Category: Economy

MIL-OSI: Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

(Note: All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS^®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)

TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2024 net losses of $41.2 million ($0.30 net loss per diluted share), compared to net earnings of $371.8 million in fiscal year 2023 ($2.72 net earnings per diluted share). At December 31, 2024 the company’s book value per share decreased 4.1% to $20.96 from $21.85 at December 31, 2023 primarily due to unrealized foreign currency translation losses as the U.S. dollar strengthened against the Indian rupee.

Highlights for 2024 included the following:

Net realized gains on investments of $218.9 million primarily related to realized gains on sales of NSE ($167.3 million) and partial sales of CSB Bank ($43.0 million).
Excluding reversals of prior period unrealized gains primarily related to the sales of NSE ($167.2 million) and CSB Bank ($56.3 million), the company recorded a net change in unrealized gains on investments of $55.1 million, principally from increases in the fair values of the company’s listed investment in IIFL Capital (formerly IIFL Securities) ($183.9 million) and private company investments in BIAL ($78.6 million), Maxop ($43.1 million) and Jaynix ($34.5 million), partially offset by decreases in the fair value of the company’s listed investments in IIFL Finance ($124.2 million) and CSB Bank ($62.2 million), and private company investment in Sanmar ($95.1 million).
Interest and dividend income of $61.5 million primarily related to dividends received from Seven Islands ($29.9 million) and Saurashtra ($4.4 million), and interest earned on bonds ($16.3 million), primarily Government of India bonds.
On October 11, 2024 the company completed its previously announced investment in Global Aluminium Private Limited for a purchase price of $82.7 million (7.0 billion Indian rupees).
On December 3, 2024 the company entered into an agreement to acquire an additional 10.0% equity interest in BIAL through its wholly-owned subsidiary for purchase consideration of $255.0 million (to be paid in three installments over 18 months, with the initial installment of $84.2 million to be paid on closing). On January 28, 2025 the company obtained shareholder approval for a one-time deviation from its investment concentration restriction in order to complete the additional BIAL purchase. The transaction is expected to close during the first quarter of 2025.
The company continued to buy back shares under its normal course issuer bid and during 2024 purchased for cancellation 559,047 subordinate voting shares at a net cost of $8.4 million ($15.07 per subordinate voting share).

Fairfax India is in strong financial health, with cash and marketable securities at December 31, 2024 of $214.4 million and an undrawn $175.0 million revolving credit facility.

FAIRFAX INDIA HOLDINGS CORPORATION
95 Wellington Street West, Suite 800, Toronto, Ontario, M5J 2N7 Telephone: 416-367-4755

There were 135.0 million and 135.5 million weighted average common shares outstanding during the fourth quarters of 2024 and 2023, respectively. At December 31, 2024 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release.

Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.


For further information, contact:		John Varnell, Vice President, Corporate Affairs
		(416) 367-4755

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; weather risk; taxation risks; emerging markets; MLI; economic risk; trading price of subordinate voting shares relative to book value per share risk; and economic disruptions from the after-effects of the COVID-19 pandemic and the conflicts in Ukraine and the Middle East. Additional risks and uncertainties are described in the company’s annual information form dated March 8, 2024 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.


Information on
CONSOLIDATED BALANCE SHEETS
as at December 31, 2024 and December 31, 2023
(unaudited – US$ thousands)
	December 31, 2024		December 31, 2023
Assets
Cash and cash equivalents		59,322		174,615
Bonds		180,507		63,263
Common stocks		3,381,206		3,581,043
Total cash and investments		3,621,035		3,818,921

Interest and dividends receivable		8,849		1,367
Income taxes refundable		174		220
Other assets		722		1,027
Total assets		3,630,780		3,821,535

Liabilities
Accounts payable and accrued liabilities		1,300		912
Accrued interest expense		8,611		8,611
Income taxes payable		5,379		—
Payable to related parties		10,099		120,858
Deferred income taxes		149,780		108,553
Borrowings		498,349		497,827
Total liabilities		673,518		736,761

Equity
Common shareholders’ equity		2,826,495		2,958,718
Non-controlling interests		130,767		126,056
Total equity		2,957,262		3,084,774
		3,630,780		3,821,535

Book value per share	$	20.96	$	21.85


Information on
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
for the fourth quarters and years ended December 31, 2024 and 2023 (unaudited – US$ thousands except per share amounts)

	Fourth quarter						Year ended December 31,
		2024			2023		2024			2023
Income
Interest		4,049			3,511		19,504			16,833
Dividends		32,769			12,208		41,946			28,831
Net realized gains on investments		217			145,758		218,871			193,203
Net change in unrealized gains (losses) on investments		(23,929	)		44,581		(167,654	)		361,702
Net foreign exchange gains (losses)		(10,282	)		322		(12,616	)		(1,713	)
		2,824			206,380		100,051			598,856
Expenses
Investment and advisory fees		10,415			10,720		40,405			39,382
Performance fee		—			27,849		—			69,385
General and administration expenses		1,572			1,884		7,914			12,672
Interest expense		6,380			6,380		25,521			25,521
		18,367			46,833		73,840			146,960
Earnings (loss) before income taxes		(15,543	)		159,547		26,211			451,896
Provision for income taxes		15,444			22,794		58,948			68,050
Net earnings (loss)		(30,987	)		136,753		(32,737	)		383,846
Attributable to:
Shareholders of Fairfax India		(35,782	)		134,968		(41,173	)		371,770
Non-controlling interests		4,795			1,785		8,436			12,076
		(30,987	)		136,753		(32,737	)		383,846
Net earnings (loss) per basic and diluted share	$	(0.27	)	$	1.00	$	(0.30	)	$	2.72
Shares outstanding (weighted average)		134,994,563			135,464,165		135,165,840			136,818,139

Information on
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
for the fourth quarters and years ended December 31, 2024 and 2023 (unaudited – US$ thousands)

	Fourth quarter				Year ended December 31,
	2024		2023		2024		2023

Net earnings (loss)	(30,987	)	136,753		(32,737	)	383,846
Other comprehensive loss, net of income taxes
Item that may be subsequently reclassified to net earnings (loss)
Unrealized foreign currency translation losses, net of income taxes of nil (2023 – nil)	(63,961	)	(6,485	)	(85,545	)	(18,614	)
Comprehensive income (loss)	(94,948	)	130,268		(118,282	)	365,232
Attributable to:
Shareholders of Fairfax India	(96,918	)	128,727		(122,993	)	353,913
Non-controlling interests	1,970		1,541		4,711		11,319
	(94,948	)	130,268		(118,282	)	365,232

GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments, Government of India bonds and Other Public Indian Investments, in addition to short term receivables from investment custodians relating to dividends received on behalf of the company. The company uses this measure to monitor short term liquidity risk.

The MIL Network –

February 14, 2025

MIL-OSI: PDF Solutions® Announces Record 2024 Fourth Quarter and Full Year Total Revenues

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor and electronics ecosystem, today announced financial results for its fourth quarter and year ended December 31, 2024.

Financial Highlights of Fourth Quarter 2024

Record quarterly total revenues of $50.1 million, up 22% over last year’s comparable quarter
Record quarterly analytics revenue of $47.9 million, up 22% over last year’s comparable quarter
GAAP gross margin of 68% and non-GAAP gross margin of 72%
GAAP diluted earnings per share (EPS) of $0.01 and non-GAAP diluted EPS of $0.25

Financial Highlights of Full Year 2024

Record full year total revenues of $179.5 million, up 8% over last year
Record full year analytics revenue of $169.3 million, up 11% over last year
GAAP gross margin of 70% and non-GAAP gross margin of 74%
GAAP diluted EPS of $0.10 and non-GAAP diluted EPS of $0.84
Backlog of $221.4 million as of December 31, 2024

Total revenues for the fourth quarter of 2024 were $50.1 million, compared to $46.4 million for the third quarter of 2024 and $41.1 million for the fourth quarter of 2023. Analytics revenue for the fourth quarter of 2024 was $47.9 million, compared to $44.8 million for the third quarter of 2024 and $39.1 million for the fourth quarter of 2023. Integrated Yield Ramp revenue for the fourth quarter of 2024 was $2.2 million, compared to $1.7 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Total revenues for the full year 2024 and 2023 were $179.5 million and $165.8 million, respectively.

GAAP gross margin for the fourth quarter of 2024 was 68%, compared to 73% for the third quarter of 2024 and 68% for the fourth quarter of 2023. GAAP gross margin for the full year 2024 and 2023 was 70% and 69%, respectively.

Non-GAAP gross margin for the fourth quarter of 2024 was 72%, compared to 77% for the third quarter of 2024 and 72% for the fourth quarter of 2023. Non-GAAP gross margin for the full year 2024 and 2023 was 74% and 73%, respectively.

On a GAAP basis, net income for the fourth quarter of 2024 was $0.5 million, or $0.01 per diluted share, compared to net income of $2.2 million, or $0.06 per diluted share, for the third quarter of 2024, and net income of $0.9 million, or $0.02 per diluted share, for the fourth quarter of 2023. On a GAAP basis, net income for the full year 2024 was $4.1 million, or $0.10 per diluted share, compared to net income of $3.1 million, or $0.08 per diluted share, for the full year 2023.

Non-GAAP net income for the fourth quarter of 2024 was $9.9 million, or $0.25 per diluted share, compared to non-GAAP net income of $9.9 million, or $0.25 per diluted share, for the third quarter of 2024, and non-GAAP net income of $5.7 million, or $0.15 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the full year 2024 was $32.6 million, or $0.84 per diluted share, compared to non-GAAP net income of $28.5 million, or $0.73 per diluted share, for the full year 2023.

Cash, cash equivalents and short-term investments as of December 31, 2024, were $114.9 million.

Financial Outlook

“We are pleased with the progress we are making with our customers. During the fourth quarter of 2024, we completed an ongoing manufacturing evaluation of an eProbe machine earlier than the customer’s schedule, resulting in the sale to this new leading edge customer, booked multiple Exensio deals, and saw growth in our Cimetrix connectivity business from runtime licenses. In 2025, we expect our full year revenues to grow at a rate approaching 15% year over year,” said John Kibarian, CEO and President.

Conference Call

As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today. To participate on the live call, analysts and investors should pre-register at: https://register.vevent.com/register/BI1b05df01d9534a648d4fd2cd753be31c. Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at http://www.pdf.com/press-releases following the date of this release.

Fourth Quarter and Full Year 2024 Financial Commentary Available Online

A Management Report reviewing the Company’s fourth quarter and full year 2024 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.

Information Regarding Use of Non-GAAP Financial Measures

In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP gross profit and margin exclude stock-based compensation expense and the amortization of acquired technology under costs of revenues. Non-GAAP net income excludes stock-based compensation expense, amortization of acquired technology under costs of revenues, amortization of other acquired intangible assets, and the effects of certain non-recurring items, such as expenses for certain legal proceedings, non-recurring legal, tax and accounting service-related costs, loss on damaged equipment in-transit, net of recovery from previously written-off property and equipment, and their related income tax effects, as applicable, as well as adjustments for the valuation allowance for deferred tax assets and reconciling items. These non-GAAP financial measures are used by management internally to measure the Company’s profitability and performance. PDF Solutions’ management believes that these non-GAAP measures provide useful supplemental information to investors regarding the Company’s ongoing operations in light of the fact that none of these categories of expense and income has a current effect on the future uses of cash (with the exception of expenses related to certain legal proceedings and non-recurring legal, tax and accounting services) nor do they impact the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may differ from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income or loss as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF Solutions has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures to the non-GAAP financial measures is provided at the end of the Company’s condensed consolidated financial statements presented below.

Forward-Looking Statements

This press release and the planned conference call include forward-looking statements regarding the Company’s future expected business performance and financial results, including expectations about total revenue growth for 2025 and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms, that are subject to future events and circumstances. Other than statements of historical fact, all statements contained in this press release and the planned conference call are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: the effectiveness of the Company’s business and technology strategies; current semiconductor industry trends and competition; rates of adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development and investments in research and development; the continuing impact of macroeconomic conditions, including inflation, changing interest rates and tariffs, the evolving trade regulatory environment and geopolitical tensions, and other trends on the semiconductor industry, the Company’s customers, operations, and supply and demand for its products; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; recent and future acquisitions, strategic alliances and relationships and the Company’s ability to successfully integrate acquired businesses and technologies; whether the Company can successfully convert backlog into revenue; customers’ production volumes under contracts that provide Gainshare; the sufficiency of the Company’s cash resources and anticipated funds from operations; the Company’s ability to obtain additional financing if needed and its ability to use support and updates for certain open-source software; and other risks set forth in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and amendments to such reports. The forward-looking statements made in this press release and the conference call are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements. The Company has not filed its Annual Report on Form 10-K for the year ended December 31, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time the Company files its Annual Report on Form 10-K.

About PDF Solutions

PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystem to improve manufacturing yield, product quality and operational efficiency leading to increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor and electronics ecosystem to achieve smart manufacturing goals by connecting and controlling manufacturing equipment, collecting data generated during manufacturing and test operations, and using advanced analytics and machine learning models to enable profitable, high-volume manufacturing.

Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com.

PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

Company Contacts:
Adnan Raza		Sonia Segovia
Chief Financial Officer		Investor Relations
Tel: (408) 516-0237		Tel: (408) 938-6491
Email: adnan.raza@pdf.com		Email: sonia.segovia@pdf.com

PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)


	December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	90,594		$	98,978
Short-term investments		24,291			36,544
Accounts receivable, net		73,649			44,904
Prepaid expenses and other current assets		17,445			17,422
Total current assets		205,979			197,848
Property and equipment, net		48,465			37,338
Operating lease right-of-use assets, net		4,029			4,926
Goodwill		14,953			15,029
Intangible assets, net		12,307			15,620
Deferred tax assets, net		43			157
Other non-current assets		29,513			19,218
Total assets	$	315,289		$	290,136

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,255		$	2,561
Accrued compensation and related benefits		16,855			14,800
Accrued and other current liabilities		8,752			4,633
Operating lease liabilities ‒ current portion		1,675			1,529
Deferred revenues ‒ current portion		24,930			25,750
Billings in excess of recognized revenues		75			1,570
Total current liabilities		60,542			50,843
Long-term income taxes		2,915			2,972
Non-current operating lease liabilities		3,504			4,657
Other non-current liabilities		2,291			2,718
Total liabilities		69,252			61,190

Stockholders’ equity:
Common stock and additional paid-in capital		502,908			473,301
Treasury stock, at cost		(159,352	)		(143,923	)
Accumulated deficit		(93,988	)		(98,045	)
Accumulated other comprehensive loss		(3,531	)		(2,387	)
Total stockholders’ equity		246,037			228,946
Total liabilities and stockholders’ equity	$	315,289		$	290,136

PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)


	Three months ended										Year ended
		December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

Revenues:
Analytics		$	47,926		$	44,750		$	39,128		$	169,253		$	152,085
Integrated yield ramp			2,159			1,659			1,997			10,212			13,750
Total revenues			50,085			46,409			41,125			179,465			165,835

Costs and Expenses:
Costs of revenues			15,901			12,484			13,194			54,144			51,749
Research and development			14,417			13,516			12,308			53,566			50,736
Selling, general, and administrative			19,073			18,094			16,194			69,924			62,216
Amortization of acquired intangible assets			182			196			306			896			1,285
Interest and other expense (income), net			(962	)		(1,511	)		(1,020	)		(5,644	)		(5,020	)
Income before income tax benefit (expense)			1,474			3,630			143			6,579			4,869
Income tax benefit (expense)			(935	)		(1,424	)		744			(2,522	)		(1,764	)
Net income		$	539		$	2,206		$	887		$	4,057		$	3,105

Net income per share:
Basic		$	0.01		$	0.06		$	0.02		$	0.11		$	0.08
Diluted		$	0.01		$	0.06		$	0.02		$	0.10		$	0.08

Weighted average common shares used to calculate net income per share:
Basic			38,783			38,710			38,269			38,602			38,015
Diluted			39,104			39,105			38,814			39,047			38,937

PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN (UNAUDITED)
(In thousands)


	Three months ended										Year ended
		December 31,			September 30,			December 31,			December 31,			December 31,
		2024			2024			2023			2024			2023

GAAP
Total revenues		$	50,085		$	46,409		$	41,125		$	179,465		$	165,835
Costs of revenues			15,901			12,484			13,194			54,144			51,749
GAAP gross profit		$	34,184		$	33,925		$	27,931		$	125,321		$	114,086
GAAP gross margin			68	%		73	%		68	%		70	%		69	%

Non-GAAP
GAAP gross profit		$	34,184		$	33,925		$	27,931		$	125,321		$	114,086
Adjustments to reconcile GAAP to non-GAAP gross margin:
Stock-based compensation expense			1,336			1,366			1,147			5,087			4,169
Amortization of acquired technology			583			584			586			2,335			2,266
Non-GAAP gross profit		$	36,103		$	35,875		$	29,664		$	132,743		$	120,521
Non-GAAP gross margin			72	%		77	%		72	%		74	%		73	%

PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)
(In thousands, except per share amounts)


	Three months ended									Year ended
		December 31,		September 30,			December 31,			December 31,			December 31,
		2024		2024			2023			2024			2023

GAAP net income		$	539	$	2,206		$	887		$	4,057		$	3,105
Adjustments to reconcile GAAP net income to non-GAAP net income:
Stock-based compensation expense			6,507		6,730			5,923			25,047			21,484
Amortization of acquired technology under costs of revenues			583		584			586			2,335			2,266
Amortization of other acquired intangible assets			182		196			306			896			1,285
Expenses for certain legal proceedings (1)			69		—			75			69			2,600
Non-recurring legal, tax and accounting service-related costs			940		—			—			940			209
Loss on damaged equipment in-transit, net of (recovery) from previously written-off property and equipment			663		(55	)		—			608			(105	)
Tax impact of valuation allowance for deferred tax assets and reconciling items (2)			375		262			(2,060	)		(1,335	)		(2,374	)
Non-GAAP net income		$	9,858	$	9,923		$	5,717		$	32,617		$	28,470

GAAP net income per diluted share		$	0.01	$	0.06		$	0.02		$	0.10		$	0.08
Non-GAAP net income per diluted share		$	0.25	$	0.25		$	0.15		$	0.84		$	0.73

Weighted average common shares used in GAAP net income per diluted share calculation			39,104		39,105			38,814			39,047			38,937
Weighted average common shares used in non-GAAP net income per diluted share calculation			39,104		39,105			38,814			39,047			38,937

(1) Represents legal costs and expenses related to certain litigation and an arbitration proceeding which are expected to continue until these matters are resolved.
(2) The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments. For example, on a GAAP basis, the Company does not receive a deferred tax benefit for foreign tax credits or research and development credits after the valuation allowance. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense is not calculated with a full U.S. federal or state valuation allowance due to the Company’s cumulative non-GAAP income and management’s conclusion that it is more likely than not to utilize its net deferred tax assets (DTAs). Each reporting period, management evaluates the need for a valuation allowance and may place a valuation allowance against its U.S. net DTAs on a non-GAAP basis if it concludes it is more likely than not that it will not be able to utilize some or all of its U.S. DTAs on a non-GAAP basis.

The MIL Network –

February 14, 2025

MIL-OSI United Nations: Scaling up or losing steam? Parliamentarians debate the future of the SDGs

Source: United Nations 2

13 February 2025 SDGs

As the clock ticks toward 2030, parliamentarians gathered at UN Headquarters in New York on Thursday to assess the state of the Sustainable Development Goals (SDGs) – and the verdict was anything but unanimous.

Amid deepening global debt, taxation disputes and a widening gap between ambition and action, tensions flared over how (and whether) the SDGs can still be salvaged.

The meeting, themed Scaling up Action for the Sustainable Development Goals: Finance, Institutions and Politics, underscored the urgency of rebooting the 2030 Agenda.

“We are far behind from where we need to be on almost every single one of the SDGs,” said President of the General Assembly Philémon Yang.

With only 17 percent of SDG targets reportedly on track, the discussions revealed sharp divides over priorities and outlook.

Some called for renewed commitment; others questioned whether the goals should be replaced entirely.

Debt and development

Debt emerged as a key sticking point, with countries like Malta and Morocco pointing to the “great difficulty” of accessing financial mechanisms designed to support SDG implementation.

The Benin delegate went further, arguing that global wealth remains unevenly distributed, requiring structural concessions for heavily indebted nations.

But there was little consensus on solutions.

Cyprus defended its tailored tax system, arguing that small service-based economies cannot afford high taxes without stunting growth essential to development.

Meanwhile, Chile warned of the increasing use of tariffs as leverage in global decision-making, raising concerns about economic coercion in an already unequal system.

US economist Jeffrey Sachs, a leading voice on global development, called for action based on “fundamental fairness”, emphasising that many developing nations bear no historical responsibility for climate change yet struggle to access funding for basic needs.

“The money is there, believe me, it’s there” he said, “but it’s not flowing to the low income and lower middle-income countries right now.”

Political will: Commitment or fatigue?

Despite the financial hurdles, UN officials insisted that a lack of political will remains a fundamental barrier.

Guy Ryder, Under-Secretary-General for Policy challenged the perception of weak national ownership of the SDGs, noting that while commitment exists, it has not translated into sufficient results.

“17 percent doesn’t look like a pass rate,” he admitted. Nevertheless, “What would the figures have been like if there never had been the SDGs? What would the world look like?”, he put to the room.

Still, frustrations ran high. Some delegates questioned the effectiveness of existing frameworks.

A delegate from Sweden called for replacing the SDGs with new, more relevant goals, arguing that the 17 goals agreed amid fanfare in 2015 had run their course.

Morocco pushed back, warning that abandoning existing commitments before they are achieved would be futile. “We must achieve what we adopted in 2015,” the delegate stated.

Nigeria offered a middle ground, suggesting a redesigned approach to align national interests with global multilateralism.

Meanwhile, a parliamentarian from Qatar reflected on lessons from the SDGs’ predecessor, the Millennium Development Goals (MDGs), noting that while many targets were unmet, they laid the groundwork for future progress.

Where next for the SDGs?

As the meeting wrapped up, it was clear that while the SDGs remain the most ambitious global development framework, the road ahead is fraught with challenges.

National priorities continue to clash with multilateral ambitions and financial constraints risk derailing progress even further.

But if there was one point of agreement, it was that inaction is not an option.

As President of the Inter-Parliamentary Union (IPU) Tulia Ackson reminded delegates, “We must be willing to think less in terms of our own political interest and more in terms of the common good.”

Citing Nelson Mandela, she added: “It always seems impossible until it’s done.”

MIL OSI United Nations News –

February 14, 2025
MIL-OSI Australia: Albanese Government delivers faster broadband to the regions with completion of $480 million NBN upgrades

Source: Australian Ministers 1

Households and businesses in regional, remote and outer-urban areas are benefiting from faster broadband and increased data with the completion of the Albanese Government’s $480 million upgrades to NBN Co’s Fixed Wireless and Satellite services.

Around 800,000 premises can now access broadband speeds of at least 100/20 Mbps. These increased speeds allow for smoother streaming, faster downloads and uploads, and stronger connections – even with multiple devices online at the same time.

The fixed wireless upgrades have already delivered increased average end-user download speeds for households from around 48Mbps in 2022 to over 100 Mbps today.

Using the latest 4G and 5G wireless technology has also enabled an additional 120,000 premises to access fixed wireless for the first time.

NBN Co has launched two faster speed tiers: around 90% of premises in the fixed wireless footprint can now access speeds of up to 200-250 Mbps download. Around 80% of premises can access speeds of up to 400 Mbps.

These upgraded services are helping to meet Australia’s growing demand for data.

The average Australian household is using more than 450GB of data per month with around 22 connected devices. This is forecast to increase to 1 Terabyte and more than 40 devices by the end of the decade.

In addition to fixed wireless upgrades, the program has also improved NBN’s Sky Muster satellite service, which provides much-needed connectivity options for more than 200,000 households and businesses in regional and remote Australia.

Thanks to the Albanese Government, customers now have unlimited data through NBN Co’s Sky Muster Plus Premium, providing download speeds of up to 100 Mbps.

The $480 million upgrade complements the Albanese Government’s nation-building investment to deliver a world-class NBN fibre network, backed by an additional $3 billion equity investment.

Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP:

“Fast, reliable, affordable internet is an essential building block of any modern economy, boosting productivity, enabling innovation and creating jobs.

“Families and businesses in our regions and suburbs should have equal access to the opportunities the NBN delivers. Labor founded the NBN on this principle.

“Faster, more reliable internet allows smoother streaming, faster downloads and uploads, and stronger connections – even with multiple devices online at the same time.

“It enables access to essential government services, banking and telehealth, and learning and working online.

“The completion of these upgrades demonstrates what can be done with a publicly-owned NBN Co.

“In contrast, Peter Dutton wants to privatise the NBN, reducing services and making high speed internet more expensive for all Australians.”

MIL OSI News –

February 14, 2025
MIL-OSI Australia: South Coast Build to Rent homes construction to start

Source: New South Wales Premiere

Published: 14 February 2025

Released by: Minister for Planning and Public Spaces

Landcom’s build to rent project on the South Coast will start construction in the coming months to deliver much needed housing supply and security for the region’s renters.

The NSW Government developer Landcom has signed with Ulladulla based Zauner Construction Pty Ltd to deliver the construction of 60 new homes in Bomaderry.

The 48 new homes will be provided at market rates for long term rental, with the remaining twelve set aside for affordable housing for households on low to moderate incomes.

The building will demonstrate best practice sustainable design to maximise energy efficiency, reduce carbon emissions and provide a healthy environment for residents with fresh air and natural light.

There will be a mix of apartment sizes to suit the needs, lifestyles and budgets of the local community. Future residents will be close to Bomaderry railway station and have easy access to shops, open space and other amenities.

Construction will take around 18 months with new residents expected to move in by late 2026.

This week the NSW Government announced Landcom’s plans to transform the former WestConnex dive site at Camperdown into 500 new apartments including 200 Build to Rent apartments with discounted rents for essential workers like nurses, paramedics, teachers, police officers and firefighters.

Landcom is also leading the development of 50 new apartments in the NSW Northern Rivers as part of its Build to Rent Program in regional NSW.

For more information about the project visit Landcom: Bomaderry | Landcom

Minister for Planning and Public Spaces Paul Scully said:

“Landcom was formed by the Wran Labor Government and under a Minns Labor Government we are seeing a new level of investment and is supporting the delivery of new homes.

“From the regions to our city centres, the NSW Government is getting on with the job of delivering more affordable, well-built and connected homes to those that need it.

“The Minns Labor Government’s program is boosting housing supply in areas where we know people are struggling with the rising cost of rent.

“This will provide a boost to jobs and the local economy in the Shoalhaven region.”

Member for South Coast Liza Butler said:

“The injection of housing is welcome news and will be of great benefit to many families in the area. It is developments such as this that has been the missing link for Bomaderry and the South Coast.

“Long term, secure rental housing is important now, more than ever. I am proud to be part of the Minns Labor Government that is taking action to address the housing crisis in NSW.”

Duty MLC for Kiama Sarah Kaine MLC said:

“This is a great development, backed by responsible investment of government money, to boost housing supply, and tackle the housing crisis head on.

“It’s great to be part of a Government that is investing in affordable housing in our regional communitites and supporting local jobs.

MIL OSI News –

February 14, 2025
MIL-OSI USA: Washington joins landmark multistate lawsuit to stop Elon Musk’s unconstitutional power grab

Source: Washington State News

OLYMPIA — Washington State Attorney General Nick Brown today joined 13 other attorneys general in a lawsuit challenging President Trump’s unlawful delegation of executive power to Elon Musk — the world’s richest man who is unelected, unconfirmed and upending the federal government.

The lawsuit argues that President Trump has violated the Appointments Clause of the U.S. Constitution by creating a new federal department without congressional approval, and by granting Musk sweeping powers over the entire federal government without the advice and consent of the Senate or accountability to the people of the United States.

“Elon Musk has amassed — or simply taken for himself — unaccountable power to walk into any federal agency, fire people, eliminate programs authorized by Congress, and access confidential personal and national security information without regard for the consequences,” Brown said. “Washingtonians will not stand by while their safety and freedoms are threatened by a lawless administration intent on shredding the Constitution line by line.”

“Elon Musk’s role in the Trump administration is unconstitutional,” said Washington state Governor Bob Ferguson. “If the President wants Musk or any other powerful billionaire to have a significant role in running our government, he can and should appoint them as the Constitution requires.”

The lawsuit highlights how, with the president’s approval, Musk has unraveled federal agencies, accessed sensitive data, and caused widespread disruption for state and local governments, federal employees, and the American people. The complaint further asserts that Musk’s actions violate the Appointments Clause of the U.S. Constitution, which ensures that executive appointments are subject to congressional oversight and Senate confirmation.

Musk’s so-called Department of Government Efficiency has targeted federal agencies that provided over $20 billion in federal grants to Washington last year alone. Among other unlawful acts, he effectively shut down USAID, which provides grants that Washington State University and Washington farmers rely on to study and prevent deadly livestock diseases, protect Washington against disease outbreaks in other parts of the world, and strengthen food security. In the past days, he has threatened to close the Department of Education, which provided $2.5 billion to Washington last year for special education programs, school lunches, and academic assistance to students.

“Musk’s seemingly limitless and unchecked power to strip the government of its workforce and eliminate entire departments with the stroke of a pen, or click of a mouse, is unprecedented,” the lawsuit states. “The sweeping authority now vested in a single unelected and unconfirmed individual is antithetical to the nation’s entire constitutional structure.”

Defendants’ actions threaten the financial and operational stability of the states by disrupting billions of dollars in federal funding essential for law enforcement, healthcare, education, and other critical services. State agencies depend on federal funds and cooperative agreements, and the termination of these partnerships would result in severe budget shortfalls, staffing crises, and the potential loss of key programs. Similarly, the proposed elimination of the U.S. Department of Education would strip away federal civil rights oversight in schools, leaving states with uncertain legal authority to address discrimination cases involving students with disabilities and enforce Individualized Education Programs (IEPs) and disability protections.

Beyond financial and regulatory harms, the reckless expansion of DOGE’s authority endangers cybersecurity and erodes public trust. DOGE operatives have reportedly accessed federal financial databases containing sensitive state tax records and banking information without proper oversight, increasing the risk of cyberattacks, data breaches, and foreign exploitation.

The manipulation of federal IT infrastructure by unauthorized individuals threatens not only state financial security but also the integrity of critical national systems. As reports of unauthorized access to Treasury databases emerge, citizens have expressed growing fear that their private financial data is at risk, leading to a chilling effect on participation in state-administered federal programs. The plaintiff states are now forced to contend with both immediately.

Washington and its partner states seek a court ruling declaring Musk’s actions unconstitutional and invalidating them, and issuing an injunction barring him from issuing further unlawful orders.

The New Mexico Department of Justice leads this lawsuit with Arizona and Michigan as co-leads. Washington also joins New Mexico, Arizona, Michigan, California, Connecticut, Hawaii, Maryland, Massachusetts, Minnesota, Nevada, Oregon, Rhode Island, Hawaii, and Vermont.

-30-

Washington’s Attorney General serves the people and the State of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

Media Contact:

Email: press@atg.wa.gov

Phone: (360) 753-2727

General contacts: Click here

Media Resource Guide & Attorney General’s Office FAQ

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Attorney General Bonta Provides Guidance for Businesses on Diversity, Equity, Inclusion, and Accessibility Initiatives in the Workplace
Source: US State of California

Policies and practices that combat unalwful discrimination and harrassment remain an important – and legal – tool for improving hiring, retention, and employee engagement

OAKLAND – California Attorney General Rob Bonta today, as part of a coalition of 16 attorneys general, issued guidance to help businesses, nonprofits, and other organizations understand the viability and importance of diversity, equity, inclusion and accessibility policies and practices in creating and maintaining legally compliant and thriving workplaces. The guidance comes in response to concerns from employers stemming from President Trump’s executive order purportedly targeting “illegal DEI and DEIA policies.” The guidance emphasizes that efforts to seek and support diverse, equitable, inclusive, and accessible workplaces are not illegal and that the federal government cannot prohibit these efforts in the private sector through an executive order.

“The Civil Rights Act of 1964. The Americans with Disabilities Act. The Age Discrimination in Employment Act. All of these ‘diversity, equity, and inclusion’ laws have made our country fairer and stronger and a place where everyone can thrive. Despite what the President may say, diversity, equity, inclusion, and accessibility initiatives are not illegal – nor can he unilaterally make it so,” said Attorney General Bonta. “I urge California businesses not to fall for this scare tactic. Diverse and inclusive workplaces are good for businesses, consumers, and employees alike. In fact, it’s our culture of inclusivity and valuing of diverse perspective that has led California to become a global hub of innovation and the fifth largest economy in the world. To all the businesses hoping to grow and thrive in California, rest assured: We will continue to support your efforts to build and sustain successful and inclusive workplaces.”

Diversity, Equity, Inclusion and Accessibility Initiatives are Consistent with Federal and State Law

The Trump Administration has recently targeted private sector diversity, equity, inclusion, and accessibility policies and practices through an executive order directing agencies to “combat illegal private-sector DEIA preferences, mandates, policies, programs, and activities.” This order conflates valid and legal programs and practices supporting diversity, equity, inclusion and accessibility with unlawful preferences in hiring and promotion.

These initiatives are not the same as illegal hiring or promotional preferences to individuals based on protected characteristics. Instead, diversity, equity, inclusion and accessibility practices focus on ensuring that businesses can recruit, hire, and retain qualified employees, and that workplaces provides support needed for all employees to have respect, belonging, and exercise their individual potential to develop their skills and contribute to the success of the business.

For decades, state and federal courts have consistently recognized that diversity, equity, inclusion and accessibility policies do not amount to impermissible discrimination. In fact, employment discrimination laws generally require employers to pay attention to the impact their policies and practices have on different groups in order to avoid and limit liability for unlawful conduct.

Diversity, Equity, Inclusion and Accessibility Initiatives Help Businesses Prevent Workplace Discrimination

In their guidance, the coalition reminds businesses that state and federal law prohibits discrimination in the workplace on the basis of race, sex, national origin, and other protected characteristics. In order to effectively avoid liability for discrimination, employers must take steps to proactively prevent and address discrimination, including by identifying and remediating policies and practices that have an unlawful impact on current and prospective employees. Decades of research and data demonstrate that properly developed and implemented diversity, equity, inclusion and accessibility initiatives help prevent unlawful discrimination and ensure that discriminatory conduct is promptly identified, reported and addressed when it does occur.

Diversity, Equity, Inclusion and Accessibility Initiatives Foster Inclusive Recruiting, Hiring and Retention Practices

A study found that companies in the top quartile for diversity were 35% more likely to have financial gains above their respective industry counterparts. When diversity, equity, inclusion and accessibility principles are embedded within an organization’s culture, they reduce bias, boost workplace morale, foster collaboration, and create opportunities for all employees. Diverse organizations that prioritize inclusivity tend to outperform their peers, with higher returns, lower turnover, and a more attractive workplace for top talent.

The coalition’s guidance highlights best practices for recruitment and hiring, including:
- Prioritizing widescale recruitment efforts to attract a larger pool of applicants from a variety of backgrounds.
- Using panel interviews, which ensure that multiple people are involved in a hiring or promotion recommendation, helping to eliminate bias.
- Setting standardized criteria for evaluating candidates and employees, focused on skills and experience.
- Ensuring accessible recruitment and hiring practices and protocols, including reasonable accommodations as appropriate.
Additionally, organizations that offer benefits such as employee resource groups, mentorship programs, professionalism trainings, and work groups focused on diversity, equity, inclusion and accessibility are proven to have heightened employee retention and engagement. Best practices for professional development and retention include:
- Ensuring equal access to all aspects of professional development, training and mentor programs that provide clear pathways for career growth.
- Setting up Employee Resource Groups to create inclusive and supportive spaces where employees of particular backgrounds or common experiences feel valued and heard.
- Conducting training on topics such as unconscious bias, inclusive leadership, and disability awareness to improve employee confidence and create a shared understanding around cultural norms.
- Ensuring equal access to all aspects of employment, including through reasonable workplace accommodations.
Attorney General Bonta joins the attorneys general of Massachusetts, Illinois, Arizona, Connecticut, Delaware, Hawaii, Maine, Maryland, Minnesota, Nevada, New Jersey, New York, Rhode Island, Oregon, and Vermont in issuing the guidance.

A copy of the guidance is available here.

MIL OSI USA News –
February 14, 2025
MIL-OSI: Cenovus to hold fourth-quarter and full-year conference call and webcast on February 20

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its fourth-quarter and full-year 2024 results on Thursday, February 20, 2025. The news release will provide consolidated fourth-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

Conference call: 9 a.m. MT (11 a.m. ET)

To join the conference call, please dial 1-800-206-4400 (toll-free in North America) or 1-289-514-5005 to reach a live operator who will place you into the call.

It is recommended that participants dial in at least 10 minutes before the conference call begins.
A live audio webcast will also be available and archived for approximately 30 days.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts:

Investors Media

Investor Relations general line
403-766-7711 Media Relations general line
403-766-7751

The MIL Network –

February 14, 2025
MIL-OSI: Orrstown Financial Services, Inc. Announces Promotion of Adam Metz to Senior Executive Vice President and Chief Operating Officer

Source: GlobeNewswire (MIL-OSI)

HARRISBURG, Pa., Feb. 13, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Adam L. Metz has been promoted to Senior Executive Vice President and Chief Operating Officer of the Company and its subsidiary bank, Orrstown Bank (the “Bank”), effective immediately, with the intent for him to succeed Thomas R. Quinn, Jr. as President and Chief Executive Officer of the Company and the Bank upon Mr. Quinn’s retirement on May 25, 2026.

Mr. Metz has served as Executive Vice President and Chief Revenue Officer of the Company and the Bank since February 2019. He previously served as Executive Vice President and Chief Lending Officer of the Company and the Bank from September 2016 to February 2019. From 2011 to 2016, Mr. Metz served as Senior Vice President, Chief Lending Officer of Metro Bank, headquartered in Harrisburg, Pennsylvania.

“Adam understands the mission, culture and values that have driven Orrstown Bank’s growth over the past decade,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “His efforts and leadership have contributed significantly to the bank’s success during that time. Adam’s promotion is part of our natural succession planning process and is extraordinarily well-deserved.”

About Orrstown

With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudoun County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

Contact

For media inquiries or further information, please contact:

John Moss
SVP, Director of Marketing and Client Experience, Orrstown Bank
717-747-1520
jmoss@orrstown.com

The MIL Network –

February 14, 2025
MIL-OSI USA: Ricketts Leads Bicameral Legislation Pushing European Allies to Snapback U.N. Sanctions on Iran

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
February 13, 2025
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) introduced bicameral legislation that would push the United Kingdom, France, and Germany, otherwise known as the E3, to start a snapback of U.N. sanctions on Iran. These snapback sanctions would incude export controls, travel bans, asset freezes, and other restrictions on those involved in Iranian nuclear and missile activities. U.S. Representatives Claudia Tenney (R-NY-24) and Josh Gottheimer (D-NJ-05) introduced bipartisan companion legislation in the House.
“Iran is the leading state sponsor of terrorism, and their actions have led to the murder of American servicemembers,” Senator Ricketts said. “Iran’s possession of a nuclear weapon would threaten our security and the security of our allies. Snapback sanctions are key to ensuring that President Trump’s maximum pressure campaign is successful. This legislation delivers a strong message to our European allies. They need to step up.”
“Under the Biden administration, Iran grew more emboldened, bolstering its terrorist proxies worldwide with training, funding, and intelligence—all while expanding its nuclear stockpile,” Rep. Tenney said. “In contrast, within his first month in office, President Trump has taken decisive action to counter Iran’s malign influence and has pledged to reinstate his Maximum Pressure campaign. However, our E3 allies must invoke snapback sanctions on Iran before the ability to do so expires this October. Invoking snapback sanctions will restore all the UN sanctions on Iran that were lifted by the Obama administration’s failed Iran nuclear deal. This bicameral and bipartisan resolution sends a strong message to the E3 that it needs to step up and stop enabling Iran’s nuclear expansion. The time for snapback is now.”
“We cannot forget where the money ends up when sanctions are lifted on Iran — the world’s leading state sponsor of terror,” Rep. Gottheimer said. “The Iranian regime continues to finance a robust network of terrorist proxies, including Hamas, Palestinian Islamic Jihad, Hezbollah, and the Houthis, while actively trying to jumpstart their nuclear program. These actions pose a grave threat to the security and stability of the Middle East, our key democratic ally Israel, and the entire world. Our E3 allies must act swiftly and initiate snapback sanctions to curb Iran’s nuclear and other nefarious ambitions.”
Ricketts’ bill is co-sponsored by Senators John Barrasso (R-WY), Marsha Blackburn (R-TN), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Mike Crapo (R-ID), Ted Cruz (R-TX), Deb Fischer (R-NE), Bill Hagerty (R-TN), Jim Justice (R-WV), Cynthia Lummis (R-WY), Tim Sheehy (R-MT), Dan Sullivan (R-AK), and Todd Young (R-IN).
Text of the legislation can be found here. Bill introduction was first covered by Fox News here.
Ricketts announced the legislation yesterday in a conference call with Nebraska media.
BACKGROUND:
Specifically, the legislation:
Recognizes that Iran’s possession of a nuclear weapon would threaten the security of the United States, our allies, and our partners;
Condemns Iran’s flagrant and repeated violations of the first Iran nuclear deal;
Condemns Communist China and Putin’s Russia for supporting Iran’s malign activities;
Reaffirms America’s right to take any necessary measures to prevent Iran from acquiring nuclear weapons;
Supports increased sanctions on entities and individuals supporting Iran’s nuclear program;
Calls on the United Kingdom, France, and Germany to invoke the snapback of United Nations sanctions against Iran under U.N. Security Council Resolution 2231 as soon as possible.

MIL OSI USA News –

February 14, 2025
MIL-OSI Security: Former Illinois Speaker of the House Michael J. Madigan Convicted on Federal Conspiracy and Bribery Charges

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

CHICAGO — A federal jury in Chicago today convicted former Speaker of the Illinois House of Representatives MICHAEL J. MADIGAN on conspiracy and bribery charges for using his official position to corruptly solicit and receive personal financial rewards for himself and his associates.

Madigan, 82, of Chicago, was convicted on ten counts against him, including one count of conspiracy to commit an offense against the United States, four counts of using interstate facilities to promote unlawful activity, three counts of wire fraud, and two counts of bribery. The jury acquitted Madigan on four counts of using interstate facilities to promote unlawful activity, two bribery counts, and an attempted extortion count. U.S. District Judge John Robert Blakey declared a mistrial on six other counts for which the jury did not reach a unanimous verdict – one count of racketeering conspiracy, two counts of wire fraud, one count of bribery, one count of conspiracy to commit an offense against the United States, and one count of using interstate facilities to promote unlawful activity.

The jury returned its verdicts against Madigan after a four-month trial in U.S. District Court in Chicago. A sentencing hearing has not yet been scheduled. Each wire fraud count is punishable by a maximum sentence of 20 years in federal prison, while each bribery count is punishable by up to ten years. The maximum for conspiracy to commit an offense against the United States and each count of using interstate facilities to promote unlawful activity is five years.

Judge Blakey also declared a mistrial as to all six deadlocked counts against a co-defendant, MICHAEL F. MCCLAIN, 77, of Quincy, Ill. McClain was charged with one count of racketeering conspiracy, two counts of wire fraud, one count of bribery, one count of conspiracy to commit an offense against the United States, and one count of using interstate facilities to promote unlawful activity.

Evidence at trial revealed that Madigan, who served as House Speaker and occupied a number of other political roles, conspired with others to cause the utility company Commonwealth Edison to make monetary payments to Madigan’s associates as a reward for their loyalty to Madigan, in return for performing little or no legitimate work for the business. The true nature of the payments was to influence and reward Madigan in connection with specific legislation ComEd sought in the Illinois General Assembly.

Madigan was also convicted of scheming to accept legal work unlawfully steered to his private law firm and his son by an Alderman of the Chicago City Council, in exchange for Madigan’s assistance in inducing the Governor of Illinois to appoint the Alderman to a compensated State Board position.

The verdicts were announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, and Ramsey E. Covington, Acting Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago. The government is represented by Assistant U.S. Attorneys Amarjeet S. Bhachu, Diane MacArthur, Sarah E. Streicker, and Julia Schwartz.

MIL Security OSI –

February 14, 2025
MIL-OSI Security: Three Sales Executives Charged in Connection With Pre-IPO Fraud Scheme

Source: Office of United States Attorneys

Defendants Lied to Investors Regarding Hidden Markups and Fees and Stole Millions of Dollars in Investor Funds for Themselves

Earlier today, at the federal court in Brooklyn, a superseding indictment was unsealed charging Robert Cassino, also known as “Bobby Cassino,” Joseph Passalaqua and Joseph Rivera with securities fraud conspiracy, wire fraud conspiracy and securities fraud. The defendants were arrested today and are being arraigned this afternoon before United States Magistrate Judge James R. Cho. Raymond John Pirrello, Jr., also known as “Ray John,” was previously indicted for his involvement in the scheme.

John J. Durham, United States Attorney for the Eastern District of New York and James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) announced the charges.

“The defendants repeatedly lied to investors about the costs associated with their investments and diverted millions of dollars in undisclosed mark-up fees to their sales offices,” stated United States Attorney Durham. “My Office will vigorously prosecute those who seek to take advantage of individual investors for their own greed.”

Mr. Durham expressed his appreciation to the Securities and Exchange Commission (SEC), New York Regional Office, for its significant cooperation and assistance during the investigation.

“At the behest of the company’s leadership, three defendants allegedly enticed investors with material misinformation to steal millions of their dollars through undisclosed upfront fees. This alleged scheme allowed the defendants’ respective sales offices to unlawfully profit at the expense of their clients’ trust and money. The FBI will never permit any individual to engage in hypocritical financial practices to covertly divert investments for personal enrichment,” stated FBI Assistant Director in Charge Dennehy.

As detailed in the superseding indictment, Pirrello, Cassino, Passalaqua and Rivera engaged in a scheme to defraud investors and prospective investors in securities offered by the company Late Stage Management, LLC (Late Stage). Late Stage was a New Jersey based manager of investment funds that offered investors “no fee” opportunities to invest in “Pre IPO” stocks, i.e., shares of stock in companies that anticipated an initial public offering (“IPO”) in the near term. Late Stage worked with several sales offices throughout New Jersey, New York and Florida to promote the investments, including Pre IPO Marketing, Inc. (“Pre IPO Marketing”), Prior2IPO and B4IPO.

Pirrello worked as the partner to the leadership of Late Stage, and Cassino, Passalaqua and Rivera led operations at Pre IPO Marketing, Prior2IPO and B4IPO, respectively. Pirrello and co-conspirators communicated with Cassino, Passalaqua, Rivera and others about how to market Late Stage to investors. Cassino, Passalaqua and Rivera then made material misrepresentations and omissions to investors and potential investors in Late Stage relating to, among other things, the existence and amount of fees paid by investors in stock offered by Late Stage. For example, they claimed that the only time Late Stage profited was on exit, when the company made its IPO or sold to a larger company, in which case it would be entitled to a 20% share of the investor’s profits. In reality, however, Late Stage charged fees in the form of upfront markups ranging from 10-50% of each investment. In total, between approximately March 2019 and July 2022, sales offices working on behalf of Late Stage raised approximately $528 million from investors and diverted approximately $88.6 million in undisclosed upfront markups to Pirrello, Cassino, Passalaqua, Rivera and their co-conspirators.

The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.

If you believe that you or someone you know was victimized by Pirrello, Cassino, Passalaqua, Rivera or their co-conspirators, please inform the FBI at the following website: www.fbi.gov/Pirrello or by calling 1-800-CALL-FBI.

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorney Jessica K. Weigel is in charge of the prosecution with assistance from Special Agent Martin Sullivan and Paralegal Specialist Sarah Burn.

The Defendants:

ROBERT CASSINO (also known as “Bobby Cassino”)
Age: 62
Long Beach, New York

JOSEPH PASSALAQUA
Age: 36
Sparta, New Jersey

JOSEPH RIVERA
Age: 45
Elmont, New York

Previously Indicted Defendant:

RAYMOND JOHN PIRRELLO, JR. (also known as “Ray John”)
Age: 48
Sparta, New Jersey

E.D.N.Y. Docket No. 23-CR-499 (S-1) (KAM)

MIL Security OSI –

February 14, 2025

MIL-OSI: Trisura Group Reports Fourth Quarter and Record Annual Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the fourth quarter and year ended December 31, 2024.

David Clare, President and CEO of Trisura, stated, “Trisura achieved strong Operating net income of $38.2 million in the quarter, or $0.79 per share, supporting our highest ever annual Operating net income of $135.8 million, driven by growth, strong underwriting, and higher Net investment income. Operating combined ratio of 81.5% for the quarter and 82.9% for the year shows the strength and potential of the combined platform.

Growth, strong earnings, unrealized gains and the impact of foreign exchange lifted book value by 27% to $785 million, an all-time high. Profitability from core operations continued, resulting in a 19.4% Operating ROE.

We made significant progress expanding in 2024. Premiums from our US Surety platform grew by 197% in the year, broadening our footprint and developing relationships with important distribution partners. In US Corporate Insurance we bound our first premium, continued to establish our brand and grow our network while we build out licenses.

We observed weaker performance from a group of US programs we had previously non-renewed. These programs have been included in Exited lines, to clearly demonstrate their impact. Premium growth and profitability continued in our ongoing portfolio of US Programs.

Despite the impact of Exited lines, Trisura achieved an 88.8% Combined ratio for the year, and a 96.7% Combined ratio in the quarter. Net income in Q4 grew by 70.1% to $19.3 million and we reached our highest annual Net income ever of $118.9 million.

Growth initiatives remain well-funded with our highest book value yet and a conservative 11% debt-to-capital underscoring flexibility and capacity for growth.”

Financial Highlights

Insurance revenue increased by 5.2% in Q4 2024 led by strength in Primary lines (Surety, Corporate Insurance and Warranty). Importantly, these are the lines that have the highest underwriting margin.
Net income of $19.3 million in the quarter grew 70.1% compared to Q4 2023 as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio. Operating net income⁽¹⁾ of $38.2 million in the quarter grew 47.6% compared to Q4 2023, as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio.
Operating EPS⁽²⁾ of $0.79 for the quarter increased compared to $0.54 in the prior year, demonstrating the strength of core operations⁽³⁾ through continued growth and profitability. EPS of $0.40 in Q4 2024 was greater than $0.23 in Q4 2023, as a result of growth in the business, higher Net investment income, and improved profitability. EPS in the quarter was impacted by a higher Loss ratio associated with Exited lines.
Book value reached a new record of $785.3 million and book value per share⁽⁴⁾ of $16.44 increased 26.3% from December 31, 2023, the combined result of earnings from Trisura Specialty, investment returns and foreign exchange.
ROE⁽⁴⁾ of 16.9% increased compared to 12.2% in Q4 2023, demonstrating a return to our mid-teens target. Operating ROE⁽⁵⁾ of 19.4% was slightly lower than Q4 2023, as strong profitability from core operations continued, but Shareholders’ equity increased disproportionately from unrealized gains and foreign exchange.

Amounts in C$ millions	Q4 2024	Q4 2023	Variance	2024	2023	Variance
Insurance revenue	794.2	755.0	5.2%	3,118.3	2,789.2	11.8%
Net income	19.3	11.3	70.1%	118.9	66.9	77.6%
Operating net income⁽¹⁾	38.2	25.9	47.6%	135.8	110.2	23.3%
EPS – diluted, $	0.40	0.23	73.9%	2.45	1.42	72.5%
Operating EPS – diluted, $⁽²⁾	0.79	0.54	46.3%	2.80	2.34	19.7%
Book value per share, $⁽⁴⁾	16.44	13.02	26.3%	16.44	13.02	26.3%
Debt-to-Capital ratio⁽⁴⁾	11.1%	10.8%	0.3pts	11.1%	10.8%	0.3pts
ROE⁽⁴⁾	16.9%	12.2%	4.7pts	16.9%	12.2%	4.7pts
Operating ROE⁽⁵⁾	19.4%	20.0%	(0.6pts)	19.4%	20.0%	(0.6pts)
Combined ratio	96.7%	105.4%	(8.7pts)	88.8%	91.2%	(2.4pts)
Operating combined ratio⁽⁶⁾	81.5%	88.1%	(6.6pts)	82.9%	81.9%	1.0pts

Insurance Operations

Insurance revenue of $794.2 million, increased by 5.2% compared to Q4 2023, reflecting stronger growth from Surety and Warranty in particular. Trisura’s Primary lines (Surety, Corporate Insurance and Warranty) grew by 17.7% in the quarter.
The consolidated Operating combined ratio⁽³⁾ was 81.5% for the quarter reflecting a lower Loss ratio⁽³⁾ than the prior year, driven by strong results in Surety and Corporate Insurance, slightly offset by investments in our US expansion.
Strong underwriting contributed to a loss ratio in Trisura Specialty of 12.8%, a ROE of 27.4% and Operating ROE of 24.9% in Q4 2024.

Capital

The Minimum Capital Test ratio⁽⁷⁾ of our regulated Canadian subsidiary was 276% as at December 31, 2024 (251% as at December 31, 2023), which comfortably exceeded regulatory requirements⁽⁸⁾ of 150%.
As at December 31, 2024, the Risk-Based Capital⁽⁹⁾ of the regulated US insurance companies are expected to be in excess of the various company action levels of the states in which they are licensed. Calculations are finalized as statutory returns are completed.
Consolidated debt-to-capital ratio of 11.1% as at December 31, 2024 is below our long-term target of 20.0%.

Investments

Net investment income rose 5.8% in the quarter compared to Q4 2023. The portfolio benefited from increased capital generated from strong operational performance.

Earnings Conference Call

Trisura will host its Fourth Quarter and 2024 Annual Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, February 14th, 2025.

To listen to the call via live audio webcast, please follow the link below:

https://edge.media-server.com/mmc/p/mghkbw3a/

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

For more information, please contact:

Name: Bryan Sinclair

Tel: 416 607 2135

Email: bryan.sinclair@trisura.com

Trisura Group Ltd. Consolidated Statements of Financial Position As at December 31, 2024 and December 31, 2023 (in thousands of Canadian dollars, except as otherwise noted)
As at	December 31, 2024	December 31, 2023
Cash and cash equivalents	270,378	604,016
Investments	1,434,534	890,157
Other assets	42,392	53,712
Reinsurance contract assets	2,771,163	2,003,589
Capital assets and intangible assets	29,383	16,657
Deferred tax assets	44,043	16,314
Total assets	4,591,893	3,584,445
Insurance contract liabilities	3,546,053	2,769,951
Other liabilities	162,302	120,065
Loan payable	98,272	75,000
Total liabilities	3,806,627	2,965,016
Shareholders’ equity	785,266	619,429
Total liabilities and shareholders’ equity	4,591,893	3,584,445

Trisura Group Ltd. Consolidated Statements of Comprehensive Income For the three and twelve months ended December 31 (in thousands of Canadian dollars, except as otherwise noted)
	Q4 2024	Q4 2023	2024	2023
Insurance revenue	794,162	754,953	3,118,322	2,789,187
Insurance service expenses	(881,999)	(615,167)	(2,748,110)	(2,245,246)
Net income (expense) from reinsurance contracts assets	101,624	(135,627)	(253,980)	(458,606)
Insurance service result	13,787	4,159	116,232	85,335
Net investment income (loss)	17,138	16,206	67,045	51,669
Net gains (losses) & net credit impairment losses	2,886	9,058	24,699	(8,763)
Total investment income	20,024	25,264	91,744	42,906
Finance expenses from insurance contracts	(7,015)	(27,716)	(78,522)	(75,875)
Finance income from reinsurance contracts	5,908	23,511	67,732	65,759
Net insurance finance expenses	(1,107)	(4,205)	(10,790)	(10,116)
Net financial result	18,917	21,059	80,954	32,790
Net insurance and financial result	32,704	25,218	197,186	118,125
Other income	508	727	7,506	7,654
Other operating expenses	(6,804)	(10,346)	(42,932)	(32,947)
Other finance costs	(947)	(565)	(3,270)	(2,409)
Income before income taxes	25,461	15,034	158,490	90,423
Income tax expense	(6,208)	(3,714)	(39,575)	(23,482)
Net income	19,253	11,320	118,915	66,941
Operating net income	38,181	25,875	135,850	110,201
Other comprehensive income (loss)	17,194	8,452	43,843	6,328
Comprehensive income	36,447	19,772	162,758	73,269

Trisura Group Ltd. Consolidated Statements of Cash Flows For the three and twelve months ended December 31 (in thousands of Canadian dollars, except as otherwise noted)
	Q4 2024	Q4 2023	2024	2023
Net income	19,253	11,320	118,915	66,941
Non-cash items	(3,127)	(11,727)	(20,517)	5,264
Change in working capital	102,620	100,302	68,598	194,038
Realized (gains) losses	(784)	1,769	(2,314)	3,950
Income taxes paid	(16,609)	(1,736)	(42,316)	(9,841)
Interest paid	(984)	(1,115)	(2,640)	(2,439)
Net cash from (used in) operating activities	100,369	98,813	119,726	257,913
Proceeds on disposal of investments	140,380	12,894	342,306	102,492
Purchases of investments	(221,476)	(41,001)	(795,269)	(219,121)
Acquisition of subsidiary	–	–	(15,015)	–
Net purchases of capital and intangible assets	(647)	32	(3,835)	(714)
Net cash (used in) investing activities	(81,743)	(28,075)	(471,813)	(117,343)
Shares issued	–	(63)	2,989	51,507
Shares purchased under Restricted Share Units plan	922	436	(2,215)	(1,409)
Loans received	–	–	46,607	–
Loans repaid	–	–	(23,335)	–
Principal portion of lease payments	(234)	(510)	(2,006)	(2,034)
Net cash from (used in) financing activities	688	(137)	22,040	48,064
Net decrease in cash and cash equivalents, during the period	19,314	70,601	(330,047)	188,634
Cash and cash equivalents, beginning of period	262,850	531,484	604,016	406,368
Currency translation	(11,786)	1,931	(3,591)	9,014
Cash and cash equivalents, end of period	270,378	604,016	270,378	604,016

Non-IFRS Financial Measures and other Financial Measures

Table 1 – Reconciliation of reported Net income to Operating net income⁽⁴⁾: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

	Q4 2024	Q4 2023	2024	2023
Net income	19,253	11,320	118,915	66,941
Adjustments:
Non-recurring Surety revenues	–	–	–	(4,596)
Impact of certain changes in Fronting reinsurance structures	–	–	1,435	–
Loss from run-off program	–	19,196	3,714	47,229
Non-recurring items	(3,100)	4,549	3,565	4,549
Impact of Exited lines	30,577	–	30,577	–
Impact of SBC	(839)	1,589	3,507	(1,914)
Impact of movement in yield curve within Finance (expenses) income from insurance and reinsurance contracts	(396)	2,071	1,207	723
Net (gains) losses	(2,886)	(9,058)	(24,699)	8,763
Tax impact of above items, and other tax adjustments	(4,428)	(3,792)	(2,371)	(11,494)
Operating net income	38,181	25,875	135,850	110,201

Table 2 – ROE⁽⁴⁾and Operating LTM ROE⁽⁵⁾: a measure of the Company’s use of equity.

	Q4 2024	Q4 2023
LTM net income	118,915	66,941
LTM average equity	702,012	549,672
ROE	16.9%	12.2%
Operating LTM net income⁽¹⁾	135,850	110,201
Operating LTM ROE	19.4%	20.0%

Table 3 – Reconciliation of Average equity⁽¹⁰⁾to LTM average equity: LTM average equity is used in calculating Operating ROE.

	Q4 2024	Q4 2023
Average equity	702,348	556,538
Adjustments: days in quarter proration	(336)	(6,866)
LTM average equity	702,012	549,672

Footnotes

(1) See section on Non-IFRS financial measures table 10.2 in Q4 2024 MD&A for details on composition. Operating net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, Operating Metrics table.

(2) This is a non-IFRS ratio. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. Details on composition and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, table 10.17.

(3) See Section 10, Operating Metrics in Q4 2024 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

(4) This is a supplementary financial measure. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition.

(5) This is a non-IFRS ratio. See table 10.18 in Q4 2024 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

(6) This is a non-IFRS ratio. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition. Operating combined ratio excludes the impact of certain items to normalize results in order to reflect our Trisura Specialty operations.

(7) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

(8) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

(9) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

(10) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Non-IFRS and Other Financial Measures

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three and twelve months ended December 31, 2024. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

The MIL Network –

February 14, 2025

MIL-OSI: Patria Announces Changed Record Date for Previously Announced Regular Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, Feb. 13, 2025 (GLOBE NEWSWIRE) — Patria Investments Limited (Nasdaq:PAX) has amended the record date of its recently declared quarterly cash dividend of US$0.15 per share from February 28, 2025 to February 25, 2025. The payment date for the quarterly dividend will remain March 17, 2025, as previously announced on February 12, 2025.

About Patria

Patria is a global alternative asset manager and industry leader in Latin America. Founded over 35 years ago, Patria has total assets under management of $41.9 billion, and offices in 13 cities on 4 continents. Patria aims to generate attractive long-term investment returns and, through a diversified platform with strategies that include Private Equity, Infrastructure, Credit, Real Estate, Public Equities and Global Private Markets Solutions, serve as the gateway to alternative investments for both local investors in Latin America, as well as global investors. Further information is available at www.patria.com.

Forward-Looking Statements

This press release may contain 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. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled “Risk Factors” in our most recent annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.

Contact: Patria Shareholder Relations
E. PatriaShareholderRelations@patria.com
T. +1 917 769 1611

The MIL Network –

February 14, 2025
MIL-OSI: Compass Diversified Announces Fourth Quarter and Full Year 2024 Earnings and Conference Call Information

Source: GlobeNewswire (MIL-OSI)

WESTPORT, Conn., Feb. 13, 2025 (GLOBE NEWSWIRE) — Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, announced today that it plans to release financial results for the fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025, after the close of market trading. The Company has scheduled a conference call to discuss the results on Thursday, February 27, 2025, at 5:00 p.m. ET.

In conjunction with reporting fourth quarter and full year 2024 results, CODI will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT with the Company’s Chief Executive Officer, Elias Sabo, the Company’s Chief Financial Officer, Stephen Keller, and Pat Maciariello, the Chief Operating Officer of Compass Group Management. A live webcast of the call will be available on the Investor Relations section of CODI’s website. To access the call by phone, please go to this link (registration link) and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time on the Company’s website.

About Compass Diversified

Since its IPO in 2006, CODI has consistently executed its strategy of owning and managing a diverse set of highly defensible, middle-market businesses across the industrial, branded consumer and healthcare sectors. The Company leverages its permanent capital base, long-term disciplined approach, and actionable expertise to maintain controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and has consistently generated strong returns through its culture of transparency, alignment and accountability. For more information, please visit compassdiversified.com.

Forward Looking Statements

This press release may contain certain forward-looking statements, including statements with regard to the expected timing of earnings announcements and the future performance of CODI and its subsidiaries. Words such as “believes,” “expects,” and “future” or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the SEC for the year ended December 31, 2023 and in other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations
Compass Diversified
irinquiry@compassdiversified.com

Gateway Group
Cody Slach
949.574.3860
CODI@gateway-grp.com

Media Relations
Compass Diversified
Mediainquiry@compassdiversified.com

The IGB Group
Leon Berman
212.477.8438
lberman@igbir.com

The MIL Network –

February 14, 2025

MIL-OSI: Prestige Wealth Inc. Announces First Half of Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (Nasdaq: PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2024.

Mr. Kazuho Komoda, the Company’s Chief Executive Officer, commented, “Reflecting upon the first half of fiscal year 2024, we made many strategic layouts including exploring the path of using technology method to scale up wealth management business, preparing for expanding business areas and actively seeking talents for business upgrade. Meanwhile, we also maintain stable growth in our existing business and garnered an increase of our total revenues from compared to the same period of fiscal year 2023.”

Mr. Komoda continued, “Benefited from our efforts and status of listed company, we have access to better business resources, advanced technology, and financing capabilities to hedge against negative macroeconomic impacts. In fact, we have also made many significant strategic initiatives in fiscal year 2024, including acquisitions and post IPO financing. This presents us with immense opportunities, and we want to assure our clients and shareholders that we are in prime position to harness these prospects. We will continue to strive to create value for all shareholders.”

First Half of Fiscal Year 2024 Financial Results

	For the Six Months Ended March 31,
	2024		2023		Change		Change
	USD		USD		USD		%
	(Unaudited)		(Unaudited)
Selected Unaudited Interim Condensed Consolidated Statements of Income Data:
Net revenues	497,629		312,964		184,665		59.01
Operation cost and expenses	(1,105,629	)	(311,871	)	793,758		254.51
(Loss) Income from operations	(608,000	)	1,093		(609,093	)	(55,726.72	)
Other income	118,580		3,335		115,245		(3,455.59	)
(Loss) Income before income taxes	(489,420	)	4,428		(493,848	)	(11,152.85	)
Income taxes (expenses) benefits	(14,009	)	21,132		(35,141	)	(166.29	)
Net (loss) income	(503,429	)	25,560		(528,989	)	(2,069.60	)
(Loss) Earnings per ordinary share – basic and diluted	(0.055	)	0.003		(0.058	)	(1,933.33	)

Net Revenues

Net revenues were $497,629 in the six months ended March 31, 2024, compared to $312,964 in the six months ended March 31, 2023. The increase was primarily due to increase in net revenue from asset management services, partially offset by the decrease in net revenue from wealth management services.

Net revenue from wealth management services was $11,685 in the six months ended March 31, 2024, compared to $74,875 in the six months ended March 31, 2023. The decrease was primarily due to the decrease number of cases of referrals.
Net revenue from asset management services was $485,944 in the six months ended March 31, 2024, increased from $238,089 in the six months ended March 31, 2023. The increase was primarily due to the Company provided asset management related advisory services to new client.

Operating Costs and Expenses

Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were $1,105,629 in the six months ended March 31, 2024, compared to $311,871 in the six months ended March 31, 2023. The increase in selling, general and administrative expenses was mainly due to the increases in wages & salaries from senior management, depreciation of right-of-use assets and audit fee.

(Loss) Income from operations

Loss from operations was $608,000 in the six months ended March 31, 2024, compared to an income from operations of $1,093 in the six months ended March 31, 2023.

Income Tax (Expenses) Benefits

Income tax expenses were $14,009 in the six months ended March 31, 2024, compared to an income tax benefit of $21,132 in the six months ended March 31, 2023, primarily because the Company had net taxable profits from one of its subsidiaries.

Net (Loss) Income

Net loss was $503,429 in the six months ended March 31, 2024, compared to a net income of $25,560 in the six months ended March 31, 2023.

Basic and Diluted Earnings per Share

Basic and diluted loss per share was $0.055 in the six months ended March 31, 2024, compared to basic and diluted earnings per share $0.003 in the six months ended March 31, 2023.

Balance Sheet

As of March 31, 2024, the Company had cash and cash equivalents of $294,548, compared to $431,307 as of September 30, 2023.

Cash Flow

Net cash used in operating activities was $2,995,580 in the six months ended March 31, 2024, compared to net cash provided by operating activities of $454,660 in the six months ended March 31, 2023, mainly due to increase in prepayment.

Net cash used in investing activities was $2,862,641 in the six months ended March 31, 2024, compared to net cash provided by investing activities of $1,414,297 in the six months ended March 31, 2023, due to decease in loan and interest repayment from a related party.

Net cash used in financing activities was $nil in the six months ended March 31, 2024, compared to net cash used by investing activities of $545,499 in the six months ended March 31, 2023, due to decease in deferred offering cost.

Recent Accounting Pronouncements

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 is designed to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023, with early adoption permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

Recent Developments

On November 4, 2024, the Company completed its acquisition of all shares of SPW Global Inc., a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore. Wealth AI is a company based in Singapore that offers personalized, cost-effective wealth management solutions using artificial intelligence. Founded by AI experts from top technology companies in 2022, Wealth AI is dedicated to the transformative potential of artificial intelligence in wealth management.

On December 16, 2024, the Company completed its acquisition of all shares of InnoSphere Tech Inc. (“InnoSphere Tech”), a company incorporated under the laws of the British Virgin Islands. InnoSphere Tech is a technology company that leverages its advantages in web scraping technology to collect data on finance, wealth management, and related industries according to international standards. Through the accumulation and processing of large amounts of data, its system can train a specialized large model tailored for the wealth management industry, providing robust foundational support to clients in the financial sector that surpasses traditional general-purpose large models.

On December 16, 2024, the Company also completed its acquisition of all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a company incorporated under the laws of the British Virgin Islands. Tokyo Bay is a company based in Tokyo, Japan. Founded by experienced professionals, the Tokyo Bay team has accumulated extensive premium client resources and local market knowledge over the past years, providing wealth management services, family affairs services, lifestyle management services and related value-added services to high-net-worth clients in Japan.

About Prestige Wealth Inc.

Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company’s website: http://ir.prestigewm.hk/index.html.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. 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.

PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS
	March 31, 2024			September 30, 2023
	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	294,548		$	431,307
Restricted cash		200,000			200,000
Accounts receivable		350,826			273,257
Contract asset		3,002			91,565
Note Receivables		1,037,199			3,755,794
Amounts due from related parties		1,619,590			1,592,593
Right-of-use assets, current		213,978			213,814
Income tax receivable		45,783			29,279
Prepaid expenses and other assets		2,765,857			66,484
Total current assets		6,530,783			6,654,093

NON-CURRENT ASSETS
Right-of-use asset, non-current	$	42,247		$	140,898
Prepaid expenses and other assets		68,672			68,620
Total non-current assets	$	110,919		$	209,518
Total assets	$	6,641,702		$	6,863,611

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Income tax payable	$	37,345		$	27,648
Lease liability, current		237,535			220,101
Amounts due to related parties		190,844			—
Deferred tax liabilities		11,858			14,415
Other payables and accrued liabilities		435,228			257,906
Total current liabilities	$	912,810		$	520,070

NON-CURRENT LIABILITIES
Lease liability, non-current	$	49,095		$	160,996
Total non-current liabilities	$	49,095		$	160,996
Total liabilities	$	961,905		$	681,066

Shareholders’ equity
Ordinary share ($0.000625 par value, 1,600,000,000 shares authorized, 9,150,000 shares issued and outstanding as of March 31, 2024; $0.000625 par value, 160,000,000 shares authorized, 9,150,000 shares issued and outstanding as of September 30, 2023)*	$	5,719		$	5,719
Additional paid in capital		2,570,664			2,570,664
Retained earnings		3,139,565			3,642,994
Accumulated other comprehensive loss		(36,151	)		(36,832	)
Total shareholders’ equity	$	5,679,797		$	6,182,545
Total liabilities and shareholders’ equity	$	6,641,702		$	6,863,611

* The shares are presented on a retroactive basis to reflect the Company’s share subdivision on July 15, 2022.

PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the six months ended March 31,
	2024			2023
	(Unaudited)			(Unaudited)
Net revenue
Wealth management services
Referral fees	$	11,685		$	74,875

Asset management services
Advisory service fees		459,974			212,486
Management fees		25,970			25,603
Subtotal		485,944			238,089
Total net revenue		497,629			312,964

Gross Margin		497,629			312,964

Operation cost and expenses
Selling, general and administrative expenses		1,105,629			311,871
Total operation cost and expenses		1,105,629			311,871

(Loss) Income from operations		(608,000	)		1,093

Other income		118,580			3,335

(Loss) Income before income taxes		(489,420	)		4,428
Income taxes (expenses) benefits		(14,009	)		21,132

Net (loss) income	$	(503,429	)	$	25,560

Other comprehensive (loss) income
Foreign currency translation adjustment		681			6,016
Total comprehensive (loss) income	$	(502,748	)	$	31,576

(Loss) Earnings per ordinary share
Basic and diluted	$	(0.055	)	$	0.003

Weighted average number of ordinary shares outstanding*
Basic and diluted		9,150,000			8,000,000

The MIL Network –

February 14, 2025

MIL-OSI USA: Ernst Calls for the Senate to Confirm Kelly Loeffler as SBA Administrator

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – Today, U.S. Senator Joni Ernst (R-Iowa), chair of the Senate Committee on Small Business and Entrepreneurship, spoke on the Senate floor in support of Kelly Loeffler to be confirmed as the Administrator of the Small Business Administration (SBA).
Chair Ernst has highlighted Kelly Loeffler’s plan to fix the broken SBA and advanced her nomination out of committee on a bipartisan vote of 12-7.
Watch her full remarks here.
Ernst’s remarks as delivered:
“Mr. President, later today we have the opportunity to advance the nomination of the Honorable Kelly Loeffler to be the Administrator of the Small Business Administration.
“Senator Loeffler is immensely qualified for this role.
“As a successful businesswoman, it is abundantly clear that Senator Loeffler truly understands what it takes to be an entrepreneur and will be an effective voice for small businesses across America.
“Since President Trump’s election in November, optimism on Main Street has surged to its highest levels since 2018!
“Our nation’s job creators – small businesses – are excited about the prospect of having a dedicated and knowledgeable leader at the helm of SBA.
“Last week, the Small Business Committee, where I serve as Chair, favorably reported her nomination out with a bipartisan vote — a sure sign that my friends on both sides of the aisle believe she is fit to lead SBA.
“Senator Loeffler will bring accountability back to the agency and promote policies that will truly benefit American small businesses.
“As evidenced in her nomination hearing, Senator Loeffler’s experience and her expertise make her the right person to lead the SBA and advocate for our small businesses.
“Growing up on her family’s farm in Bloomington, Illinois, Senator Loeffler experienced firsthand the problems facing America’s farmers and small business owners.
“And as a fellow farm girl myself, I look forward to having some more Midwest common sense in Washington D.C.!
“Senator Loeffler also witnessed her parents start up a small trucking business and navigate complex rules and regulations.
“She understands the struggles small businesses face because you know what, she has experienced them.
“Fortunately, Senator Loeffler is ready to cut the red tape and reduce the burdens that so many of our job creators still face today.
“Senator Loeffler is also a successful entrepreneur.
“She was the first employee and CEO of a financial technology company.
“Through her hard work and tenacity, she aggressively grew the company and took it public within three years.
“Additionally, Senator Loeffler knows what it means to work for Main Street and the American people.
“During COVID, as a U.S. Senator, she worked tirelessly to bring relief to the people of Georgia, specifically through the Paycheck Protection Program.
“However, she, like me, recognizes that some took advantage of this program, and they need to be held accountable.
“During her confirmation hearing, Senator Loeffler detailed her zero-tolerance policy for waste, fraud, and abuse in the SBA.
“Mr. President, that should be welcome news for all of us.
“In addition, Senator Loeffler indicated the need for a full-scale audit – I started my political career as an auditor so I agree with this – the full-scale audit at the SBA to uncover any improper spending, and stated she would rely on that data to make the best decisions for the future of SBA.
“Senator Loeffler also noted the importance of working with Congress, particularly when it comes to disaster relief.
“She recognized the tragedy of the SBA’s disaster shortfall – which lasted for 66 days in the middle of back-to-back natural disasters – she recognized that this should never happen again.
“SBA’s vital role in the disaster process cannot be overstated, and we must ensure we have an Administrator who will alert Congress at the first signs of any concerns.
“The SBA needs a strong leader with a proven track record in business management, and Senator Loeffler brings all of that and more to the table.
“I look forward to working with Senator Loeffler to ensure small businesses all across America can thrive and maintain these high levels of optimism we’re already seeing under this administration.
“I urge my colleagues to advance her nomination. Support her with a yes vote.”

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”

US Senate News:

Source: United States Senator for Washington Maria Cantwell
02.13.25
Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”
WA depends on steel & aluminum imports; last year, the state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last round of Trump trade wars nearly decimated WA’s apple export market to India; Cantwell helped negotiate end to retaliatory tariffs in 2023 & restore the market
WASHINGTON, D.C. – This morning, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, appeared on CNBC’s Squawk Box to push back against President Trump’s aggressive use of tariffs, even against the United States’ closest allies, instead of focusing on opening up export markets and lowering costs for American consumers.
“This is the fourth week of the Trump Administration, and I would hope that we would have been hearing about how we’re lowering costs on housing, food prices, and drugs. And instead, we’re now in – it almost seems like a tariff tantrum, like we’re just going to tariff everything. And what I would like to see is an engagement by both Democrats and Republicans pushing back on this notion that a ‘tariff everything’ strategy is the way to get out of this situation,” Sen. Cantwell told Squawk Box’s Andrew Ross Sorkin.
“I’ve been critical of Obama’s tariffs. I’ve been critical of Biden’s tariffs. What I want people to understand is we live in a world, now, where alliances and dealing with these issues on a coalition basis will get us further, because 95% of consumers are outside the United States,” she continued.
“In the last Trump administration, he did the same thing [… he] cut hundreds of apple jobs in my state that never recovered. But it decimated a $120 million market, and then, basically, because of the retaliatory tariffs, we were without an apple market to India. I worked in the Biden administration to get that restored. So, what people don’t understand is, in this environment, you don’t just lose farmland — because actually, Bill Gates or somebody will buy it — you’re losing farmers. And right now, the world, we should be opening up markets. We should be opening up agriculture opportunities around the globe.”
Her full appearance on Squawk Box can be viewed HERE; a transcript of the interview is HERE.
In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics.
When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.
Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023. In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
Last week, Sen. Cantwell also delivered a major speech on the Senate floor arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.
Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.
In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.
In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.
In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.
In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Cantwell Sounds Alarm on Trump Funding Cuts for Lifesaving Biomed Research

US Senate News:

Source: United States Senator for Washington Maria Cantwell
02.13.25
Cantwell Sounds Alarm on Trump Funding Cuts for Lifesaving Biomed Research
State University is on the front lines of avian flu research – Trump’s NIH cuts could jeopardize pandemic response
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined the entire Senate Democratic Caucus in sending a letter to U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. expressing serious alarm over the Trump Administration’s recent decisions that threaten to undermine America’s life-saving biomedical research infrastructure, in violation of federal law.
“This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly,” the Senators wrote.
Last week, the National Institutes of Health (NIH) announced it would set the maximum rate for indirect costs to 15 percent—creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system and stifle the development of new cures for disease.
This Trump administration action is blatantly illegal as Congress’ bipartisan Labor-HHS-Education Appropriations law prohibits modifications to NIH’s indirect costs. Moreover, Congress specifically included this language in the law after President Trump similarly tried to unilaterally impose a sweeping across-the-board cut for research institutions in his first term – and Congress has included it in every appropriations law since then.
Research entities in Washington state received $1.29 billion in NIH funding in Fiscal Year 2023, which supports nearly 12,000 jobs and nearly $3 billion in economic activity. A state by state analysis of total NIH funding, jobs supported, and economic activity supported through NIH research is available HERE.
Earlier this week, Washington state Attorney General Nick Brown joined 21 other attorneys general in filing a multi-state lawsuit in the U.S. District Court for Massachusetts challenging the move. A federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21st.
Sen. Cantwell discussed the repercussions of the proposed NIH cuts during her floor speech explaining her opposition to RFK Jr.’s nomination to head the Health and Human Services Administration last night. Video of Sen. Cantwell’s speech is available HERE, audio HERE, and transcript HERE.
For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.
The full text of the letter is HERE and below.
Dear Secretary Kennedy,
We write to express our serious concern with the Trump Administration’s recent decisions that threaten to undermine the nation’s biomedical research infrastructure and set us back generations. The steps the Trump Administration has taken will create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, could cost the U.S. economy billions of dollars, and threaten the livelihoods of hundreds of thousands of workers.
As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds.
Just last week, NIH announced an illegal plan to cap indirect cost rates that research institutions rely on. In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding essential for conducting research, such as operating and maintaining laboratories, equipment, and research facilities. This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly.
These confusing and harmful policy changes threaten patient safety. The strength of the American research enterprise – recognized as the best in the world – is built on Congress’ bipartisan commitment to supporting essential research infrastructure. This funding, which Congress has long appropriated on a bipartisan basis, fuels groundbreaking medical discoveries and cements the United States’ position as the global leader in biomedical research.
In addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia, with everyone from custodians, to research trainees, to scientists facing potential layoffs. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023. Every dollar the NIH invests in research generates almost $2.50 in economic activity. These reckless policy changes not only threaten biomedical innovation and research, but also the livelihoods of thousands of workers in every state across the nation.
The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications “pause” enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research – they cost lives.
The NIH plays a critical role in our nation’s efforts to fund scientific advancements that improve health and save lives. Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted.
Sincerely,

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Sullivan Legislation Strengthens U.S./Israel Alliance, Reinstates “Peace Through Strength” Policies in the Middle East

US Senate News:

Source: United States Senator for Alaska Dan Sullivan
02.13.25
WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Armed Services Committee (SASC), introduced a package of three bills focused on promoting stability and security in the Middle East: the Enhanced Iran Sanctions Act, the United States-Israel Defense Partnership Act of 2025, and the Stop the ICC. These bills work to strengthen the U.S.-Israel military alliance, bolster the U.S. sanctions regime against Iran—the architect of chaos in the Middle East—and prohibit U.S. funding of or cooperation with the antisemitic International Criminal Court (ICC). Much of Sullivan’s Enhanced Iran Sanctions Act dovetails with President Trump’s recent executive orders on Iran and Israel.
“Taken together, this suite of bills sends a clear message that the United States stands firmly with Israel,” said Senator Sullivan. “The Biden administration refused to enforce the comprehensive Iran sanctions that President Trump enacted during his first term. As a result, Iran was given more than $70 billion and used this windfall to spread terror across the Middle East and in Israel. Congress needs to send a clear message that this must stop. Further, to better protect our interests at home and strengthen our alliance with Israel, we must strengthen the U.S.-Israel security partnership and stand with Israel against antisemitic institutions that threaten the existence of our closest ally in the Middle East. It’s time to return to ‘peace through strength’ in the Middle East and stand stronger than ever against the Iranian regime and its terrorist proxies that are threatening Israel and American interests throughout the region.”
See below for summaries of Senator Sullivan’s legislation.
Enhanced Iran Sanctions Act
This legislation supports the return to a maximum pressure posture toward Iran by strengthening the U.S. sanctions regime against Iran by filling the gaps on existing sanctions legislation and mandating rigorous enforcement of sanctions. Specifically, the legislation expands the range of sanctions to encompass the full logistical chain of Iranian energy exports, it creates an interagency task force to constantly track Iranian illicit activities, and it sunsets the timeline to issue sanctions waivers. It also includes provisions to encourage a new multilateral contact group with like-minded nations to coordinate international sanctions enforcement efforts.
Specifically, the bill takes several important measures:
Imposes secondary sanctions on the entire logistical chain of foreign entities supporting Iran’s illicit oil sales, including Chinese banks, maritime insurance providers, and flagging registries, as well as the executive-level leadership in those corporations and their immediate family members. It also imposes sanctions on family members of individuals in Iran sanctioned for terrorism, ballistic missile production, or weapons of mass destruction (WMD) facilities.
Creates an interagency Iran sanctions working group tasked with constantly tracking illicit transfers of Iranian oil, gas, and related products, with a periodic reporting plan to outline efforts to keep abreast of the evolving sanctions-evasion efforts, and identify new sanctions designations packages.
Creates a multilateral contact group for harmonizing and enforcing international sanctions on Iran.
Directs the provision of a private sector reporting mechanism, which financially incentivizes private sector counterparts to share information about illicit Iranian transfer operations.
Initiates a periodic (180-day) review by the President to justify maintaining existing waivers on eligible nations’ purchase of Iranian oil, accompanied by a detailed, credible plan to phase out the need for waivers for each applicable country. This would include sunset waiver authority on Iran sanctions, following a periodic congressional review.
Sunsets the presidential sanctions waiver authority in February 1, 2029.
This legislation is cosponsored by Senators Richard Blumenthal (D-Conn.), John Cornyn (R-Texas), and Pete Ricketts (R-Neb.).
The United States-Israel Defense Partnership Act of 2025
This bill strengthens the U.S.-Israel security partnership by extending and expanding existing bilateral security initiatives. It also establishes new cooperative programs, including a broader initiative on unmanned systems, establishing a Defense Innovation Unit in Israel, and advocating for consideration of Israel’s inclusion in the National Technology Industrial Base (NTIB). Finally, it calls for greater cooperation between Israel and regional countries in advancing work on Integrated Air and Missile Defense.
Specifically, this bill takes several important measures:
Establishes a program between the United States and Israel on Countering Unmanned Systems (C-UxS). This entails a program of cooperation to develop, test, and deploy advanced C-UxS technologies to address threats posed by UAS, funded at $150 million per year.
Extension and expansion of the U.S.-Israel Counter-UAS Cooperative Program. This would increase funding for the current initiative from $55 million to $75 million annually.
Extension and expansion of the United States-Israel Anti-Tunneling Cooperative Program. Extends the authorization of the U.S.-Israel Anti-Tunneling Cooperative Program to Dec 31, 2028 and increases the authorization to $80 million per year.
Authorizes cooperation between the United States and Israel on emerging defense technologies for 5 years (United States-Israel Future of Warfare Act). Provides $47.5 million a year to encourage further defense collaboration with Israel in areas of emerging technologies, including autonomous systems, artificial intelligence, cybersecurity, quantum, and biotechnology.
Reauthorizes the War Reserves Stockpile Authority – Israel (WRSA-I); extends the authorization of WRSA-I, which expires at the end of 2026, through January 1, 2029.
Establishes a Defense Innovation Unit (DIU) office in Israel. A DIU office in Israel will work with the Israeli Minister of Defense and private sector to counter Iran’s development of dual-use defense technologies.
Israel-National Technology Industrial Base (NTIB) Engagement. This requires the Secretary of Defense to engage with his or her Israeli counterpart to initiate a discussion on the process of Israeli ascension into NTIB.
Integrated Air and Missile Defense (IAMD). This requires the Secretary of Defense to provide a report on strengthening IAMD in the Middle East.
This legislation is cosponsored by Senators Gary Peters (D-Mich.), Richard Blumenthal (D-Conn.), Pete Ricketts (R-Neb.), and Jacky Rosen (D-Nev.).
Stop the ICC Act
This bill prohibits funding for and cooperation with the International Criminal Court (ICC), based on its antisemitic efforts to prosecute top Israeli officials and create a false equivalence between Israel and Hamas, a terrorist organization. It also prohibits U.S. economic support for the Palestinian Authority (PA) based on its cooperation with the ICC’s investigations against Israeli officials. Specifically, it instructs the President to freeze property assets and deny visas to any foreigners who materially or financially contributed to the ICC’s efforts to “investigate, arrest, detain or prosecute a protected person.” Protected persons are defined as all current and former military and government officials of the U.S. and allies that have not consented to the court’s jurisdiction, such as Israel. The legislation covers the 32-member NATO and the 19 major non-NATO countries, which include Israel, Japan, Taiwan, Australia, South Korea, the Philippines, and Egypt. It would also rescind any funds the U.S. has designated for the ICC and prohibit any future money for the court.
Background: In May 2024, ICC Prosecutor Karim Khan announced that he was seeking warrants for Israeli Prime Minister Netanyahu and then-Defense Minister Yoav Gallant, as well as Hamas leadership. In November 2024, the court issued warrants for Mr. Netanyahu, Mr. Gallant and Hamas leaders for war crimes and crimes against humanity.
This legislation is cosponsored by Senator Tom Cotton (R-Ark.).

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: WATCH: Senator Reverend Warnock Secures Commitment from Fed Chair to Report to Congress If Musk-Led DOGE Attempts to Access Protected Systems or Undermine Agency’s Independence

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

WATCH: Senator Reverend Warnock Secures Commitment from Fed Chair to Report to Congress If Musk-Led DOGE Attempts to Access Protected Systems or Undermine Agency’s Independence

Senator Reverend Warnock secured a commitment from Federal Reserve Chair Jerome Powell, to report to Congress if the Department of Government Efficiency (DOGE) attempts to undermine the agency’s independence

The commitment came during the Federal Reserve’s semi-annual Monetary Policy Report to Congress during a Wednesday’s Senate Banking committee hearing

Senator Reverend Warnock’s questioning underscored concern around the recent reports of DOGE accessing several federal agencies’ privileged information

During the hearing, Senator Reverend Warnock also highlighted the recent news of the dissolution of the Consumer Financial Protection Bureau

Senator Reverend Warnock on DOGE: “Thousands of Georgians, of all political stripes, have written into my office, and they are alarmed by an unelected billionaire and his hackster’s dangerous and illegal attempts to access American private data”

Senator Reverend Warnock on CFPB: “Certainly the bureau (CFPB) was not created to be dismantled. Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services”

Watch Senator Reverend Warnock at Thursday’s hearing HERE

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Banking Committee, secured a commitment from Chair of the Federal Reserve, Jerome Powell, promising to report back to Congress and specifically, the Senate Banking committee, if he learned of any attempt by the Department of Government Efficiency (DOGE) to access the Federal Reserve’s protected systems or any attempt to undermine the agency’s independence.

“Will you commit to report to this committee, majority and minority, immediately, should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed’s (Federal Reserve) independence or access protected systems?” asked Senator Reverend Warnock.

“Yes,” said Chair Jerome Powell.

The line of questioning came as there have been reports that several agencies have been accessed by DOGE, namely the Department of Treasury. Additionally, Senator Warnock addressed the shuttering of the Consumer Financial Protection Bureau (CFPB). Last congress, Senator Warnock chaired the Banking subcommittee that had jurisdiction over CFPB.

“Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services. The CFPB reduced costs for Americans, returning more than $21 billion to Americans who had been cheated, since its inception. I want to focus on that as folks are talking about chasing after waste and fraud and abuse,” said Senator Reverend Warnock.

The hearing marked the first of the Semiannual Monetary Policy Reports to Congress from the Federal Reserve this Congress, which are written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.”

Watch the Senator’s full remarks and line of questioning HERE.

See below transcript of the key exchange between Senator Warnock and Federal Reserve Chair Jerome Powell:

Senator Reverend Warnock (SRW): “I want to echo the words of ranking member Warren and so many of my colleagues today on DOGE and project 2025’s illegal attack on the Consumer Protection Financial Bureau, certainly the bureau was not created to be dismantled.”

“Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services. The CFPB reduced costs for Americans, returning more than $21 billion to Americans who had been cheated, since its inception. I want to focus on that as folks are talking about chasing after waste and fraud and abuse.”

“The CFPB has returned more than $21 billion to Americans.”

“Make no mistake, this attack on the CFPB will increase costs for Americans and give the green light to fraudsters and predatory actors seeking to cheat hard-working Americans.”

“Chairman Powell, thousands of Georgians of all political stripes have written into my office, and they are alarmed by an unelected billionaire and his hackster’s dangerous and illegal attempts to access American private data, and the Treasury Department systems that control six trillion dollars in annual payments to millions of American citizens, including social security, Medicare, and tax refunds.

“Has Elon Musk or members of his team, to your knowledge, attempted to access the Fed’s protected data and systems?”

Chair of the Federal Reserve, Jerome Powel (JP): “I don’t believe.”

SRW: “Will you commit to report to this committee, majority and minority, immediately should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed’s independence or access protected systems?

JP: “Yes.”

MIL OSI USA News –

February 14, 2025
MIL-OSI Security: FBI Los Angeles Field Office Warns of Romance Scams Ahead of Valentine’s Day
Source: Federal Bureau of Investigation FBI Crime News (b)

LOS ANGELES—The Federal Bureau of Investigation (FBI) is working to raise awareness about online romance scams, also called confidence fraud. In this type of fraud, scammers take advantage of people looking for romantic partners on dating websites, apps, or social media by obtaining access to their financial or personal identifying information. Romance scams are prevalent, especially during this time of year.

Romance scams occur when a criminal uses a fake online identity to gain a victim’s affection and trust. These scammers are present on most dating and social media sites. They look to establish a relationship as quickly as possible and endear themselves to the victim. Many may propose marriage and make plans to meet in person. Eventually, they will ask for money.

“Confidence fraud, or romance scams, can happen to anyone at any time. The criminals who carry out romance scams are experts at what they do” said Akil Davis, Assistant Director in Charge of the FBI Los Angeles Field Office. “Individuals who are looking for love and companionship are the target victims of this online fraud. The FBI cautions everyone who may be romantically involved with a person online to proceed carefully and stay alert to warning signs. If you suspect an online relationship is a scam, stop all contact immediately.”

To avoid meeting in person, romance scammers often claim to live or work in other parts of the country or world. Eventually, when they feel they have gained the trust of their victims, these criminals will request money from them, oftentimes for a medical emergency, an unexpected legal fee, or some other false purpose.

Romance scams/confidence schemes have resulted in one of the highest amounts of financial losses when compared to other Internet-facilitated crimes. According to the FBI’s Internet Crime Complaint Center, roughly 18,000 victims reported nearly $700,000,000 in losses in 2023, the most recent statistical year available.

That same year, over 2000 victims in California reported more than $100,000,000 in losses.

While anyone can fall victim to these schemes, bad actors are known to target women over age 40 who are widowed, divorced, elderly, or disabled.

If you develop a relationship with someone you meet online, please consider the following tips and beware of the red flags:
- Research the person’s photo and profile using online searches to see if the image, name, or details have been used elsewhere.
- Beware if the individual seems too perfect or quickly asks you to leave a dating service or social media site to go “offline.”
- The individual professes love quickly.
- The individual tries to isolate you from friends and family.
- The individual makes plans to visit you, but always cancels because of some emergency. If you haven’t met the person after a few months, for whatever reason, you have good reason to be suspicious.
- Go slowly and ask lots of questions.
- Be careful what you post and make public online. Scammers can use details shared on social media and dating sites to better understand and target you.
- Never send money to anyone you have only communicated with online or by phone.
If you suspect an online relationship is a scam, stop all contact immediately. If you are the victim of a romance scam, file a complaint with the FBI’s Internet Crime Complaint Center (www.ic3.gov).

Resources:

MIL Security OSI –
February 14, 2025
MIL-OSI: Diginex announces new AI functionality after winning Government recognition for AI-powered compliance innovation

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, today announced the development of new AI functionality which is expected to be built leveraging OpenAI’s platform. The Company anticipates that the deployment of this AI feature will contribute to revenue growth starting in 2025 by enhancing diginexESG‘s value proposition and driving increased customer adoption. The initial focus will be on helping companies comply with sustainability disclosure requirements set by the International Sustainability Standards Board (ISSB) and International Financial Reporting Standards (IFRS), which are increasingly being mandated for companies involved in global ESG reporting. These features will provide rapid data extraction, improved compliance, and enhanced risk assessment for users of the Company’s ESG SaaS reporting product, diginexESG.

This AI functionality positions diginexESG to capture the growing demand for ESG reporting solutions – a market projected to reach between USD 1.5 billion and USD 4.35 billion by 2027, with an expected CAGR of 15.9% to 30% according to industry research from Verdantix – and is alongside the Company’s recent selection by the Financial Services and the Treasury Bureau (FSTB) of Hong Kong for the Green and Sustainable Fintech PoC program. The FSTB, which oversees financial and treasury policy for the Hong Kong SAR Government, launched this program to support innovative green fintech solutions with measurable environmental and financial impact. This builds on previous recognition where, in December 2023, the Hong Kong Monetary Authority, named Diginex as winner of the “Sustainability or Climate-related Disclosure and Reporting” category.

The FSTB launched this program to accelerate the development and commercial adoption of green fintech solutions by technology firms and research institutions. “We are thrilled to receive this endorsement and support from FSTB, which underscores the importance of AI technology in addressing significant challenges within the ESG and sustainability industry,” said Mark Blick, Chief Executive Officer of Diginex Limited. “We will be accelerating our efforts to deliver innovative AI-powered functionality that will support companies with their ESG, Climate and Supply Chain data collection and reporting while improving efficiency and customer experience. We plan to collaborate closely with leading global financial institutions to introduce this new feature to their clients.”

About Diginex Limited

Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, statements concerning the Company’s product offerings, business strategy, projections and future growth. 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, including the expectation that the Company’s business strategy will be successful. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other 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.

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email:ir@diginex.com

Jackson Lin
Lambert by LLYC
Phone: +1 (646) 717-4593
Email: jian.lin@llyc.global

The MIL Network –

February 14, 2025
MIL-OSI: ConnectM Announces Receipt of Notice from Nasdaq That ConnectM has Regained Compliance with Nasdaq Rule

Source: GlobeNewswire (MIL-OSI)

MARLBOROUGH, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, had previously announced that on December 6, 2024, it received a notice from the Staff of the Listing Qualifications Department of Nasdaq stating that because the Company had not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Third Quarter 10-Q”), it no longer complies with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) for continued listing, which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

ConnectM today announced that on January 31, 2025, the Staff notified ConnectM that, based on the Company’s December 16, 2024, filing of the Third Quarter 10-Q, Staff has determined that the Company complies with the Rule. Accordingly, the matter is now closed.

About ConnectM Technology Solutions, Inc.
ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
Investor Relations
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
CNTM@redchip.com

The MIL Network –

February 14, 2025

MIL-OSI: Applied Materials Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Revenue $7.17 billion, up 7 percent year over year
GAAP gross margin 48.8 percent and non-GAAP gross margin 48.9 percent
GAAP operating margin 30.4 percent and non-GAAP operating margin 30.6 percent
GAAP EPS $1.45 and non-GAAP EPS $2.38, down 40 percent and up 12 percent year over year, respectively
Generated $925 million in cash from operations and distributed $1.64 billion to shareholders including $1.32 billion in share repurchases and $326 million in dividends

SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its first quarter ended Jan. 26, 2025.

“The industry drive to accelerate the development of advanced compute and more sophisticated AI is gaining momentum,” said Gary Dickerson, President and CEO. “Applied Materials is enabling the major device architecture inflections critical for energy-efficient AI and our focus on high-velocity co-innovation creates unique collaboration opportunities with our customers and partners, positioning Applied for continued growth and outperformance in the years to come.”

“We delivered strong financial performance in the first fiscal quarter, with record revenue, gross margin expansion and robust shareholder distributions,” said Brice Hill, Senior Vice President and CFO. “ For the second fiscal quarter, we are encouraged by the trends supporting continued customer investments to enable leading-edge technology inflections, while also taking into account export control related headwinds.”

Results Summary

	Q1 FY2025			Q1 FY2024			Change
	(In millions, except per share amounts and percentages)
Net revenue	$	7,166		$	6,707		7%
Gross margin		48.8	%		47.8	%	1.0 point
Operating margin		30.4	%		29.3	%	1.1 points
Net income	$	1,185		$	2,019		(41)%
Diluted earnings per share	$	1.45		$	2.41		(40)%
Non-GAAP Results
Non-GAAP gross margin		48.9	%		47.9	%	1.0 point
Non-GAAP operating margin		30.6	%		29.5	%	1.1 points
Non-GAAP net income	$	1,946		$	1,782		9%
Non-GAAP diluted EPS	$	2.38		$	2.13		12%
Non-GAAP free cash flow	$	544		$	2,096		(74)%

A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

Impact of Singapore Tax Incentives

As a result of new tax incentive agreements in Singapore in fiscal 2025, the company recorded a $644 million, or $0.79 per diluted share, income tax expense due to the remeasurement of deferred tax assets in Singapore.

Business Outlook

Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the second quarter of fiscal 2025, including the estimated impact of recently announced U.S. export regulations, are expected to be approximately as follows:

	Q2 FY2025
(In millions, except percentage and per share amounts)
Total net revenue	$	7,100		+/-	$	400
Non-GAAP gross margin		48.4	%
Non-GAAP diluted EPS	$	2.30		+/-	$	0.18

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and a gain on asset sale of $0.05 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

First Quarter Reportable Segment Information

*Semiconductor Systems*	Q1 FY2025			Q1 FY2024
	(In millions, except percentages)
Net revenue	$	5,356		$	4,909
Foundry, logic and other		68	%		62	%
DRAM		28	%		34	%
Flash memory		4	%		4	%
Operating income	$	1,986		$	1,744
Operating margin		37.1	%		35.5	%
Non-GAAP Results
Non-GAAP operating income	$	1,998		$	1,754
Non-GAAP operating margin		37.3	%		35.7	%

*Applied Global Services*	Q1 FY2025			Q1 FY2024
	(In millions, except percentages)
Net revenue	$	1,594		$	1,476
Operating income	$	447		$	417
Operating margin		28.0	%		28.3	%
Non-GAAP Results
Non-GAAP operating income	$	447		$	417
Non-GAAP operating margin		28.0	%		28.3	%

*Display*	Q1 FY2025			Q1 FY2024
	(In millions, except percentages)
Net revenue	$	183		$	244
Operating income	$	14		$	25
Operating margin		7.7	%		10.2	%
Non-GAAP Results
Non-GAAP operating income	$	14		$	25
Non-GAAP operating margin		7.7	%		10.2	%

*Corporate and Other*	Q1 FY2025			Q1 FY2024
	(In millions)
Unallocated net revenue	$	33		$	78
Unallocated cost of products sold and expenses		(305	)		(297	)
Total	$	(272	)	$	(219	)

Use of Non-GAAP Financial Measures

Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

Forward-Looking Statements
This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the second quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-K and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Investor Relations Contact:
Liz Morali (408) 986-7977
liz_morali@amat.com

Media Contact:
Ricky Gradwohl (408) 235-4676
ricky_gradwohl@amat.com


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

	Three Months Ended
(In millions, except per share amounts)	January 26, 2025		January 28, 2024
Net revenue	$	7,166	$	6,707
Cost of products sold		3,670		3,503
Gross profit		3,496		3,204
Operating expenses:
Research, development and engineering		859		754
Marketing and selling		206		207
General and administrative		256		276
Total operating expenses		1,321		1,237
Income from operations		2,175		1,967
Interest expense		64		59
Interest and other income (expense), net		8		395
Income before income taxes		2,119		2,303
Provision for income taxes		934		284
Net income	$	1,185	$	2,019
Earnings per share:
Basic	$	1.46	$	2.43
Diluted	$	1.45	$	2.41
Weighted average number of shares:
Basic		814		831
Diluted		819		837


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)	January 26, 2025		October 27, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	6,264	$	8,022
Short-term investments		1,949		1,449
Accounts receivable, net		5,998		5,234
Inventories		5,501		5,421
Other current assets		982		1,094
Total current assets		20,694		21,220
Long-term investments		2,686		2,787
Property, plant and equipment, net		3,563		3,339
Goodwill		3,768		3,732
Purchased technology and other intangible assets, net		237		249
Deferred income taxes and other assets		2,390		3,082
Total assets	$	33,338	$	34,409
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	799	$	799
Accounts payable and accrued expenses		4,485		4,820
Contract liabilities		2,452		2,849
Total current liabilities		7,736		8,468
Long-term debt		5,461		5,460
Income taxes payable		684		670
Other liabilities		832		810
Total liabilities		14,713		15,408
Total stockholders’ equity		18,625		19,001
Total liabilities and stockholders’ equity	$	33,338	$	34,409


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

	Three Months Ended
(In millions)	January 26, 2025			January 28, 2024
Cash flows from operating activities:
Net income	$	1,185		$	2,019
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization		105			91
Share-based compensation		195			170
Deferred income taxes		668			(72	)
Other		95			(235	)
Net change in operating assets and liabilities		(1,323	)		352
Cash provided by operating activities		925			2,325
Cash flows from investing activities:
Capital expenditures		(381	)		(229	)
Cash paid for acquisitions, net of cash acquired		(28	)		—
Proceeds from sales and maturities of investments		1,223			531
Purchases of investments		(1,711	)		(749	)
Cash used in investing activities		(897	)		(447	)
Cash flows from financing activities:
Proceeds from issuance of commercial paper		200			100
Repayments of commercial paper		(200	)		(100	)
Common stock repurchases		(1,318	)		(700	)
Tax withholding payments for vested equity awards		(142	)		(192	)
Payments of dividends to stockholders		(326	)		(266	)
Repayments of principal on finance leases		—			1
Cash used in financing activities		(1,786	)		(1,157	)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents		(1,758	)		721
Cash, cash equivalents and restricted cash equivalents—beginning of period		8,113			6,233
Cash, cash equivalents and restricted cash equivalents — end of period	$	6,355		$	6,954

Reconciliation of cash, cash equivalents, and restricted cash equivalents
Cash and cash equivalents	$	6,264		$	6,854
Restricted cash equivalents included in deferred income taxes and other assets		91			100
Total cash, cash equivalents, and restricted cash equivalents	$	6,355		$	6,954

Supplemental cash flow information:
Cash payments for income taxes	$	70		$	139
Cash refunds from income taxes	$	70		$	2
Cash payments for interest	$	52		$	34

Additional Information

	Q1 FY2025			Q1 FY2024
Net Revenue by Geography (In millions)
United States	$	917		$	759
% of Total		13	%		11	%
Europe	$	330		$	410
% of Total		4	%		6	%
Japan	$	540		$	565
% of Total		8	%		9	%
Korea	$	1,667		$	1,231
% of Total		23	%		18	%
Taiwan	$	1,183		$	559
% of Total		17	%		8	%
Southeast Asia	$	286		$	186
% of Total		4	%		3	%
China	$	2,243		$	2,997
% of Total		31	%		45	%

Employees(In thousands)
Regular Full Time		36.0			34.5


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended
(In millions, except percentages)	January 26, 2025			January 28, 2024
Non-GAAP Gross Profit
GAAP reported gross profit	$	3,496		$	3,204
Certain items associated with acquisitions¹		7			7
Non-GAAP gross profit	$	3,503		$	3,211
Non-GAAP gross margin		48.9	%		47.9	%
Non-GAAP Operating Income
GAAP reported operating income	$	2,175		$	1,967
Certain items associated with acquisitions¹		12			11
Acquisition integration and deal costs		3			3
Non-GAAP operating income	$	2,190		$	1,981
Non-GAAP operating margin		30.6	%		29.5	%
Non-GAAP Net Income
GAAP reported net income	$	1,185		$	2,019
Certain items associated with acquisitions¹		12			11
Acquisition integration and deal costs		3			3
Realized loss (gain), dividends and impairments on strategic investments, net		(9	)		(1	)
Unrealized loss (gain) on strategic investments, net		106			(280	)
Income tax effect of share-based compensation²		(10	)		(26	)
Income tax effects related to intra-entity intangible asset transfers³		674			22
Resolution of prior years’ income tax filings and other tax items		(16	)		33
Income tax effect of non-GAAP adjustments⁴		1			1
Non-GAAP net income	$	1,946		$	1,782

1	These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

2	GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.

3	Amount for the three months ended January 26, 2025, included changes to income tax provision of $30 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.

4	Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended
(In millions, except per share amounts)	January 26, 2025			January 28, 2024
Non-GAAP Earnings Per Diluted Share
GAAP reported earnings per diluted share	$	1.45		$	2.41
Certain items associated with acquisitions		0.01			0.01
Realized loss (gain), dividends and impairments on strategic investments, net		(0.01	)		—
Unrealized loss (gain) on strategic investments, net		0.13			(0.33	)
Income tax effect of share-based compensation		(0.01	)		(0.03	)
Income tax effects related to intra-entity intangible asset transfers¹		0.83			0.03
Resolution of prior years’ income tax filings and other tax items		(0.02	)		0.04
Non-GAAP earnings per diluted share	$	2.38		$	2.13
Weighted average number of diluted shares		819			837

1	Amount for the three months ended January 26, 2025, included changes to income tax provision of $0.04 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended
(In millions, except percentages)	January 26, 2025			January 28, 2024
Semiconductor Systems Non-GAAP Operating Income
GAAP reported operating income	$	1,986		$	1,744
Certain items associated with acquisitions¹		12			10
Non-GAAP operating income	$	1,998		$	1,754
Non-GAAP operating margin		37.3	%		35.7	%
Applied Global Services Non-GAAP Operating Income
GAAP reported operating income	$	447		$	417
Non-GAAP operating income	$	447		$	417
Non-GAAP operating margin		28.0	%		28.3	%
Display Non-GAAP Operating Income
GAAP reported operating income	$	14		$	25
Non-GAAP operating income	$	14		$	25
Non-GAAP operating margin		7.7	%		10.2	%

1	These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.


APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

	Three Months Ended
(In millions, except percentages)	January 26, 2025

GAAP provision for income taxes (a)	$	934
Income tax effect of share-based compensation		10
Income tax effects related to intra-entity intangible asset transfers		(674	)
Resolutions of prior years’ income tax filings and other tax items		16
Income tax effect of non-GAAP adjustments		(1	)
Non-GAAP provision for income taxes (b)	$	285

GAAP income before income taxes (c)	$	2,119
Certain items associated with acquisitions		12
Acquisition integration and deal costs		3
Realized loss (gain), dividends and impairments on strategic investments, net		(9	)
Unrealized loss (gain) on strategic investments, net		106
Non-GAAP income before income taxes (d)	$	2,231

GAAP effective income tax rate (a/c)		44.1	%

Non-GAAP effective income tax rate (b/d)		12.8	%


UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW

	Three Months Ended
(In millions)	January 26, 2025			January 28, 2024
Cash provided by operating activities	$	925		$	2,325
Capital expenditures		(381	)		(229	)
Non-GAAP free cash flow	$	544		$	2,096

The MIL Network –

February 14, 2025

MIL-OSI: iPower Reports Fiscal Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Fiscal Q2 Revenue up 14% to $19.1 Million

Achieves GAAP Profitability and Positive Cash Flow from Operations

RANCHO CUCAMONGA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal second quarter ended December 31, 2024.

Fiscal Q2 2025 Results vs. Year-Ago Quarter

Total revenue increased 14% to $19.1 million.
Gross profit increased 15% to $8.4 million, with gross margin up 40 bps to 44.0%.
Net income attributable to iPower improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share.
As of December 31, 2024, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

Management Commentary

“We delivered strong results across all key financial metrics in our fiscal second quarter while further enhancing our SuperSuite platform,” said Lawrence Tan, CEO of iPower. “Throughout the quarter, we continued to optimize operations and strengthen our presence across both our established and emerging sales channels. We also remain focused on supply chain diversification by exploring new supplier relationships beyond our existing network, reinforcing our commitment to building a more resilient and adaptable infrastructure.”

“Our SuperSuite platform is gaining further momentum as we leverage our superior supply chain, warehousing and merchandising expertise to drive sales growth for partners with innovative product catalogs. Additionally, we are making steady progress with our recently launched SaaS platform, refining its capabilities to improve supplier collaboration, streamline operations, and better align partners with evolving market demands. With a strong pipeline of prospective partners, we are well-positioned to capitalize on the growing demand for SuperSuite as we bolster our comprehensive service offerings.”

iPower CFO, Kevin Vassily, added, “Our ongoing efforts to optimize our cost structure have delivered meaningful results as we continue to drive gross margin expansion and operating leverage in our business. We have also officially shuttered our legacy commercial hydroponics business, as we are now focused on our core competency as a data-driven, consumer products and services company. We believe these initiatives, coupled with our accelerating growth in our SuperSuite business, will enable us to execute on our goals ahead.”

Fiscal Second Quarter 2025 Financial Results

Total revenue in the fiscal second quarter of 2025 increased 14% to $19.1 million compared to $16.8 million for the same period in fiscal 2024. The increase was driven primarily by growth in iPower’s SuperSuite supply chain offerings, as well as greater product sales to the Company’s largest channel partner.

Gross profit in the fiscal second quarter of 2025 increased 15% to $8.4 million compared to $7.3 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin increased 40 basis points to 44.0% compared to 43.6% in the year-ago period. The increase in gross margin was primarily driven by improved pricing through key supplier negotiations.

Total operating expenses in the fiscal second quarter of 2025 improved 22% to $7.7 million compared to $9.9 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower selling and fulfillment expenses related to the Company’s largest channel partner.

Net income attributable to iPower in the fiscal second quarter of 2025 improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share for the same period in fiscal 2024.

Cash and cash equivalents were $2.9 million at December 31, 2024, compared to $7.4 million at June 30, 2024. As a result of the Company’s debt paydown, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

Conference Call

The Company will hold a conference call today, February 13, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal second quarter ended December 31, 2024.

iPower’s management will host the conference call, which will be followed by a question-and-answer session.

The conference call details are as follows:

Date: Thursday, February 13, 2025
Time: 4:30 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

About iPower Inc.

iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

Forward-Looking Statements

All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower 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,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower 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 iPower 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 and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

iPower Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2024 and June 30, 2024

				December 31,			June 30,
				2024			2024
				(Unaudited)
ASSETS
Current assets
	Cash and cash equivalent			$	2,877,457		$	7,377,837
	Accounts receivable, net				13,926,432			14,740,093
	Inventories, net				9,183,631			10,546,273
	Prepayments and other current assets, net				2,292,744			2,346,534
			Total current assets		28,280,264			35,010,737

Non-current assets
	Right of use – non-current				4,757,429			6,124,163
	Property and equipment, net				303,059			370,887
	Deferred tax assets, net				3,001,517			2,445,605
	Goodwill				3,034,110			3,034,110
	Intangible assets, net				3,306,014			3,630,700
	Other non-current assets				1,187,179			679,655
			Total non-current assets		15,589,308			16,285,120

			Total assets	$	43,869,572		$	51,295,857

LIABILITIES AND EQUITY
Current liabilities
	Accounts payable, net				8,853,320			11,227,116
	Other payables and accrued liabilities				3,491,596			3,885,487
	Lease liability – current				1,540,624			2,039,301
	Short-term loan payable				–			491,214
	Short-term loan payable – related party				350,000			350,000
	Revolving loan payable, net				–			5,500,739
	Income taxes payable				274,947			276,158
			Total current liabilities		14,510,487			23,770,015

Non-current liabilities
	Long-term revolving loan payable, net				4,042,400			–
	Lease liability – non-current				3,612,756			4,509,809

			Total non-current liabilities		7,655,156			4,509,809

			Total liabilities		22,165,643			28,279,824

Commitments and contingency					–			–

Stockholders’ Equity
	Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and
		outstanding at December 31, 2024 and June 30, 2024			–			–
	Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and
		31,359,899 shares issued and outstanding at December 31, 2024 and June 30, 2024			31,361			31,361
	Additional paid in capital				33,867,156			33,463,883
	Accumulated deficits				(12,041,063	)		(10,230,601	)
	Non-controlling interest				(44,195	)		(38,204	)
	Accumulated other comprehensive loss				(109,330	)		(210,406	)
			Total stockholders’ equity		21,703,929			23,016,033

			Total liabilities and stockholders’ equity	$	43,869,572		$	51,295,857

iPower Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Three and Six Months Ended December 31, 2024 and 2023

			For the Three Months Ended December 31,						For the Six Months Ended December 31,
			2024			2023			2024			2023
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
REVENUES
	Product sales		$	17,606,889		$	16,800,122		$	35,882,301		$	43,308,496
	Service income			1,465,682			–			2,198,791			–
		Total revenues		19,072,571			16,800,122			38,081,092			43,308,496

COST OF REVENUES
	Product costs			9,461,119			9,481,882			19,378,567			24,231,411
	Service costs			1,221,566			–			1,824,742			–
		Total cost of revenues		10,682,685			9,481,882			21,203,309			24,231,411

GROSS PROFIT				8,389,886			7,318,240			16,877,783			19,077,085

OPERATING EXPENSES:
	Selling and fulfillment			4,628,914			6,936,980			10,543,722			17,000,451
	General and administrative			3,077,365			2,933,607			8,396,888			5,897,658
		Total operating expenses		7,706,279			9,870,587			18,940,610			22,898,109

INCOME (LOSS) FROM OPERATIONS				683,607			(2,552,347	)		(2,062,827	)		(3,821,024	)

OTHER INCOME (EXPENSE)
	Interest expenses			(140,672	)		(182,612	)		(280,634	)		(410,977	)
	Loss on equity method investment			(802	)		(801	)		(1,721	)		(1,826	)
	Other non-operating income (expenses)			(205,958	)		128,838			12,728			61,672
		Total other expenses, net		(347,432	)		(54,575	)		(269,627	)		(351,131	)

INCOME (LOSS) BEFORE INCOME TAXES				336,175			(2,606,922	)		(2,332,454	)		(4,172,155	)

PROVISION FOR INCOME TAX EXPENSE (BENEFIT)				120,511			(688,939	)		(516,001	)		(964,821	)
NET INCOME (LOSS)				215,664			(1,917,983	)		(1,816,453	)		(3,207,334	)

	Non-controlling interest			(3,155	)		(3,155	)		(5,991	)		(5,991	)

NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.			$	218,819		$	(1,914,828	)	$	(1,810,462	)	$	(3,201,343	)

OTHER COMPREHENSIVE INCOME (LOSS)
	Foreign currency translation adjustments			156,130			(160,255	)		101,076			(160,962	)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.			$	374,949		$	(2,075,083	)	$	(1,709,386	)	$	(3,362,305	)

WEIGHTED AVERAGE NUMBER OF COMMON STOCK
	Basic			31,437,517			29,790,242			31,427,360			29,777,378

	Diluted			31,437,517			29,790,242			31,427,360			29,777,378

EARNINGS (LOSSES) PER SHARE
	Basic		$	0.01		$	(0.06	)	$	(0.06	)	$	(0.11	)

	Diluted		$	0.01		$	(0.06	)	$	(0.06	)	$	(0.11	)

The MIL Network –

February 14, 2025

MIL-OSI: Financial Institutions, Inc. Announces 3.3% Increase in Common Stock Dividend

Source: GlobeNewswire (MIL-OSI)

WARSAW, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced that on February 12, 2025, its Board of Directors approved a quarterly cash dividend of $0.31 per outstanding common share, an increase of $0.01, or 3.3%, from the most recent quarter.

“The increase in our quarterly cash dividend is reflective of both our Board’s ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy,” said President and Chief Executive Officer Martin K. Birmingham.

The $0.31 cash dividend represents an annualized yield of 4.4% based on the closing share price of $28.00 on February 12, 2025.

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

All dividends are payable April 2, 2025, to shareholders of record on March 14, 2025.

About Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

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

The MIL Network –

February 14, 2025
MIL-OSI: Definitive Healthcare Announces Timing of Its Fourth Quarter and Full Year 2024 Financial Results Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

FRAMINGHAM, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it will report financial results for its fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025 after market close. The company will host a conference call and webcast at 5:00 PM (ET) / 2:00 PM (PT) to discuss the company’s financial results.

A live audio webcast of the event will be available on the Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

A live dial-in will be available at 877-358-7298 (domestic) or +1-848-488-9244 (international). Shortly after the conclusion of the call, a replay of this conference call will be available through March 29, 2025 at 800-645-7964 or 757-849-6722. The replay passcode is 1765#.

About Definitive Healthcare
At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

Media Contact:
Bethany Swackhamer
bswackhamer@definitivehc.com

Investor Relations Contact:
Brian Denyeau
ICR for Definitive Healthcare
brian.denyeau@icrinc.com

Source: Definitive Healthcare Corp.

The MIL Network –

February 14, 2025
MIL-OSI: American Coastal Insurance Corporation Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

Fourth Quarter and Full Year 2024 Conference Call Details:
Thursday, February 27, 2025 – 5:00 p.m. ET

Participant Dial-In Numbers:

United States: 877-445-9755

International: 201-493-6744

To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076

Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@equityny.com
(212) 836-9623

The MIL Network –

February 14, 2025
MIL-OSI New Zealand: Consumer NZ Valentine’s Day alert: Beware the red flags

Source: Consumer NZ

Consumer NZ is warning New Zealanders to be on high alert this Valentine’s Day as romance scammers flip the typical scam protection advice on its head.

Ruairi O’Shea, Consumer NZ investigative writer, says romance scams are particularly insidious because they don’t follow the typical patterns associated with scams.

“Romance scams work because they bypass the red flags we’re trained to look out for. Instead of demanding urgent action or sending texts with links out of the blue, romance scammers build trust over months,” says O’Shea.

“And unlike an unsolicited text with a dodgy link, you may have even initiated first contact by swiping left on a dating app. It’s a slow burn, with scammers building trust before recommending investment opportunities or asking for intimate pictures that they could use to blackmail a person.

“Victims genuinely believe they’re in a relationship: they trust the other person implicitly and believe that person will act in their best interests.”

Between 2023 and 2024, a French woman was targeted by a scammer using generative artificial intelligence (AI) to successfully convince her she was speaking to the American actor Brad Pitt. She was scammed out of almost NZ$1.5 million.

“Romance scams can be utterly devastating because of the financial and emotional toll they take.

“Love is a strong incentive, and sadly, scammers know this and exploit it.”

Recognising these three ‘red flags’ can protect you from romance scams

The long game

Unlike traditional scams that rely on urgency, romance scammers play the long game. O’Shea says this slow-building trust makes victims more likely to overlook the more common or “typical” signs of a scam.

The investment

Once the scammer is confident they’ve established trust, they will begin exploiting.

“It might start with the scammer revealing a seemingly minor financial stress, and because they feel committed to this relationship, the victim may even proactively offer to help resolve the problem.

“Later, the scammer might casually recommend an investment opportunity, which, unfortunately, turns out to be fake.”

Strictly online

“It’s not new to hear of someone who is in a happy, committed relationship, with kids, a dog and a house, after having initially met their partner on a dating app.

“What is new, however, is the sophisticated way in which scammers are using AI to basically turbocharge their authenticity,” O’Shea says.

“Be suspicious if the person you meet online is reluctant to get together in the flesh. Their reasons for keeping a relationship secret or online can be incredibly convincing – health, travel, work, family – but if you can’t meet them in person, you shouldn’t trust them.”

4 don’ts to protect yourself and those you love (in real life) from romance scams

Don’t keep it on the down-low – talk to friends and family about online relationships: a fresh pair of eyes could help spot the signs of a scam.

Don’t give someone anything you wouldn’t post publicly on social media – this isn’t just intimate photographs but also your address or other potentially sensitive personal information.

Don’t send money to anyone you’ve only communicated with online – if you haven’t met someone in person, don’t give them anything of monetary value.

Don’t move to another messaging service – if you meet someone on a dating platform and they suggest moving to an encrypted messaging service like WhatsApp, be suspicious.

What to do if you’re the victim of a romance scam

If you’re the victim of a romance scam, contact the Police, Manaaki Tāngata Victim Support, your bank and Netsafe (the nation’s non-profit online safety organisation) immediately: a scam doesn’t necessarily end when a victim realises they’ve been scammed.

It’s also important to report online scams to CERT NZ, part of the National Cyber Security Centre. The National Cuber Security Centre runs Own Your Online and the service has helpful advice on how to spot a scam and what to do if you get caught out.

MIL OSI New Zealand News –

February 14, 2025

Investors	Media
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Category: Economy

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