florida region’s population rose nearly five percent to 151,565, making it the nation’s fastest-growing metro area from 2022 to 2023.

The main function of HSI’s worksite enforcement program is to assist the field in maintaining the integrity in the U.S. immigration system, ease pressure at the borders, promote self-compliance in the business community, and protect employment opportunities for the nation’s workforce.

HSI conducts investigations that target egregious worksite violators. These investigations lead to criminal, civil, or administrative judgments against employers who knowingly hire unauthorized workers. These actions seek to deter employers who hire unauthorized workers. Investigations often uncover multiple forms of criminal activity, such as human smuggling, document fraud, human rights abuses and other violations linked to the employment of unauthorized workers.

ICE officials have continually emphasized the agency’s continued focus to identifying public safety and national security threats. Individuals unlawfully present in the United States who are encountered during enforcement operations may be taken into custody and processed for removal in accordance with federal law.

Members of the public with information about suspected immigration violations or related criminal activity are encouraged to contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or submit information online via the ICE Tip Form.

For more information about ICE HSI Tampa and its efforts to enhance public safety in Florida, follow us on X at @HSITampa.

Learn more about worksite enforcement by visiting ICE’s Worksite Enforcement Investigations.

MIL OSI USA News –

May 15, 2025
MIL-OSI Video: President Trump motorcade is escorted into Lusail Palace for the Qatari State Dinner 🔥

Source: United States of America – The White House (video statements)

https://www.youtube.com/watch?v=26acPJgz_MA

MIL OSI Video –

May 15, 2025
MIL-OSI Security: Long-Time Fugitive Extradited to the United States to Face Charges for Orchestrating Mail Fraud Scheme Defrauding Elderly and Vulnerable Victims of Over $10 Million

Source: Office of United States Attorneys

NEWARK, N.J. – A German man was extradited from Italy and arrested for orchestrating a massive mail fraud scheme targeting elderly and otherwise vulnerable victims with false and fraudulent psychic solicitations, U.S. Attorney Alina Habba announced.

Georg Ingenbleek, 58, a citizen of Germany, was indicted in 2020 and has been a fugitive. He was apprehended in Bolzano, Italy in 2024 and returned yesterday via Newark International Airport to face an indictment charging him with two counts of mail fraud. Ingenbleek made his initial appearance and arraignment on May 9, 2025, before U.S. Magistrate Judge Leda Dunn Wettre. He pleaded not guilty and was remanded without bail.

According to the Indictment and statements made in court:

From at least 2011 through 2016, Ingenbleek created numerous direct mail solicitations supposedly from world-renowned psychics, falsely and fraudulently claiming that the recipients were being contacted because they had been the subject of specific visions by the psychics, including visions that the recipients were going to receive large sums of money and good fortune. Many of the letters falsely promised that the psychic services being offered were free of charge. In fact, the letters were mass-produced using software and information provided by Ingenbleek to a direct mail marketing services company, Company-1, located in Piscataway, New Jersey, which Ingenbleek retained to print and mail the solicitations.

Ingenbleek directed a second company, Company-2, to send fraudulent billing notices to the same victims that stated that the victims owed money for psychic services, which in many cases had been offered free of charge. The fraudulent billing notices were labeled “collection notices” and “invoices,” falsely representing that the victims owed late payment fees, and falsely stating that a psychic or astrology organization would refer the victim to a “collection agency” and take legal action if the victim did not send a check, usually for $20 to $50. Through his fraudulent psychic mailing campaign, Ingenbleek obtained more than $10 million dollars from victims.

In September 2016, Ingenbleek directed representatives of Company-1 and Company-2 to destroy all materials related to his fraudulent psychic mailings in response to federal criminal investigations into his conduct and the conduct of other participants in the scheme. In one email, dated September 23, 2016, Ingenbleek told a representative of Company-2, “You cannot wait! I advise you urgently to get rid of the material! Use your own car, rent a truck, start today, work all weekend.”

The mail fraud charges each carry a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.

U.S. Attorney Habba credited postal inspectors of the U.S. Postal Inspection Service Philadelphia Division, under the direction of Inspector in Charge Christopher A. Nielsen; special agents of IRS – Criminal Investigation Newark Field Office, under the direction of Special Agent in Charge Jenifer Piovesan; and special agents of HSI New York, under the direction of Acting Special Agent in Charge Michael Alfonzo, with the investigation leading to the charges, and HSI Rome and the Justice Department’s Office of International Affairs for providing significant assistance in securing the defendant’s extradition from Italy.

The government is represented by Assistant United States Attorneys Jonathan Fayer and Olta Bejleri of the Economic Crimes Unit in Newark.

The charges and allegations in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

###

Defense counsel: Daniel Rashbaum, Esq., Miami, Florida.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Armed Career Criminal Sentenced to 30 Years in Federal Prison for Being a Felon in Possession of a Firearm and Possession with Intent to Distribute Marinjuana

Source: Office of United States Attorneys

LITTLE ROCK—Trevion Dickson, a multi-convicted felon who again illegally possessed guns and drugs, will spend the next 30 years in federal prison for being a felon in possession of a firearm and possession with intent to distribute marijuana. Jonathan D. Ross, United States Attorney for the Eastern District of Arkansas, announced the 360-month total sentence, which was handed down today by United States District Judge Brian S. Miller.

A federal grand jury indicted Dickson, 43, of Pine Bluff, in an indictment on December 5, 2023. On February 6, 2025, Johnson pleaded guilty to being a felon in possession of a firearm and possession with intent to distribute marijuana. Judge Miller sentenced Dickson to 30 years on the firearm charge and five years on the drug charge, with the sentences to run concurrently.

On January 6, 2023, law enforcement officers from the White Hall Police Department were dispatched to an immobile vehicle revving its engine in the roadway. Dickson was standing next to the vehicle and upon questioning, Dickson fled from police on foot. He was later apprehended in a shed hiding behind a lawn mower and had to be physically restrained when officers attempted to take him into custody. At the time, Dickson had active felony warrants pending and was a parolee with a search waiver on file. Officers searched Dickson’s person and located methamphetamine, synthetic marijuana, marijuana, and alprazolam. During a search of Dickson’s vehicle officers located two sets of digital scales, marijuana, and a Smith & Wesson 9mm firearm.

Dickson has five previous felony cocaine convictions and two prior felony firearm convictions, as well as numerous other convictions. His criminal history classified him as an armed career criminal and enhanced his sentence.

Judge Miller also sentenced Dickson to three years’ supervised release. There is no parole in the federal system.

This case was investigated by DEA with assistance from the White Hall Police Department. This case was prosecuted by Assistant United States Attorney Stacy Williams.

# # #

Additional information about the office of the

United States Attorney for the Eastern District of Arkansas, is available online at

https://www.justice.gov/edar

X (formerly known as Twitter):

@USAO_EDAR

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Texas Company Charged with Aiding and Abetting Fraudulent Transactions Related to False Ethanol Sales

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA –Today, Acting United States Attorney Michael M. Simpson announced the filing of a bill of information charging Plano, Texas-based MUREX MANAGEMENT, INC. (“MMI”), with aiding and abetting transactions that defrauded financial institutions, including the failed New Orleans-based First NBC Bank.

According to the bill of information, MMI was the management company of an affiliate that engaged in ethanol marketing and logistics services. Additionally, Company A was the U.S.-based subsidiary of a foreign, publicly traded, company that operated ethanol production plants.

According to the bill of information, beginning in 2013, Company A and its parent companies began to experience financial stress. In order to ameliorate cash flow issues and to manufacture additional financing for its debts, Company A initiated a strategy called “buy/sells” and targeted MMI to assist in this strategy. Company A’s plan called for both companies to create fictitious invoices purporting to be sales of ethanol between the two companies, which could then be sold as accounts receivable to unwitting buyers via a New Orleans-based online marketplace. This would provide cash flow for Company A and a profit to MMI. The unwitting buyers of these accounts receivable included financial institutions like First NBC Bank.

The bill of information alleges that, between October 28, 2013 and September 18, 2015, Company A and MMI conducted approximately $1.2 billion in fraudulent “buy/sell” transactions, with MMI making a profit of approximately $6,073,049. Company A eventually defaulted on paying financial institutions for the accounts receivable that had been posted for auction by MMI. The defaulted auctions caused a loss of approximately $73,073,683.05 to First NBC Bank, and a loss of approximately $8,330,427.02 to a North Carolina bank.

If convicted, MMI faces a maximum fine of $1,000,000.00, or twice the gross gain or twice the gross loss to any victim. It also will be required to pay restitution and a mandatory special assessment fee of $400.00.

Acting U.S. Attorney Simpson reiterated that the bill of information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

Acting U.S. Attorney Simpson praised the work of the FDIC Office of Inspector General, Dallas Field Office, and the Environmental Protection Agency, Criminal Investigation Division, Houston Resident Office, that investigated this matter. Assistant United States Attorneys Matthew R. Payne of the Financial Crimes Unit and Nicholas D. Moses, Health Care Fraud Coordinator, handled this prosecution.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Preston County Man Admits to Federal Child Exploitation Offenses

Source: Federal Bureau of Investigation FBI Crime News (b)

CLARKSBURG, WEST VIRGINIA – Steven David Seeger, 46, of Bruceton Mills, West Virginia, has admitted to the coercion and enticement of a minor for sex and production of child pornography.

According to court documents and statements made in court, Seeger was communicating with minor girls online. During those communications, he persuaded multiple victims to produce and send him sexually explicit images and videos.

Seeger faces 10 years to life in federal prison for the enticement charge and faces 15 to 30 years for the production of child pornography charge. If convicted, a federal district court judge will determine the appropriate sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Assistant U.S. Attorney Kimberley Crockett is prosecuting the case on behalf of the government.

The Federal Bureau of Investigation, the West Virginia State Police, and the Preston County Sheriff’s Office investigated.

U.S. Magistrate Judge Michael John Aloi presided.

MIL Security OSI –

May 15, 2025