NewzIntel.com

Category: Economy

  • MIL-OSI USA: Governor Polis: Trump’s Tariff Tax will Raise Costs For All

    Source: US State of Colorado

    DENVER – President Trump plans to implement a new 25% tax on hardworking Americans through his disastrous tariff tax.

    “Unless President Trump pulls back from tariffs on products from Mexico and Canada, starting at midnight, the President’s horrible sales tax will apply to all hardworking Coloradans. Trump’s tariffs are a costly sales tax that will raise the price of groceries, clothes, homes, technology, cars, and everyday items Americans rely on and hurt North American competitiveness. President Trump is playing chicken with people’s pocketbooks, small businesses, and our economy, and it is harmful. While Colorado is pushing ahead to lower costs, the President’s tariffs alone will cause economic devastation across America in their wake,” said Colorado Governor Polis.  

    Governor Polis has been outspoken in opposition to President Trump’s reckless tariff tax.

    ###
     

    MIL OSI USA News –

  • MIL-Evening Report: Sick of pie charts for your uni, school or work projects? Here are 5 other options

    Source: The Conversation (Au and NZ) – By Nicole White, Associate Professor of Statistics, Queensland University of Technology

    Master1305/Shutterstock

    Whether it’s for a work meeting or a class assignment, presenting data to others is a common task on our to-do list.

    We use data to make decisions on our health, finances and the world we live in, yet finding the best ways to communicate data without boring your audience can be daunting.

    However, there are some tried and true techniques to getting your message across effectively.

    First, you need to boost your data literacy – which includes learning about the different kind of charts and how to use them.

    What is data literacy?

    Data literacy is the ability to “plot” and present complex data in a way that’s easy to digest. There is even a branch of statistics focusing on the best way to present data.

    It’s one of the most desired skills in the workplace, yet a 2020 survey found only one in five employees across nine different countries (including Australia) believe they are data literate.

    With seemingly countless options available, choosing the right chart is challenging, and the wrong choice can influence how data is interpreted.

    Passing on the humble pie

    Pie charts are often the first pick when it comes to presenting data with different categories, such as age group or blood type. These categories are represented as slices, with the size of each slice proportional to the amount of data.

    Doughnut charts, a close relative of the pie chart, work the same way but are shown with a hole in the middle.

    As delicious as they sound, these charts should be consumed in moderation.

    Pie charts present data in a circular pattern, making it difficult to make comparisons when there are many groups, or when groups are similar in size. They can also misrepresent data entirely, especially when data add up to over 100%.

    Here are some alternatives to pie charts that sound just as tasty, but are easier to digest.

    Bar charts

    Bar charts summarise data across different categories, but present them next to each other. This makes it easier to compare several categories at once.

    Here is an example from the Australian Bureau of Statistics showing the different generations from the last census.

    Waffle charts

    Waffle charts are a good option for data organised by categories.

    They present data in a grid, with each unit representing a fixed number. This is useful for presenting both large and small percentages that are difficult to compare side-by-side.

    We can clearly see most people eat meat from the figure.

    However, a bar chart would make comparing less common diets difficult. With a waffle chart, we can see 4% of people surveyed are vegan, while 2% are pescetarian.

    Histograms

    Data often represent different measurements, such as height and weight, or time taken to write an article.

    Histograms also present data with bars but, unlike bar charts, are used for data collected as numbers, or numerical data.

    This chart type is used to show how a set of numbers are spread out, and can be useful in seeing which numbers occur more often than others.

    It’s tempting to simplify data by fitting them into categories, but this can sometimes hide interesting facts.

    The example below shows the body mass index (BMI) of a group of people as a bar chart.

    It’s easy to lose information when trying to simplify BMI into categories, especially among people who may be obese.

    Each category in the bar chart could easily be misunderstood as representing BMI as similar ranges. However, if we look at the histogram, BMI for obese people can be as high as 70.

    A doctor using this data would need to take into account that someone with a BMI of 60 may need a different treatment method compared to someone with a BMI of 30.

    Line charts and scatterplots

    Other chart types for numerical data, such as line charts and scatterplots, allow us to explore how different measurements are related to one another.

    Line charts are used to visualise trends over time, such as stock prices and weekly flu cases.

    In contrast, scatterplots show how two different measurements collected on the same subject are related.

    While scatterplots summarise trends, they sometimes show unusual results that would go unnoticed if measurements were charted separately.

    For example, the figure below compares life expectancy and health expenditure in different countries.

    If we’re only looking at health expenditure, people from the United States would appear healthier as the US spends the most money on health care per person.

    Presenting this information along with life expectancy tells a different story.

    Keep it simple and avoid ‘chart junk’

    It is always tempting to add more information.

    “Chart junk” refers to extra information such as excess labels, 3D effects or even different types of data in the same chart.

    Example of a chart filled with ‘junk’.
    ResearchGate, CC BY

    This makes them more difficult to read and can distort the data, and is usually a sign your data is too complicated. You’re better off using multiple charts to tell the full story.

    As Coco Chanel once said, “simplicity is the keynote of all true elegance”.

    Keep these words in mind and choose a chart that keeps it simple without compromising style, content and detail.

    Nicole White is a member of the Statistical Society of Australia.

    – ref. Sick of pie charts for your uni, school or work projects? Here are 5 other options – https://theconversation.com/sick-of-pie-charts-for-your-uni-school-or-work-projects-here-are-5-other-options-250499

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: How to sustain international order in an ‘America First’ world

    Source: The Conversation – Canada – By Daniel Manulak, Postdoctoral Fellow, History, University of Toronto

    The United States is abandoning its traditional role as the anchor of the liberal world order — a set of norms, rules, customs and international institutions designed to maintain global stability and foster peaceful interchange between states.

    From announcing its intention to withdraw from the World Health Organization (WHO) and the United Nations Human Rights Council to threatening allies — including Canada — with annexation and damaging tariffs, U.S. President Donald Trump has launched an assault on the liberal world order that upholds the post-1945 international system.

    Under these circumstances, it’s more urgent than ever that Canada clarifies its vision in world affairs and accepts its responsibility to sustain the rules-based global order. By looking into the past, we can see what Canada can do in the present.



    Read more:
    Like dictators before him, Trump threatens international peace and security

    How Canada made a difference

    The U.S. isn’t the only country with a vested interest in maintaining the liberal international order — even if it has been the only nation with the will and capacity to serve as its safeguard.

    Canada was also present at the creation of the UN in 1945. They, too, played a fundamental part in the development of its specialized agencies — such as the WHO and the International Civil Aviation Organization.

    In fact, Canada has been an engaged member of the international community. The country played a leading role in establishing the UN Emergency Force during the Suez Crisis, fighting apartheid in South Africa and building a coalition to ban anti-personnel land mines in the 1990s, to name a few examples.

    Canada has done so because it’s been in the best interest of the country. A liberal, rules-based international order is a framework in which Canada can make a meaningful difference in global affairs disproportionate to its limited size and capabilities.

    It also makes for a more prosperous, stable and peaceful world. One where norms, rules and institutions constrain aggressive or malevolent world leaders and facilitates co-operation on global problems.

    But what can lessons from the past offer Canada in sustaining global order in an “America First” world. This is a policy espoused by the Trump administration that is focused inwards. It approaches international affairs as a transactional, zero-sum game.

    Learning from the past

    First, Canada is at its most effective when Canadians act in unison towards a common goal.

    During the Ethiopian famine in the 1980s, Canadians of all stripes and levels of government worked in tandem to organize a truly national response to alleviate the humanitarian crisis. Regular citizens contributed more than $30 million — potentially saving over 700,000 people from starvation.

    This domestic political consensus also provided the requisite support for the federal government to co-ordinate an international famine relief effort. This was despite the resistance of Canada’s major allies in the U.S. and the U.K., due to the Marxist orientation of the Ethiopian government.

    Granted, few international causes offer such grounds for unity. Political polarization has only made this type of unity more difficult. And yet, as recent events (such as Trump’s threat to coerce Canada into becoming the 51st state) make clear, Canadians are willing to put aside their differences and rally together when there’s a coherent vision for the country rooted in its values and aspirations.

    Second, Canada needs to work closely with like-minded states through multilateral institutions — such as the United Nations and the Commonwealth. Under Brian Mulroney’s Progressive Conservative government, Canada relied on its membership in nearly every major international association to build and maintain the global coalition against South African apartheid.



    Read more:
    Brian Mulroney’s tough stand against apartheid is one of his most important legacies

    Australia, India, Zambia and Zimbabwe emerged as key partners. Such efforts entailed both political and economic costs. But there was a reason why one of Nelson Mandela’s first visits following his release from prison in 1990 was to Canada.

    By redoubling its engagement in international organizations, Canada can punch above its weight in world affairs and shape global priorities. It also provides a counter to the influence of the United States in Canadian foreign policy.

    Third, the U.S. is more than its president. Canada can still cultivate ties with Americans beyond the White House. Returning to the Mulroney government, Ottawa’s efforts to persuade the Ronald Reagan administration to negotiate restrictions on emissions resulting in acid rain were unsuccessful.

    Nonetheless, by lobbying congressional leaders in impacted states and partnering with environmental non-governmental organizations, Canada and the U.S. eventually agreed to the 1991 Air Quality Agreement.

    Surviving hostile administrations

    Canada should also be realistic about the degree to which it can diversify its economic and diplomatic relationships outside of the U.S.

    In the early 1970s, President Richard Nixon imposed a 10 per cent surcharge on Canadian imports. Then, just as it is now, Ottawa looked for alternative markets to offset Canada’s dependency on the Americans. These initiatives ultimately failed to materialize — but the surcharge was rescinded. Canada-U.S. relations ultimately survived the Nixon administration.

    Similarly, while Trump has offered a stark reminder that Canada needs to take an active role in sustaining the rules-based international order on which it depends, the ties that bind the two countries together are deeper and longer-lasting than any one administration or government.

    Even so, with a world in chaos, Canada needs to step up to defend international norms and institutions. It has done so in the past and can do so again — provided it develops a coherent foreign policy strategy moving forward.

    Daniel Manulak receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. How to sustain international order in an ‘America First’ world – https://theconversation.com/how-to-sustain-international-order-in-an-america-first-world-248364

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Release: Fewer houses, consents down under National

    Source: New Zealand Labour Party

    The number of building consents issued under this Government continues to spiral, taking a toll on the infrastructure sector, tradies, and future generations of Kiwi homeowners.

    “The latest figures from Stats NZ confirm what the construction sector has been warning for months: building consents are down under the National Government. The slowdown is yet another sign that the Government’s economic mismanagement is making things worse for Kiwi households and businesses,” Labour infrastructure spokesperson Barbara Edmonds said.

    “The economy remains weak thanks to the government’s cancellation of infrastructure projects, leaving 13,000 construction workers out of a job last year. Every scrapped project means fewer jobs and fewer homes, resulting in rising unemployment, rising homelessness, and the sharpest recession, excluding COVID-19, in 30 years.

    “If the Government was serious about economic growth, it would reverse its cuts and invest in public services, infrastructure, and new homes, not axing funding for schools, hospitals, and public housing,” Barbara Edmonds said.

    In the year ended January 2025, consents fell to 33,812 new homes, down 7.2 percent compared with the year ended January 2024.

    “New homes are getting further from reach thanks to the reckless cuts of this Government. It’s not only public housing that’s been ditched – new privately owned family homes aren’t getting built either. Any promises of homes from Chris Bishop are down the gurgler,” Labour housing spokesperson Kieran McAnulty said.

    “On top of that, National’s $2.9 billion landlord tax cuts have made things worse. Labour kept interest deductibility for new builds to encourage investment in more housing, but National scrapped that, shifting investment away from new builds and back into existing homes. That means fewer houses being built and house prices likely to increase.

    “It’s simple: build more public houses so people have somewhere to live. Don’t make living so expensive that people can’t build homes. Housing is the bare minimum that people need to live and it also helps grow the economy by getting more Kiwis into work,” Kieran McAnulty said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Understanding of coercive control increases in community

    Source: New South Wales Premiere

    Published: 4 March 2025

    Released by: Minister for the Prevention of Domestic Violence and Sexual Assault

    1 in 2 people in New South Wales have now heard of coercive control and understand what it means, following the NSW Government’s recent awareness campaign.

    The campaign on social media and other platforms demonstrated behaviour that may indicate coercive control with the tag line: ‘It’s not love, it’s coercive control’.

    Independent research shows awareness and understanding of coercive control has increased since the campaign, compared to one in three people pre-campaign.

    Among those who saw the campaign, over 75 per cent took some form of positive action such as discussing coercive control with others, reflecting on their own or other relationships or visiting the website for more information.

    More people can also now correctly identify key behaviours linked to coercive control, such as threats, manipulation or monitoring someone’s movements (21 per cent pre-campaign to 33 per cent post-campaign).

    In NSW, coercive control became a criminal offence in current or former intimate partner relationships on 1 July 2024.

    Coercive control is a pattern of behaviour which may include financial abuse, threats against pets or loved ones, tracking someone’s movements, or isolating them from friends and family to control them.

    Coercive control has been strongly linked to intimate partner homicide, with the NSW Domestic Violence Death Review Team finding that in 97% of intimate partner domestic violence homicides in NSW between 2000 and 2018 were preceded by the perpetrator using coercive and controlling behaviours, such as emotional and psychological abuse, towards the victim.

    The results from this campaign will help inform ongoing campaigns for new target audiences, including older people, people with disability, and additional culturally and linguistically diverse communities.

    The Minns Labor Government is continuing work to build a safer New South Wales by addressing domestic and family violence through a whole of community approach. This includes work in primary prevention and earlier intervention, as well as ensuring perpetrators take accountability for their actions.

    To see the ‘It’s not love, It’s coercive control’ campaign materials, go to the coercive control webpage. 

    The Coercive Control Campaign report is available on the website of the Department of Communities and Justice.

    Minister for the Prevention of Domestic Violence and Sexual Assault Jodie Harrison said:

    “Coercive control is insidious and can manifest in many ways, but it can also be easily overlooked, excused, or not recognised as abuse.

    “The ‘It’s not love, it’s coercive control’ campaign has been important to raise community awareness of this abuse, and empowered people to take positive steps towards better understanding the signs of abuse.

    “Along with the implementation of coercive control laws since July last year, people in NSW can understand the seriousness of these behaviours and that coercive control is a crime.

    “The NSW Government remains committed to reducing domestic violence in our society because all of us have a right to feel safe, no matter where we are and who we are with.”

    NSW Attorney General Michael Daley said:

    “Coercive control in current or former intimate partner relationships is criminal behaviour that will not be tolerated in this state and is punishable by up to seven years’ imprisonment.

    “We know from the results of this awareness campaign that there is awareness of coercive control in the community and that the justice system is responding.

    “We also know that legal reform is just one of the ways we are tackling domestic and family violence with a whole-of-government approach.

    “The NSW Government is listening to victim-survivors and the sector and is committed to continue taking meaningful action against domestic and family violence.”

    Women’s Community Shelters CEO Annabelle Daniel OAM said:

    “The domestic and family violence sector knows the devastating impact of coercive control on the people we support every day. It’s heartening to see so many people took positive action after seeing this campaign – talking with a friend or colleague, researching further, or reaching out to someone. The campaign represents the efforts of so many advocates, including many with lived expertise.

    “Building understanding and awareness of coercive control across New South Wales, along with providing support to those experiencing it, will help us meaningfully interrupt cycles of violence.”

    Support:

    If you or someone you know are in immediate danger, call the Police on Triple Zero / 000.

    If you or someone you know is experiencing domestic and family violence, call the NSW Domestic Violence Line on 1800 65 64 63 for free counselling and referrals, 24 hours a day, 7 days a week.

    For confidential advice, support, and referrals, contact 1800 RESPECT or 13 YARN.

    MIL OSI News –

  • MIL-OSI Security: Joseph Sanberg, Co-Founder of Aspiration Partners, Arrested for Conspiring to Defraud an Investment Fund of at Least $145 Million

    Source: Office of United States Attorneys

    SANTA ANA, California – Joseph Neal Sanberg, 45, of Orange, the co-founder and largest shareholder of the financial and sustainability services company Aspiration Partners, Inc., was arrested today on a federal criminal complaint alleging that he conspired to defraud two investor funds of at least $145 million.

    Sanberg’s coconspirator, Ibrahim Ameen AlHusseini, 51, of Venice, pleaded guilty today to an information charging him with wire fraud for falsifying documents and information to assist Sanberg. According to his plea agreement, signed on February 7, 2025, and unsealed today, AlHusseini personally received approximately $12.3 million in payments from the scheme. AlHusseini is scheduled for sentencing on September 29, 2025. 

    Sanberg is scheduled to make his initial appearance this afternoon in United States District Court in Santa Ana. AlHusseini was arrested on a criminal complaint on October 7, 2024, and has been released on bond since November 13, 2024. That criminal complaint was previously dismissed against AlHusseini to facilitate his cooperation in the prosecution of others, including Sanberg.

    “Our prosecutors and law enforcement partners have worked methodically to secure a guilty plea from one of the main offenders in this case and have now charged another member of the conspiracy,” said Acting United States Attorney Joseph McNally. “We will continue to ensure that markets and businesses receive an honest and level playing field in which to operate.”

    According to the complaint against Sanberg and AlHusseini’s plea agreement, Sanberg obtained $145 million in loans secured by AlHusseini, who Sanberg knew did not have sufficient financial assets to cover those loans if Sanberg defaulted.  Sanberg hid this fact from investors, then defaulted on the loans, which resulted in at least a $145 million in losses.

    In January 2020, Sanberg began negotiating a $55 million loan from Investor Fund A to Sanberg, in which Sanberg pledged 10.3 million shares of Aspiration Partners stock as collateral. Because Aspiration Partners was a non-public company without a liquid market to sell its stock, Investor Fund A required Sanberg to find a buyer for the 10.3 million shares of Aspiration Partners stock as a hedge against the risk that the shares could not be sold on the open market.

    To secure the $55 million loan, Sanberg recruited AlHusseini, who served on Aspiration Partners’ board of directors, to enter into a put option agreement with Investor Fund A that obligated AlHusseini to buy the 10.3 million shares of Aspiration Partners stock in the event of Sanberg’s default. A put option is an investment contract in which the option buyer has the right to require the option seller to buy an asset from the option buyer at a pre-determined price. Under the option, AlHusseini was obligated to purchase the 10.3 million shares in Aspiration Partners for $55 million from Investor Fund A.

    Aware that AlHusseini lacked sufficient assets to cover the put option obligation, as required by the deal, Sanberg and AlHusseini hid that fact and lied to Investor Fund A, court documents state. Among other things, Sanberg and AlHusseini enlisted a graphic designer in Lebanon to create fake brokerage account and bank account statements that falsely inflated AlHusseini’s financial assets by between approximately $80 million and $200 million.

    Unaware of the fraud, Investor Fund A extended the $55 million loan to Sanberg and purchased the put option from AlHusseini. AlHusseini received approximately $6 million of the $55 million loan at the time of the loan’s execution as consideration (also known as a “premium payment”) for guaranteeing Sanberg’s repayment of the loan.

    Unsealed court documents also state that, in November 2021, Sanberg refinanced the $55 million loan against his 10.3 million shares of Aspiration Partners stock with Investor Fund B. Investor Fund B loaned $145 million to Sanberg against the same 10.3 million shares of stock as collateral. Investor Fund B and AlHusseini agreed to a new put option agreement in which AlHusseini was obligated to pay $65 million to Investor Fund B if Sanberg defaulted on the $145 million loan. The terms of the agreement required AlHusseini to have sufficient assets to pay $65 million in the event of Sanberg’s default.

    Because AlHusseini lacked sufficient assets to cover his obligation, Sanberg and AlHusseini again submitted falsified brokerage account and bank account statements to Investor Fund B to secure the $145 million loan. AlHusseini received a premium payment of approximately $6.3 million as consideration for guaranteeing Sanberg’s repayment of the refinanced loan.

    Sanberg thereafter defaulted on the $145 million loan in November 2022 and again in the spring of 2023. Investor Fund B exercised its put option requiring AlHusseini to buy the pledged shares of Aspiration Partners stock, which he has not done. As a result of Sanberg and AlHusseini’s fraud, Investor Fund B has suffered at least $145 million in losses.

    Investor Fund A and Investor Fund B are investment funds that loaned investors’ capital to high-net-worth borrowers. 

    A criminal complaint contains allegations. A defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    If convicted of the charge in the complaint, Sanberg would face a maximum penalty of 20 years in prison. AlHusseini faces a maximum penalty of 20 years in prison.

    The FBI and the United States Postal Inspection Service are investigating the case. 

    Assistant United States Attorneys Brett A. Sagel, Nisha Chandran, and Jenna Williams of the Corporate and Securities Fraud Strike Force, along with Theodore M. Kneller and Adam L.D. Stempel for the Fraud Section of the Justice Department’s Criminal Division, are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI Security: Former Gladwyne Entrepreneur Pleads Guilty to Bilking Dozens of Investors, Employees, and Business Partners Out of Millions of Dollars

    Source: Office of United States Attorneys

    PHILADELPHIA – Acting United States Attorney Nelson S.T. Thayer, Jr., announced that Josh S. Verne, 47, formerly of Gladwyne, Pennsylvania, now a resident of Fort Lauderdale, Florida, entered a plea of guilty today before United States District Court Judge John F. Murphy to three counts of securities fraud, nine counts of wire fraud, and one count of aggravated identity theft, charges arising from a series of schemes through which the defendant defrauded dozens of investors, prospective investors, employees, and business partners out of millions of dollars.

    Verne was charged by indictment in August of last year with carrying out the schemes, which took place from in or about 2017 to 2020.

    As detailed in the indictment and admitted by the defendant during today’s guilty plea hearing, Verne held himself out as a wealthy and successful businessman, entrepreneur, and investor, carrying out his fraudulent activities through a series of limited liability companies, of which he was the chief executive and over which he maintained control.

    Among other things, Verne falsely represented his prior business successes, falsely represented his personal net worth, falsely represented his own investments, and falsely represented the financial health of his companies and investments, in order to induce others to invest in or provide loans to him or his companies.

    For instance, Verne admitted to providing an investor with a forged Goldman Sachs statement that showed family investment holdings for Verne of more than $50 million, when, in fact, Verne did not have an investment account at Goldman Sachs in his own name or in his family’s names, much less an account with a market value of more than $50 million.

    Verne also misused business and investor funds to repay prior debts and to finance an affluent lifestyle he could not afford, such as personal expenses related to renovations to his showcase vacation property on the Jersey shore, travel on private jets, contributions to political candidates, personal charitable contributions, and country club payments.

    The defendant admitted that, in order to delay and prevent discovery by law enforcement of his own misconduct, he later sent bank and FedEx confirmations purporting to confirm delivery of funds to investors to whom he had promised repayment; the bank and FedEx confirmations were false and fraudulent.

    Further, Verne stole the identity of a former employee from his company, forging the employee’s signature on a sales agreement to disguise an unauthorized sale of the employee’s shares of stock. Verne obtained $150,000 from the unauthorized sale and used those funds to make payments to himself and to a prior investor.

    The defendant is scheduled to be sentenced on June 13 and faces a maximum possible sentence of 242 years’ imprisonment, with a mandatory minimum of two years’ imprisonment, three years of supervised release, a $17,500,000 fine, and a $1,300 special assessment. Full restitution also shall be ordered.

    The case was investigated by FBI Philadelphia’s Fort Washington Resident Agency and is being prosecuted by Assistant United States Attorneys Paul G. Shapiro and Jerome M. Maiatico. The Securities and Exchange Commission’s Philadelphia Regional Office investigated civil securities fraud charges against Verne, which are pending.

    MIL Security OSI –

  • MIL-OSI: DealBox Asks If Bitcoin Stuck in the Past? How It’s Quietly Becoming a Programmable Blockchain Powerhouse

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, CA, March 03, 2025 (GLOBE NEWSWIRE) — Ethereum showed the world that blockchains could do more than just settle transactions and lock in value; they could become platforms for a vast array of services, from decentralized finance (DeFi) applications and sophisticated liquidity pools to non-fungible tokens (NFTs) and entire digital economies.

    At the heart of these innovations is the idea of Layer 1 and Layer 2 solutions. Layer 1 refers to the base blockchain itself—like Bitcoin or Ethereum—where transactions are recorded and secured by the network’s consensus mechanism. Layer 2, on the other hand, consists of additional protocols built on top of Layer 1 to improve scalability, reduce fees, and add advanced functionality without overloading the base layer. Ethereum, with its Layer 2 rollups and sidechains, has demonstrated how these additional layers can unlock entirely new possibilities.

    As Bitcoin’s steadfast community watched this evolution unfold, a pressing question emerged: Can Bitcoin ever evolve to a similar level of programmability and utility, without compromising its prized security and decentralization? Today, the industry stands on the brink of an answer. Cutting-edge solutions are introducing the tools required to build complex applications using Bitcoin as the foundational layer of trust. By anchoring execution and data within Bitcoin’s unassailable network, these new frameworks promise to deliver functionality reminiscent of Ethereum’s thriving ecosystem—without bridging out, altering Bitcoin’s core code, or compromising on its guiding principles.

    The Market’s Call for More Than Just a Store of Value

    As Bitcoin continued to solidify its status as a global store of value, the broader cryptocurrency ecosystem moved quickly. DeFi platforms began serving as global liquidity pools, enabling everything from lending and borrowing to automated market making. Layer 2 solutions on Ethereum, such as rollups and sidechains, sprang up to improve scalability and reduce fees. NFTs captured mainstream attention by proving that digital art, music, and collectibles could carry verifiable uniqueness and ownership. All of this paved a path for a more complex and dynamic type of blockchain usage: one that Bitcoin, for all its strengths, had not yet fully embraced. Despite Bitcoin’s unmatched security and track record, developers wanting to build advanced financial applications, tokenization platforms, or NFT ecosystems had traditionally looked to Ethereum and other programmable chains to bring their ideas to life.

    A Quiet Evolution: Introducing Programmability to Bitcoin

    The key to bringing robust programmability to Bitcoin lies in meeting two critical demands: remain faithful to Bitcoin’s trust-minimized architecture and ensure that the network’s famously deliberate development ethos is respected. Attempts to graft complex applications directly onto Bitcoin’s blockchain often met resistance due to concerns around data bloat, security risks, and consensus changes. However, a new class of solutions is rising to the challenge by performing the heavy lifting off-chain and simply anchoring the integrity and ownership proofs back to Bitcoin. This approach allows the network to scale without burdening its base layer, enables complex logic without overhauling Bitcoin’s consensus, and brings forth a universe of use cases once thought out of reach.

    How Ethereum’s Model Guides Bitcoin’s Next Steps

    Ethereum’s success demonstrates that a healthy developer ecosystem requires flexible tools. Smart contracts, robust developer libraries, and clear frameworks for building decentralized applications turned Ethereum into a kind of “world computer” for the crypto industry. From this vantage point, Ethereum’s architecture taught the broader crypto community that bringing computation closer to the settlement layer can rapidly accelerate innovation—though often at the cost of greater complexity on-chain. Now, Bitcoin-focused projects are turning those insights into a unique blueprint for Bitcoin’s evolution. Instead of copying Ethereum wholesale, they are crafting methods that preserve Bitcoin’s minimalist approach. The idea: Off-chain computation and client-side validation ensure that complex logic happens where it won’t compromise Bitcoin’s streamlined ledger. Meanwhile, a proof or hash of that activity is anchored in Bitcoin, creating a trust-minimized linkage.

    OroBit: Extending Bitcoin’s Capabilities Without Compromise

    Enter chains like OroBit. These emerging Layer 2 solutions are building frameworks that enable advanced smart contracts, tokenization, DeFi, and NFTs directly anchored to Bitcoin’s security. By using Bitcoin as the root of trust and combining it with off-chain execution frameworks, OroBit opens the door for developers to leverage Bitcoin’s robust base layer while enjoying the creative freedom that previously existed mainly in Ethereum’s realm. For instance, OroBit can deploy a “Simple Contract Language” (SCL) to manage data off-chain via decentralized nodes, verifying contract logic without overloading Bitcoin’s main blockchain. This approach parallels Ethereum’s Layer 2 scaling solutions, but instead of making Bitcoin more complex or riskier, it keeps the core blockchain lean. Off-chain computation, Lightning Network integration, and careful cryptographic proofs ensure that even the most intricate financial logic can be executed while Bitcoin’s main layer remains secure and relatively unchanged.

    DeFi, Private Equity, and More on Bitcoin

    Just as Ethereum’s flexible framework led to an explosion of DeFi protocols, liquidity pools, lending platforms, and robust NFT ecosystems, OroBit and similar chains aim to spark a comparable wave of innovation anchored to Bitcoin. Developers could build Automated Market Makers (AMMs), lending protocols, stablecoins, or advanced NFTs that derive their fundamental trust and security from the Bitcoin network. Adding to this momentum, OroBit is collaborating with entities like Deal Box to revolutionize private equity markets through tokenization. This partnership is set to bring real-world assets, such as private securities, onto Bitcoin’s robust blockchain. By leveraging OroBit’s Bitcoin Layer 2 (BTC L2) solution, tokenized private markets can achieve unprecedented levels of accessibility, efficiency, and transparency. Investors will benefit from features like streamlined onboarding and fast, low-cost transactions enabled by the Lightning Network.

    Major institutions have taken notice of Bitcoin’s Layer 2 advancements as well. Fidelity, which manages $5.9 trillion in assets, recently asserted that “The Lightning Network appears to be successfully delivering on its goal of being the most efficient way to transact in the digital asset ecosystem.” Such endorsements underscore the growing confidence in Bitcoin’s ability to power fast, cost-effective applications—ultimately bridging the gap between ‘digital gold’ and a fully programmable blockchain. 

    Bitcoin stands ready to leverage its immense liquidity and unparalleled security to empower developers, investors, and users seeking innovative solutions. In short, Bitcoin is evolving beyond its identity as “digital gold,” stepping into a future where it serves as a foundation for groundbreaking applications, proving that what began as the world’s most secure store of value can now drive the next generation of blockchain-powered advancements.

    About Deal Box

    Deal Box is venture capital that fits your life. By merging institutional-grade diligence with flexible investment options, Deal Box empowers accredited investors to craft portfolios that align with their financial ambitions. For more information, visit https://dealbox.vc/

    About OroBit

    OroBit is at the forefront of decentralizing finance with its Bitcoin-native smart contracts and tokenized assets. Anchored by real gold, OroBit blends blockchain innovation with palpable security. Discover more at https://orobit.ai

    The MIL Network –

  • MIL-OSI: DMG Blockchain Solutions Reports First Quarter 2025 Results and February Operations Update

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its fiscal first quarter 2025 financial results. All financial references are in Canadian Dollars unless specified otherwise. Readers are encouraged to review the Company’s December 31, 2024 quarterly unaudited financial statements and management’s discussion and analysis thereof for a fulsome assessment of the Company’s performance and applicable risk factors, available at www.sedarplus.ca.

    Q1 2025 Financial Results Highlights

    • Revenue: $11.6 million in Q1 2025, up 97% from $5.9 million in Q4 2024 and up 20% from $9.7 million in Q1 2024.
    • Bitcoin Mined: 97 bitcoin mined in Q1 2025, up 49% from Q4 2024.
    • Cash Flow from Operations: -$2.7 million in Q1 2025, versus +$1.3 million in Q4 2024, as the Company sold $4 million less bitcoin than it earned.
    • Hashrate: 1.62 EH/s for Q1 2025, up 65% sequentially and 68% year-over-year; now operating at 1.8 EH/s with the goal to reach 2.1 EH/s in March 2025.
    • Fleet Efficiency: 22.9 J/TH in Q1 2025, an improvement of 7% from Q4 2024; targeting 21 J/TH when hydro miners are fully energized.
    • Cash and Digital Assets: $58.2 million as of quarter-end Q1 2025, up 62% from Q4 2024 and up 110% from Q1 2024.
    • Net Loss: -$0.02 per share in Q1 2025, versus -$0.05 per share in Q4 2024 and $0.04 in Q1 2024.

    Preliminary February Operational Results

    • Bitcoin Mined: 27 BTC (vs 31 BTC in Jan 2025, in line with 28 days and curtailment)
    • Hashrate: 1.71 EH/s (vs 1.75 EH/s in Jan 2025)
    • Bitcoin Holdings: 443 BTC (vs 431 BTC in Jan 2025)
    • Days non-firm power curtailed: 3 (vs 0 in Jan 2025); average hashrate was 1.81 EH/s for period excluding curtailment

    DMG’s CEO, Sheldon Bennett, commented: “In addition to growing our hashrate, the first part of our financial year 2025 marks a major step forward in our Core+ strategy and Generative Artificial Intelligence ambitions. With Systemic Trust now a Qualified Digital Asset Custodian, we are focused on onboarding new customers and ramping revenue. Our near-term roadmap to offer Systemic Trust custodial wallets that support DMG’s Petra technology along with the integration of both Helm Data Center Infrastructure Management and Reactor into Terra Pool, position us to fully enable our carbon neutral Bitcoin ecosystem. Furthermore, we have expanded our AI initiatives, with a memorandum of understanding for a 10 MW prefabricated data center in addition to our MOU to establish a joint venture with the Malahat Nation for 30 MW of AI compute capacity. We remain committed to growth in areas that can deliver the most long-term value for our shareholders.”

    Financial First Quarter 2025 Financial Results Review

    Revenue increased by $1,942,061 in Q1 2025 from $9,690,764 Q1 2024. The increase in revenue is attributable to increases in digital currency mining revenues of $1,489,833 due to increases in the average bitcoin price in the period of $116,580 versus $49,006 during the same period in the prior year. These increases were offset by increases in network difficulty from the same period last year.

    Operating and maintenance expenses for Q1 2025 was $6,679,843, up from $5,147,651 in Q1 2024. This increase is primarily attributed to a $1,368,217 rise in utilities expenses, driven by expanded digital currency mining operations related to additional operating miners.

    Research costs for Q1 2025 were $553,964, having increased by $115,785 compared to Q1 2024. Research in fiscal 2025 continues to focus on software and relates to work on Systemic Trust, Helm, Reactor and Blockseer Explorer.

    General and administrative costs for Q1 2025 was $1,836,680 in comparison to $886,061 for Q1 2024. General and administrative costs consist mostly of wages, professional fees, consulting fees and interest expense. The overall increase of $950,619 is attributable mainly to an increase of $178,958 in consulting fees, $171,595 in wages and $422,645 in interest expense related to the Company’s credit facility with Sygnum Bank.

    Depreciation for Q1 2025 was $4,349,470 compared to $4,341,782 in Q1 2024.

    Net income decreased by $10,075,491 to a net loss of $3,103,001 for Q1 2025 versus net income of $6,972,490 in Q1 2024. The decrease in net loss is mainly a result of a large unrealized gain on revaluation of digital currencies in the prior year of $8,162,860 in the statement of profit and loss. A gain of $15,319,443 was recorded through other comprehensive income in the current period related to an unrealized gain on the revaluation of the balance held of digital currency. Gains related to the increase in digital currency in the prior year were offset against historical losses incurred in prior periods. Gains are recognized to the extent of any historical losses, after which gains are recognized through other comprehensive income under the accounting policies of IAS 38. Resulting in a large difference in net income between the two periods.

    Total assets as of December 31, 2024 were $137,128,716, an increase of $33,259,735 versus September 30, 2024. The increase is mostly attributable to a net increase in digital currency of $19,615,571, due to the revaluation of digital currency balances at an increased price of bitcoin, $132,949 as of December 31, 2024 as compared to $88,673 as of September 30, 2024.

    In Q1 2025, DMG sold 78 bitcoin, generating $7,305,976 cash, thus selling 81% of the bitcoin mined versus 143% in the prior quarter.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    First Quarter 2025 Results Conference Call Details

    The Company will host a conference call to review its results and provide a corporate update on Tuesday, March 4, 2025 at 4:30 PM ET. Participants should register for the call via the registration link.

    In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on March 4, 2025.

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded, sustainably-focused and vertically integrated blockchain and data center technology company that develops, manages and operates end–to-end digital solutions to monetize the blockchain and generative artificial intelligence compute ecosystems. DMG’s businesses are segmented into two business lines under the Core (data center infrastructure) and Core+ (software and services) strategies and unified through DMG’s vertical integration.

    For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
    Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

    DMG Blockchain Solutions Inc.
    Condensed Consolidated Interim Statements of Financial Position
    (Expressed in Canadian Dollars)
     

    Notes

    		 As at
    December 31, 2024
    (unaudited)    		   As at
    September 30, 2024
    (audited)    		  
    ASSETS   $   $  
    Current      
    Cash and cash equivalents   4,273,533   1,679,060  
    Amounts receivable 6 4,802,944   4,910,251  
    Digital currency 5 53,943,274   34,327,703  
    Prepaid expense and other current assets   402,787   337,042  
    Marketable securities 8 359,833   316,803  
    Short-term investment 9 5,516,500   –  
    Total current assets   69,298,871   41,570,859  
           
    Long-term deposits 10 10,743,511   2,047,682  
    Property and equipment 12 50,194,530   53,798,978  
    Intangible asset   276,040   –  
    Long-term investments 13 45,000   45,000  
    Amount recoverable 7 6,570,764   6,406,462  
    Total assets   137,128,716   103,868,981  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current      
    Trade and other payables 14 3,748,608   5,183,107  
    Deferred revenue 19 7,355   –  
    Current portion of lease liability 15 40,071   43,483  
    Current portion of loans payable 16 20,020,520   13,928,462  
    Total current liabilities   23,816,554   19,155,052  
           
    Long-term lease liability 15 41,534   51,842  
    Total liabilities   23,858,088   19,206,894  
           
    Shareholders’ Equity      
    Share capital 17(a) 120,326,738   113,086,455  
    Reserves 17(b)(c) 55,036,328   45,853,100  
    Accumulated other comprehensive income   25,736,645   10,448,614  
    Accumulated deficit   (87,829,083)   (84,726,082)  
    Total shareholders’ equity   113,270,628   84,662,087  
    Total liabilities and shareholders’ equity   137,128,716   103,868,981  
           
    DMG Blockchain Solutions Inc.  
    Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)  
    (Expressed in Canadian Dollars, except for number of shares)  
    (Unaudited)  
        For the three months ended December 31,
    		  
      Notes 2024   2023  
        $
    		   $
    		  
    Revenue 19 11,632,825   9,690,764  
           
    Expenses      
    Operating and maintenance costs 20(a) 6,679,843   5,147,651  
    General and administrative 20(b) 1,836,680   886,061  
    Stock-based compensation 17(b) 678,528   368,494  
    Research 20(c) 553,964   438,179  
    Bad debt (recovery) expense 6 (4,743)   3,764  
    Depreciation 12 4,349,470   4,341,782  
    Total expenses   14,093,742   11,185,931  
           
    Operating loss before other items   (2,460,917)   (1,495,167 )
           
    Other income (expense)      
    Interest and other income 7 164,302   165,781  
    Impairment of non-current assets   37,819   –  
    Foreign exchange loss   (909,388)   (94,585)  
    Loss on fair value of investments 10 –   (609,120)  
    Provision of sales tax receivable 6 (307,739)   (253,900)  
    Unrealized revaluation gain on digital currency 5 28,083   8,162,860  
    Realized gain on sale of digital currency   301,809   851,870  
    Gain on change in fair value of marketable securities 8 43,030   244,751  
    Net income (loss)   (3,103,001 ) 6,972,490  
           
    Other comprehensive income      
    Items that may be reclassified subsequently to income or loss:      
    Revaluation gain on digital assets 5 15,319,443   –  
    Cumulative translation adjustment   (31,412)   10,082  
    Net income and comprehensive income   12,185,030   6,982,572  
           
    Basic earnings (loss) per share 17(d) $(0.02)   $0.04  
    Diluted earnings (loss) per share 17(d) $(0.02)   $0.04  
    Weighted average number of shares outstanding 17(d)    
    – basic   185,799,634   168,147,570  
    – diluted   185,799,634   170,175,939  

                                                                                                                         

    DMG Blockchain Solutions Inc.    
    Condensed Consolidated Interim Statements of Cash Flows    
    (Expressed in Canadian Dollars)    
    (Unaudited)    
    For the three months ended December 31, 2024   2023  
      $   $  
    OPERATING ACTIVITIES    
    Net income (loss) for the period (3,103,001)   6,972,490  
    Non-cash items:    
    Accretion 1,867   11,460  
    Depreciation 4,349,472   4,338,369  
    Share-based payments 678,528   368,494  
    Unrealized gain on revaluation of digital currency (28,083)   (8,162,861)  
    Unrealized foreign exchange (gain) loss 926,984   (16,272)  
    Impairment of non-current assets (37,819)   –  
    Unrealized gain on marketable securities (43,030)   (244,751)  
    Impairment of investment –   609,120  
    Provision for sales tax receivable 307,739   253,900  
    Bad debt (recovery) expense (4,743)   3,764  
    Digital currency related revenue (11,266,187)   (8,744,492)  
    Digital currency sold 7,305,976   9,445,176  
    Realized gain on sale of digital currency (301,809)   (851,870)  
    Non-cash interest income (164,302)   (164,632)  
    Accrued interest 329,604   –  
         
    Changes in non-cash operating working capital:    
    Prepaid expenses and other current assets (65,745)   30,629  
    Amounts receivable (101,051)   (781,682)  
    Deferred revenue 7,355   14,302  
    Trade and other payables (1,523,145)   668,276  
    Net cash (used in) provided by operating activities (2,731,390)   3,749,420  
         
    INVESTING ACTIVITIES    
    Purchase of property and equipment (343,976)   (381,773)  
    Purchase of intangible assets (276,040)   –  
    Deposits on mining equipment (9,554,087)   (2,570,515)  
    Purchase of short-term investment (5,516,500)   (609,120)  
    Refund of security deposit 457,325   –  
    Net cash used in investing activities (15,233,278)   (3,561,408)  
         
    FINANCING ACTIVITIES    
    Proceeds from issuance of units 17,254,945   –  
    Share issuance costs (1,570,875)   –  
    Proceeds from option exercises 60,913   269,776  
    Principal lease payments (15,356)   (45,276)  
    Repayment of loan payable (1,000,000)   –  
    Proceeds from secure loan 5,829,013   –  
    Net cash provided by financing activities 20,558,640   224,500  
         
    Impact of currency translation on cash and cash equivalents 501   (206)  
    Cash and cash equivalents, change 2,594,473   412,306  
    Cash and cash equivalents, beginning 1,679,060   1,789,913  
    Cash and cash equivalents, end 4,273,533   2,202,219  
             

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the planned conference call, DMG’s strategies and plans, increasing hashrate and the anticipated timelines, the expected arrival and operation of the hydro miners and containers, growing the Company’s hashrate to 2.1 EH/s by March 2025, the development of Systemic Trust including generating revenues, the potential for a 10-megawatt prefabricated data center in addition to the MOU to establish a potential joint venture with the Malahat Nation for 30 megawatts of AI compute capacity, improving fleet efficiency and continuing to execute on Core+ software initiatives, onboarding of new clients to Terra Pool, the opportunity and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network –

  • MIL-OSI Submissions: Energy Tech and VPPs – Flexibility is crucial to maintain grid stability, says GridBeyond latest white paper

    Source: GridBeyond

    In a market with high renewable penetration and unique geographical challenges, flexibility is crucial to maintaining grid stability in Australia. In recent years, the concept of Virtual Power Plants (VPPs) has emerged as a transformative solution. By integrating numerous Distributed Energy Resources (DERs) into one network, VPPs are changing the way electricity is generated, managed, and utilised says GridBeyond’s report Virtual power plants in Australia – A bright future ahead.

    Australia is a leader in renewable energy adoption, with solar and wind constituting a significant share of its energy mix. Renewables are becoming an increasingly critical part of the global energy system, but their intermittent nature means there is a need for a significant increase in flexible resources to manage an increased volatility. In addition, adoption of flexible devices such as heat pumps, Electric Vehicles (EVs), and battery storage is accelerating, while regulators and utilities are looking for solutions to reliability and affordability challenges.

    The energy sector is facing major challenges to meet the demands of global warming mitigation and adaptation, which require the decarbonisation of multiple sectors of the economy.  VPPS have emerged as a transformative solution offering a flexible and decentralised approach. By integrating numerous Distributed Energy Resources (DERs) into one network, VPPs are changing the way electricity is generated, managed, and utilised and can offer a wide array of benefits across energy system that can be managed by AI-powered technologies supporting businesses in managing their energy consumption and support grid stability.

    About GridBeyond

    GridBeyond began commercially trading in 2010 and is home to the world’s first hybrid battery and demand network. Now a global player in the energy transition, GridBeyond provides a powerful combination of technological excellence, consultative approach and unrivalled AI expertise that enables its clients to maximize energy services, while supporting the wider electricity grid’s leap to a greener future through renewable generation expansion.

    GridBeyond delivers energy services, new revenues, enhanced savings, strengthened operations and sustainability to over 900 I&C customer sites worldwide, including some of the planet’s most recognized brands in just about every commercial sector.

    MIL OSI – Submitted News –

  • MIL-OSI United Nations: Security Council Extends Al-Shabaab Sanctions Regime, Renews Panel of Experts in Resolution 2776 (2025)

    Source: United Nations MIL OSI b

    The Security Council today extended its authorization for Member States to intercept vessels transporting banned items to and from Somalia, including illegal arms imports and charcoal exports, until 13 December 2025, also renewing the mandate of the Panel of Experts assisting the Al-Shabaab sanctions regime until 13 January 2026.

    Unanimously adopting resolution 2776 (2025) (to be issued as document S/RES/2776(2025)), the 15-member Council — acting under Chapter VII of the Charter of the United Nations — decided that “all States shall, for the purposes of preventing Al-Shabaab and other actors intent on undermining peace and security in Somalia and the region from obtaining weapons and ammunition, take the necessary measures to prevent all deliveries of weapons, ammunition and military equipment to Somalia.” 

    It further decided that these measures shall not apply to deliveries or supplies to the Government of the Federal Republic of Somalia, the Somali National Army, the National Intelligence and Security Agency, the Somali National Police Force and the Somali Custodial Corps.

    Several Council members spoke after the vote.  The representative of Guyana, also speaking for Algeria, Sierra Leone and Somalia, said they supported the Council’s decision “because we continue to ascribe importance to these elements in the fight against Al-Shabaab”.  However, such regime should be assessed to determine its fitness to support the Government’s efforts to combat the group.

    In that regard, she welcomed the mandate given to the Secretary-General to assess the relevant arms embargo and report to the Council on this by 1 November 2025.  She also welcomed the Council’s intention to review the propriety of the sanctions regime once that report is received.  She added: “We urge the Council’s continued support and attention to the priorities identified by the [Government] during that review.”

    “This resolution retains a powerful package of sanctions designed to further degrade Al-Shabaab, disrupt its finances, strengthen international collaboration, and support Somalia in building its own capabilities,” observed the United Kingdom’s delegate.  The adopted resolution also recognizes the particular concern posed by flows of weapons from Yemen to Somalia. Al-Shabaab’s links to the Houthis are part of a wider pattern of Houthi destabilising activity beyond Yemen’s borders, she said, adding that the 2713 and 2140 sanctions committees “should coordinate closely to monitor and counter this trend”. 

    Other speakers also expressed concern for the flow of arms from Yemen to Somalia, with France’s saying the movement violates the relevant arms embargo.  “It is vital to prevent Al-Shabaab from establishing and exploiting ties with groups under sanctions in the region — including the Houthis,” he stressed.

    Echoing a similar sentiment, the representative from the United States expressed concern about growing ties between Al-Shabaab and the Houthis.  He encouraged dialogue between the Yemen and Al-Shabaab sanctions panels and countries in the Horn of Africa and the Arabian Peninsula “to shed light on and ultimately sever the ties between the Houthis and Al-Shabaab”.  If fully implemented by Member States, the measures in this resolution will curb Al-Shabaab’s and other non-State actors’ access to funds and weapons needed to carry out attacks.  “We urge our fellow Council members to support additional designations, including those of Al-Shabaab operatives,” he added.

    However, the representative of the Russian Federation countered that “the Yemen issue needs to be considered separately”.  The draft contains elements that meet the aspirations of the Somalian side regarding the upcoming review of the sanctions regime, which has been in effect since 1992, she said, welcoming the restriction on access to weapons acquisition by non-State bodies.  She further stated:  “The Council should pay greater attention to the positions expressed by African States, especially when parameters are being determined for the sanctions regime used against the terrorists which are active on their territories.”

    “Al-Shabaab’s ability to radicalize, recruit, raise funds via extortion and piracy and procure weapons must be disrupted,” stressed Pakistan’s delegate.  Continued humanitarian assistance and support for economic development of Somalia is vital to addressing the root causes of terrorism.  “Fighting the scourge of terrorism would require a united regional and global effort,” he emphasized.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Economy – Strengthening Trust and Confidence in New Zealand’s Insurance Industry – RBNZ

    Source: Reserve Bank of New Zealand

    4 March 2025 – Deputy Governor Christian Hawkesby has reinforced the Reserve Bank of New Zealand’s commitment to ensuring a resilient, efficient, innovative and transparent insurance sector, speaking at the Insurance Council of New Zealand’s conference today.

    “The insurance industry is not just a key pillar of our financial system; it is fundamental to our society by enabling risk to be spread, transferred and shared. Its success relies on trust and confidence that comes with transparency, ensuring that consumers have the right coverage and that insurers can meet their obligations when needed,” Mr Hawkesby said.

    New Zealand’s insurance landscape presents distinct challenges, with its complex composition of participants – retail and wholesale players, foreign parents, global reinsurers, government providers – and New Zealand’s unique risks – seismic activity, volcanic threats, and the increasing impact of climate change.

    Meeting these challenges also requires a stable and sound financial system, underpinned by a modern and fit for purpose regulatory regime. The review of the Insurance Prudential Supervision Act (IPSA) is aimed at bringing about this modernisation.

    It also requires all participants to take a system view and the necessity for a collaborative approach and leadership from across the industry. The CoFR[1] insurance forum is an opportunity to support this leadership and for regulators to share and collaborate with the industry.

    The Reserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership.

    “We recognise that there is more work to do. However, our commitment to working collaboratively with industry leaders ensures that the insurance sector continues to play a vital role in a productive and sustainable economy,” Mr Hawkesby said.

    More information

    read the release : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f31a61e71d&e=f3c68946f8

    ________________________________
    [1] The Council of Financial Regulators (CoFR), includes the Financial Markets Authority, Treasury, Commerce Commission, and Ministry of Business, Innovation and Employment,

    MIL OSI New Zealand News –

  • MIL-OSI Economics: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company” or “us”) today reported operational and financial results for the fourth quarter and full year 2024, including the Company’s year-end 2024 reserve report. Detailed guidance for the first quarter of 2025 and full year 2025 was also provided, and W&T announced its dividend for the first quarter of 2025.

    This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10 which are described and reconciled to the most comparable GAAP measures below in the accompanying tables under “Non-GAAP Information.”

    Key highlights for the fourth quarter of 2024, the full year 2024 and since year end 2024 include:

    • Delivered production in full year 2024 of 33.3 thousand barrels of oil equivalent per day (“MBoe/d”) (43% oil), or 12.2 million barrels of oil equivalent (“MMBoe”). This production was within the Company’s guidance range despite impacts from three hurricanes in the Gulf of America (“GOA”) and other downtime which was mainly related to the Cox acquisition (as defined below);
      • Achieved mid-point of the guidance for annual oil production and increased it by 4% year-over-year;
      • Produced 32.1 MBoe/d (43% oil) or 3.0 MMBoe in fourth quarter 2024, within W&T’s guidance range;
      • Announced the Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to come back online in the second quarter of 2025;
    • Increased year-end 2024 proved reserves at SEC pricing to 127.0 MMBoe, with oil reserves increasing 39%;
      • Reported a standardized measure of discounted future net cash flows of $740.1 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.2 billion, a 14% increase compared to PV-10 for year-end 2023, despite lower SEC pricing;
      • Benefited from acquisitions totaling 21.7 MMBoe, along with positive well performance and technical revisions of 5.0 MMBoe, partially offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year, resulting in replacement of 219% of 2024 production with new reserves;
    • Incurred lease operating expenses (“LOE”) of $281.5 million in full year 2024, at the low end of the Company’s full year guidance range and $64.3 million in fourth quarter 2024, 12% below the low end of the Company’s fourth quarter guidance;
    • Acquired six shallow water GOA fields in January 2024 (“the Cox acquisition”), all of which are 100% working interest and located adjacent to existing W&T operations, for $77.3 million, which was funded with cash on hand;
    • Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million (the “Garden Banks Disposition”), or over $60,000 per flowing barrel, after customary closing adjustments;
    • Received $58.5 million in cash for an insurance settlement (the “Insurance Settlement”) related to the Mobile Bay 78-1 well, in first quarter of 2025, which further bolsters W&T’s balance sheet;
    • Successfully refinanced the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of new $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) in January 2025 and available cash on hand;
      • Paid down and effectively reduced gross debt by around $39.0 million;
      • Eliminated principal payments of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
      • Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
    • Entered into a new credit agreement in the first quarter 2025 for a $50 million revolving credit facility which matures in July 2028, that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC;
    • Reported net loss for full year 2024 of $87.1 million, or $(0.59) per diluted share and net loss of $23.4 million, or $(0.16) per diluted share for fourth quarter 2024;
      • Adjusted Net Loss totaled $67.6 million, or $(0.46) per diluted share for full year 2024, and $26.2 million, or $(0.18) per diluted share, for fourth quarter 2024, which primarily excludes the net unrealized gain on outstanding derivative contracts, non-ARO plugging and abandonment (“P&A”) costs, other costs and the related tax effect;
    • Generated Adjusted EBITDA of $153.6 million in full year 2024 and $31.6 million in the fourth quarter of 2024;
    • Produced net cash from operating activities of $59.5 million and Free Cash Flow of $44.9 million in full year 2024;
    • Reported cash and cash equivalents of $109.0 million, lowered total debt to $393.2 million and lowered Net Debt to $284.2 million at December 31, 2024;
    • Added costless collar hedges for 50,000 million British Thermal Units per day (“MMBtu/d”) of natural gas for the period of March through December 2025;
    • Paid fifth consecutive quarterly dividend of $0.01 per common share in November 2024; and
      • Declared first quarter 2025 dividend of $0.01 per share, which will be payable on March 24, 2025 to stockholders of record on March 17, 2025;

    Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We delivered solid results in 2024 thanks to our continued commitment to executing on our strategic vision focused on free cash flow generation, maintaining solid production and maximizing margins. We generated strong Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million for full year 2024. This was achieved despite limited contribution from the Cox acquisition as we continued to work on enhancing long-term value for these assets at the expense of deferring some near-term production. Some of this benefit is already reflected in our year-end reserves, which saw a 39% increase in oil reserves, and our PV-10 increased by almost $150 million, despite lower SEC pricing compared to year end 2023. We replaced production by over 200% with our positive revisions and acquisitions. Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our LOE coming in at the bottom end of our reduced guidance range. In addition, we are expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that have been shut in so that we could improve the facilities and transportation of production to enhance safety and efficiency of operations in the future.”

    “In early 2025, we strengthened our balance sheet by closing the new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s, had a broad distribution including international investors and were significantly oversubscribed. We also received a $58.5 million cash insurance settlement payment related to a well loss event. Finally, we sold our non-core interests for $11.9 million after customary closing adjustments in Garden Banks 385 and 386 at over $60,000 per flowing barrel which is highly accretive to W&T. This further demonstrates the value of our assets and our ability to divest our properties at attractive multiples.”

    Mr. Krohn concluded, “As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023. Our strategy has proven to be sustainable over the past 40 plus years, and we are well-positioned to continue to successfully execute it in the future.”

    Production, Prices and Revenue: Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. Production in the second half of 2024 was temporarily reduced mainly due to multiple named storms and third-party downtime. Fourth quarter 2024 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (43%), 3.0 MBbl/d of natural gas liquids (“NGLs”) (9%), and 92.4 million cubic feet per day (“MMcf/d”) of natural gas (48%).

    W&T’s average realized price per Boe before realized derivative settlements was $39.86 per Boe in the fourth quarter of 2024, a decrease of 5% from $41.92 per Boe in the third quarter of 2024 and a decrease of 4% from $41.55 per Boe in the fourth quarter of 2023. Fourth quarter 2024 oil, NGL and natural gas prices before realized derivative settlements were $68.71 per barrel of oil, $24.59 per barrel of NGL and $2.85 per Mcf of natural gas.

    Revenues for the fourth quarter of 2024 were $120.3 million, which were slightly lower than the third quarter of 2024 revenues of $121.4 million driven by lower realized prices for oil. Fourth quarter 2024 revenues were approximately 9% lower than $132.3 million of revenues in the fourth quarter of 2023 due to lower average realized prices and lower production volumes.

    Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $64.3 million in the fourth quarter of 2024, which was 12% below the low end of the previously provided guidance range of $73.0 to $81.0 million. LOE came in lower than expected as the Company continued to realize synergies from asset acquisitions in late 2023 and early 2024. LOE for the fourth quarter of 2024 was approximately 11% lower compared to $72.4 million in the third quarter of 2024 primarily due to favorable audit adjustments, an increase in royalty credits and lower repairs and maintenance costs. LOE for the fourth quarter of 2024 was essentially flat compared to $64.6 million for the corresponding period in 2023. On a component basis for the fourth quarter of 2024, base LOE and insurance premiums were $53.5 million, workovers were $0.9 million, and facilities maintenance and other expenses were $9.9 million. On a unit of production basis, LOE was $21.76 per Boe in the fourth quarter of 2024. This compares to $25.37 per Boe for the third quarter of 2024 and $20.61 per Boe for the fourth quarter of 2023, reflecting a decrease in production in the periods.

    Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.9 million ($2.00 per Boe) in the fourth quarter of 2024, compared to $6.1 million ($2.15 per Boe) in the third quarter of 2024 and $6.6 million ($2.11 per Boe) in the fourth quarter of 2023. Gathering, transportation costs and production taxes decreased in the fourth quarter of 2024 from the prior quarter due to lower processing and transportation fees offset by increased production taxes.

    Depreciation, Depletion and Amortization (“DD&A”): DD&A was $12.94 per Boe in the fourth quarter of 2024. This compares to $11.99 per Boe and $10.73 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $2.76 per Boe in the fourth quarter of 2024. This compares to $2.75 per Boe and $2.35 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    General & Administrative Expenses (“G&A”): G&A was $20.8 million for the fourth quarter of 2024, which increased from $19.7 million in the third quarter of 2024 primarily due to higher quarter over quarter accrual for non-cash long-term incentives and increased from $18.3 million in the fourth quarter of 2023 primarily due to higher quarter over quarter accruals for short-term incentives and non-cash long term incentives. On a unit of production basis, G&A was $7.04 per Boe in the fourth quarter of 2024 compared to $6.91 per Boe in the third quarter of 2024 and $5.82 per Boe in the corresponding period of 2023. These differences are primarily related to production variances.

    Derivative (Gain) Loss, net: In the fourth quarter of 2024, W&T recorded a net loss of $2.1 million with commodity derivative contracts comprised of $2.6 million of realized losses and $0.5 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net gain of $3.2 million in the third quarter of 2024 and a net gain of $13.2 million in the fourth quarter of 2023 related to commodity derivative activities.

    To take advantage of the recent uptick in prices for natural gas, W&T recently added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025 with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu.

    A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

    Interest Expense: Net interest expense in the fourth quarter of 2024 was $10.2 million compared to $10.0 million in the third quarter of 2024 and $9.7 million in the fourth quarter of 2023.

    Other Expense: During 2021 and 2022, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded a contingent loss accrual related to anticipated non-ARO P&A costs. During the fourth quarter of 2024, the Company reassessed its existing obligations and recorded a $2.8 million decrease in the contingent loss accrual.

    Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $1.8 million in the fourth quarter of 2024. This compares to the recognition of an income tax benefit of $4.5 million and an income tax expense of $1.9 million for the quarters ended September 30, 2024 and December 31, 2023, respectively.

    Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis (excluding acquisitions) in the fourth quarter of 2024 were $12.2 million, and asset retirement settlement costs totaled $19.3 million. For the year ended December 31, 2024, capital expenditures on an accrual basis (excluding acquisitions) totaled $28.6 million and asset retirements costs were $39.7 million. Investments related to acquisitions in the year ended December 31, 2024 totaled $80.6 million, which included $77.3 million for the Cox acquisition and $3.3 million of final purchase price adjustments related to W&T’s acquisition of properties in September 2023.

    Balance Sheet and Liquidity: As of December 31, 2024, W&T had available liquidity of $159.0 million comprised of $109.0 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s first priority secured revolving facility provided by Calculus Lending LLC. As of December 31, 2024, the Company had total debt of $393.2 million and Net Debt of $284.2 million. As of December 31, 2024, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

    Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof, (ii) repay $114.2 million outstanding under the Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer, and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

    Pro forma for the debt refinance, the Garden Banks Disposition and the Insurance Settlement, as of December 31, 2024, W&T’s cash and cash equivalents would have been approximately $104.3 million, total debt would have been approximately $349.5 million and Net Debt would have been approximately $245.2 million. As of December 31, 2024, the pro forma Net Debt to TTM Adjusted EBITDA would have been 1.6x.

    In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

    Accretive Acquisition of Producing Properties in the GOA: In January 2024, W&T was the successful bidder for six fields in the GOA, including Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49 and West Delta 73, all of which include a 100% working interest and an average 82% net revenue interest. They are located in water depths ranging between approximately 15 and 400 feet. Their proximity to W&T’s areas of existing operations provides the ability for W&T to capture synergies regarding personnel, well optimization, gathering and transport. The final purchase price for the assets was $77.3 million, after closing costs and other transaction costs, which were funded from the Company’s cash on hand. Key highlights of the transaction included:

    • Added significant year-end 2024 reserves of 21.7 MMBoe (62% liquids), even after excluding 1.3 MMBoe of production during 2024;
    • Based on the cash consideration paid of $77.3 million, this equates to a price of $3.38 per Boe of 2024 SEC reserves booked, when adding back 2024 production of 1.3 MMBoe;
    • Multiple fields were immediately shut-in while improvements were made to bring them up to W&T’s standards for safety and efficiency. Those fields are expected to come back online in the first half of 2025;
      • The Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to return to production in the second quarter of 2025; and
    • The Company believes that it can further increase production on these properties through workovers, recompletions and ongoing facility upgrades.

    Non-Core Asset Disposition

    In early 2025, W&T sold a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

    Full Year-End 2024 Financial Review

    W&T reported a net loss for the full year 2024 of $87.1 million, or $(0.59) per diluted share, and Adjusted Net Loss of $67.6 million, or $(0.46) per diluted share. For the full year 2023, the Company reported net income of $15.6 million, or $0.11 per diluted share, and Adjusted Net Loss of $21.7 million, or $(0.15) per diluted share. W&T generated Adjusted EBITDA of $153.6 million for the full year 2024 compared to $183.2 million in 2023. The year-over-year decrease was primarily driven by lower oil and natural gas prices and decreased production. Revenues totaled $525.3 million for 2024 compared with $532.7 million in 2023. Net cash provided by operating activities for the year ended December 31, 2024 was $59.5 million compared with $115.3 million for the same period in 2023. Free Cash Flow totaled $44.9 million in 2024 compared with $63.3 million in 2023.

    Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.  

    For the full year 2024, W&T’s average realized sales price per barrel of crude oil was $75.28 and $23.08 per barrel of NGLs and $2.65 per Mcf of natural gas. While the realized pricing for oil and natural gas were down year-over-year, the production mix was more weighted toward oil in 2024, thus the equivalent sales price for 2024 was $42.23 per Boe, which was 3% higher than the equivalent price of $41.16 per Boe realized in 2023.  For 2023, the Company’s realized crude oil sales price was $75.52 per barrel, NGL sales price was $22.93 per barrel, and natural gas price was $2.93 per Mcf.

    For the full year 2024, LOE was $281.5 million compared to $257.7 million in 2023. While LOE increased year-over-year in 2024 due to increased workover and facility investments, higher oil production and costs from the acquisition of additional properties in January 2024 and September 2023, W&T’s LOE for 2024 was 10% below the midpoint guidance for LOE as the Company was able to mitigate some of these increased costs through synergies from the asset acquisitions.

    Gathering, transportation, and production taxes totaled $28.2 million in 2024, an increase from the $26.3 million in 2023.

    For the full year 2024, G&A was $82.4 million, which was a 9% increase over the $75.5 million reported in 2023. The increase year-over-year is primarily due to increased salary and benefits costs and non-recurring legal fees that were somewhat offset by lower accruals for short-term incentives. On a per unit basis, G&A per Boe was $6.76 in 2024, up from $5.93 per Boe in 2023.  G&A increased on a per Boe basis primarily due to lower production.  

    OPERATIONS UPDATE

    Well Recompletions and Workovers

    During the fourth quarter of 2024, the Company performed two workovers and two recompletions that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

    Year-End 2024 Proved Reserves

    The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year.  During 2024, W&T continued to focus on reducing Net Debt while identifying and executing attractive acquisitions.  Successful workovers, operational excellence and acquisitions allowed W&T to replace 219% of production with new reserves.  

    The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2024 were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. Comparable prices used for the prior year report were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas. The PV-10 of W&T’s proved reserves at year-end 2024 increased 14% to $1.2 billion from $1.1 billion at year-end 2023, driven primarily by an increase in oil reserves due to the acquisition in January 2024 and by positive reserve performance revisions which were somewhat offset by lower SEC pricing.

    Approximately 51% of year-end 2024 proved reserves were liquids (41% crude oil and 10% NGLs) and 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing, and 17% proved undeveloped. W&T’s reserve life ratio at year-end 2024, based on year-end 2024 proved reserves and 2024 production, was 10.4 years.

                           
        Oil   NGLs   Natural Gas       PV-101
        (MMBbls)   (MMBbls)   (Bcf)   MMBoe   ($MM)
    Proved reserves as of December 31, 2023   37.0     13.7     434.0     123.0     $ 1,080.9
    Revisions of previous estimates   7.4     1.8     (26.1 )   5.0        
    Revisions due to change in SEC prices   (0.4 )   (1.6 )   (51.0 )   (10.5 )      
    Purchase of minerals in place   12.9     0.3     51.8     21.7        
    Production   (5.3 )   (1.2 )   (34.3 )   (12.2 )      
    Proved reserves as of December 31, 2024   51.6     13.0     374.4     127.0     $ 1,229.5

    (1)   PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes.

    In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average of the first-day-of-the-month price for the year ended December 31, 2024. The WTI spot price and the Henry Hub spot price were utilized as the reference prices and after adjusting for quality, transportation, fees, energy content, and regional price differentials, the average realized prices were $74.69 per barrel for oil, $22.98 per barrel for NGLs, and $2.58 per Mcf for natural gas. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. This ratio was then applied to the crude price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future estimated production and development costs are based on year-end costs with no escalations.

    The standardized measure of future net cash flows was $740.1 million at December 31, 2024, which is calculated as the PV-10 of $1,229.5 million less discounted cash outflows of $334.6 million associated with asset retirement obligations and $154.8 million associated with income taxes. At December 31, 2023, the standardized measure was $683.2 million, which is calculated as the PV-10 of $1,080.9 million less discounted cash outflows of $246.7 million associated with asset retirement obligations and $151.0 million associated with income taxes.

    First Quarter and Full Year 2025 Production and Expense Guidance

    The guidance for the first quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

    In the first quarter of 2025, there have been several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes in the first quarter of 2025 that temporarily reduced production. Full year 2025 production reflects the West Delta 73 field returning to production in the second quarter as well as the other fields that were temporarily shut-in during the first quarter of 2025. First quarter 2025 LOE is expected to be higher than the prior quarter due to increased maintenance and repair costs and facility upgrades; full year 2025 LOE is expected to be modestly higher than 2024.

         
    Production First Quarter 2025 Full Year 2025
    Oil (MBbl) 1,130 – 1,250 5,150 – 5,690
    NGLs (MBbl) 205 – 235 1,020 – 1,140
    Natural gas (MMcf) 7,220 – 7,980 34,880 – 38,560
    Total equivalents (MBoe) 2,538 – 2,815 11,983 – 13,257
    Average daily equivalents (MBoe/d) 27.6 – 30.6 32.8 – 36.3
    Expenses First Quarter 2025 Full Year 2025
    Lease operating expense ($MM) 72.5 – 80.5 280.0 – 310.0
    Gathering, transportation & production taxes ($MM) 6.1 – 6.9 27.1 – 30.1
    General & administrative – cash ($MM) 17.8 – 19.8 62.0 – 69.0
    General & administrative – non-cash ($MM) 2.1 – 2.5 10.1 – 11.3
    DD&A ($ per Boe)   13.40 – 14.90

    W&T expects substantially all income taxes in 2025 to be deferred. 

    2025 Capital Investment Program

    W&T’s capital expenditure budget for 2025 is expected to be in the range of $34.0 million to $42.0 million, which excludes potential acquisition opportunities.  Included in this range are planned expenditures related to asset integrations as well as ongoing costs related to the acquisitions for facilities, leasehold, seismic, and recompletions. 

    Plugging and abandonment expenditures are expected to be in the range of $27.0 million to $37.0 million.  The Company spent approximately $40 million on these costs in 2024.

    Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 4, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press 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. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
           2024        2024        2023     2024        2023  
    Revenues:                              
    Oil   $ 86,778     $ 90,862     $ 94,076     $ 395,620     $ 381,389  
    NGLs     6,713       5,636       6,851       27,978       32,446  
    Natural gas     24,203       23,148       29,401       90,877       110,158  
    Other     2,651       1,726       2,012       10,786       8,663  
    Total revenues     120,345       121,372       132,340       525,261       532,656  
                                   
    Operating expenses:                              
    Lease operating expenses     64,259       72,412       64,643       281,488       257,676  
    Gathering, transportation and production taxes     5,912       6,147       6,620       28,177       26,250  
    Depreciation, depletion, and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    General and administrative expenses     20,799       19,723       18,251       82,391       75,541  
    Total operating expenses     137,335       140,336       130,549       567,455       503,162  
                                   
    Operating (loss) income     (16,990 )     (18,964 )     1,791       (42,194 )     29,494  
                                   
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Derivative (gain) loss, net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Other (income) expense, net     (4,118 )     15,709       3,772       18,071       5,621  
    (Loss) income before income taxes     (25,211 )     (41,466 )     1,489       (97,130 )     33,943  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
                                   
    Net (loss) income per share:                              
    Basic   $ (0.16 )   $ (0.25 )   $ —     $ (0.59 )   $ 0.11  
    Diluted     (0.16 )     (0.25 )     —       (0.59 )     0.11  
                                   
    Weighted average common shares outstanding                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       148,302  
                                   
    W&T OFFSHORE, INC.
    Condensed Operating Data
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024   2024      2023   2024      2023
    Net sales volumes:                              
    Oil (MBbls)     1,263     1,210     1,219     5,255     5,050
    NGLs (MBbls)     273     262     329     1,212     1,415
    Natural gas (MMcf)     8,505     8,289     9,533     34,296     37,591
    Total oil and natural gas (MBoe) (1)     2,953     2,854     3,136     12,183     12,730
                                   
    Average daily equivalent sales (MBoe/d)     32.1     31.0     34.1     33.3     34.9
                                   
    Average realized sales prices (before the impact of derivative settlements):                              
    Oil ($/Bbl)   $ 68.71   $ 75.09   $ 77.17   $ 75.28   $ 75.52
    NGLs ($/Bbl)     24.59     21.51     20.82     23.08     22.93
    Natural gas ($/Mcf)     2.85     2.79     3.08     2.65     2.93
    Barrel of oil equivalent ($/Boe)     39.86     41.92     41.55     42.23     41.16
                                   
    Average operating expenses per Boe ($/Boe):                              
    Lease operating expenses   $ 21.76   $ 25.37   $ 20.61   $ 23.10   $ 20.24
    Gathering, transportation and production taxes     2.00     2.15     2.11     2.31     2.06
    Depreciation, depletion, and amortization     12.94     11.99     10.73     11.74     9.01
    Asset retirement obligations accretion     2.76     2.75     2.35     2.66     2.28
    General and administrative expenses     7.04     6.91     5.82     6.76     5.93

    (1)   MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.

                 
    W&T OFFSHORE, INC.
    Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
                 
           December 31,    December 31, 
        2024     2023  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 109,003     $ 173,338  
    Restricted cash     1,552       4,417  
    Receivables:            
    Oil and natural gas sales     63,558       52,080  
    Joint interest, net     25,841       15,480  
    Other     —       2,218  
    Prepaid expenses and other assets     18,504       17,447  
    Total current assets     218,458       264,980  
                 
    Oil and natural gas properties, net     777,741       749,056  
    Restricted deposits for asset retirement obligations     22,730       22,272  
    Deferred income taxes     48,808       38,774  
    Other assets     31,193       38,923  
    Total assets   $ 1,098,930     $ 1,114,005  
                 
    Liabilities and Shareholders’ (Deficit) Equity            
    Current liabilities:            
    Accounts payable   $ 83,625     $ 78,857  
    Accrued liabilities     33,271       31,978  
    Undistributed oil and natural gas proceeds     53,131       42,134  
    Advances from joint interest partners     2,443       2,962  
    Current portion of asset retirement obligations     46,326       31,553  
    Current portion of long-term debt, net     27,288       29,368  
    Total current liabilities     246,084       216,852  
                 
    Asset retirement obligations     502,506       467,262  
    Long-term debt, net     365,935       361,236  
    Other liabilities     16,182       19,420  
                 
    Commitments and contingencies     20,800       18,043  
                 
    Shareholders’ (deficit) equity:            
    Preferred stock     —       —  
    Common stock     2       1  
    Additional paid-in capital     595,407       586,014  
    Retained deficit     (623,819 )     (530,656 )
    Treasury stock     (24,167 )     (24,167 )
    Total shareholders’ (deficit) equity     (52,577 )     31,192  
    Total liabilities and shareholders’ (deficit) equity   $ 1,098,930     $ 1,114,005  
                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024        2023     2024        2023  
    Operating activities:                              
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
    Depreciation, depletion, amortization and accretion     46,365       42,054       41,035       175,399       143,695  
    Share-based compensation     3,818       1,956       3,124       10,192       10,383  
    Amortization and write off of debt issuance costs     1,117       1,109       1,266       4,562       6,980  
    Derivative loss (gain), net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Derivative cash (settlements) receipts, net     (1,638 )     1,208       (2,809 )     4,527       (8,932 )
    Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Changes in operating assets and liabilities:                 —              
    Accounts receivable     (17,064 )     21,913       (2,989 )     (19,621 )     12,586  
    Prepaid expenses and other current assets     1,792       2,502       (28,262 )     (1,450 )     (2,712 )
    Accounts payable, accrued liabilities and other     3,831       (2,962 )     43,155       26,433       7,972  
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Net cash (used in) provided by operating activities     (4,317 )     14,768       35,664       59,539       115,326  
                                   
    Investing activities:                              
    Investment in oil and natural gas properties and equipment     (14,124 )     (9,577 )     (12,139 )     (37,357 )     (41,813 )
    Acquisition of property interests     —       —       1,479       (80,635 )     (27,384 )
    Deposit related to acquisition of property interests     —       —       8,850       —       —  
    Purchase of corporate aircraft     —       —       —       —       (8,983 )
    Purchases of furniture, fixtures and other     (19 )     (69 )     (347 )     (185 )     (3,428 )
    Net cash used in investing activities     (14,143 )     (9,646 )     (2,157 )     (118,177 )     (81,608 )
                                   
    Financing activities:                              
    Proceeds from issuance of long-term debt     —       —       —       —       275,000  
    Repayments of long-term debt     (275 )     (275 )     (7,687 )     (1,100 )     (586,934 )
    Debt issuance costs     (183 )     (174 )     —       (762 )     (7,380 )
    Payment of dividends     (1,475 )     (1,473 )     (1,466 )     (5,902 )     (1,466 )
    Other     (13 )     (31 )     (9 )     (798 )     (957 )
    Net cash used in financing activities     (1,946 )     (1,953 )     (9,162 )     (8,562 )     (321,737 )
    Change in cash, cash equivalents and restricted cash     (20,406 )     3,169       24,345       (67,200 )     (288,019 )
    Cash, cash equivalents and restricted cash, beginning of period     130,961       127,792       153,410       177,755       465,774  
    Cash, cash equivalents and restricted cash, end of period   $ 110,555     $ 130,961     $ 177,755     $ 110,555     $ 177,755  


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

    We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

    Reconciliation of Net (Loss) Income to Adjusted Net Loss

    Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include unrealized commodity derivative gain, net, allowance for credit losses, write-off of debt issuance costs, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net (loss) income of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024     2023     2024     2023  
          (in thousands)
          (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Write-off debt issuance costs     —       —       —       —       2,330  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Tax effect of selected items (1)     753       (2,972 )     2,194       (5,192 )     9,903  
    Adjusted net loss   $ (26,193 )   $ (25,740 )   $ (8,696 )   $ (67,611 )   $ (21,657 )
                                   
    Adjusted net loss per common share:                              
    Basic   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
    Diluted   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
                                   
    Weighted average shares outstanding:                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       146,483  

    (1)   Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Adjusted EBITDA/ Free Cash Flow Reconciliations

    The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

    The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

    The following table presents a reconciliation of the Company’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:

                                   
        Three Months Ended    
        December 31,      September 30,    December 31,   Year Ended December 31, 
        2024       2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Depreciation, depletion and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Non-cash incentive compensation     3,818       1,956       3,124       10,192       10,383  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Adjusted EBITDA   $ 31,614     $ 26,689     $ 44,930     $ 153,641     $ 183,222  
                                   
    Capital expenditures, accrual basis (1)   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Interest expense, net     (10,226 )     (9,992 )     (9,729 )     (40,454 )     (44,689 )
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Capital expenditures, accrual basis reconciliation                              
    Investment in oil and natural gas properties and equipment   $ (14,124 )   $ (9,577 )   $ (12,139 )   $ (37,357 )   $ (41,813 )
    Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment     —       (4,929 )     —       (4,929 )     —  
    Less: changes in operating assets and liabilities associated with investing activities     (1,896 )     (187 )     (1,820 )     (3,802 )     (535 )
    Capital expenditures, accrual basis   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )

    The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,   Year Ended December 31, 
        2024     2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net cash (used in) provided by operating activities   $ (4,317 )   $ 14,768     $ 35,664     $ 59,539     $ 115,326  
    Allowance for credit losses     118       10       28       558       37  
    Amortization of debt items and other items     (1,117 )     (1,109 )     (1,266 )     (4,562 )     (6,980 )
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Current tax (benefit) expense (1)     92       —       (1,906 )     92       (140 )
    Change in derivatives (payable) receivable (1)     (972 )     162       1,223       (1,648 )     4,845  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Changes in operating assets and liabilities, excluding asset retirement obligation settlements     11,441       (21,453 )     (11,904 )     (5,362 )     (17,846 )
    Capital expenditures, accrual basis     (12,228 )     (4,461 )     (10,319 )     (28,626 )     (41,278 )
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Current tax (benefit) expense:                              
    Income tax (benefit) expense   $ (1,849 )   $ (4,545 )   $ 1,932     $ (9,985 )   $ 18,345  
    Less: Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Current tax (benefit) expense   $ 92     $ —     $ (1,906 )   $ 92     $ (140 )
                                   
    Changes in derivatives receivable (payable)                              
    Derivatives (payable) receivable, end of period   $ (1,377 )   $ (405 )   $ 271     $ (1,377 )   $ 271  
    Derivatives payable (receivable), beginning of period     405       567       952       (271 )     4,574  
    Change in derivatives (payable) receivable   $ (972 )   $ 162     $ 1,223     $ (1,648 )   $ 4,845  


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Reconciliation of PV-10 to Standardized Measure

    The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves.

    The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company.

                 
           December 31, 
        2024     2023  
    PV-10   $ 1,229.5     $ 1,080.9  
    Future income taxes, discounted at 10%     (154.8 )     (151.0 )
    PV-10 before ARO     1,074.7       929.9  
    Present value of estimated ARO, discounted at 10%     (334.6 )     (246.7 )
    Standardized measure   $ 740.1     $ 683.2  
         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released March 3, 2025

    MIL OSI Economics –

  • MIL-OSI USA: Luján Announces Guest for President’s Joint Address to Congress, Highlights Roadrunner Food Bank and Nutrition Support

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) announced that Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank will be his guest to President Trump’s address to a Joint Session of Congress.
    “The Musk-Trump funding freeze and broad and indiscriminate firings across the federal government have devastated communities across America, leaving countless families uncertain where their next meal would come from. That’s why I’m honored to have Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank join me for the President’s Joint Address. Roadrunner Food Bank is a leading hunger relief organization, ensuring that families in need have access to nutritious meals. But now, Elon Musk, President Trump, and Congressional Republicans are threatening critical funding for nutrition support – putting New Mexico families at risk,” said Senator Luján.
    “Programs like the Supplemental Nutrition Assistance Program (SNAP) and the Emergency Food Assistance Program (TEFAP) are lifelines for thousands of New Mexicans. Gutting these resources hurts our families and threatens our communities and the economy. I hope Katy’s presence is a powerful reminder of the vital role that Roadrunner Food Bank and federal nutrition programs play in keeping our communities healthy and fed,” continued Senator Luján.
    “Nutrition access is vital to New Mexicans – these are people who work hard to provide for themselves and their families. Those facing hunger want the same thing we all want for ourselves – dignity, access to fresh, healthy food and the opportunity to thrive. Proposed cuts to nutrition programs like SNAP and TEFAP undermine that; confusion around federal funding freezes undermines that,” said Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank. “I’m honored to join Senator Luján for the Joint Address to stand up for New Mexico families.”
    Background on Katy Anderson and Roadrunner Food Bank:
    Katy Anderson joined Roadrunner Food Bank in 2014, focusing on special projects for the Community Initiatives team. For her first six years, she worked closely with the Food Bank’s network of 350+ partners as well as managing grants and government contracts. In April 2020, she moved into the role of Chief Programs Officer, a position that allowed her to work with amazing teams leading innovative efforts with all food partners, health and wellness programming, and data collection and analysis. In late 2023, she became the Vice President – Strategy, Partnerships, and Advocacy and has shifted her focus to state-wide collaborative approaches to addressing hunger issues.
    Roadrunner Food Bank of New Mexico, a Feeding America member, is the largest non-profit dedicated to solving food insecurity in New Mexico. As a food distribution hub, Roadrunner Food Bank provides food to hundreds of affiliated member partners around the state including food pantries, soup kitchens, shelters and regional food banks. Roadrunner Food Bank also distributes food through specialized programs helping children, families and seniors at schools, low-income senior housing sites, senior centers and with and through health care partnerships. Every week, tens of thousands of hungry children, seniors and families are reached through this statewide hunger relief network. Roadrunner Food Bank is working together with partners, volunteers and contributors to end food insecurity and hunger in New Mexico. Learn more about Roadrunner Food Bank here.

    MIL OSI USA News –

  • MIL-OSI USA: Ahead of Confirmation Hearing, Warren Presses FDA, NIH Nominees to Address Conflicts of Interest with Private Health Care, Medical Research Companies

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    March 03, 2025
    “The rampant revolving door of former government leaders lobbying the agencies they once led, while their government relationships remain fresh, erodes Americans’ faith in the federal government.” 
    Text of Letter to Dr. Makary (PDF) | Text of Letter to Dr. Bhattacharya (PDF) 
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) wrote to Marty Makary and Jay Bhattacharya, nominees to lead the Food and Drug Administration (FDA) and the National Institutes of Health (NIH), respectively, asking them to address their conflicts of interest ahead of their confirmation hearings. 
    Dr. Makary currently serves as Chief Medical Officer at Sesame Care, a direct-to-consumer health care company that connects patients with providers who virtually prescribe Sesame’s medicine. He also serves on the board of Harrow, an ophthalmic company that relies on the FDA to approve its therapeutics. While Dr. Makary said he would resign from the board before taking office, his relationship with the company raises concerns about his ability to be impartial at the FDA. 
    Dr. Bhattacharya most recently worked as a research associate at Acumen, LLC, which offers analytical research services to the federal government, and has contracts with multiple agencies across the Department of Health and Human Services – including NIH.
    Senator Warren asked both nominees to recuse themselves from all matters involving their former clients and employers for at least four years, a commitment their predecessors under the Biden administration made. 
    Senator Warren also asked them to agree to not work for any companies they regulate or interact with during their tenure, for four years after leaving office. During his confirmation process, Health and Human Services Secretary Robert F. Kennedy Jr., who oversees both of the nominees’ agencies, committed not to work for a pharmaceutical company for at least four years after leaving office. 
    Lastly, Senator Warren asked the nominees to refrain from lobbying their respective agencies for four years after leaving office.
    “The rampant revolving door of former government leaders lobbying the agencies they once led, while their government relationships remain fresh, erodes Americans’ faith in the federal government,” wrote Senator Warren to the nominees.  
    To mitigate concerns about former government leaders lobbying the agencies they once led, multiple Biden appointees agreed to a post-employment lobbying ban, following pressure from Senator Warren. 
    “By making these commitments, you would increase Americans’ trust in your ability to serve the public interest, rather than the special interests of [former contractors or companies they regulated],” concluded Senator Warren. 
    Senator Warren gave the nominees until March 10, 2025 to demonstrate their commitment to public health and address their conflicts of interest. 
    Senator Warren has been a leader on enforcing government ethics standards and pressing nominees to address conflicts of interest: 
    In February 2025, Senator Elizabeth Warren wrote to Mr. Stephen Feinberg, nominee for Deputy Secretary of the Department of Defense (DoD), pressing him to explain his “serious conflicts of interest” and his track record of mismanagement.
    In February 2025, following reports that Elon Musk would take advantage of loopholes in federal ethics laws to avoid publicly disclosing his financial conflicts of interest, Senator Elizabeth Warren led several Democrats in a letter demanding Musk publicly reveal how he could stand to profit from his role in the Trump administration.
    In February 2025, Senator Elizabeth Warren and Tim Kaine (D-Va.) called on Mr. Robert F. Kennedy Jr. to recuse himself from former clients’ and employers’ particular matters and commit to not lobbying HHS after his tenure as Secretary.
    In February 2025, following the Senate Finance Committee vote to advance the nomination of Mr. Robert F. Kennedy Jr. for Secretary of Health and Human Services, Senator Elizabeth Warren gave remarks regarding the nominee’s continued conflicts of interest. 
    In February 2025, Senators Warren and Ron Wyden (D-Ore.), Ranking Member on the Senate Finance Committee, wrote to Mr. Robert F. Kennedy Jr., pressing him to urgently resolve his serious conflicts of interest before the committee vote Wednesday morning.
    In January 2025, following pressure from Senate Democrats, Mr. Robert F. Kennedy Jr. agreed to amend his flawed ethics agreement (see Warren QFRs at the end of Part 2 and start of Part 3).
    In January 2025, at a hearing of the Senate Finance Committee, Senator Elizabeth Warren questioned Mr. Robert F. Kennedy Jr., nominee for Secretary of Health and Human Services, about his dangerous conflicts of interest and record of profiting from anti-vaccine conspiracies.
    In January 2025, ahead of Mr. Robert F. Kennedy Jr.’s confirmation hearing for Secretary of Health and Human Services, Senator Elizabeth Warren sent a 34-page letter detailing her concerns with his nomination and asked him to answer 175 questions ahead of his hearing before the Finance Committee.
    In January 2025, Senator Elizabeth Warren wrote to Mr. Pete Hegseth, then-nominee for Secretary of the Department of Defense, regarding his ethics conflicts ahead of the Senate’s consideration of his nomination. Particularly concerning were the facts that Mr. Hegseth’s household owns stock in several defense contractors and that he was unwilling to commit to the same post-employment restrictions he previously advocated for.
    In January 2025, Senator Elizabeth Warren wrote to Trump Transition Co-Chairs Howard Lutnick and Linda McMahon, urging them to make the White House’s ethics pledge for incoming appointees as strong as possible and outlining specific provisions to do so. The letter came at the end of the first week of confirmation hearings for President-elect Trump’s cabinet nominees, many of whom have been found to have serious conflicts of interest and massive wealth.
    In December 2024, Senator Elizabeth Warren sent a letter to President-elect Trump with concerns about Elon Musk’s conflicts of interest as he served as a top advisor for the incoming president.
    In December 2024, Senators Elizabeth Warren, Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), and Representative Lloyd Doggett (D-Texas) wrote to Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare & Medicaid Services, raising stark concerns about his advocacy to eliminate traditional Medicare and his deep financial ties to the private health insurers that would benefit from that move.
    In November 2024, in response to the news that President-elect Donald Trump selected Robert F. Kennedy Jr. to serve as Secretary of Health and Human Services, Senator Elizabeth Warren released a statement calling him a “danger to public health, scientific research, medicine, and health care coverage for millions of Americans.”
    In March 2024, Senator Elizabeth Warren secured ethics commitments from Douglas Schmidt, ahead of his confirmation to be the Director of Operational Test and Evaluation (DOT&E) for the Department of Defense.
    In February 2024, Senator Elizabeth Warren secured unprecedented ethics commitments from former Congressman Sean Patrick Maloney, President Biden’s nominee for U.S. Ambassador to the Organisation for Economic Co-operation and Development (OECD), including his recusal from participating in the OECD’s decision making processes regarding crypto and digital assets policy. 
    In January 2024, Senator Elizabeth Warren and Representative Jayapal sent a letter to Secretary of Commerce Gina Raimondo, expressing concerns about the Department of Commerce’s reliance on a small team of Wall Street financiers to help allocate $39 billion in CHIPS and Science Act taxpayer-funded manufacturing and R&D subsidies.
    In June 2023, Senator Elizabeth Warren and representative Andy Kim reintroduced her Department of Defense Ethics and Anti-Corruption Act.
    In April 2023, Senator Elizabeth Warren chaired a hearing with Pentagon officials and ethics experts about problems with the revolving door, retired military officers working for foreign governments, and issues with executive branch officials owning stocks in companies impacted by their official actions.
    In May 2022, Senator Elizabeth Warren secured a commitment from then-Federal Reserve Vice Chair for Supervision nominee Michael Barr not to seek employment or compensation – including as a result of board service – from any company that has a party matter before the Fed, or any financial services company, for four years after he leaves government service.
    In February 2022, Senator Elizabeth Warren secured the strongest ethics standards ever agreed to by Federal Reserve Board nominees from Lisa Cook, Phillip Jefferson, and Sarah Bloom Raskin. The nominees agreed to a four-year recusal period from matters which they oversee on the Board of Governors, not to seek a waiver from these recusals, and not to seek employment or compensation from financial services companies for four years after leaving government service.
    In January 2022, Senator Elizabeth Warren secured a commitment from then-FDA Commissioner nominee Dr. Robert Califf to recuse himself from matters involving his former employers and clients for four years, two years longer than what was required in the Biden administration’s Ethics Pledge. He also agreed not to seek employment with or compensation, including as a result of board service, from any pharmaceutical or medical device company that he interacts with during his tenure as FDA Commissioner for four years after completing his government service. 
    In July 2021, Senator Elizabeth Warren secured agreements to four-year recusals from former clients’ and employers’ party matters from then-Secretary of the Air Force Frank Kendall and then-USD(R&E) Heidi Shyu.
    In January 2021, Senator Elizabeth Warren secured a commitment from General Lloyd Austin III, then-nominee for Secretary of Defense, to extend his recusal from Raytheon Technologies for four years and to not seek a position on the board of a defense contractor or become a lobbyist after his government service.
    In December 2020, Senator Elizabeth Warren and Representative Jayapal introduced the Anti-Corruption and Public Integrity Act, the most ambitious anti-corruption legislation since Watergate, which would outlaw corrupt revolving-door schemes so that public servants are serving the public – not the financial interests of themselves or giant corporations.
    In March 2020, President Trump signed the bipartisan Presidential Transition Enhancement Act into law, which included major provisions of Sen. Warren’s (D-Mass.) Transition Team Ethics Improvement Act.
    In September 2019, the Senate passed a key provision of the Transition Team Ethics Improvement Act introduced by Senators Warren and Tom Carper (D-Del.) to enhance the ethics requirements that govern presidential transitions.
    In November 2016, as President Trump prepared to take office, Senator Elizabeth Warren and Chairman Cummings requested a GAO investigation of the chaotic Trump transition. In September 2017, Government Accountability Office (GAO) released the results of the investigation, finding that the Trump transition team ignored advice from the Office of Government Ethics and failed to follow past precedents regarding ethics and presidential transitions.

    MIL OSI USA News –

  • MIL-OSI Australia: Screen Australia announces $2.3 million for documentaries, supporting a new wave of world-class Australian projects

    Source: Screen Australia

    04 03 2025 – Media release

    Crowded House
    Screen Australia has announced support for eight documentaries that will share in $2.3 million of direct production funding. These projects reflect the incredible tenacity of local documentary makers to uncover stories in Australia and around the globe, from Western Sydney to Ecuador. The documentaries deep-dive into a wide array of topics, from the defining issues of our time to celebrating cultural icons and shining a light on marginalised or misunderstood communities.
    Among the projects are Robodebt (working title), a three-part series for SBS that combines documentary storytelling with drama to reveal how ordinary Australians fought back against the notorious Robodebt scandal; Crowded House, which unravels the psychological complexities the iconic band faced in their extraordinary journey; End Game, following Tony Armstrong on a mission to tackle racism in Australian sports; and RISE, from writer/director Patrick Abboud, about participants preparing to compete on Western Sydney’s spectacular LGBTQIA+ ballroom scene.
    Screen Australia Head of Documentary Richard Huddleston said, “These stories, spanning numerous genres and disciplines, are a reflection of the ambition, sophistication and creativity of the current Australian documentary sector. These projects will grow Australia’s reputation for innovative, premium storytelling and point to an exciting future of global partnerships.”
    Projects supported:

    Crowded House: A feature-length documentary that dives deep into the Crowded House journey, unravelling the psychological complexities they faced in the wake of their meteoric rise, and spotlighting the evolution of the current line-up that includes Neil’s two sons, Liam and Elroy Finn. Woven from a treasure-trove of never-before-seen family and band archive, candid interviews, and more, the narrative moves between the past, present and a dream-like place of investigation and analysis that has the genius of Neil Finn’s song writing at its core. Crowded House is a co-production between Ghost Pictures (Mystify: Michael Hutchence, Autoluminescent, In Bob We Trust) and Academy Award-nominated producer, Carthew Neal (Jojo Rabbit, Tickled) and his production company Fumes. Financed by the New Zealand Film Commission in association with the ABC and VicScreen. Produced with the support of Primary Wave and Nude Run. An Australian-New Zealand Co-production. Australia and New Zealand territories distributed by Madman.
    RISE: With exclusive access into Western Sydney’s underground LGBTQIA+ ballroom scene, the documentary RISE follows participants as they prepare to compete at the iconic West Ball. In a world seeking to erase them, RISE will portray which of these queer rebels will finally have their moment on the cutthroat stage and transform their life. It is written and directed by Patrick (Pat) Abboud (Australia Uncovered: Kids Raising Kids), with Monique Keller and Billy Russell (The Role of a Lifetime) executive producing, and West Ball community leaders, Xander Khoury and Jamaica Moana co-executive producing.
    Death of a Shaman: In the depths of the Ecuadorian Amazon, a renowned Shuar shaman selects his reluctant grandson as his apprentice in an attempt to preserve their tribe’s ancestral wisdom for another generation. Meanwhile, the shaman’s son leads an Indigenous uprising that seeks to overthrow the Ecuadorian president. What transpires next will foreshadow either the preservation or destruction of a people. The feature-length documentary Death of a Shaman is from writer/director/producer Dan Jackson (In the Shadow of the Hill) and executive producers Robert Fernandez (The Fog of War) and Dan Levinson. It is financed in association with Soundfirm, with Umbrella Entertainment distributing locally.
    Silenced: A feature film from Stranger Than Fiction that follows internationally renowned human rights lawyer Jennifer Robinson as she goes inside courtrooms and behind the headlines, to reveal the tricks and tropes used to silence women all over the world. Silenced is from writer/director Selina Miles and producer Blayke Hoffman, whose credits include the acclaimed Harley & Katya. Jennifer Peedom (Sherpa, Mountain) is executive producing. It is financed in association with Minderoo Pictures and the ABC, with support from Screen NSW, the Shark Island Foundation and Soundfirm. Local distribution by Sharmill Films and international sales by Together Films.
    Troublemaker: This feature film follows massacre survivor Wendy Scurr and South Australian writer/director Jared Nicholson (Starting from Scratch), as they slip down the rabbit hole of paranoia in a desperate search for solace and truth. Directing alongside Nicholson is Ben Lawrence, with Rebecca Barry, Scott Baskett, Madeleine Hetherton-Miau and Chris Kamen producing and Deanne Weir executive producing. It is financed in association with the Shark Island Foundation, with support from the Adelaide Film Festival Investment Fund, the South Australian Film Corporation, Screen NSW and WeirAnderson Films. Post, digital and visual effects are supported by the South Australian Film Corporation.
    Digby & Camille: This feature film is an eight-year love story about Sydney artist and the documentary’s co-director Digby Webster and his girlfriend, trainee chef Camille Collins, who both live with Down Syndrome. Looking to take the next step in their relationship, the couple fervently wish to live together and marry. But complicating their dream of wedded bliss are the very real concerns and questions from those who love and support them most, their parents. Directing alongside Digby is Trevor Graham (Chef Antonio’s Recipes for Revolution), who is also producing with Lisa Wang (White Fever). It is written by Rose Hesp (Who Do You Think You Are?), with Mitzi Goldman (Knowing the Score), Roger Savage and Jenny Lalor executive producing. It is financed in association with the Melbourne International Film Festival (MIFF) Premiere Fund, with support from Screen NSW, the Shark Island Foundation, Soundfirm, the Andy Inc Foundation and Philanthropy via Documentary Australia. Local distribution by Bonsai Films.
    Robodebt (working title): A three-part series for SBS that combines documentary storytelling with drama to reveal how ordinary Australians fought back against the notorious Robodebt scandal that struck at the heart of inequality and social cohesion in Australia. It is from director Ben Lawrence (Hearts and Bones) and writer Jane Allen (Troppo, In Our Blood). Executive producing is Paula Bycroft (Con Girl), Michael Cordell (Go Back to Where You Came From) and Andrew Farrell (Murder in the Outback, Undercurrent). It has received major production investment from SBS with support from Screen NSW.
    End Game: This three-part series for the ABC follows Tony Armstrong on a global mission to find solutions to combat the rising tide of racism in Australian sports to create real change for future generations — unpicking his own experiences on a personal journey of discovery, surprise, passion and understanding. End Game is executive produced by Daniel Brown (The Hospital: In the Deep End), Steve Bibb (Matildas: The World at Our Feet) and Dean Gibson (First Weapons). It has received major production investment from the ABC, with support from Screenwest and Lotterywest. International sales by ABC Commercial.

    Documentaries also announced and recently supported by Screen Australia include Stan Originals Death Cap, Into the Night and Zyzz & Chestbrah: The Poster Boys, as well as ABC’s Ages of Ice, and feature film The Golden Spurtle.
    The full list of documentary blocklines is available here. The latest projects funded for documentary development are available here. For more information about Documentary funding at Screen Australia and to apply, click here.

    Digby & Camille
    Download PDF
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-OSI: Top Producing Manager Liz Ryan Returns to Rate in the Northeast, Resumes Decade Long Run

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, announces that Liz Ryan has rejoined the company as a top-producing manager in the Northeast. Ryan, a seasoned mortgage professional, brings a wealth of experience and a strong track record of success in helping loan officers grow their businesses through new technology, competitive rates, and strategic marketing strategies.

    “I left Rate in 2022 after being here for 10 years. I returned in August of 2024 and was blown away by the marketing, technology, and ease of doing loans. I can’t believe how much more is offered to loan officers at Rate,” said Ryan. “I am so happy that I made the move back. I missed the camaraderie and my Rate family.”

    Victor Ciardelli, CEO of Rate, expressed his enthusiasm for Ryan’s return. “I’m so glad Liz took my call and decided to return to the Rate family. Her leadership and experience will be invaluable as we continue to grow and support loan officers across the region.”

    Ryan is a founding member of Capital Gains BNI in Amesbury, MA, and an active member of the Amesbury Chamber of Commerce, Kiwanis, and the Newburyport Women’s League. She is also an affiliate member of the North Shore Realtor Association.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide’s 2022 list of Top Retail Mortgage Lenders; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

    Media Contact

    press@rate.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/06386e38-2396-46ff-905c-0c14609473d0

    The MIL Network –

  • MIL-OSI Economics: Tara McGee Joins ACP as Senior Director, Federal Affairs

    Source: American Clean Power Association (ACP)

    Headline: Tara McGee Joins ACP as Senior Director, Federal Affairs

    WASHINGTON, D.C., March 3, 2025 – The American Clean Power Association (ACP) today announced that Tara McGee has joined the organization as Senior Director of Federal Affairs for tax and trade, bringing several years of legislative experience and skill.
    In her new role, McGee will help lead ACP’s federal legislative engagement, working closely with policymakers, industry leaders, and key stakeholders to advance policies that support the clean energy economy.
    “We are thrilled to welcome Tara to ACP’s Federal Affairs team,” said Frank Macchiarola, ACP’s Chief Advocacy Officer. “With more than a decade of experience on Capitol Hill, Tara has built a reputation as a strategic leader who fosters policy solutions and drives impactful legislation. Her deep experience in tax and trade, and relationships with policymakers will be instrumental in advancing our agenda.”
    McGee most recently served as Tax and Trade Policy Advisor to U.S. Senator Shelley Moore Capito (WV), where she played a key role in advancing economic policies that support job creation, regulatory reform, and business growth. Previous roles include serving in legislative roles for U.S. Senator Roger Wicker (MS), U.S. Senator John Cornyn (TX) during his tenure as Senate Republican Whip, and Congressman Randy Neugebauer (TX-19). She is also an active member of the Tax Coalition.

    MIL OSI Economics –

  • MIL-OSI: VAALCO Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its fourth quarter and full year 2024 earnings release and conference call.

    The Company will issue its fourth quarter 2024 and full year earnings release on Thursday, March 13, 2025 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Friday morning, March 14, 2025 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time and 4:00 p.m. London Time.)

    Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Earnings Conference Call.” This call will also be webcast on VAALCO’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer Vaalco@buchanan.uk.com
       

    The MIL Network –

  • MIL-OSI USA: Senators Coons, Murkowski, colleagues introduce Justice for ALS Veterans Act

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Lisa Murkowski (R-Alaska), Co-Chairs of the ALS Caucus, announced the introduction of the Justice for ALS Veterans Act. This bill, first introduced in January 2022, would guarantee that the surviving spouses of veterans receive all benefits due to them. Representatives Brian Fitzpatrick (R-Pa.) and Chris Pappas (D-N.H.) introduced the legislation in the House.

    “Every year, ALS robs thousands more Americans of their ability to speak, move, and eventually to live,” said Senator Coons. “Veterans who have fiercely served our nation are twice as likely to receive an ALS diagnosis, and yet, despite our efforts to support them and their families, they do not receive the full benefits they have earned in death. I’m working with Senator Murkowski to right this wrong and take better care of military families impacted by ALS.”

    “ALS is a horrible disease that indiscriminately wreaks havoc on families across the country – mine included,” said Senator Murkowski. “I am proud to lead this bipartisan group of senators who are partnering with healthcare and advocacy groups to support those affected and their families. Our first reintroduction, the Justice for ALS Veterans Act, is an important first step that will aid the families of veterans who have been devastated by ALS. It’s not clear why veterans develop ALS at a such a high rate, but it is clear that we should close the loophole that has prevented surviving families from receiving the full benefits that they are entitled to.” 

    “Our veterans fought for us, and when they face ALS—a devastating, fast-moving disease—we must fight for them and their families. Denying a surviving spouse benefits because their loved one didn’t live long enough to meet an arbitrary requirement is not just unfair—it is a betrayal of our commitment to those who served. The Justice for ALS Veterans Act will right this wrong and ensure that the families of our brave service members receive the support they have earned and deserve,” said Rep. Fitzpatrick, Co-Chair of the Bipartisan House ALS Caucus.  

    “Studies show our nation’s veterans have a higher likelihood of developing amyotrophic lateral sclerosis compared to non-veterans. Veterans with ALS and their families experience rapid life changes in addition to significant financial stress,” said Calaneet Balas, President and CEO of The ALS Association. “We express our gratitude to veterans and their families, as well as to the U.S. Senators who are championing the passage of the Justice for ALS Veterans Act. This legislation aims to guarantee that the families of veterans receive the benefits they rightfully deserve, without being penalized due to the rapid progression of ALS.”

    “We are grateful to Senators Coons and Murkowski for their bipartisan leadership and commitment to veteran families impacted by ALS,” said Andrea Goodman, CEO of I AM ALS. “Veterans with ALS are a vital part of our community of advocates, and we are dedicated to ensuring those who bravely served our country receive the benefits they need. This legislation is critical to our effort to ensure survivors of veterans with ALS receive the benefits they deserve.”

    “PVA thanks Senators Murkowski and Coons, Representatives Fitzpatrick and Pappas, and other Members of Congress who have prioritized the reintroduction of the Justice for ALS Veterans Act. Denying benefits for surviving spouses of ALS veterans due to the aggressive nature of this service-connected disability does a disservice to them. The Justice for ALS Veterans Act will ensure these survivors receive the additional financial support that is afforded to other veterans’ survivors,” said Heather Ansley, Chief Policy Officer of Paralyzed Veterans of America.

    Background:

    • Amyotrophic Lateral Sclerosis (ALS) is a neurodegenerative disease that renders the body unable to control muscle movement. There is no effective treatment for the disease, no known cause, and currently no cure. At present, ALS has a fatality rate of 100%. Veterans are twice as likely to develop ALS as the general public.
    • Current policy states that a surviving spouse and family of a deceased veteran who had a service-connected disability deemed fully debilitating for a continuous period of at least eight years prior to death receive an additional monthly stipend from the Department of Veterans Affairs (VA). While ALS is deemed a service-connected disability, the average life expectancy for an individual diagnosed with ALS is just two to five years after diagnosis, which means that many families of an ALS-diagnosed veteran are not able to access this benefit. The Justice for ALS Veterans Act ensures that surviving spouses and families of veterans who pass away from ALS receive this additional benefit, regardless of how long an individual was living with ALS prior to their death.
    • The ALS Caucus remains committed to improving the lives of those living with amyotrophic lateral sclerosis (ALS) and accelerating efforts toward a cure. The previous work of the Senate ALS Caucus includes:
      • Advocating for Continued Federal Funding: Securing resources for ALS research at the National Institutes of Health and the Department of Defense.
      • ACT for ALS Act Implementation: Ensuring the continued rollout of the legislation, which expands access to investigational therapies for those with ALS and strengthens research into effective treatments.
      • Community Engagement: Working with ALS patients, caregivers, and advocates to inform and shape federal policy.

    A co-chair of the Senate ALS Caucus, Senator Coons has long been a proud advocate for ALS patients in the Senate. He has introduced several bipartisan bills to address ALS, including the ACT for ALS Act, which funds essential research into rare, neurodegenerative illnesses such as ALS. The bill was signed into law by President Biden in 2021.

    MIL OSI USA News –

  • MIL-OSI USA: Senators Coons, Moran introduce legislation to expand financing options for new energy projects

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) reintroduced the Financing Our Energy Future Act, which expands certain financing tools to all types of energy resources and infrastructure projects. The legislation would allow clean energy resources and infrastructure projects to form as master limited partnerships (MLPs), a tax structure currently only available to traditional energy projects. Newly eligible energy sources would include advanced nuclear, sustainable aviation fuel, hydrogen, biodiesel, biomass, carbon capture, and more.

    “At a time when the United States needs to boost domestic energy production to meet surging demand, Congress should ensure all energy sources are competing on a level playing field,” said Senator Coons. “The Financing our Energy Future Act is a straightforward, bipartisan solution that will bolster investment in American energy projects, create good-paying jobs, and accelerate our transition to cleaner energy sources.”

    “Being energy independent requires an all-of-the-above approach to energy production,” said Senator Moran. “Emerging renewable energy companies currently do not have access to a number of tax incentives available to other energy companies. Expanding these incentives to more companies will increase U.S. energy production, spur innovation, and help reduce prices for consumers.”

    “NIA thanks Senator Coons and Moran for recognizing the role master limited partnerships can play in supporting our nation’s advanced nuclear energy leadership,” said Judi Greenwald, Executive Director of the Nuclear Innovation Alliance. “Their bipartisan master limited partnerships legislation will help commercialize important innovations in advanced nuclear energy and other key technologies, increase U.S. competitiveness, and create jobs.”

    “The Energy Infrastructure Council commends Senators Moran and Coons, along with Representatives Estes and Thompson, for their leadership in introducing the Financing Our Energy Future Act,” said Lori Ziebart, President and CEO of the Energy Infrastructure Council. “This bipartisan legislation is one step that Congress can take this year to grow the energy economy to benefit all working-class Americans. It expands the master limited partnership structure to include new and emerging energy sources such as hydrogen, alternative energy, carbon capture and sequestration, and renewable fuels. The MLP structure has proven to be an efficient, cost-effective method for raising capital to support the development of critical energy infrastructure and provides individuals another vehicle to invest in energy infrastructure similar to real estate investment through REITS. Expanding this framework is essential as all energy sources will be needed to ensure a reliable and secure energy future. This expansion deepens the capital pool, improves market efficiency, creates jobs, and drives down costs of energy in a way that will help all Americans.”

    “To strengthen its economic base and create more reliable and affordable energy, the U.S. needs tax policies that reflect the depth and breadth of America’s energy sector,” said Frank Macchiarola, American Clean Power (ACP) Association Chief Advocacy Officer. “The Financing Our Energy Future Act offers an innovative, logical approach to that challenge that will make America’s energy sector stronger and better able to serve the needs of the nation.”

    “BPC Action applauds the introduction of the Financing Our Energy Future Act, an important step in incentivizing the deployment of innovative energy technologies to increase U.S. economic growth and global competitiveness,” said Michele Stockwell, President of Bipartisan Policy Center Action (BPC Action). “We commend Sens. Moran’s and Coons’ bipartisan leadership to level the playing field for novel energy projects—including around carbon capture, utilization, and storage, energy storage, advanced nuclear, and waste-to-energy—to have the same tax-advantaged structures currently available to fossil fuels.”

    “As the U.S. enters a period of increasing demand growth, it is important to include all forms of reliable energy in advantageous tax and financing structures to accelerate deployment and ensure grid reliability,” said Jeremy Harrell, CEO of ClearPath Action. “We are excited to see advanced nuclear included in this proposal to help catalyze the next generation of advanced reactors through access to master limited partnerships.”

    An MLP is a business structure that is taxed as a partnership but whose ownership interests are traded like corporate stock on a market. Currently, MLPs are only available to investors in energy portfolios for oil, natural gas, coal extraction, and pipeline projects. For projects to be an MLP, at least 90 percent of the project’s income must come from these sources. This legislation would amend the Internal Revenue Code to extend the publicly traded partnership ownership structure to renewable energy power generation projects.

    In addition to Senators Coons and Moran, this legislation is cosponsored by Senators Susan Collins (R-Maine), John Barrasso (R-Wyo.), Roger Marshall (R-Kan.), John Cornyn (R-Texas), Angus King (I-Maine), John Curtis (R-Utah), Kevin Cramer (R-N.D.), Pete Ricketts (R-Neb.), and Mark Warner (D-Va.).

    The full legislation can be read here.

    MIL OSI USA News –

  • MIL-OSI: James River Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

      Three Months Ended
    December 31,    		   Three Months Ended
    December 31,
    ($ in thousands, except for share data)   2024     per diluted share     2023     per diluted share
    Net (loss) income from continuing operations available to common shareholders $ (92,669 )   $ (2.25 )   $ 17,431     $ 0.46  
    Net loss from discontinued operations1   (1,372 )   $ (0.03 )     (170,211 )   $ (3.89 )
    Net loss available to common shareholders   (94,041 )   $ (2.28 )     (152,780 )   $ (3.43 )
    Adjusted net operating (loss) income2   (40,803 )   $ (0.99 )     12,442     $ 0.33  

    Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss2 was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

    Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

    Highlights for 2024 included:

    • During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
    • E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
    • Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
    • Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
    • Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
    • The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

    Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

    Fourth Quarter 2024 Operating Results

    • Gross written premium of $358.3 million, consisting of the following:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Excess and Surplus Lines $ 280,287   $ 275,171   2 %
    Specialty Admitted Insurance   78,005     114,134   (32 )%
      $ 358,292   $ 389,305   (8 )%
    • Net written premium of $114.0 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 99,684   $ 146,628   (32 )%
    Specialty Admitted Insurance   14,307     25,573   (44 )%
      $ 113,991   $ 172,201   (34 )%
    • Net earned premium of $105.6 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 87,275   $ 153,926   (43 )%
    Specialty Admitted Insurance   18,311     28,027   (35 )%
      $ 105,586   $ 181,953   (42 )%

    Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

    • E&S Segment Fourth Quarter Highlights:
      • The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
      • Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
    • Specialty Admitted Insurance Segment Fourth Quarter Highlights:
      • Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
    • Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:
      Three Months Ended
    December 31,
    ($ in thousands)   2024       2023  
    Excess and Surplus Lines $ (8,943 )   $ (25,005 )
    Specialty Admitted Insurance   —       (38 )
      $ (8,943 )   $ (25,043 )
    • The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
    • Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
    • Gross fee income was as follows:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Specialty Admitted Insurance $ 4,828   $ 5,874   (18)%
    • The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

    Investment Results

    Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

    The Company’s net investment income consisted of the following:

      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Private Investments   1,334     3,199   (58)%
    All Other Investments   20,628     22,389   (8)%
    Total Net Investment Income $ 21,962   $ 25,588   (14)%

    The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

    Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

    Capital Management

    The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

    Amendment of Series A Preferred Shares

    As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

    The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

    Tangible Equity

    Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity3 of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

    Board of Directors

    The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

    Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

    Conference Call

    James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

    Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Non-GAAP Financial Measures

    In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

    Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

    For more information contact:

    Zachary Shytle
    Senior Analyst, Investments and Investor Relations
    980-249-6848
    InvestorRelations@james-river-group.com

    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Balance Sheet Data (Unaudited)
    ($ in thousands, except for share data)  December 31, 2024   December 31, 2023
    ASSETS      
    Invested assets:      
    Fixed maturity securities, available-for-sale, at fair value $ 1,189,733   $ 1,324,476
    Equity securities, at fair value   86,479     119,945
    Bank loan participations, at fair value   142,410     156,169
    Short-term investments   97,074     72,137
    Other invested assets   36,700     33,134
    Total invested assets   1,552,396     1,705,861
           
    Cash and cash equivalents   362,345     274,298
    Restricted cash equivalents (a)   28,705     72,449
    Accrued investment income   10,534     12,106
    Premiums receivable and agents’ balances, net   243,882     249,490
    Reinsurance recoverable on unpaid losses, net   1,996,913     1,358,474
    Reinsurance recoverable on paid losses   101,210     157,991
    Deferred policy acquisition costs   30,175     31,497
    Goodwill and intangible assets   214,281     214,644
    Other assets   466,635     457,047
    Assets of discontinued operations held-for-sale   0     783,393
    Total assets $ 5,007,076   $ 5,317,250
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Reserve for losses and loss adjustment expenses $ 3,084,406   $ 2,606,107
    Unearned premiums   572,034     587,899
    Funds held (a)   25,157     65,235
    Deferred reinsurance gain   57,970     20,733
    Senior debt   200,800     222,300
    Junior subordinated debt   104,055     104,055
    Accrued expenses   53,178     56,722
    Other liabilities   315,446     333,183
    Liabilities of discontinued operations held-for-sale   0     641,497
    Total liabilities   4,413,046     4,637,731
           
    Series A redeemable preferred shares   133,115     144,898
    Total shareholders’ equity   460,915     534,621
    Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 5,007,076   $ 5,317,250
           
    Tangible equity (b) $ 437,719   $ 485,608
    Tangible equity per share (b) $ 7.40   $ 11.13
    Tangible common equity per share (b) $ 6.67   $ 9.05
    Shareholders’ equity per share $ 10.10   $ 14.20
    Common shares outstanding   45,644,318     37,641,563
           
    (a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
    (b) See “Reconciliation of Non-GAAP Measures”      
    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Income Statement Data (Unaudited)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands, except for share data)   2024       2023       2024       2023  
    REVENUES              
    Gross written premiums $ 358,292     $ 389,305     $ 1,431,772     $ 1,508,660  
    Net written premiums   113,991       172,201       580,854       693,901  
                   
    Net earned premiums   105,586       181,953       600,196       708,005  
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized gains (losses) on investments   (2,803 )     7,954       3,625       10,441  
    Other income   1,968       2,609       10,716       9,517  
    Total revenues   126,713       218,104       707,626       812,009  
    EXPENSES              
    Losses and loss adjustment expenses (a)   144,560       133,162       554,374       500,157  
    Other operating expenses   47,068       45,734       193,198       193,656  
    Other expenses   1,563       2,325       6,145       3,792  
    Interest expense   5,709       6,561       24,666       24,627  
    Intangible asset amortization and impairment   91       91       363       2,863  
    Total expenses   198,991       187,873       778,746       725,095  
    (Loss) income from continuing operations before income taxes   (72,278 )     30,231       (71,120 )     86,914  
    Income tax (benefit) expense on continuing operations   (8,883 )     10,175       (7,634 )     25,705  
    Net (loss) income from continuing operations   (63,395 )     20,056       (63,486 )     61,209  
    Net loss from discontinued operations   (1,372 )     (170,211 )     (17,634 )     (168,893 )
    NET LOSS $ (64,767 )   $ (150,155 )   $ (81,120 )   $ (107,684 )
    Dividends on Series A preferred shares   (29,274 )     (2,625 )     (37,149 )     (10,500 )
    NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (94,041 )   $ (152,780 )   $ (118,269 )   $ (118,184 )
    ADJUSTED NET OPERATING (LOSS) INCOME (b) $ (40,803 )   $ 12,442     $ (41,503 )   $ 50,317  
                   
    (LOSS) INCOME PER COMMON SHARE              
    Basic              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.35  
    Discontinued operations $ (0.03 )   $ (4.52 )   $ (0.46 )   $ (4.49 )
      $ (2.28 )   $ (4.06 )   $ (3.06 )   $ (3.14 )
    Diluted (c)              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.34  
    Discontinued operations $ (0.03 )   $ (3.89 )   $ (0.46 )   $ (4.47 )
      $ (2.28 )   $ (3.43 )   $ (3.06 )   $ (3.13 )
                   
    ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE        
    Basic $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.34  
    Diluted (d) $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.33  
                   
    Weighted-average common shares outstanding:              
    Basic   41,237,480       37,656,268       38,685,003       37,618,660  
    Diluted   41,237,480       43,744,208       38,685,003       37,810,440  
    Cash dividends declared per common share $ 0.01     $ 0.05     $ 0.16     $ 0.20  
                   
    Ratios:              
    Loss ratio   111.4 %     73.9 %     86.2 %     69.9 %
    Expense ratio (e)   43.7 %     24.2 %     31.4 %     26.6 %
    Combined ratio   155.1 %     98.1 %     117.6 %     96.5 %
    Accident year loss ratio (f)   65.6 %     58.8 %     66.2 %     64.0 %
                   
                   
                   
    (a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
    (b) See “Reconciliation of Non-GAAP Measures”.
    (c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
    (d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
    (e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
    (f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
    James River Group Holdings, Ltd. and Subsidiaries
    Segment Results
    EXCESS AND SURPLUS LINES
      Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change     2024       2023     % Change
    Gross written premiums $ 280,287     $ 275,171     1.9 %   $ 1,017,029     $ 1,007,351     1.0 %
    Net written premiums $ 99,684     $ 146,628     (32.0 )%   $ 508,445     $ 589,551     (13.8 )%
                           
    Net earned premiums $ 87,275     $ 153,926     (43.3 )%   $ 512,237     $ 609,566     (16.0 )%
    Losses and loss adjustment expenses excluding retroactive reinsurance   (103,327 )     (112,680 )   (8.3 )%     (448,714 )     (420,044 )   6.8 %
    Underwriting expenses   (36,166 )     (32,348 )   11.8 %     (140,978 )     (135,175 )   4.3 %
    Underwriting (loss) profit (a) $ (52,218 )   $ 8,898     —     $ (77,455 )   $ 54,347     —  
                           
    Ratios:                      
    Loss ratio   118.4 %     73.2 %         87.6 %     68.9 %    
    Expense ratio   41.4 %     21.0 %         27.5 %     22.2 %    
    Combined ratio   159.8 %     94.2 %         115.1 %     91.1 %    
    Accident year loss ratio (b)   64.1 %     55.5 %         64.3 %     61.9 %    
                           
    (a) See “Reconciliation of Non-GAAP Measures”.
    (b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).


    SPECIALTY ADMITTED INSURANCE

      Three Months Ended
    December 31,    		         Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change       2024       2023     % Change
    Gross written premiums $ 78,005     $ 114,134     (31.7 )%   $ 414,743     $ 501,309     (17.3 )%
    Net written premiums $ 14,307     $ 25,573     (44.1 )%   $ 72,409     $ 104,350     (30.6 )%
                             
    Net earned premiums $ 18,311     $ 28,027     (34.7 )%   $ 87,959     $ 98,439     (10.6 )%
    Losses and loss adjustment expenses   (14,264 )     (21,752 )   (34.4 )%     (68,423 )     (75,122 )   (8.9 )%
    Underwriting expenses   (3,186 )     (4,080 )   (21.9 )%     (12,663 )     (19,240 )   (34.2 )%
    Underwriting profit (a), (b) $ 861     $ 2,195     (60.8 )%   $ 6,873     $ 4,077     68.6 %
                             
    Ratios:                        
    Loss ratio   77.9 %     77.6 %           77.8 %     76.3 %    
    Expense ratio   17.4 %     14.6 %           14.4 %     19.6 %    
    Combined ratio   95.3 %     92.2 %           92.2 %     95.9 %    
    Accident year loss ratio   77.9 %     77.5 %           78.5 %     77.3 %    
                             
    (a) See “Reconciliation of Non-GAAP Measures”.                      
    (b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).  


    Underwriting Performance Ratios

    The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
      2024     2023     2024     2023  
    Excess and Surplus Lines:              
    Loss Ratio 118.4 %   73.2 %   87.6 %   68.9 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Loss Ratio including impact of retroactive reinsurance 149.3 %   72.4 %   94.9 %   69.7 %
                   
    Combined Ratio 159.8 %   94.2 %   115.1 %   91.1 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Combined Ratio including impact of retroactive reinsurance 190.7 %   93.4 %   122.4 %   91.9 %
                   
    Consolidated:              
    Loss Ratio 111.4 %   73.9 %   86.2 %   69.9 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Loss Ratio including impact of retroactive reinsurance 136.9 %   73.2 %   92.4 %   70.6 %
                   
    Combined Ratio 155.1 %   98.1 %   117.6 %   96.5 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Combined Ratio including impact of retroactive reinsurance 180.6 %   97.4 %   123.8 %   97.2 %


    RECONCILIATION OF NON-GAAP MEASURES

    Underwriting Profit

    The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands)   2024       2023       2024       2023  
    Underwriting (loss) profit of the operating segments:              
    Excess and Surplus Lines $ (52,218 )   $ 8,898     $ (77,455 )   $ 54,347  
    Specialty Admitted Insurance   861       2,195       6,873       4,077  
    Total underwriting (loss) profit of operating segments   (51,357 )     11,093       (70,582 )     58,424  
    Other operating expenses of the Corporate and Other segment   (6,790 )     (7,628 )     (34,972 )     (33,940 )
    Underwriting (loss) profit (a)   (58,147 )     3,465       (105,554 )     24,484  
    Losses and loss adjustment expenses – retroactive reinsurance   (26,969 )     1,270       (37,237 )     (4,991 )
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized (losses) gains on investments   (2,803 )     7,954       3,625       10,441  
    Other income (expense)   (521 )     (1,394 )     (14 )     424  
    Interest expense   (5,709 )     (6,561 )     (24,666 )     (24,627 )
    Amortization of intangible assets   (91 )     (91 )     (363 )     (363 )
    Impairment of IRWC trademark intangible asset   —       —       —       (2,500 )
    (Loss) income from continuing operations before taxes $ (72,278 )   $ 30,231     $ (71,120 )   $ 86,914  
                   
    (a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).


    Adjusted Net Operating Income

    We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

    Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

      Three Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (102,924 )   $ (94,041 )   $ (142,605 )   $ (152,780 )
    Loss from discontinued operations   1,372       1,372       170,211       170,211  
    Losses and loss adjustment expenses – retroactive reinsurance   26,969       21,306       (1,270 )     (1,003 )
    Net realized and unrealized investment losses (gains)   2,803       2,214       (7,954 )     (6,284 )
    Other expenses   1,563       1,340       2,321       2,298  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (43,211 )   $ (40,803 )   $ 20,703     $ 12,442  
                   
      Twelve Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (125,903 )   $ (118,269 )   $ (92,479 )   $ (118,184 )
    Loss from discontinued operations   17,634       17,634       168,893       168,893  
    Losses and loss adjustment expenses – retroactive reinsurance   37,237       29,418       4,991       3,943  
    Net realized and unrealized investment gains   (3,625 )     (2,865 )     (10,441 )     (8,248 )
    Other expenses   6,145       5,573       1,588       1,938  
    Impairment of IRWC trademark intangible asset   —       —       2,500       1,975  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (41,506 )   $ (41,503 )   $ 75,052     $ 50,317  


    Tangible Equity (per Share) and Tangible Common Equity (per Share)

    We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

      December 31, 2024   September 30, 2024   December 31, 2023   September 30, 2023
    ($ in thousands, except for share data)              
    Shareholders’ equity $ 460,915   $ 530,347   $ 534,621   $ 562,544
    Plus: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Plus: Deferred reinsurance gain (a)   57,970     31,001     20,733     37,653
    Less: Goodwill and intangible assets   214,281     214,372     214,644     214,735
    Tangible equity $ 437,719   $ 491,874   $ 485,608   $ 530,360
    Less: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Tangible common equity $ 304,604   $ 346,976   $ 340,710   $ 385,462
                   
    Common shares outstanding   45,644,318     37,829,475     37,641,563     37,619,749
    Common shares from assumed conversion of Series A preferred shares   13,521,635     6,848,763     5,971,184     5,640,158
    Common shares outstanding after assumed conversion of Series A preferred shares   59,165,953     44,678,238     43,612,747     43,259,907
                   
    Equity per share:              
    Shareholders’ equity $ 10.10   $ 14.02   $ 14.20   $ 14.95
    Tangible equity $ 7.40   $ 11.01   $ 11.13   $ 12.26
    Tangible common equity $ 6.67   $ 9.17   $ 9.05   $ 10.25
                   
    (a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

    1 The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
    2 Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    3 Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    The MIL Network –

  • MIL-OSI: Christine P. Ball Appointed to the Board of Hanmi Financial Corporation

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), and its wholly-owned subsidiary, Hanmi Bank (the “Bank”), today announced that Christine P. Ball has been appointed to the Board of Directors of the Company and the Bank effective March 1, 2025. The addition of Ms. Ball brings the total number of Hanmi Board directors to eleven.

    “Christine brings a wealth of banking experience to the Hanmi Board,” said John J. Ahn, Chairman of the Board. “Her proven leadership and strategic insight, along with her deep expertise in credit and risk management, will be invaluable as we continue to strengthen our commitment to sound financial stewardship and long-term growth. We are very pleased to welcome Christine to our Board and look forward to her contributions.”

    Ms. Ball was appointed to the Risk, Compliance and Planning Committee of the Company, as well as the Loan and Credit Policy Committee and Asset Liability Management Committee of the Bank.

    Ms. Ball has more than 20 years of experience in corporate, commercial and private banking. Most recently, she served as Senior Vice President and Deputy Chief Credit Officer for City National Bank in Los Angeles. She joined the bank in 2013 as Senior Vice President and Division Credit Manager, Entertainment. Prior to that, Ms. Ball was a Senior Vice President at Wells Fargo Bank from 2008 until 2013 and a Senior Vice President for Wachovia Bank from 2006 until 2008 when it merged with Wells Fargo Bank. Ms. Ball earned a B.A. degree in economics from the University of California, Davis and an M.B.A. degree in finance from Cornell University.

    About Hanmi Financial Corporation
    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

    Investor Contacts:
    Romolo (Ron) Santarosa
    Senior Executive Vice President & Chief Financial Officer
    213-427-5636

    Lisa Fortuna
    Investor Relations
    Financial Profiles, Inc.
    lfortuna@finprofiles.com
    310-622-8251

    Media Contact:
    Juanita Gutierrez
    Vice President
    Financial Profiles, Inc.
    310-622-8235
    jgutierrez@finprofiles.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08a4916d-5d90-437f-852f-e08c40d42928

    The MIL Network –

  • MIL-OSI: Origin Bancorp, Inc. Provides Update on Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    RUSTON, La., March 03, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin”), the holding company for Origin Bank, today announced that five members of its Board of Directors will not stand for reelection at the 2025 Annual Meeting of Stockholders, decreasing the size of the Board from 16 to 11 directors. The Nominating and Corporate Governance Committee of the Board, including Origin’s lead independent director, has extensively studied the optimal Board size and composition in relation to the Company’s continued growth. Today’s announcement reflects the Board’s strategic initiative to reduce its size to better align with governance best practices. The five directors not standing for election are Jay Dyer, Farrell Malone, Lori Sirman, Elizabeth Solender and Steve Taylor.

    “Each of these directors has made invaluable contributions to our Company and we are grateful for their service,” said Drake Mills, Chairman, President and CEO of Origin Bancorp, Inc. “Their expertise helped Origin through periods of significant transformation and growth. It is a credit to their stewardship that these directors each recognize that right-sizing the Board is in the Company’s best interests moving forward. On behalf of the entire organization, I’d like to thank them for their service to Origin and their guidance to our Board and management.”

    Based on the recommendation of the Board’s Nominating and Corporate Governance Committee, the incumbent directors to be nominated for election at the 2025 Annual Meeting will be: Daniel Chu, James D’Agostino, Jr., James Davison, Jr., A. La’Verne Edney, Meryl Farr, Richard Gallot, Jr., Stacey Goff, Cecil Jones, Michael Jones, Gary Luffey and Drake Mills. The Company expects to hold its 2025 Annual Meeting on April 23, 2025.

    Michael Jones, Chair of the Board’s Nominating and Corporate Governance Committee, added, “With these changes, we will have a smaller, more efficient Board of Directors, consistent with our commitment to best-in-class corporate governance. We have been intentional in the composition of a Board that will continue to be made up of highly qualified directors who each bring relevant backgrounds and skills to support management in driving the Company’s strategy and future growth, including experience in the banking and financial services industries as well as in executive leadership, strategic and financial planning, and risk management.”

    The changes to the Board composition are not being made as a result of any disagreement between the departing directors and the Company.

    About Origin

    Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

    Contact Information

    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

    Media Contact
    Ryan Kilpatrick
    318-232-7472
    rkilpatrick@origin.bank

    The MIL Network –

  • MIL-OSI USA: Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China

    US Senate News:

    Source: The White House
    class=”has-text-align-left”>        By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, I hereby determine and order:
            Section 1.  Background.  With Executive Order 14195 of February 1, 2025 (Imposing Duties to Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I determined that the failure of the Government of the People’s Republic of China (PRC) to act to blunt the sustained influx of synthetic opioids, including fentanyl, flowing from the PRC to the United States constituted an unusual and extraordinary threat, which has its source in substantial part outside the United States, to the national security, foreign policy, and economy of the United States.  To address that threat, I invoked my authority under section 1702(a)(1)(B) of IEEPA to impose ad valorem tariffs on articles that are products of the PRC, as defined by the Federal Register notice described in section 2(d) of Executive Order 14195, as amended by Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).
            Pursuant to section 3 of Executive Order 14195, I have determined that the PRC has not taken adequate steps to alleviate the illicit drug crisis through cooperative enforcement actions, and that the crisis described in Executive Order 14195 has not abated.
           Sec. 2.  Amendment.  In recognition of the fact that the PRC has not taken adequate steps to alleviate the illicit drug crisis, section 2(a) of Executive Order 14195 is hereby amended by striking the words “10 percent” and inserting in lieu thereof the words “20 percent”.
           Sec. 3.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:             (i)   the authority granted by law to an executive department, agency, or the head thereof; or             (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.        (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.        (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.   
    THE WHITE HOUSE,    March 3, 2025.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: IMF – News in Russian

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

    Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

    Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

    “We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

    “Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

    “In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      4Q23 1Q24 2Q24 3Q24 4Q24
    GAAP Operating Revenues, Net $73.2 $73.6 $80.1 $92.5 $100.9
    % Change vs. prior year period 23% 25% 31% 41% 38%
    Non-GAAP Variable Profit* $45.9 $49.9 $51.8 $64.2 $72.6
    % Change vs. prior year period 80% 47% 57% 72% 58%
    Non-GAAP Variable Profit Margin* 63% 68% 65% 69% 72%
    GAAP Net Income $0.2 $34.2 $6.4 $0.5 $16.8
    Adjusted Net Income* $6.6 $8.1 $13.7 $21.1 $29.6
    Adjusted EBITDA* $10.0 $13.2 $15.2 $24.7 $33.4

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

    • New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
    • Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
    • ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
    • Dave Debit Card spend increased 24% to $457 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Annual Financial Highlights ($ in millions, unaudited)

      FY 2023 FY 2024
    GAAP Operating Revenues, Net $259.1 $347.1
    % Change vs. prior year 26% 34%
    Non-GAAP Variable Profit* $150.1 $238.5
    % Change vs. prior year 74% 59%
    Non-GAAP Variable Profit Margin* 58% 69%
    GAAP Net (Loss) Income ($48.5) $57.9
    Adjusted Net (Loss) Income* ($22.1) $72.5
    Adjusted EBITDA (Loss)* ($10.1) $86.5

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Liquidity Summary

    The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

    2025 Financial Guidance ($ in millions)

      FY 2025
    GAAP Operating Revenues, Net $415 – $435
    Year-Over-Year Growth 20% – 25%
    Adjusted EBITDA* $110 – $120
    Year-Over-Year Growth 27% – 39%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

    Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

    Conference Call 

    Dave management will host a conference call on Tuesday, March 4th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

    Date: Tuesday, March 4th, 2025
    Time: 8:30 a.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income (loss) as GAAP net income (loss) adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
                     
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating revenues:                
    Service based revenue, net   $ 90.8     $ 65.4     $ 311.4     $ 232.2  
    Transaction based revenue, net     10.1       7.8       35.7       26.9  
    Total operating revenues, net     100.9       73.2       347.1       259.1  
    Operating expenses:                
    Provision for credit losses     16.6       14.5       54.6       58.4  
    Processing and servicing costs     6.3       7.5       30.4       28.9  
    Advertising and marketing     12.6       10.0       44.9       48.4  
    Compensation and benefits     27.2       23.5       107.0       94.9  
    Other operating expenses     17.2       15.8       75.5       70.7  
    Total operating expenses     79.9       71.3       312.4       301.3  
    Other (income) expenses:                
    Interest expense, net     1.3       1.8       5.0       6.5  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Total other (income) expense, net     3.5       1.6       (25.7 )     6.2  
    Net income (loss) before provision for income taxes     17.5       0.3       60.4       (48.4 )
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
                     
    Net income (loss) per share:                
    Basic   $ 1.31     $ 0.01     $ 4.62     $ (4.07 )
    Diluted   $ 1.16     $ 0.01     $ 4.19     $ (4.07 )
                     
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
                     
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating expenses   $ 79.9     $ 71.3     $ 312.4     $ 301.3  
    Non-variable operating expenses     (51.6 )     (44.0 )     (203.8 )     (192.3 )
    Non-GAAP variable operating expenses   $ 28.3     $ 27.3     $ 108.6     $ 109.0  
                     
                     
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    GAAP operating revenues, net   $ 100.9     $ 73.2     $ 347.1     $ 259.1  
    Non-GAAP variable operating expenses     (28.3 )     (27.3 )     (108.6 )     (109.0 )
    Non-GAAP variable profit   $ 72.6     $ 45.9     $ 238.5     $ 150.1  
    Non-GAAP variable profit margin     72 %     63 %     69 %     58 %
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Interest expense, net     1.3       1.8       5.0       6.5  
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Depreciation and amortization     2.3       1.5       7.5       5.4  
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Adjusted EBITDA (loss)   $ 33.4     $ 10.0     $ 86.5     $ (10.1 )
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Income tax expense related to gain on extinguishment of convertible debt     0.5       —       1.0       —  
    Adjusted net income (loss)   $ 29.6     $ 6.6     $ 72.5     $ (22.1 )
                     
    Adjusted net income (loss) per share:                
    Basic   $ 2.31     $ 0.55     $ 5.79     $ (1.85 )
    Diluted   $ 2.04     $ 0.54     $ 5.24     $ (1.85 )
                     
                     
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
                     
        December 31,   December 31,        
          2024       2023          
                     
    Cash, cash equivalents and restricted cash   $ 51.4     $ 43.1          
    Marketable securities     0.1       1.0          
    Investments     40.5       113.2          
    Working capital     247.2       251.3          
    Total stockholders’ equity     183.1       87.1          

    The MIL Network –

  • MIL-OSI: Jamf announces intent to acquire Identity Automation to bring identity and device management together in one powerful, secure platform

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, March 03, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it signed a definitive agreement to acquire Identity Automation. Identity Automation is a dynamic identity and access management (IAM) platform for industries that are defined by frequent role adjustments, such as education and healthcare. Identity Automation’s comprehensive and advanced IAM platform automates identity and access management workflows to significantly reduce IT burden and enhance the user experience. With Identity Automation, Jamf will combine identity with device access in one unique solution, helping ensure secure devices and application access.

    A dynamic identity is defined as a role that frequently changes and therefore requires adjustments to access. One such industry where dynamic identity management is a key challenge is in K-12 education. Educators and their students have dynamic identities where their roles and access frequently change based on class, grade, school, and district. Identity Automation’s platform continuously adjusts access, device, and security policies based on real-time factors like schedules, shift changes, rosters, location, role and grade changes. By integrating dynamic identity management, Jamf can deliver one comprehensive security solution to benefit schools and other industries that rely on mobile-centric and deskless workflows, such as healthcare, retail, aviation, and field services.

    “We’re excited to bring Identity Automation’s identity and access capabilities into the Jamf platform,” said John Strosahl, CEO at Jamf. “By bringing our security solutions together, we’re creating a more streamlined and user-friendly experience that enables fast, dynamic access to all the resources users need to be productive. We see the huge potential to help organizations that have a shared-device model, deskless workers, temporary staff, or contractors. By removing cumbersome onboarding and off-boarding processes, users can be productive as soon as they pick up a device.”

    Identity Automation’s key product capabilities are delivered through its cloud-based IAM platform, RapidIdentity, and include:

    • Identity Lifecycle Management – end-to-end lifecycle management automates provisioning, role assignments, and de-provisioning with real-time updates from HR and Student Information Systems, reducing IT workload.
    • Access Governance – policy-driven configurations control who has access to systems and data, ensuring only the right people can access sensitive information at the right time.
    • Authentication – customizable multi-factor authentication policies with role-based access, Single Sign-On (SSO), and rostering capabilities to provide frictionless access to digital learning materials.

    “The Jamf team not only shares our passion for digital learning, but they also understand the challenges that come with it,” said Jim Harold, CEO at Identity Automation. “As technology becomes more integral to the learning experience, safeguarding student data, securing access, and preventing cyber threats are more important than ever. But security shouldn’t add friction. An intuitive user experience is essential to ensuring technology enhances rather than hinders the classroom experience. With Jamf, we will take great strides in further protecting and nurturing digital learning and expanding our joint capability to more industries that can benefit from dynamic identity.”

    Identity Automation’s dynamic role-based access offers unique workflows tailored to its core audiences in Education and Healthcare. These market segments encompass various role types that differ based on specific requirements. By implementing a flexible system that adapts to these role variations, customers can dynamically manage, synchronize, and authenticate appropriate access to the necessary systems, ensuring that access aligns with the individual’s current role and preference.

    While Identity Automation operates as a standalone solution, it also has the flexibility to integrate with other identity and SSO solutions. It can support SSO, user provisioning, and authentication with solutions like Okta, Clever, and ClassLink, integrate with Microsoft Active Directory (AD) for authentication and MFA, and enable federation and SSO access for Google’s cloud-based applications.

    Details Regarding the Proposed Acquisition

    Under the terms of the purchase agreement, Jamf will acquire Identity Automation for approximately $215.0 million in cash consideration, subject to customary adjustments as set forth in the purchase agreement. The deal is expected to close by the end of the second quarter of fiscal year 2025, and is subject to customary closing conditions.

    Kirkland & Ellis LLP served as legal adviser to Jamf. Macquarie Capital served as exclusive financial adviser to Identity Automation and McDermott Will & Emery LLP served as legal adviser to Identity Automation. Identity Automation was previously a portfolio company of Spotlight Equity Partners, a private equity firm investing in and helping scale growth software companies.

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit jamf.com.

    About Identity Automation

    Identity Automation provides identity and access management (IAM) solutions for K-12 and higher education. Its flagship platform safeguards learning environments, maximizes instructional time, and minimizes the load on Information & Educational Technology teams. Technology leaders turn to Identity Automation for its best-in-class security capabilities, time-saving automation, and flexible approach to managing digital identities. Headquartered in Houston, Texas, Identity Automation is trusted by Chicago Public Schools, Public Schools of North Carolina, Houston Community College, and hundreds of other institutions. To learn more visit: identityautomation.com.

    Forward-Looking Statements

    This release relates to a pending acquisition of Identity Automation, Inc. (“Identity Automation”) by Jamf Holding Corp. (“Jamf”, “we”, our” or “us”). This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, regarding the anticipated benefits of the acquisition, and the anticipated impacts of the acquisition on our business, products, financial results, and other aspects of our and Identity Automation’s operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These risks, uncertainties, assumptions, and other factors include, but are not limited to: the effect of the announcement of the acquisition on the ability of Jamf or Identity Automation to retain key personnel or maintain relationships with customers, vendors, developers, community members, and other business partners; risks that the acquisition disrupts current plans and operations; the ability of the parties to consummate the acquisition on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the acquisition; our ability to successfully integrate Identity Automation’s operations; our and Identity Automation’s ability to execute on our business strategies relating to the acquisition and realize expected benefits and synergies; and our ability to compete effectively, including in response to actions our competitors may take following announcement of the acquisition. Further information on additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Forward-Looking Statements” and elsewhere in our Form 10-K for the year ended December 31, 2024, and the other filings and reports we make with the Securities and Exchange Commission from time to time. Moreover, both we and Identity Automation operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the acquisition, or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or our management’s good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements.

    Media Contact:

    Liarna La Porta | media@jamf.com

    Investor Contact:

    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

  • MIL-OSI: GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.

    Fourth Quarter 2024 Financial Highlights

    • Total revenues of $295.8 million, increased 20.9% year-over-year.
    • Gross profit of $65.0 million, decreased 6.9% year-over-year.
      Gross margin was 22.0%, compared to 28.5% in the fourth quarter of 2023.
    • Net income of $31.0 million, decreased 12.9% year-over-year.         
      Net income margin was 10.5%, compared to 14.5% in the fourth quarter of 2023.
      Diluted EPS decreased 12.6% year-over-year to $0.76.   
    • Adjusted EBITDA1 decreased 29.5% year-over-year to $30.9 million.
      Adjusted EPS – diluted2 decreased 29.9% year-over-year to $0.75.
    • Cash, Cash Equivalents, Restricted Cash, and Investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year.

    Full Year 2024 Financial Highlights

    • Total revenues of $1,161.0 million, increased 65.0% year-over-year.
    • Gross profit of $285.2 million, increased 51.2% year-over-year.
      Gross margin was 24.6%, compared to 26.8% in 2023.
    • Net income of $125.8 million, increased 33.7% year-over-year.
      Net income margin was 10.8%, compared to 13.4% in 2023.
      Diluted EPS increased 32.6% year-over-year to $3.05.        
    • Adjusted EBITDA1 increased 32.6% year-over-year to $156.9 million.
      Adjusted EPS – diluted2 increased 31.8% year-over-year to $3.81.

    Operational Highlights

    • GigaCloud Marketplace GMV3 increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024.
    • 3P seller GigaCloud Marketplace GMV4 increased 62.8% year-over-year to $693.9 million for the 12 months ended December 31, 2024. 3P seller GigaCloud Marketplace GMV represented 51.7% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2024.
    • Active 3P sellers5 increased 36.3% year-over-year to 1,111 for the 12 months ended December 31, 2024.
    • Active buyers6 increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024.
    • Spend per active buyer7 was $144,142 for the 12 months ended December 31, 2024.

    “2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.

    In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”

    “Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”

    Business Outlook

    The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

    Share Repurchase Program

    In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.

    During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.

    Conference Call

    The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10045735-6sh8hd.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.

    A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.

    About GigaCloud Technology Inc

    GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

    For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    Forward-Looking Statements

    This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. 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 “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” 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 SEC.

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc

    Investor Relations

    Email: ir@gigacloudtech.com

    PondelWilkinson, Inc.

    Laurie Berman (Investors) – lberman@pondel.com

    George Medici (Media) – gmedici@pondel.com

     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands except for share data and per share data)
         
        December 31,
        2024   2023
    ASSETS        
    Current assets        
    Cash and cash equivalents   $ 259,759     $ 183,283  
    Restricted cash     685       885  
    Investments     42,674       —  
    Accounts receivable, net     57,313       58,876  
    Inventories     172,489       132,247  
    Prepayments and other current assets     14,672       17,516  
    Total current assets     547,592       392,807  
    Non-current assets        
    Operating lease right-of-use assets     451,930       398,922  
    Property and equipment, net     29,498       24,614  
    Intangible assets, net     6,198       8,367  
    Goodwill     12,586       12,586  
    Deferred tax assets     10,026       1,440  
    Other non-current assets     12,645       8,173  
    Total non-current assets     522,883       454,102  
    Total assets   $ 1,070,475     $ 846,909  
             
             
             
        2024   2023
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities        
    Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively)   $ 78,163     $ 69,757  
    Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively)     4,486       5,537  
    Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively)     88,521       57,949  
    Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively)     13,615       15,212  
    Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively)     79,594       57,319  
    Total current liabilities     264,379       205,774  
    Non-current liabilities        
    Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively)     395,235       343,511  
    Deferred tax liabilities     941       3,795  
    Finance lease obligations, non-current     382       111  
    Non-current income tax payable     4,321       3,302  
    Total non-current liabilities     400,879       350,719  
    Total liabilities   $ 665,258     $ 556,493  
    Commitments and contingencies        
             
             
             
        2024   2023
    Shareholders’ equity        
    Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively)   $ (11,816 )   $ (1,594 )
    Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively)     1,643       1,584  
    Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023)     403       466  
    Additional paid-in capital     120,262       111,736  
    Accumulated other comprehensive income (loss)     (4,136 )     526  
    Retained earnings     298,861       177,698  
    Total shareholders’ equity     405,217       290,416  
    Total liabilities and shareholders’ equity   $ 1,070,475     $ 846,909  
             
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (In thousands except for share data and per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Revenues              
    Service revenues $ 97,107     $ 69,336     $ 350,273     $ 199,184  
    Product revenues   198,675       175,401       810,769       504,647  
    Total revenues   295,782       244,737       1,161,042       703,831  
    Cost of revenues              
    Services   78,188       57,291       284,951       161,215  
    Product sales   152,604       117,609       590,855       353,983  
    Total cost of revenues   230,792       174,900       875,806       515,198  
    Gross profit   64,990       69,837       285,236       188,633  
    Operating expenses              
    Selling and marketing expenses   18,041       14,004       70,686       41,386  
    General and administrative expenses   16,979       13,130       73,944       30,008  
    Research and development expenses   2,356       2,344       9,791       3,925  
    Gains (losses) on disposal of property and equipment   (20 )     3,236       193       3,236  
    Total operating expenses   37,356       32,714       154,614       78,555  
    Operating income   27,634       37,123       130,622       110,078  
    Interest expense   (29 )     (108 )     (256 )     (1,240 )
    Interest income   2,849       1,293       9,405       3,304  
    Foreign currency exchange gains (losses), net   (754 )     4,239       (1,233 )     2,086  
    Government grants   8       438       37       911  
    Others, net   678       (137 )     2,039       (144 )
    Income before income taxes   30,386       42,848       140,614       114,995  
    Income tax expense   573       (7,273 )     (14,806 )     (20,887 )
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Net income attributable to ordinary shareholders   30,959       35,575       125,808       94,108  
    Foreign currency translation adjustment, net of nil income taxes   (715 )     232       (1,266 )     (278 )
    Net unrealized gains (losses) on available-for-sale investments   (12 )     —       7       —  
    Intra-entity foreign currency transactions gain (loss)   (2,565 )     —       (2,565 )     —  
    Release of foreign currency translation reserve related to liquidation of subsidiaries   (838 )     —       (838 )     —  
    Total other comprehensive income (loss)   (4,130 )     232       (4,662 )     (278 )
    Comprehensive Income $ 26,829     $ 35,807     $ 121,146     $ 93,830  
    Net income per ordinary share              
    —Basic $ 0.76     $ 0.87     $ 3.06     $ 2.31  
    —Diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Weighted average number of ordinary shares outstanding used in computing net income per ordinary share              
    —Basic   40,869,106       40,770,882       41,079,672       40,788,448  
    —Diluted   40,944,311       40,901,772       41,201,026       40,922,590  
                                   
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
       
      Year Ended
    December 31,
      2024   2023
    Cash flows from operating activities:      
    Net income $ 125,808     $ 94,108  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,524       2,873  
    Share-based compensation   16,825       2,503  
    Operating lease   29,282       2,485  
    Changes in accounts receivables, net   (234 )     (5,058 )
    Changes in inventories   (46,875 )     (16,514 )
    Changes in prepayments and other assets   (1,665 )     (9,249 )
    Changes in accounts payable, accrued expenses and other current liabilities   38,188       46,258  
    Changes in contract liabilities   (992 )     1,473  
    Changes in income tax payable   (1,023 )     10,977  
    Changes in deferred income taxes   (11,462 )     398  
    Other operating activities   1,702       3,198  
    Net cash provided by operating activities   158,078       133,452  
    Cash flows from investing activities:      
    Cash paid for purchase of property and equipment   (15,536 )     (4,380 )
    Cash received from disposal of property and equipment   2,103       462  
    Acquisitions, net of cash acquired   —       (86,629 )
    Purchases of investments   (73,831 )     —  
    Sale and maturities of investments   31,845       —  
    Net cash used in investing activities   (55,419 )     (90,547 )
    Cash flows from financing activities:      
    Repayment of finance lease obligations   (1,726 )     (2,212 )
    Repayment of bank loans   —       (197 )
    Repurchases of ordinary shares   (23,243 )     (1,594 )
    Net cash used in financing activities   (24,969 )     (4,003 )
    Effect of foreign currency exchange rate changes on cash and restricted cash   (1,414 )     190  
    Net increase in cash and restricted cash   76,276       39,092  
    Cash and restricted cash at the beginning of the year   184,168       145,076  
    Cash and restricted cash at the end of the year $ 260,444     $ 184,168  
    Supplemental disclosure of cash flow information      
    Cash paid for interest expense   256       1,240  
    Cash paid for income taxes   26,301       9,512  
    Non-cash investing and financing activities:      
    Purchase of property and equipment under finance leases   767       —  
    Reversal of subscription receivable from ordinary shares   —       312  
    Fair value of assets acquired by acquisition   —       273,086  
    Cash paid for business combinations and asset purchases   —       87,568  
    Liabilities assumed by acquisition   —       (185,518 )
                   
     
    GigaCloud Technology Inc
    UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
    (In thousands, except for per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
      (In thousands)
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Add: Income tax expense   (573 )     7,273       14,806       20,887  
    Add: Interest expense   29       108       256       1,240  
    Less: Interest income   (2,849 )     (1,293 )     (9,405 )     (3,304 )
    Add: Depreciation and amortization   2,271       1,723       8,524       2,873  
    Add: Share-based compensation expense   1,245       429       16,825       2,503  
    Add: Non-recurring items(1)   (180 )     —       128       —  
    Adjusted EBITDA $ 30,902     $ 43,815     $ 156,942     $ 118,307  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

     
    UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Net income per ordinary share – diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Adjustments, per ordinary share:              
    Add: Income tax expense   (0.01 )     0.18       0.36       0.51  
    Add: Interest expense   —       —       0.01       0.03  
    Less: Interest income   (0.07 )     (0.03 )     (0.23 )     (0.08 )
    Add: Depreciation and amortization   0.05       0.04       0.21       0.07  
    Add: Share-based compensation expenses   0.02       0.01       0.41       0.06  
    Add: Non-recurring items(1)   —       —       —       —  
    Adjusted EPS – diluted $ 0.75     $ 1.07     $ 3.81     $ 2.89  
                   
    Weighted average number of ordinary shares outstanding – diluted   40,944,311       40,901,772       41,201,026       40,922,590  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

    _____________________

    1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.

    2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.

    The MIL Network –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Quarterly Distribution of $0.18 per Share – Fund to Change Distribution Frequency

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund” or “MCN”) has declared its regular quarterly distribution of $0.18 per share on the Fund’s common shares, payable on April 1, 2025, to shareholders of record as of March 17, 2025, as noted below. The amount of the distribution represents no change from the previous quarter’s distribution amount of $0.18 per common share.

    In addition, the Fund announced that it will change its distribution frequency from quarterly to monthly. The first monthly declaration will be made on April 1, 2025, and the first monthly distribution will be made on May 1, 2025. Kimberly Flynn, President of XA Investments, said, “MCN has a long history of making consistent periodic payments to shareholders. We believe the change to monthly distributions will enable investors to better manage their cashflow needs.”

    The following dates apply to the declaration:

         
    Ex-Dividend Date    March 17, 2025
       
    Record Date    March 17, 2025
       
    Payable Date    April 1, 2025
       
    Amount    $0.18 per common share
       
    Change from Previous Quarter                No change
         

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

    * * *

    The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

    As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, based on a consideration of number of factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    * * *

    The Fund’s objective is to achieve a high level of current income and gains, with a secondary objective of capital appreciation. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments
    Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28 billion in assets under management as of December 31, 2024, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.
    Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

    * * *

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE

    * * *

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –