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Category: Economy

  • MIL-OSI USA: Two Men Sentenced to Prison for Role in International Human Smuggling Conspiracy that Resulted in the Death of a Family of Four

    Source: US State of North Dakota

    CategoriesEnglish, MIL OSI, US State Governments, US State of North Dakota

    Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, in January 2022.   

    Harshkumar Ramanlal Patel, 29, an Indian national formerly of Florida, was sentenced to 10 years and one month in prison for his role in the conspiracy. Patel will be removed from the United States following his sentence. His co-conspirator, Steve Anthony Shand, 50, of Florida, was sentenced to six years and six months in prison followed by two years of supervised release. According to evidence presented at trial, Patel and Shand were part of a large-scale human-smuggling operation that brought Indian nationals to Canada on fraudulent student visas and then smuggled them into the United States across the northern border. Patel organized the logistics of smuggling aliens from Manitoba, Canada, into the United States, with other co-conspirators, and Shand picked up the aliens just south of the Canadian border in the United States and drove them to Chicago. Both men were paid for their roles in the conspiracy and disregarded the risks posed to the aliens by the cold weather at the northern border. According to evidence at trial, the going rate to be smuggled from India through Canada into the United States was $100,000.

    “Patel and Shand endangered thousands of lives for their personal enrichment and are responsible for the deaths of two small children who froze to death on their watch,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case demonstrates the grave danger associated with human smuggling operations. I thank the prosecutors and our law enforcement partners in the U.S. and in Canada who are working to secure the northern border and end the perilous smuggling of aliens into the United States.”

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick for the District of Minnesota.  “As we’ve seen time and time again, human traffickers care nothing for humanity. I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    On Jan. 18 and 19, 2022, Patel and Shand, despite repeated warnings about the dangers, organized the smuggling of 11 aliens from Canada into the United States on foot in severe winter weather conditions, including a family of four – two adults, and their 11-year-old daughter and three-year-old son. On the evening of January 18, Shand sent Patel a screenshot with a blizzard alert warning of wind gusts as high as 50 mph and wind chill temperatures below -45 degrees. The recorded wind chill temperature on the morning of Jan. 19 was -36 degrees. In the early morning hours of Jan. 19, during blizzard conditions in Minnesota, a U.S. Border Patrol agent found Shand’s van stuck in the snow and arrested Shand along with two aliens. Contrary to Shand’s statement to law enforcement that there were no other aliens out in the snow, five more aliens emerged from the fields, including one suffering hypothermia with an internal temperature below 90 degrees who was airlifted to Regions Hospital in St. Paul, Minnesota. Later that day, the Royal Canadian Mounted Police (RCMP) found the dead bodies of the family of four frozen in an isolated area on the Canadian side of the international border. The boy was wrapped in a blanket with his father’s frozen glove covering his face. As proven at trial, Patel and Shand had been paid to smuggle the family into the United States.

    In November 2024, a federal jury convicted both defendants of conspiracy to bring aliens to the United States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the United States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling,” said Special Agent in Charge Jamie Holt of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) St. Paul. “The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten. At HSI, we remain steadfast in our mission to work with our partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    HSI and U.S. Customs and Border Protection conducted the investigation. The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case was also supported by the Extraterritorial Criminal Travel Strike Force (ECT) program, a partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Trial Attorney Ryan Lipes of the Criminal Division’s HRSP and Assistant U.S. Attorney Michael P. McBride of the District of Minnesota prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL OSI USA News –

  • MIL-OSI Security: Illinois Man Sentenced for Immigration Crime

    Source: Office of United States Attorneys

    BECKLEY, W.Va. – Joseph Sanchez, 33, of Fairbury, Illinois, was sentenced today to five years of federal probation, including six months on home detention, for participating in an immigration marriage fraud conspiracy.

    According to court documents and statements made in court, in or around August 2021, Sanchez was living in Greenbrier County, West Virginia. A foreign national who worked at a convenience store near Sanchez’s residence offered to pay Sanchez if he found a woman willing to marry the foreign national so he could obtain lawful permanent resident status, commonly known as a Green Card. Sanchez ultimately agreed to the request in exchange for $10,000 in cash. The understanding was that $5,000 would be paid upon the marriage being final, and another $5,000 would be paid once the foreign national received his Green Card.

    Sanchez arranged to have his sister-in-law marry the foreign national. Sanchez told his sister-in-law about the purpose of the arrangement and the financial benefits associated with it. The sister-in-law had only occasionally interacted with the foreign national, as a customer at his convenience store. The sister-in-law and Sanchez had no social connections to the foreign national beyond frequenting the convenience store.

    In September 2021, Sanchez’s sister-in-law and the foreign national were married in White Sulphur Springs. In March 2023, Sanchez traveled with the sister-in-law and the foreign national to Pittsburgh, Pennsylvania. The purpose of the trip was for the sister-in-law and the foreign national to attend an interview with U.S. immigration officials to trick those officials into believing the marriage was entered into in good faith and that the relationship between the sister-in-law and the foreign national was genuine. The scheme was unsuccessful, and the foreign national’s application was denied.

    The foreign national, Aakash Prakash Makwana, pleaded guilty on May 14, 2025, to aggravated identity theft. Makwana, 29, a citizen of India unlawfully residing in Ronceverte, admitted that he included the name and signature of a residential property manager without the individual’s authorization when he falsified a lease agreement as part of the marriage fraud scheme. Makwana is scheduled to be sentenced on September 26, 2025.

    The sister-in-law, Kalee Ann Huff, pleaded guilty on February 20, 2025, to marriage fraud and perjury. Huff, 28, now living in Fairbury, Illinois, admitted to her role in the marriage fraud scheme and to testifying falsely before a federal grand jury about material facts relating to the government’s investigation. Huff is scheduled to be sentenced on June 12, 2025.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the U.S. Department of Homeland Security-Homeland Security Investigations (HSI), and U.S. Citizenship and Immigration Services (USCIS).

    Chief United States District Judge Frank W. Volk imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 5:24-cr-198.

    ###

     

    MIL Security OSI –

  • MIL-OSI Security: New York Man Pleads Guilty to Bank Fraud

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Bronx, Ny., man pleaded guilty in federal court today to bank fraud involving a scheme to obtain fraudulent automobile loans using stolen identities.

    Theo D. Cooke, 34, pleaded guilty before U.S. Chief District Judge Beth Phillips to one count of bank fraud.

    According to court documents, Cooke submitted applications online for automobile loans from local financial institutions.  To complete the loan applications, Cooke used the personal information of an identity theft victim, which included the identity theft victim’s name, date of birth, and social security number.  Cooke also submitted false and fraudulent supporting documentation with the loan application which consisted of a fake Certificate of Title for the automobile purportedly being purchased, a fake pay stub in the name of the identity theft victim, and a fraudulent Missouri-Proof of Auto Insurance Card in the name of the identity theft victim.

    After the loan application was approved, Cooke visited a bank branch location where he signed a security agreement and/or a promissory note in the name of the identity theft victim.  Cooke also presented a fraudulent driver’s license with his picture, but the information of the identity theft victim to bank personnel to finalize the loan.  Through this scheme, which occurred from approximately January through May 2023, Cooke victimized multiple banks in Missouri and the victim banks paid out at least $199,000 based on Cooke’s fraudulent automobile loans.

    Under federal statutes, Cooke is subject to a sentence of up to 30 years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Special Assistant U.S. Attorney Bradley Cooper. It was investigated by the Federal Bureau of Investigation. 

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced for Role in International Human Smuggling Conspiracy that Resulted in the Deaths of a Family of Four During a January Blizzard

    Source: Office of United States Attorneys

    FERGUS FALLS, Minn. – Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “As we’ve seen time and time again, human traffickers care nothing for humanity.  I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling. The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten,” said ICE Homeland Security Investigations St. Paul Special Agent in charge Jamie Holt. “At HSI, we remain steadfast in our mission to work with out partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    Harshkumar Ramanlal Patel, 29, was sentenced to 121 months in prison for his role in a human smuggling scheme.  The Court did not impose a term of supervised release on defendant Patel, citing the likelihood that Patel will be deported following his prison sentence.  Patel’s co-conspirator, Steve Anthony Shand, 50, received a sentence of 78 months followed by 2 years of supervised release.

    Trial evidence showed that Patel and Shand were involved in a major human smuggling operation that brought Indian nationals into Canada using fake student visas then illegally moved them across the U.S.-Canada border. Patel handled the coordination of smuggling individuals from Manitoba into the United States, while Shand picked them up after they crossed into the U.S. and transported them to Chicago. Both men were paid for their participation and ignored the life-threatening risks posed by the frigid conditions at the northern border. Testimony revealed that the going rate to be smuggled from India to U.S. from Canada was around $100,000.

    During a blizzard in January 2022, Shand and Patel, working with other co-conspirators, attempted to smuggle 11 aliens into the Unites States from Canada. Due to the storm conditions that night, Shand’s van got stuck in the snow. That turn of events forced the aliens to travel on foot for approximately seven hours in minus-36-degree wind chill and severe winter weather conditions while they searched for Shand’s vehicle. Two migrants found Shand while his van was stuck; the rest did not.

    A passerby pulled Shand’s van from the ditch. Soon thereafter, a U.S. Customs and Border Patrol agent arrived and suspected alien smuggling. Eventually, five additional aliens were located, one of whom was suffering from hypothermia so severe she had to be airlifted to Regions Hospital in St. Paul. Meanwhile, the Royal Canadian Mounted Police located the bodies of a family of four, two adults and two young children, who had separated from the larger group during the night.  The family died of hypothermia. The father was found still holding his infant child wrapped in a blanket. None of the 11 migrants was dressed appropriately for the severe, cold weather conditions.

    In November 2024, a federal jury found both defendants guilty of multiple charges, including conspiracy to bring aliens to the Unites States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the Unites States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “This case is a tragic reminder of the dangers of Human Smuggling. It is a clear example of how organizations exploit people for financial gain, regardless of the risk. The victims experienced the worst-case scenario firsthand; horrific conditions, injury, and death. We’re glad the smugglers are receiving consequences, but the crimes remain inexcusable. I’m proud of our agent’s persistence and collaboration between agencies; it is a testament to our commitment to border security,” said Special Operations Supervisor Ryan Gilberg of U.S. Border Patrol.

    In imposing sentence, U.S. District Court Judge John R. Tunheim explained that “Border smuggling is a very serious problem,” one that “exploits victims.” He noted that the night this family died was one “one of the coldest nights of the winter” and that these were “very dangerous conditions.”  Judge Tunheim said that the defendants “could have done something” and it “might have made a difference”—but they did nothing.

    This case is the result of an investigation conducted by U.S. Border Patrol and Homeland Security Investigations (“HSI”). The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organization and protect our communities for the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    This case was prosecuted by the U.S. Attorney’s Office for the District of Minnesota and the Department of Justice’s Human Rights and Special Prosecutions Section. Acting United States Attorney Lisa D. Kirkpatrick represented the government at the sentencing hearings.

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced to Prison for Role in International Human Smuggling Conspiracy that Resulted in the Death of a Family of Four

    Source: United States Attorneys General

    Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, in January 2022.   

    Harshkumar Ramanlal Patel, 29, an Indian national formerly of Florida, was sentenced to 10 years and one month in prison for his role in the conspiracy. Patel will be removed from the United States following his sentence. His co-conspirator, Steve Anthony Shand, 50, of Florida, was sentenced to six years and six months in prison followed by two years of supervised release. According to evidence presented at trial, Patel and Shand were part of a large-scale human-smuggling operation that brought Indian nationals to Canada on fraudulent student visas and then smuggled them into the United States across the northern border. Patel organized the logistics of smuggling aliens from Manitoba, Canada, into the United States, with other co-conspirators, and Shand picked up the aliens just south of the Canadian border in the United States and drove them to Chicago. Both men were paid for their roles in the conspiracy and disregarded the risks posed to the aliens by the cold weather at the northern border. According to evidence at trial, the going rate to be smuggled from India through Canada into the United States was $100,000.

    “Patel and Shand endangered thousands of lives for their personal enrichment and are responsible for the deaths of two small children who froze to death on their watch,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case demonstrates the grave danger associated with human smuggling operations. I thank the prosecutors and our law enforcement partners in the U.S. and in Canada who are working to secure the northern border and end the perilous smuggling of aliens into the United States.”

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick for the District of Minnesota.  “As we’ve seen time and time again, human traffickers care nothing for humanity. I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    On Jan. 18 and 19, 2022, Patel and Shand, despite repeated warnings about the dangers, organized the smuggling of 11 aliens from Canada into the United States on foot in severe winter weather conditions, including a family of four – two adults, and their 11-year-old daughter and three-year-old son. On the evening of January 18, Shand sent Patel a screenshot with a blizzard alert warning of wind gusts as high as 50 mph and wind chill temperatures below -45 degrees. The recorded wind chill temperature on the morning of Jan. 19 was -36 degrees. In the early morning hours of Jan. 19, during blizzard conditions in Minnesota, a U.S. Border Patrol agent found Shand’s van stuck in the snow and arrested Shand along with two aliens. Contrary to Shand’s statement to law enforcement that there were no other aliens out in the snow, five more aliens emerged from the fields, including one suffering hypothermia with an internal temperature below 90 degrees who was airlifted to Regions Hospital in St. Paul, Minnesota. Later that day, the Royal Canadian Mounted Police (RCMP) found the dead bodies of the family of four frozen in an isolated area on the Canadian side of the international border. The boy was wrapped in a blanket with his father’s frozen glove covering his face. As proven at trial, Patel and Shand had been paid to smuggle the family into the United States.

    In November 2024, a federal jury convicted both defendants of conspiracy to bring aliens to the United States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the United States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling,” said Special Agent in Charge Jamie Holt of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) St. Paul. “The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten. At HSI, we remain steadfast in our mission to work with our partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    HSI and U.S. Customs and Border Protection conducted the investigation. The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case was also supported by the Extraterritorial Criminal Travel Strike Force (ECT) program, a partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Trial Attorney Ryan Lipes of the Criminal Division’s HRSP and Assistant U.S. Attorney Michael P. McBride of the District of Minnesota prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI –

  • MIL-OSI: Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, TX, May 28, 2025 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (“HUSA” or the “Company”) announced today that its Board of Directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split is intended to increase the market price per share of the Company’s common stock and help the Company satisfy the initial listing requirements of the New York Stock Exchange American (the “NYSE”) in connection with the closing of HUSA’s previously announced acquisition of Abundia Global Impact Group, LLC (“AGIG”).

    On April 24, 2025, at the Company’s special meeting of stockholders, the Company’s stockholders approved a reverse stock split of the Company’s common stock at a ratio in the range of 1-for-5 to 1-for-60, with such ratio to be determined by the Company’s Board of Directors. The reverse stock split is expected to be effective after market close on June 6, 2025 (the “Effective Time”) and the Company’s common stock will begin trading on a split-adjusted basis on the NYSE at the market open on June 9, 2025.

    At the Effective Time, every 10 issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock. Once effective, the reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 15,686,533 to approximately 1,568,653 shares.

    Each stockholder’s percentage ownership interest in the Company will remain unchanged as a result of the reverse stock split. No fractional shares shall be issued in connection with the reverse stock split, and any fractional shares resulting from the reverse stock split will be rounded up at the participant level with The Depository Trust Company. Each certificate that immediately prior to the Effective Time represented shares of common stock shall thereafter represent that number of shares of common stock into which the shares of common stock represented by the certificate shall have been combined, subject to the elimination of fractional share interests as described above. Holders of the Company’s common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from Standard Registrar & Transfer Co., Inc., the Company’s transfer agent, regarding their stock ownership following the reverse stock split.

    The reverse stock split will not modify any rights or preferences of the Company’s common stock. The trading symbol for the Company’s common stock will remain “HUSA.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 44183U 308.

    Additional information about the reverse stock split can be found in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission (the “SEC”) on April 11, 2025, a copy of which is also available at www.sec.gov or at www.houstonamerican.com under the SEC Filings tab located in the Reports and Filings page.

    About HUSA

    HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: https://houstonamerican.com/

    Important Information About the Proposed Acquisition and Where to Find It

    This press release relates to the previously announced proposed acquisition of Abundia Global Impact Group, LLC (“AGIG”), pursuant to the share exchange agreement, dated as of February 20, 2025, by and among HUSA and AGIG (the “Proposed Acquisition”). For additional information on the Proposed Acquisition, see HUSA’s Current Report on Form 8-K, filed on February 24, 2025, as well as the proxy statement dated April 11, 2025, that was delivered to HUSA’s stockholders as of the applicable record date established for voting on the Proposed Acquisition. HUSA also will file other documents regarding the Proposed Acquisition with the SEC.

    Investors and stockholders of HUSA are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the Proposed Acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002.

    Cautionary Note Regarding Forward-Looking Information:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, which are referred to as the “safe harbor provisions.” Statements contained or incorporated by reference in this press release that are not historical facts are forward-looking statements, including statements regarding HUSA’s or AGIG’s business and future financial and operating results, and other aspects of HUSA’s or AGIG’s operations or operating results. Words such as “may,” “should,” “will,” “believe,” “expect,” “anticipate,” “target,” “project,” and similar phrases that denote future expectations or intent regarding HUSA’s or AGIG’s financial results, operations, and other matters are intended to identify forward-looking statements that are intended to be covered by the safe harbor provisions. Investors are cautioned not to rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause future events to differ materially from the forward-looking statements in this press release including:

    • risks relating to fluctuations of the market value of common stock, including as a result of uncertainty as to the long-term value of the common stock of HUSA or as a result of broader stock market movements;
    • the occurrence of any event, change, or other circumstances that could give rise to the termination of the Share Exchange Agreement;
    • failure to attract, motivate and retain executives and other key employees;
    • disruptions in the business of HUSA or AGIG, which could have an adverse effect on their respective businesses and financial results;
    • the unaudited pro forma combined consolidated financial information in the proxy statement is presented for illustrative purposes only and may not be reflective of the operating results and financial condition of the combination of HUSA and AGIG; and
    • other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the proxy statement, as well as HUSA’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other documents filed by HUSA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

    The forward-looking statements included in this press release are made only as of the date hereof. HUSA does not undertake to update, alter, or revise any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law.

    For additional information, view the company’s website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

    The MIL Network –

  • MIL-OSI Economics: Fannie Mae Launches AI Fraud Detection Technology Partnership with Palantir

    Source: Fannie Mae

    Fannie Mae (FNMA/OTCQB) announced the launch today of its AI-powered Crime Detection Unit in partnership with leading AI software company Palantir. The new partnership will expand Fannie Mae’s fraud detection capabilities with leading AI-enabled financial crimes data science and investigations technology. This foundation will power Fannie Mae’s Crime Detection Unit, a new platform that the company believes will help detect and prevent mortgage fraud with speed and precision never before seen in the U.S. housing market. Fannie Mae’s Crime Detection Unit’s capabilities will save the U.S. housing market millions in future fraud losses.

    Palantir designs and deploys artificial intelligence and machine learning technology used by government agencies and commercial clients. The company’s technology provides expansive monitoring for anomalous transactions, activities, and behaviors to help companies detect suspicious activity and trigger investigative action.

    “No one is above the law. In partnership with Palantir, Fannie Mae’s Crime Detection Unit will increase safety and soundness by rooting out bad actors in our housing system. This cutting-edge AI technology will help us find criminals who try to defraud our system,” said Fannie Mae Chairman William J. Pulte.

    “By integrating this leading AI technology, we will look across millions of datasets to detect patterns that were previously undetectable,” said Priscilla Almodovar, Fannie Mae’s president and chief executive officer. “This new partnership will combat mortgage fraud, helping to safeguard the U.S. mortgage market for lenders, homebuyers, and taxpayers.”

    Fannie Mae has more than $4.3 trillion in assets and plays a foundational role in the U.S. housing market. The company is the largest holder of residential mortgage debt outstanding in the country, owning or guaranteeing an estimated one in four single-family mortgages and 20 percent of multifamily mortgages in the U.S.

    “This partnership with Fannie Mae will set off a revolution in how we combat mortgage fraud in this country. We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans,” said Alex Karp, co-founder and chief executive officer of Palantir Technologies.

    This release includes forward-looking statements, including statements about Fannie Mae’s and Palantir’s plans and expectations with respect to the Crime Detection Unit and the impact of the Crime Detection Unit on Fannie Mae’s business and financial results, and on the U.S. housing market. Actual results and events may turn out to be very different from these statements. Factors that may lead to different results and events are discussed in “Forward-Looking Statements” and elsewhere in the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2025, and in “Risk Factors,” “Forward-Looking Statements” and elsewhere in the company’s Form 10-K for the year ended December 31, 2024. The company’s forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update any forward-looking statement

    MIL OSI Economics –

  • MIL-OSI USA: Governor Abbott Responds to Rep. Pfluger’s Work on Securing Texas Reimbursements

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, DC — Governor Abbott (TX) released the following statement in response to the $12 billion in border reimbursements for states that stepped up, including Texas, that Congressman August Pfluger (TX-11) and others fought to secure in the One Big Beautiful Bill.

    “Texas thanks the U.S. House and the Texas Congressional Delegation for including $12 billion in the reconciliation package that will help Texas in its response to the unprecedented illegal immigration in Texas,” said Governor Greg Abbott. “This is a national issue that Texas was proud to address, and we are grateful for the allocation that reduces the financial burden that Texas incurred.”

    “The devastating impact of the previous administration’s open border policies has been felt nationwide—but no state has carried the burden more than Texas. Texas spent $11.1 billion on border security, including $5.87 billion on personnel costs and $4.75 billion on border wall and barriers. When the federal government failed to secure our border and protect our communities, Texans stepped up. Throughout my time in Congress, I’ve fought tirelessly to get our state the reimbursements it’s owed, and now, that fight is finally paying off,” said Rep. Pfluger.

    Background:

    Texas had to take on a massive financial burden to protect our communities when the previous administration failed to do so. Throughout his time in Congress, Rep. Pfluger has fought to reimburse Texas for securing the southern border, including

    • Lone Star Reimbursement Act (2022)
    • This bill aimed to pay the State of Texas back for the costs of Operation Lone Star incurred in FY21 and FY22, which total $1.43 billion.
    • Co-led with Rep. Fallon
    • FY24, FY25, and FY26 Appropriations Requests (2023, 2024, 2025) 
    • FY24: Led a letter to the House Appropriations Subcommittee on Homeland Security to reimburse Texas for $5.1 billion.
    • FY25: Led a letter with 18 signers urging the House Appropriations Subcommittee on Homeland Security to reimburse Texas $11.26 billion.
    • FY26: Led a letter with 19 signers urging the House Appropriations Subcommittee on Homeland Security to reimburse Texas $11.2 billion.
    • Efforts to Reimburse Texas through Supplemental Funding Vehicle
    • Although the measure failed, Rep. Pfluger led the charge on including Texas reimbursement through supplemental funding packages in the spring of 2024.
    • Rep. Pfluger has also consigned H.R. 424 and H.R. 1222, and H.R. 3464 to reimburse Texas 

    MIL OSI USA News –

  • MIL-OSI USA: Washington State Sues Trump Administration to Protect Scientific Research and Education Programs

    Source: Washington State News

    SEATTLE — Attorney General Nick Brown today joined a coalition of 15 other attorneys general to file a lawsuit against the Trump administration’s illegal attempts to cut critical National Science Foundation (NSF) programs and funding that help maintain the United States’ position as a global leader in science, technology, engineering, and math (STEM).

    On April 18, NSF began terminating projects focused on increasing the participation of women, minorities, and people with disabilities in STEM fields. On May 2, NSF announced that it would also cap “indirect costs” of research projects like laboratory space, equipment, and facility services at 15 percent. This arbitrary limit on indirect costs would slash millions of dollars for groundbreaking scientific research across the country, jeopardizing national security, the economy, and public health.

    With this lawsuit, Attorney General Brown and the coalition are seeking a court order blocking the implementation of NSF’s new directives to eliminate programs addressing diversity in STEM and cut vital funding for research across the country.

    “Washington’s college and university system is at the forefront of critical research and emerging technologies, and relies heavily on support from the National Science Foundation,” said Brown. “Congress created the NSF to promote the progress of science and has recognized America’s need for a preeminent STEM workforce. The Trump administration does not have the authority to unilaterally cut NSF grants and their terminations threaten our national security and economic dominance.”

    NSF also has a Congressionally mandated focus on improving diversity in STEM fields. Congress has instructed in law that a “core strategy” of NSF’s work must be to increase the participation of people who have historically been left out of STEM occupations. This policy has been a success. As the coalition of attorneys general notes, between 1995 and 2017, the number of women in science and engineering occupations, or with science or engineering degrees, has doubled. During that same time, people of color went from 15 percent to 35 percent of science and engineering job or degree holders. As a result of NSF’s April 18 directive to terminate programs seeking to increase diversity in STEM, dozens of projects have been canceled.

    The coalition also asserts in the lawsuit that NSF’s directive to cap indirect costs at 15 percent would devastate scientific research at universities throughout the country. NSF’s new cap would mean essential research and infrastructure would be cut, leading to critical projects being abandoned, staff laid off, and research essential to national security, public health, and economic stability ending. The administration’s unlawful attempts to cap indirect costs at 15 percent for National Institutes of Health (NIH) and Department of Energy (DOE) grants have already been stopped by courts, in part due to a lawsuit brought by Attorney General Brown and 21 other attorneys general.

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

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

    The lawsuit is available here.

    -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 –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Nearly $9 Million in Fraud and Money Laundering Proceeds from Fraudulently Obtained Paycheck Protection Program Loans

    Source: Office of United States Attorneys

    NEWARK, N.J. – On May 14, 2025, U.S. District Judge Michael E. Farbiarz entered a final judgment forfeiting to the United States approximately $7 million in fraud and money laundering proceeds, as well as a real property purchased with laundered fraud proceeds that has an estimated market value of nearly $2 million, United States Attorney Alina Habba announced.

    On May 6, 2024, the U.S. Attorney’s Office filed a civil forfeiture complaint against approximately $7 million in seized and frozen U.S. currency, as well as a real property in Cresskill, New Jersey, that was purchased with nearly $1 million in laundered fraud proceeds, alleging that the assets were the proceeds of fraud and money laundering offenses. As alleged in the complaint, between April 2020 and August 2020, Jae H. Choi (“Choi”) fraudulently obtained Paycheck Protection Program (“PPP”) loans totaling approximately $8,971,457, and then laundered those fraud proceeds through various financial accounts held in the names of Choi’s nominees, including Choi’s relative and various corporate entities that Choi controlled. According to the civil forfeiture complaint, Choi then spent the laundered fraud proceeds on personal expenses and purchased the Cresskill real property.

    United States Attorney Habba credited special agents of the Internal Revenue Service –Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, special agents of the Social Security Administration, Office of the Inspector General’s Boston New York Field Division, under the direction of Special Agent in Charge Amy Connelly, postal inspectors of the U.S. Postal Inspection Service, under the direction of Inspector in Charge Christopher A. Nielsen, and special agents of the U.S. Small Business Administration, Office of Inspector General’s Eastern Region, under the direction of Special Agent in Charge Amaleka McCall-Braithwaite, with the investigation.

    The government is represented by Assistant U.S. Attorney Peter A. Laserna of the Bank Integrity, Money Laundering, and Recovery Unit of the Criminal Division in Newark.

                                                                            ###

    MIL Security OSI –

  • MIL-OSI: Quorum Announces Q1 2025 Results and Board Changes

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 28, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the first quarter of 2025, ended March 31, 2025. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.

    “I am pleased to announce that in Q1 2025, Quorum achieved consistent revenue year over year, in a quarter where tariffs are starting to impact the automotive industry in North America,” stated Maury Marks, President and CEO. “Quorum continued to pursue a strategy of profitable growth which delivered an Adjusted EBITDA1 margin of 15% in Q1 2025 and a Cash EBITDA2 margin of 10%, along with 1% organic growth in recurring revenues. Quorum has implemented $1.3 million in annual savings that will be fully realized in Q3 2025 including a BDC gross margin improvement plan, office lease cost savings, third-party service provider savings and other cost improvements. We are also pleased to announce that during Q1 2025 we paid down $0.3 million on our BDC Capital Cash Flow Loan and an additional $0.5 million on May 8, 2025.”

    “I would like to sincerely thank our employees, whose efforts were crucial in delivering our Q1 2025 plan and solid quarterly results,” said Mr. Marks. “Their efforts are complemented by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.”

    Consolidated Results for Q1 2025

        Q1 2025
    		 % Change 
    		 Q1 2024
    Total Revenue   $10,154,768   1%   $10,062,791  
    SaaS Revenue   $7,232,390   1%   $7,196,236  
    BDC Revenue   $2,610,657   4%   $2,513,570  
    Recurring Revenue   $9,843,047   1%   $9,709,806  
    Gross Margin   $4,825,306   (5%)   $5,085,481  
    Gross Margin %   48%       51%  
    Net Income   $52,533   (95%)   $1,123,921  
    Net Income per Share   $0.001       $0.015  
    Adjusted EBITDA   $1,522,635   (29%)   $2,141,695  
    Adjusted EBITDA Margin   15%       21%  
    Cash EBITDA   $1,020,628   (27%)   $1,396,262  
    Cash EBITDA Margin   10%       14%  

    ________________________
    1 Adjusted EBITDA (non-GAAP) – Net income before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, impairment, gain on bargain purchase, one-time acquisition-related expenses and restructuring fees.
    2 Cash EBITDA (non-GAAP) – Adjusted EBITDA less stock-based compensation, one-time acquisition-related expense, repayment of lease liability, purchase of property and equipment and software development costs.


    First Quarter Results

    • Total revenue increased by 1% to $10.2 million in Q1 2025 compared to Q1 2024.
    • SaaS revenue increased by 1% to $7.2 million in Q1 2025 compared to Q1 2024.
    • BDC revenue increased by 4% to $2.6 million in Q1 2025 compared to Q1 2024.
    • Gross margin decreased by 5% to $4.8 million in Q1 2025 compared to Q1 2024.
    • Adjusted EBITDA was $1.5 million in Q1 2025, a decrease of $0.6 million compared to Q1 2024.
    • Cash EBITDA was $1.0 million in Q1 2025, a decrease of $0.4 million compared to Q1 2024.

    Board Changes

    Quorum is also pleased to announce the appointment of Steve Hammond to the Board of Directors. Steve will be taking the place of Scot Eisenfelder who will not be standing for election at the upcoming AGM after serving on Quorum’s board for 16 years. Steve brings decades of experience as an operator of enterprise software businesses, primarily in the utilities and healthcare verticals.

    “Since joining Quorum’s Board of Directors in 2009, Scot has provided invaluable strategic leadership and deep automotive expertise that have been instrumental in shaping Quorum’s success,” stated Mr. Marks. “His mentorship has also significantly influenced my growth as a leader. On behalf of myself and the Board of Directors, we would like to sincerely thank Scot for his contributions over the last 16 years.”

    Quorum Q1 2025 Results Conference Call Details and Investor Presentation

    Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

    An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

    About Quorum Information Technologies Inc.

    Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

    • Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
    • DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
    • Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.
    • Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. 
    • VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently. 

    Contacts:

    Maury Marks
    President and Chief Executive Officer
    403-777-0036
    Maury.Marks@QuorumInfoTech.com

    Marilyn Bown
    Chief Financial Officer
    403-777-0036
    Marilyn.Bown@QuorumInfoTech.com

    Forward-Looking Information

    This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

    Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

    Quorum has filed its Q1 2025 unaudited condensed interim consolidated financial statements and notes thereto as at and for the three months ended March 31, 2025, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.

    Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

    Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

    PDF available: http://ml.globenewswire.com/Resource/Download/05b3f1e3-78f2-4e2b-9c8b-df995ca89b19

    The MIL Network –

  • MIL-OSI Canada: Student loan applications: opening soon!

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    To learn more, visit PLMR.com.

    Follow Palomar on LinkedIn: @PLMRInsurance

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

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

    Source: Palomar Holdings, Inc.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    • Second quarter GAAP diluted net earnings per share (“EPS”) of $0.42, down 31% from the prior year period
    • Second quarter non-GAAP diluted net EPS of $0.71, down 13% from the prior year period
    • Second quarter net revenue of $13.2 billion, up 3.3% from the prior-year period
    • Second quarter net cash provided by operating activities of $38 million, free cash flow of $(95) million
    • Second quarter returned $0.4 billion to shareholders in the form of dividend and share repurchases
    HP Inc.’s fiscal 2025 second quarter financial performance
        Q2 FY25   Q2 FY24   Y/Y
    GAAP net revenue ($B)   $ 13.2     $ 12.8     3.3 %
    GAAP operating margin     4.9 %     7.4 %   (2.5 )pts
    GAAP net earnings ($B)   $ 0.4     $ 0.6     (33 )%
    GAAP diluted net EPS   $ 0.42     $ 0.61     (31 )%
    Non-GAAP operating margin     7.3 %     8.8 %   (1.5 )pts
    Non-GAAP net earnings ($B)   $ 0.7     $ 0.8     (17 )%
    Non-GAAP diluted net EPS   $ 0.71     $ 0.82     (13 )%
    Net cash provided by operating activities ($B)   $ 0.0     $ 0.6     (94 )%
    Free cash flow ($B)   $ (0.1 )   $ 0.5     (120 )% 
     
    Notes to table
    Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.
     

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

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

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

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

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

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

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

    Fiscal 2025 second quarter segment results

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

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

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

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

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

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

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

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

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

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

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

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

     
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
    Net revenue:            
    Products   $ 12,423     $ 12,695     $ 12,043  
    Services     797       809       757  
    Total net revenue     13,220       13,504       12,800  
    Cost of net revenue:            
    Products     10,007       10,194       9,324  
    Services     474       470       453  
    Total cost of net revenue     10,481       10,664       9,777  
    Gross profit     2,739       2,840       3,023  
    Research and development     401       397       436  
    Selling, general and administrative     1,480       1,459       1,462  
    Restructuring and other charges     122       70       71  
    Acquisition and divestiture charges     17       6       22  
    Amortization of intangible assets     65       63       80  
    Total operating expenses     2,085       1,995       2,071  
    Earnings from operations     654       845       952  
    Interest and other, net     (148 )     (141 )     (155 )
    Earnings before taxes     506       704       797  
    Provision for taxes     (100 )     (139 )     (190 )
    Net earnings   $ 406     $ 565     $ 607  
                 
    Net earnings per share:            
    Basic   $ 0.43     $ 0.60     $ 0.62  
    Diluted   $ 0.42     $ 0.59     $ 0.61  
                 
    Cash dividends declared per share   $ —     $ 0.58     $ —  
                 
    Weighted-average shares used to compute net earnings per share:            
    Basic     950       948       984  
    Diluted     956       957       990  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
        Six months ended
        April 30, 2025   April 30, 2024
    Net revenue:        
    Products   $ 25,118     $ 24,462  
    Services     1,606       1,523  
    Total net revenue     26,724       25,985  
    Cost of net revenue:        
    Products     20,201       19,195  
    Services     944       879  
    Total cost of net revenue     21,145       20,074  
    Gross profit     5,579       5,911  
    Research and development     798       835  
    Selling, general and administrative     2,939       2,845  
    Restructuring and other charges     192       134  
    Acquisition and divestiture charges     23       49  
    Amortization of intangible assets     128       161  
    Total operating expenses     4,080       4,024  
    Earnings from operations     1,499       1,887  
    Interest and other, net     (289 )     (297 )
    Earnings before taxes     1,210       1,590  
    Provision for taxes     (239 )     (361 )
    Net earnings   $ 971     $ 1,229  
             
    Net earnings per share:        
    Basic   $ 1.02     $ 1.24  
    Diluted   $ 1.02     $ 1.23  
             
    Cash dividends declared per share   $ 0.58     $ 0.55  
             
    Weighted-average shares used to compute net earnings per share:        
    Basic     949       990  
    Diluted     956       996  
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
        Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share
    GAAP net earnings   $ 406     $ 0.42     $ 565     $ 0.59     $ 607     $ 0.61  
    Non-GAAP adjustments:                        
    Restructuring and other charges     122       0.13       70       0.07       71       0.07  
    Acquisition and divestiture charges     17       0.01       6       0.01       22       0.02  
    Amortization of intangible assets     65       0.07       63       0.07       80       0.08  
    Certain litigation charges(a)     103       0.11       —       —       —       —  
    Non-operating retirement-related credits     (6 )     (0.01 )     (5 )     (0.01 )     (3 )     —  
    Tax adjustments(b)     (29 )     (0.02 )     5       0.01       35       0.04  
    Non-GAAP net earnings   $ 678     $ 0.71     $ 704     $ 0.74     $ 812     $ 0.82  
                             
    GAAP earnings from operations   $ 654         $ 845         $ 952      
    Non-GAAP adjustments:                        
    Restructuring and other charges     122           70           71      
    Acquisition and divestiture charges     17           6           22      
    Amortization of intangible assets     65           63           80      
    Certain litigation charges(a)     103           —           —      
    Non-GAAP earnings from operations   $ 961         $ 984         $ 1,125      
                             
    GAAP operating margin     4.9 %         6.3 %         7.4 %    
    Non-GAAP adjustments     2.4 %         1.0 %         1.4 %    
    Non-GAAP operating margin     7.3 %         7.3 %         8.8 %    
     
    (a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened Standard Essential Patent (“SEP”) litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the third and fourth quarters of fiscal year 2024 are $0.84 and $0.96, respectively.
    (b) Includes tax impact on non-GAAP adjustments.
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Six months ended
        April 30, 2025   April 30, 2024
        Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share
    GAAP net earnings   $ 971     $ 1.02     $ 1,229     $ 1.23  
    Non-GAAP adjustments:                
    Restructuring and other charges     192       0.20       134       0.14  
    Acquisition and divestiture charges     23       0.03       49       0.05  
    Amortization of intangible assets     128       0.13       161       0.16  
    Certain litigation charges(a)     103       0.11       —       —  
    Non-operating retirement-related credits     (11 )     (0.01 )     (5 )     (0.01 )
    Tax adjustments(b)     (24 )     (0.03 )     52       0.06  
    Non-GAAP net earnings   $ 1,382     $ 1.45     $ 1,620     $ 1.63  
                     
    GAAP earnings from operations   $ 1,499         $ 1,887      
    Non-GAAP adjustments:                
    Restructuring and other charges     192           134      
    Acquisition and divestiture charges     23           49      
    Amortization of intangible assets     128           161      
    Certain litigation charges(a)     103           —      
    Non-GAAP earnings from operations   $ 1,945         $ 2,231      
                     
    GAAP operating margin     5.6 %         7.3 %    
    Non-GAAP adjustments     1.7 %         1.3 %    
    Non-GAAP operating margin     7.3 %         8.6 %    
     
    (a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the nine months ended fiscal year 2024 and fiscal year 2024 are $2.47 and $3.43, respectively.
    (b) Includes tax impact on non-GAAP adjustments.
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED BALANCE SHEETS
    (Unaudited)
    (In millions)
     
        As of
        April 30, 2025   October 31, 2024
    ASSETS        
    Current assets:        
    Cash, cash equivalents and restricted cash   $ 2,730     $ 3,253  
    Accounts receivable, net     4,336       5,117  
    Inventory     8,175       7,720  
    Other current assets     4,217       4,670  
    Total current assets     19,458       20,760  
    Property, plant and equipment, net     2,951       2,914  
    Goodwill     8,713       8,627  
    Other non-current assets     7,677       7,608  
    Total assets   $ 38,799     $ 39,909  
             
    LIABILITIES AND STOCKHOLDERS’ DEFICIT        
    Current liabilities:        
    Notes payable and short-term borrowings   $ 1,446     $ 1,406  
    Accounts payable     15,195       16,903  
    Other current liabilities     9,915       10,378  
    Total current liabilities     26,556       28,687  
    Long-term debt     9,291       8,263  
    Other non-current liabilities     4,228       4,282  
    Stockholders’ deficit     (1,276 )     (1,323 )
    Total liabilities and stockholders’ deficit   $ 38,799     $ 39,909  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
        Three months ended
        April 30, 2025   April 30, 2024
    Cash flows from operating activities:        
    Net earnings   $ 406     $ 607  
    Adjustments to reconcile net earnings to net cash provided by operating activities:        
    Depreciation and amortization     205       209  
    Stock-based compensation expense     140       94  
    Restructuring and other charges     122       71  
    Deferred taxes on earnings     (60 )     5  
    Other, net     37       7  
    Changes in operating assets and liabilities, net of acquisitions:        
    Accounts receivable     (115 )     (552 )
    Inventory     279       (631 )
    Accounts payable     (1,302 )     1,104  
    Net investment in leases from integrated financing     (50 )     (19 )
    Taxes on earnings     (133 )     (177 )
    Restructuring and other     (75 )     (57 )
    Other assets and liabilities     584       (80 )
    Net cash provided by operating activities     38       581  
    Cash flows from investing activities:        
    Investment in property, plant, equipment and purchased intangible     (183 )     (119 )
    Purchases of available-for-sale securities and other investments     (3 )     —  
    Maturities and sales of available-for-sale securities and other investments     9       —  
    Collateral (posted) returned for derivative instruments     (540 )     70  
    Payment made in connection with business acquisitions, net of cash acquired     (116 )     —  
    Net cash used in investing activities     (833 )     (49 )
    Cash flows from financing activities:        
    Proceeds from short-term borrowings with original maturities less than 90 days, net     —       (100 )
    Proceeds from debt, net of issuance costs     1,076       94  
    Payment of debt     (52 )     (53 )
    Stock-based award activities and others     (26 )     (4 )
    Repurchase of common stock     (100 )     (100 )
    Cash dividends paid     (273 )     (269 )
    Settlement of cash flow hedges     6       —  
    Net cash provided by (used in) financing activities     631       (432 )
    (Decrease) increase in cash, cash equivalents and restricted cash     (164 )     100  
    Cash, cash equivalents and restricted cash at beginning of period     2,894       2,417  
    Cash, cash equivalents and restricted cash at end of period   $ 2,730     $ 2,517  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
        Six months ended
        April 30, 2025   April 30, 2024
    Cash flows from operating activities:        
    Net earnings   $ 971     $ 1,229  
    Adjustments to reconcile net earnings to net cash provided by operating activities:        
    Depreciation and amortization     402       414  
    Stock-based compensation expense     332       271  
    Restructuring and other charges     192       134  
    Deferred taxes on earnings     (83 )     —  
    Other, net     72       (13 )
    Changes in operating assets and liabilities, net of acquisitions:        
    Accounts receivable     851       (106 )
    Inventory     (472 )     (678 )
    Accounts payable     (1,699 )     360  
    Net investment in leases from integrated financing     (48 )     (81 )
    Taxes on earnings     (121 )     (128 )
    Restructuring and other     (149 )     (144 )
    Other assets and liabilities     164       (556 )
    Net cash provided by operating activities     412       702  
    Cash flows from investing activities:        
    Investment in property, plant, equipment and purchased intangible     (485 )     (277 )
    Purchases of available-for-sale securities and other investments     (6 )     —  
    Maturities and sales of available-for-sale securities and other investments     14       —  
    Collateral posted for derivative instruments     (540 )     —  
    Payment made in connection with business acquisitions, net of cash acquired     (116 )     —  
    Net cash used in investing activities     (1,133 )     (277 )
    Cash flows from financing activities:        
    Proceeds from debt, net of issuance costs     1,158       186  
    Payment of debt     (102 )     (102 )
    Stock-based award activities and others     (118 )     (80 )
    Repurchase of common stock     (200 )     (600 )
    Cash dividends paid     (546 )     (544 )
    Settlement of cash flow hedges     6       —  
    Net cash provided by (used in) financing activities     198       (1,140 )
    Decrease in cash, cash equivalents and restricted cash     (523 )     (715 )
    Cash, cash equivalents and restricted cash at beginning of period     3,253       3,232  
    Cash, cash equivalents and restricted cash at end of period   $ 2,730     $ 2,517  
    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
        Three months ended   Change (%)
        April 30, 2025   January 31, 2025   April 30, 2024   Q/Q   Y/Y
    Net revenue:                    
    Commercial PS   $ 6,786     $ 6,645     $ 6,242     2 %   9 %
    Consumer PS     2,238       2,579       2,184     (13 )%   2 %
    Personal Systems     9,024       9,224       8,426     (2 )%   7 %
    Supplies     2,725       2,826       2,864     (4 )%   (5 )%
    Commercial Printing     1,167       1,144       1,205     2 %   (3 )%
    Consumer Printing     289       299       299     (3 )%   (3 )%
    Printing     4,181       4,269       4,368     (2 )%   (4 )%
    Corporate Investments(a)     16       11       5     NM     NM  
    Total segment net revenue     13,221       13,504       12,799     (2 )%   3 %
    Other(a)     (1 )     —       1     NM     NM  
    Total net revenue   $ 13,220     $ 13,504     $ 12,800     (2 )%   3 %
                         
    Earnings before taxes:                    
    Personal Systems(b)   $ 409     $ 507     $ 508          
    Printing     814       810       829          
    Corporate Investments     (37 )     (27 )     (30 )        
    Total segment earnings from operations     1,186       1,290       1,307          
    Corporate and unallocated cost and other     (85 )     (114 )     (88 )        
    Stock-based compensation expense     (140 )     (192 )     (94 )        
    Restructuring and other charges     (122 )     (70 )     (71 )        
    Acquisition and divestiture charges     (17 )     (6 )     (22 )        
    Amortization of intangible assets     (65 )     (63 )     (80 )        
    Certain litigation charges(b)     (103 )     —       —          
    Interest and other, net     (148 )     (141 )     (155 )        
    Total earnings before taxes   $ 506     $ 704     $ 797          
     
    (a) “NM” represents not meaningful.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.
    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
        Six months ended   Change (%)
        April 30, 2025   April 30, 2024   Y/Y
    Net revenue:            
    Commercial PS   $ 13,431     $ 12,287     9 %
    Consumer PS     4,817       4,948     (3 )%
    Personal Systems     18,248       17,235     6 %
    Supplies     5,551       5,727     (3 )%
    Commercial Printing     2,311       2,432     (5 )%
    Consumer Printing     588       584     1 %
    Printing     8,450       8,743     (3 )%
    Corporate Investments(a)     27       7     NM  
    Total segment net revenue     26,725       25,985     3 %
    Other(a)     (1 )     —     NM  
    Total net revenue   $ 26,724     $ 25,985     3 %
                 
    Earnings before taxes:            
    Personal Systems(b)   $ 916     $ 1,045      
    Printing     1,624       1,701      
    Corporate Investments     (64 )     (67 )    
    Total segment earnings from operations     2,476       2,679      
    Corporate and unallocated cost and other     (199 )     (177 )    
    Stock-based compensation expense     (332 )     (271 )    
    Restructuring and other charges     (192 )     (134 )    
    Acquisition and divestiture charges     (23 )     (49 )    
    Amortization of intangible assets     (128 )     (161 )    
    Certain litigation charges(b)     (103 )     —      
    Interest and other, net     (289 )     (297 )    
    Total earnings before taxes   $ 1,210     $ 1,590      
     
    (a) “NM” represents not meaningful.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.
    HP INC. AND SUBSIDIARIES
    SEGMENT OPERATING MARGIN SUMMARY
    (Unaudited)
     
        Three months ended   Change (pts)
        April 30, 2025   January 31, 2025   April 30, 2024   Q/Q
    		   Y/Y
    Segment operating margin:                        
    Personal Systems(a)   4.5 %   5.5 %   6.0 %   (1.0 )pts   (1.5 )pts
    Printing   19.5 %   19.0 %   19.0 %   0.5 pts   0.5 pts
    Corporate Investments(c)   NM     NM     NM     NM     NM  
    Total segment   9.0 %   9.6 %   10.2 %   (0.6 )pts   (1.2 )pts
        Six months ended   Change (pts)
        April 30, 2025   April 30, 2024   Y/Y
    Segment operating margin:              
    Personal Systems(b)   5.0 %   6.1 %   (1.1 )pts
    Printing   19.2 %   19.5 %   (0.3 )pts
    Corporate Investments(c)   NM     NM     NM  
    Total segment   9.3 %   10.3 %   (1.0 )pts
     
    (a) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised Segment operating margin for Personal Systems for the third and fourth quarters of fiscal year 2024 are 6.6% and 6.2%, respectively and the revised Total segment operating margin for the third and fourth quarters of fiscal year 2024 are 9.6% and 10.2%, respectively.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised Segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 6.2%, respectively and the revised Total segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 10.1%, respectively.
    (c) “NM” represents not meaningful.
    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
    Numerator:            
    GAAP net earnings   $ 406     $ 565     $ 607  
    Non-GAAP net earnings   $ 678     $ 704     $ 812  
                 
    Denominator:            
    Weighted-average shares used to compute basic net earnings per share     950       948       984  
    Dilutive effect of employee stock plans(a)     6       9       6  
    Weighted-average shares used to compute diluted net earnings per share     956       957       990  
                 
    GAAP diluted net earnings per share   $ 0.42     $ 0.59     $ 0.61  
    Non-GAAP diluted net earnings per share   $ 0.71     $ 0.74     $ 0.82  
     
    (a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.
    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
        Six months ended
        April 30, 2025   April 30, 2024
    Numerator:        
    GAAP net earnings   $ 971     $ 1,229  
    Non-GAAP net earnings   $ 1,382     $ 1,620  
             
    Denominator:        
    Weighted-average shares used to compute basic net earnings per share     949       990  
    Dilutive effect of employee stock plans(a)     7       6  
    Weighted-average shares used to compute diluted net earnings per share     956       996  
             
    GAAP diluted net earnings per share   $ 1.02     $ 1.23  
    Non-GAAP diluted net earnings per share   $ 1.45     $ 1.63  
     
    (a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.
     

    Use of non-GAAP financial measures

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

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

    Use and economic substance of non-GAAP financial measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Usefulness of non-GAAP financial measures to investors

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

    Editorial contacts

    HP Inc. Media Relations
    MediaRelations@hp.com

    HP Inc. Investor Relations
    InvestorRelations@hp.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Q1 Fiscal 2026 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		   Q1 FY26     Q4 FY25     Q1 FY25   Q/Q   Y/Y  
    Revenue $44,062   $39,331   $26,044   12%   69%  
    Gross margin   60.5%     73.0%     78.4%   (12.5) pts   (17.9) pts  
    Operating expenses $5,030   $4,689   $3,497   7%   44%  
    Operating income $21,638   $24,034   $16,909   (10)%   28%  
    Net income $18,775   $22,091   $14,881   (15)%   26%  
    Diluted earnings per share* $0.76   $0.89   $0.60   (15)%   27%  
    Non-GAAP
    ($ in millions, except earnings
    per share)    		   Q1 FY26     Q4 FY25     Q1 FY25   Q/Q   Y/Y  
    Revenue $44,062   $39,331   $26,044   12%   69%  
    Gross margin   61.0%     73.5%     78.9%   (12.5) pts   (17.9) pts  
    Gross margin excluding H20 charge   71.3%          
    Operating expenses $3,583   $3,378   $2,501   6%   43%  
    Operating income $23,275   $25,516   $18,059   (9)%   29%  
    Net income $19,894   $22,066   $15,238   (10)%   31%  
    Diluted earnings per share* $0.81   $0.89   $0.61   (9)%   33%  
    Diluted earnings per share excluding H20 charge and related tax impact $0.96          
     
     
    *All per share amounts presented herein have been retroactively adjusted to reflect NVIDIA’s ten-for-one stock split, which was effective June 7, 2024.
     

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

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

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

    Data Center

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

    Gaming and AI PC

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

    Professional Visualization

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

    Automotive and Robotics

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

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

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

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

     
    NVIDIA CORPORATION
     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share data)
    (Unaudited)
               
               
          Three Months Ended
          April 27,   April 28,
            2025       2024  
               
    Revenue $ 44,062     $ 26,044  
    Cost of revenue   17,394       5,638  
    Gross profit   26,668       20,406  
               
    Operating expenses      
      Research and development   3,989       2,720  
      Sales, general and administrative   1,041       777  
        Total operating expenses   5,030       3,497  
               
    Operating income   21,638       16,909  
      Interest income   515       359  
      Interest expense   (63 )     (64 )
      Other income (expense), net   (180 )     75  
        Total other income (expense), net   272       370  
               
    Income before income tax   21,910       17,279  
    Income tax expense   3,135       2,398  
    Net income $ 18,775     $ 14,881  
               
    Net income per share:      
      Basic $ 0.77     $ 0.60  
      Diluted $ 0.76     $ 0.60  
               
    Weighted average shares used in per share computation:      
      Basic   24,441       24,620  
      Diluted   24,611       24,890  
               
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
                 
            April 27,   January 26,
              2025     2025  
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 53,691   $ 43,210  
      Accounts receivable, net     22,132     23,065  
      Inventories     11,333     10,080  
      Prepaid expenses and other current assets     2,779     3,771  
        Total current assets     89,935     80,126  
                 
    Property and equipment, net     7,136     6,283  
    Operating lease assets     1,810     1,793  
    Goodwill     5,498     5,188  
    Intangible assets, net     769     807  
    Deferred income tax assets     13,318     10,979  
    Other assets     6,788     6,425  
        Total assets   $ 125,254   $ 111,601  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 7,331   $ 6,310  
      Accrued and other current liabilities     19,211     11,737  
        Total current liabilities     26,542     18,047  
                 
    Long-term debt     8,464     8,463  
    Long-term operating lease liabilities     1,521     1,519  
    Other long-term liabilities     4,884     4,245  
        Total liabilities     41,411     32,274  
                 
    Shareholders’ equity     83,843     79,327  
        Total liabilities and shareholders’ equity   $ 125,254   $ 111,601  
                 
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
               
               
          Three Months Ended
          April 27,   April 28,
            2025       2024  
               
    Cash flows from operating activities:      
    Net income $ 18,775     $ 14,881  
    Adjustments to reconcile net income to net cash      
    provided by operating activities:      
      Stock-based compensation expense   1,474       1,011  
      Depreciation and amortization   611       410  
      (Gains) losses on non-marketable equity securities and publicly-held equity securities, net   175       (69 )
      Deferred income taxes   (2,177 )     (1,577 )
      Other   (98 )     (145 )
    Changes in operating assets and liabilities, net of acquisitions:      
      Accounts receivable   933       (2,366 )
      Inventories   (1,258 )     (577 )
      Prepaid expenses and other assets   560       (726 )
      Accounts payable   941       (22 )
      Accrued and other current liabilities   7,128       4,202  
      Other long-term liabilities   350       323  
    Net cash provided by operating activities   27,414       15,345  
               
    Cash flows from investing activities:      
      Proceeds from maturities of marketable securities   3,122       4,004  
      Proceeds from sales of marketable securities   467       149  
      Proceeds from sales of non-marketable equity securities   –       55  
      Purchases of marketable securities   (6,546 )     (9,303 )
      Purchase related to property and equipment and intangible assets   (1,227 )     (369 )
      Purchases of non-marketable equity securities   (649 )     (190 )
      Acquisitions, net of cash acquired   (383 )     (39 )
    Net cash used in investing activities   (5,216 )     (5,693 )
               
    Cash flows from financing activities:      
      Proceeds related to employee stock plans   370       285  
      Payments related to repurchases of common stock   (14,095 )     (7,740 )
      Payments related to employee stock plan taxes   (1,532 )     (1,752 )
      Dividends paid   (244 )     (98 )
      Principal payments on property and equipment and intangible assets   (52 )     (40 )
    Net cash used in financing activities   (15,553 )     (9,345 )
               
    Change in cash and cash equivalents   6,645       307  
    Cash and cash equivalents at beginning of period   8,589       7,280  
    Cash and cash equivalents at end of period $ 15,234     $ 7,587  
               
      NVIDIA CORPORATION  
      RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
      (In millions, except per share data)  
      (Unaudited)  
                       
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
                       
      GAAP cost of revenue $ 17,394     $ 10,608     $ 5,638    
      GAAP gross profit   $ 26,668     $ 28,723     $ 20,406    
        GAAP gross margin     60.5%       73.0%       78.4%    
        Acquisition-related and other costs (A)   123       118       119    
        Stock-based compensation expense (B)   64       53       36    
        Other     3       –       (1 )  
      Non-GAAP cost of revenue $ 17,204     $ 10,437     $ 5,484    
      Non-GAAP gross profit $ 26,858     $ 28,894     $ 20,560    
        Non-GAAP gross margin     61.0%       73.5%       78.9%    
                       
      GAAP operating expenses $ 5,030     $ 4,689     $ 3,497    
        Stock-based compensation expense (B)   (1,410 )     (1,268 )     (975 )  
        Acquisition-related and other costs (A)   (37 )     (43 )     (21 )  
      Non-GAAP operating expenses $ 3,583     $ 3,378     $ 2,501    
                       
      GAAP operating income $ 21,638     $ 24,034     $ 16,909    
        Total impact of non-GAAP adjustments to operating income   1,637       1,482       1,150    
      Non-GAAP operating income $ 23,275     $ 25,516     $ 18,059    
                       
      GAAP total other income (expense), net $ 272     $ 1,183     $ 370    
        (Gains) losses from non-marketable equity securities and publicly-held equity securities, net   175       (727 )     (69 )  
        Interest expense related to amortization of debt discount   1       1       1    
      Non-GAAP total other income (expense), net $ 448     $ 457     $ 302    
                       
      GAAP net income   $ 18,775     $ 22,091     $ 14,881    
        Total pre-tax impact of non-GAAP adjustments   1,813       756       1,082    
        Income tax impact of non-GAAP adjustments (C)   (694 )     (781 )     (725 )  
      Non-GAAP net income $ 19,894     $ 22,066     $ 15,238    
                       
      Diluted net income per share (D)            
        GAAP   $ 0.76     $ 0.89     $ 0.60    
        Non-GAAP   $ 0.81     $ 0.89     $ 0.61    
                       
      Weighted average shares used in diluted net income per share computation (D)   24,611       24,706       24,890    
                       
      GAAP net cash provided by operating activities $ 27,414     $ 16,628     $ 15,345    
        Purchases related to property and equipment and intangible assets   (1,227 )     (1,077 )     (369 )  
        Principal payments on property and equipment and intangible assets   (52 )     (32 )     (40 )  
      Free cash flow   $ 26,135     $ 15,519     $ 14,936    
                       
         
                       
                       
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:  
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
        Cost of revenue   $ 123     $ 118     $ 119    
        Research and development $ 28     $ 27     $ 12    
        Sales, general and administrative $ 9     $ 16     $ 8    
                       
      (B) Stock-based compensation consists of the following:    
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
        Cost of revenue   $ 64     $ 53     $ 36    
        Research and development $ 1,063     $ 955     $ 727    
        Sales, general and administrative $ 347     $ 313     $ 248    
                       
      (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).  
                       
      (D) Reflects a ten-for-one stock split on June 7, 2024.  
         
                       
                       
                       
                       
                    Three Months  
                    Ended  
                    April 27,  
                      2025    
                    ($ in millions)  
      GAAP gross profit           $ 26,668    
      GAAP gross margin             60.5%    
        Stock-based compensation expense, acquisition-related costs, and other costs           190    
        H20 excess inventory and purchase obligation charges           4,538    
      Non-GAAP gross profit (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 31,396    
      Non-GAAP gross margin (as adjusted to exclude H20 excess inventory and purchase obligation charges)           71.3%    
                       
                       
      GAAP net income           $ 18,775    
        Total pre-tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges           6,351    
        Income tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges           (1,491 )  
      Non-GAAP net income (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 23,635    
                       
      Diluted net income per share            
        GAAP           $ 0.76    
        Non-GAAP (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 0.96    
                       
      Weighted average shares used in diluted net income per share computation           24,611    
                       
    NVIDIA CORPORATION  
    RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK  
           
       
        Q2 FY2026
    Outlook    		  
        ($ in millions)  
           
    GAAP gross margin   71.8%    
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.2%    
    Non-GAAP gross margin   72.0%    
           
    GAAP operating expenses $ 5,700    
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,700 )  
    Non-GAAP operating expenses $ 4,000    
           

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

    For further information, contact:

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

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

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

    The MIL Network –

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

    Source: US Congressional Budget Office

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

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

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

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

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

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

    Source: US State of New York

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

     

    Delivers Outperformance Across All Guided Metrics

    Reports 18% YoY ARR Growth and Strong Free Cash Flow

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

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

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

    Third Quarter Fiscal 2025 Financial Summary

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

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

    Recent Company Highlights

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

    Fourth Quarter Fiscal 2025 Outlook

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

    Fiscal 2025 Outlook

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

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

    Webcast and Conference Call Information

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

    Footnotes

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

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

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

    Non-GAAP Financial Measures and Other Key Performance Measures

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

    Forward-Looking Statements

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

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

    About Nutanix

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

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

    Investor Contact:
    Richard Valera
    ir@nutanix.com

    Media Contact:
    Jennifer Massaro
    pr@nutanix.com

     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
        As of  
        July 31,
    2024    		     April 30,
    2025    		  
        (in thousands)  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 655,270     $ 872,599  
    Short-term investments     339,072       1,009,870  
    Accounts receivable, net     229,796       270,232  
    Deferred commissions—current     159,849       147,361  
    Prepaid expenses and other current assets     97,307       110,981  
    Total current assets     1,481,294       2,411,043  
    Property and equipment, net     136,180       143,711  
    Operating lease right-of-use assets     109,133       142,200  
    Deferred commissions—non-current     198,962       180,111  
    Intangible assets, net     5,153       2,809  
    Goodwill     185,235       185,235  
    Other assets—non-current     27,961       31,521  
    Total assets   $ 2,143,918     $ 3,096,630  
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 45,066     $ 49,596  
    Accrued compensation and benefits     195,602       175,814  
    Accrued expenses and other current liabilities     24,967       22,463  
    Deferred revenue—current     954,543       1,008,731  
    Operating lease liabilities—current     24,163       24,951  
    Total current liabilities     1,244,341       1,281,555  
    Deferred revenue—non-current     918,163       1,020,467  
    Operating lease liabilities—non-current     90,359       120,351  
    Convertible senior notes, net     570,073       1,342,601  
    Other liabilities—non-current     49,130       43,090  
    Total liabilities     2,872,066       3,808,064  
    Stockholders’ deficit:            
    Common stock     7       7  
    Additional paid-in capital     4,118,898       4,179,565  
    Accumulated other comprehensive loss     146       3,391  
    Accumulated deficit     (4,847,199 )     (4,894,397 )
    Total stockholders’ deficit     (728,148 )     (711,434 )
    Total liabilities and stockholders’ deficit   $ 2,143,918     $ 3,096,630  
     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands, except per share data)  
    Revenue:                        
    Product   $ 255,465     $ 345,479     $ 802,047     $ 1,001,585  
    Support, entitlements and other services     269,112       293,504       798,817       883,075  
    Total revenue     524,577       638,983       1,600,864       1,884,660  
    Cost of revenue:                        
    Product (1)(2)     8,469       6,776       28,105       23,969  
    Support, entitlements and other services (1)     71,150       76,215       215,029       226,980  
    Total cost of revenue     79,619       82,991       243,134       250,949  
    Gross profit     444,958       555,992       1,357,730       1,633,711  
    Operating expenses:                        
    Sales and marketing (1)(2)     245,901       260,402       717,926       775,185  
    Research and development (1)     159,220       186,413       471,596       543,157  
    General and administrative (1)     51,425       60,532       148,457       174,036  
    Total operating expenses     456,546       507,347       1,337,979       1,492,378  
    (Loss) income from operations     (11,588 )     48,645       19,751       141,333  
    Other income (expense), net     659       15,954       (2,520 )     25,172  
    (Loss) income before provision for income taxes     (10,929 )     64,599       17,231       166,505  
    Provision for income taxes     4,687       1,236       15,905       16,789  
    Net (loss) income   $ (15,616 )   $ 63,363     $ 1,326     $ 149,716  
    Net (loss) income per share attributable to Class
    A common stockholders, basic    		   $ (0.06 )   $ 0.24     $ 0.01     $ 0.56  
    Net (loss) income per share attributable to Class
    A common stockholders, diluted    		   $ (0.06 )   $ 0.22     $ 0.05     $ 0.52  
    Weighted average shares used in computing net
    (loss) income per share attributable to Class A
    common stockholders, basic    		     245,766       267,566       243,688       267,081  
    Weighted average shares used in computing net
    (loss) income per share attributable to Class A
    common stockholders, diluted    		     245,766       296,804       297,055       292,942  

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

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

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

        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Product cost of revenue   $ 766     $ 546     $ 2,626     $ 2,080  
    Sales and marketing     99       89       218       265  
    Total amortization of intangible assets   $ 865     $ 635     $ 2,844     $ 2,345  
     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Nine Months Ended
    April 30,    		  
        2024     2025  
        (in thousands)  
    Cash flows from operating activities:            
    Net income   $ 1,326     $ 149,716  
    Adjustments to reconcile net income to net cash
    provided by operating activities:    		            
    Depreciation and amortization     54,986       54,451  
    Stock-based compensation     252,259       266,419  
    Amortization of debt discount and issuance costs     33,738       2,519  
    Inducement expense from partial repurchase of the 2027 Notes     —       11,347  
    Operating lease cost, net of accretion     24,009       21,355  
    Non-cash interest expense     15,143       —  
    Other     (14,117 )     (4,690 )
    Changes in operating assets and liabilities:            
    Accounts receivable, net     (49,669 )     (14,084 )
    Deferred commissions     5,199       31,339  
    Prepaid expenses and other assets     37,588       (10,589 )
    Accounts payable     10,326       3,774  
    Accrued compensation and benefits     29,660       (10,528 )
    Accrued expenses and other liabilities     (83,857 )     (5,601 )
    Operating leases, net     (22,394 )     (23,640 )
    Deferred revenue     134,037       130,139  
       Net cash provided by operating activities     428,234       601,927  
    Cash flows from investing activities:            
    Maturities of investments     625,519       272,846  
    Purchases of investments     (740,034 )     (941,406 )
    Sales of investments     —       2,011  
    Payments for acquisitions, net of cash acquired     (4,500 )     —  
    Purchases of property and equipment     (54,813 )     (59,533 )
       Net cash used in investing activities     (173,828 )     (726,082 )
    Cash flows from financing activities:            
    Proceeds from sales of shares through employee equity incentive plans     50,660       68,525  
    Taxes paid related to net share settlement of equity awards     (111,620 )     (212,919 )
    Proceeds from the issuance of convertible notes, net of issuance costs     —       848,010  
    Payment of third-party debt issuance costs     —       (3,448 )
    Partial repurchase of the 2027 Notes     —       (95,453 )
    Payment of revolver issuance costs     —       (2,794 )
    Repurchases of common stock     (106,131 )     (257,859 )
    Payment of finance lease obligations     (2,928 )     (2,943 )
       Net cash (used in) provided by financing activities     (170,019 )     341,119  
    Net increase in cash, cash equivalents and restricted cash   $ 84,387     $ 216,964  
    Cash, cash equivalents and restricted cash—beginning of period     515,771       655,662  
    Cash, cash equivalents and restricted cash—end of period   $ 600,158     $ 872,626  
    Restricted cash (1)     2,131       27  
    Cash and cash equivalents—end of period   $ 598,027     $ 872,599  
    Supplemental disclosures of cash flow information:            
    Cash paid for income taxes   $ 20,938     $ 25,550  
    Supplemental disclosures of non-cash investing and
    financing information:    		            
    Purchases of property and equipment included in accounts payable and
    accrued and other liabilities    		   $ 983     $ 1,186  
    Unpaid taxes related to net share settlement of equity awards included
    in accrued expenses and other liabilities    		   $ —     $ 2,554  

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

    Reconciliation of Revenue to Billings
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Total revenue   $ 524,577     $ 638,983     $ 1,600,864     $ 1,884,660  
    Change in deferred revenue     32,708       8,062       134,037       130,139  
    Total billings   $ 557,285     $ 647,045     $ 1,734,901     $ 2,014,799  
    Disaggregation of Revenue and Billings
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Disaggregation of revenue:                        
    Subscription revenue   $ 486,620     $ 609,663     $ 1,498,081     $ 1,794,777  
    Professional services revenue     26,240       28,001       74,083       83,316  
    Other non-subscription product revenue     11,717       1,319       28,700       6,567  
    Total revenue   $ 524,577     $ 638,983     $ 1,600,864     $ 1,884,660  
    Disaggregation of billings:                        
    Subscription billings   $ 515,920     $ 627,249     $ 1,617,593     $ 1,925,278  
    Professional services billings     29,648       18,477       88,608       82,954  
    Other non-subscription product billings     11,717       1,319       28,700       6,567  
    Total billings   $ 557,285     $ 647,045     $ 1,734,901     $ 2,014,799  


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

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

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

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

    • Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
    • Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.
     
    Annual Recurring Revenue
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Annual Recurring Revenue (ARR)   $ 1,820,207     $ 2,142,969     $ 1,820,207     $ 2,142,969  
     
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (Unaudited)
     
        GAAP     Non-GAAP Adjustments     Non-GAAP  
        Three Months Ended April 30, 2025     (1)     (2)     (3)     (4)     (5)     (6)     Three Months Ended April 30, 2025  
        (in thousands, except percentages and per share data)  
    Gross profit   $ 555,992     $ 7,024     $ 546     $ —     $ —     $ —     $ —     $ 563,562  
    Gross margin     87.0 %     1.1 %     0.1 %     —       —       —       —       88.2 %
    Operating expenses:                                                
    Sales and marketing     260,402       (19,513 )     (89 )     —       —       —       —       240,800  
    Research and development     186,413       (42,162 )     —       —       —       —       —       144,251  
    General and administrative     60,532       (15,543 )     —       (3,545 )     —       —       —       41,444  
    Total operating expenses     507,347       (77,218 )     (89 )     (3,545 )     —       —       —       426,495  
    Income from operations     48,645       84,242       635       3,545       —       —       —       137,067  
    Operating margin     7.6 %     13.2 %     0.1 %     0.6 %     —       —       —       21.5 %
    Net income   $ 63,363     $ 84,242     $ 635     $ 3,545     $ (80 )   $ 2,950     $ (29,942 )   $ 124,713  
    Weighted shares outstanding, basic     267,566                                           267,566  
    Weighted shares outstanding, diluted (7)     296,804                                           296,804  
    Net income per share, basic   $ 0.24     $ 0.32     $ –     $ 0.01     $ –     $ 0.01     $ (0.11 )   $ 0.47  
    Net income per share, diluted (8)   $ 0.22                                         $ 0.42  

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Announces Regained Compliance with Nasdaq Listing Rule Regarding Timely Periodic Reporting

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

    Mr. Urvan commented:

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

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

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

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

    Update on Litigation

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

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

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

    Period Reporting Compliance

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

    About Outdoor Holding Company (dba Outdoors Online)

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

    Cautionary Statement Concerning Forward-Looking Statements

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

    Contacts

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

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

    Source: Outdoor Holding Company

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Contacts

    Investor Relations
    investor.relations@lplfinancial.com

    Media Relations
    media.relations@lplfinancial.com

    About LPL Financial

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

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

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

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

    The MIL Network –

  • MIL-OSI USA: Senators Scott, Cruz, Colleagues Introduce Protect LNG Act

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON—U.S. Senator Tim Scott (R-S.C.) joined Senators Ted Cruz (R-Texas), John Cornyn (R-Texas), and Roger Wicker (R-Miss.) in reintroducing the Protect LNG Act. The legislation ensures that a court cannot vacate a previously authorized LNG permit, clarifies the venue for LNG lawsuits before federal courts, and mandates that courts grant expedited decisions in relevant cases.

    “The Protect LNG Act is about bringing certainty back to American energy. Radical activists are using the courts to block or delay key energy projects that have already been approved—ultimately threatening jobs, driving up costs, and undermining our national security,” said Senator Scott. “For South Carolina, this legislation ensures stronger protections for our growing role in energy exports, stability in our port economy, and a clear signal to our allies that America will deliver. I’m proud to support legislation that doesn’t just keep the lights on, but keeps our country strong, competitive, and in control of its future.”

    “American energy has the ability to metaphorically and literally power the world, and Texas is the lead exporter of U.S. LNG. Those achievements have been under attack by fringe environmental groups, who use and are enabled by politicized courts. This legislation counters such attacks, and I’m proud to lead the fight to protect energy producers, the jobs they create in Texas, and America’s energy leadership. The Senate should expeditiously take it up and pass it,” said Senator Cruz.

    “Oil and natural gas production employs hundreds of thousands of hardworking Texans and is a critical part of the Texas economy, as well as our nation’s energy sector as a whole,” said Senator Cornyn. “I am proud to lead this bill alongside Sen. Cruz to help protect energy projects across our country from lawsuits that far-left climate activists file in an attempt to hamstring American energy.”

    “The United States has an abundance of LNG, which is essential for establishing American energy dominance and safeguarding our national security. The Protect LNG Act would prevent energy production from being politicized or undermined by far-left environmental groups. I am committed to defending energy job creators and preserving American energy independence,” said Senator Wicker.

    Representative Wesley Hunt (R-Texas) introduced companion legislation in the U.S. House of Representatives.

    BACKGROUND

    This bill would:

    • Ensures that a federal court cannot vacate previously authorized permits for Liquified Natural Gas (LNG) facilities.
    • Specifies that circuit court jurisdiction for litigation against LNG facilities shall be determined by the location of the facility, not the headquarters location of the federal agency that issued the permits.  
    • Sets a 90-day clock for lawsuits challenging a federal permit for an LNG facility and requires expedited review of lawsuits against LNG facilities.

    The full text of the Protect LNG Act can be found here.

    MIL OSI USA News –

  • MIL-OSI Russia: Chinese Foreign Minister Meets with Guests from Pacific Island States

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    XIAMEN, May 28 (Xinhua) — Chinese Foreign Minister Wang Yi on Wednesday held separate meetings with foreign guests who arrived in China to attend the third China-Pacific Island Countries Foreign Ministers’ Meeting in Xiamen, east China’s Fujian Province.

    During the meeting with the President and Minister of Foreign Affairs of Kiribati Taneti Maamau, Wang Yi conveyed to him sincere greetings and best wishes from Chinese President Xi Jinping.

    Wang Yi said that since the resumption of diplomatic relations between China and Kiribati more than five years ago, bilateral ties have developed rapidly, and exchanges and cooperation in various fields have yielded significant results. He said China highly values Kiribati’s firm adherence to the one-China principle and is willing to work with Kiribati to further develop bilateral ties.

    T. Maamau, for his part, pointed out that Kiribati firmly adheres to the one-China policy and hopes to strengthen cooperation with China in areas such as cultural and humanitarian exchanges, medicine and health care, infrastructure, sister city exchanges, the maritime economy and climate change.

    At a meeting with Niuean Prime Minister and Foreign Minister Dalton Tagelagi, Wang Yi noted that China-Niue relations have become a model of equality and common development for countries of different sizes. He called on both countries to strengthen cooperation in areas such as infrastructure, green development and climate change.

    D. Tagelagi said that Niue values its relations with China and the close friendship between the peoples of the two countries, and supports the three major global initiatives proposed by China, as well as the high-quality joint construction of the Belt and Road.

    Niue stands ready to continue to contribute to the development of the South Pacific region in the spirit of mutual respect, added D. Tagelagi.

    During a meeting with Crown Prince and Foreign Minister of Tonga Tupoutoa Ulukalala, Wang Yi conveyed cordial greetings from Chinese President Xi Jinping to King Tupou VI of Tonga.

    The Chinese Foreign Minister said that China firmly supports Tonga in safeguarding its national sovereignty, security and development interests, values Tonga’s commitment to the one-China principle, and hopes to work with Tonga to implement the important consensus reached by the leaders of the two countries.

    Tupoutoa Ulukalala noted that Tonga has always firmly adhered to the one-China policy and is willing to expand exchanges of ideas with China and promote practical cooperation in areas such as health and education. Tonga highly appreciates the concrete measures taken by China to help Pacific island countries address climate change, he stressed.

    During a meeting with Solomon Islands Minister of Foreign Affairs and Trade Peter Shanel Agowaka, Wang Yi said that China is willing to work with the Solomon Islands to uphold multilateralism, defend the basic norms of international relations, and safeguard international fairness and justice.

    China supports the Solomon Islands in hosting the 54th Pacific Islands Forum Leaders’ Meeting this year, Wang continued, expressing hope that the two countries will seize the opportunity and jointly promote development.

    P.Sh. Agovaka said the Solomon Islands firmly opposes “Taiwan independence” and supports the Chinese government’s efforts to achieve national reunification.

    The Solomon Islands looks forward to strengthening practical cooperation with China in areas such as education, law enforcement, medicine and health care, and cultural heritage protection, P.Sh. Agovaka said.

    At a meeting with Cook Islands Minister of Foreign Affairs and Immigration Tingika Elikana, Wang Yi said China has always attached great importance to relations with the Cook Islands and supports the country in safeguarding national sovereignty and independently choosing a development path that suits its national conditions.

    According to the head of the Chinese Foreign Ministry, China is ready to work with the Cook Islands to adhere to the principle of common but differentiated responsibilities and create a fair, reasonable, cooperative and mutually beneficial system of global climate governance.

    T. Elikana assured that the Cook Islands will strictly adhere to the one-China principle, adding that the meeting of the foreign ministers of China and the Pacific island countries opened up an opportunity for deepening cooperation between the two sides and strengthening the unity of the island countries. The Cook Islands expresses its firm support for this, he stressed. –0–

    MIL OSI Russia News –

  • MIL-OSI USA: Governor Stein Urges Congress to Lower Costs for North Carolinians at NC State Emerging Issues Forum

    Source: US State of North Carolina

    Headline: Governor Stein Urges Congress to Lower Costs for North Carolinians at NC State Emerging Issues Forum

    Governor Stein Urges Congress to Lower Costs for North Carolinians at NC State Emerging Issues Forum
    lsaito

    Raleigh, NC

    Today Governor Josh Stein spoke at the Emerging Issues Forum at NC State to outline his energy priorities and urge Congress to lower costs for consumers by protecting clean energy projects in North Carolina.  

    “North Carolina is a leader in the clean energy economy, and we are home to more than 20,000 clean energy jobs and $24 billion in clean energy investments,” said Governor Josh Stein. “Our state is well-positioned to continue that success, and I urge Congress to protect the clean energy investments that have contributed to our state’s prosperity.”

    Governor Stein is committed to supporting and developing North Carolina’s growing clean energy sector. Last month, the Governor joined Boviet Solar at the grand opening of its new solar module manufacturing facility in Greenville, which has already created nearly 400 jobs with more on the way. As part of his second recovery budget announcement last week, Governor Stein proposed $239 million to strengthen critical infrastructure in western North Carolina, including investing in projects to safeguard against future disasters. 

    Congress’ proposed repeal of the Inflation Reduction Act could cost North Carolina tens of thousands of jobs by 2030, along with billions in clean energy investments spurred by clean energy and manufacturing tax credits. Repealing the credits could also raise electricity costs for North Carolina families by $200 per year. Governor Stein is urging North Carolina’s congressional delegation to lower costs for North Carolina families by preserving the Inflation Reduction Act’s clean energy tax credits.  

    May 28, 2025

    MIL OSI USA News –

  • MIL-OSI Security: 14 Arrested on Complaints Alleging More Than $25 Million in COVID-19 Relief and Small Business Loans Were Fraudulently Obtained

    Source: Office of United States Attorneys

    LOS ANGELES – Fourteen defendants – including San Fernando Valley and Glendale residents – were arrested on two federal criminal complaints alleging they fraudulently obtained more than $25 million in taxpayer-funded COVID-19 relief funds and federally-guaranteed small business loans.

    The 18 total defendants named in the complaints – four defendants are believed to be in Armenia – are charged with conspiracy to defraud the government with respect to claims; false, fictitious, or fraudulent claims; wire fraud and attempted wire fraud; bank fraud and attempted bank fraud; money laundering conspiracy; laundering of monetary instruments; engaging in monetary transactions in property derived from specified unlawful activity; and/or structuring financial transactions to evade reporting requirements.

    The defendants arrested today include:

    • Vahe Margaryan, a.k.a. “William McGrayan,” 42, of Tujunga, who allegedly orchestrated a scheme to defraud numerous banks and the Small Business Administration’s (SBA) Preferred Lender Program, a program designed to help small businesses that otherwise might not obtain financing. McGrayan allegedly directed owners of sham corporations to open bank accounts, make false statements, and concoct documents, including phony resumes and financial statements, to support loan applications to buy other sham corporations. McGrayan allegedly paid for phony tax returns that falsely reported millions in revenue and tens of thousands in tax due and owing. McGrayan, whose alleged criminal activity lasted from 2018 until January 2025, then directed the laundering of millions in fraud proceeds through various bank accounts.
    • Sarkis Gareginovich Sarkisyan, 37, a.k.a. “Samuel Shaw,” of Glendale, who allegedly, among other offenses, submitted a false application and bogus documents to obtain a loan under the Paycheck Protection Program (PPP), which provided low-interest, forgivable loans to help small businesses retain their workforce and cover expenses. Sarkisyan allegedly applied in April 2021 on behalf of a fake business that received more than $700,000 in PPP funds.
    • Mery Babayan, 32, a.k.a. “Mery Diamondz,” of Van Nuys, together with co-defendants Margaryan and Hovannes Hovannisyan, 48, a.k.a. “John Harvard,” of Panorama City, in May 2021 allegedly defrauded a bank by representing the nonexistent sale of a sham business to another sham company to obtain an approximately $3 million federally guaranteed loan through the SBA’s Preferred Lending Program.
    • Felix Parker, 77, of North Hollywood, who in January 2023 allegedly made false statements and submitted fraudulent documents, including fake tax returns that falsely reported that his shell company, Canmar Promo, earned millions of dollars annually and owed tens of thousands in federal income taxes. Parker allegedly obtained more than $2 million in government-guaranteed funds earmarked to help small businesses.
    • Axsel Markaryan, 47, a.k.a. “Axel Mark,” of Pacoima, who in June 2023 allegedly fraudulently obtained more than $5 million in SBA loans via the submission of false statements and the submission of fake documents, including bogus tax returns. After the loans were obtained, Markaryan and his co-schemers in November 2023 laundered the money, including sending at least $100,000 to a co-schemer in Armenia.

    As a result of today’s takedown, law enforcement seized approximately $20,000 in cash, two money-counting machines, paper cash bands or currency straps in denominations of $2,000 and $10,000, multiple cell phones, multiple laptops, two loaded semi-automatic 9mm handguns, and boxes of 9mm ammunition.

    “Today’s enforcement action is intended to send a message to all criminals who take advantage of government programs designed to help those who need them most,” said United States Attorney Bill Essayli. “If you took COVID-19 or SBA money you weren’t entitled to, your door could be the next one we visit. Together with our law enforcement partners, my office will aggressively prosecute individuals who cheat the system meant to protect and support law-abiding citizens.”

    “Scheming to fraudulently obtain federal funds that were meant to provide assistance to the nation’s small businesses is unacceptable,” said the U.S. Small Business Administration Office of Inspector General (SBA-OIG) Western Region Acting Special Agent in Charge Jonathan Huang. “OIG will continue to ardently investigate fraudulently obtained SBA program funds, including COVID-19 pandemic-related loans, to protect taxpayers from fraud, waste, and abuse. I want to thank the U.S. Attorney’s Office and our law enforcement partners for their dedication and pursuit of justice.”

    “This transnational criminal network sought to defraud the government of millions of dollars and almost succeeded,” said Homeland Security Investigations (HSI) Los Angeles Acting Special Agent in Charge John Pasciucco. “Through the diligent work of the El Camino Real Financial Crimes Task Force and our federal partners, HSI is continuing to identify these criminal groups looking to profit from the pandemic and will use all available resources to criminally prosecute or remove them from the country.”

    “Today, 14 individuals were arrested in connection with a fraudulent loan scheme in which they allegedly obtained in excess of $25 million through the SBA Paycheck Protection Program, Economic Injury Disaster Loan programs, and other federal funding programs,” said IRS Criminal Investigation Special Agent in Charge Tyler Hatcher, Los Angeles Field Office. “These programs were established to assist individuals and businesses in need of financial assistance and instead were pilfered by the named defendants. IRS-CI is dedicated to identifying and dismantling criminal organizations that prey on assistance programs set up for the benefit of our law-abiding citizens.”

    A criminal complaint contains allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    If convicted, each defendant would face a statutory maximum sentence of decades in federal prison.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolster efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. 

    On September 15, 2022, the Attorney General selected the U.S. Attorney’s Offices for the Central and Eastern Districts of California to jointly head one of the three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at https://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams. 

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at (866) 720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. 

    SBA-OIG, IRS Criminal Investigation, and HSI are investigating these matters.

    The cases announced today were investigated by the U.S. Department of Homeland Security’s Office of Inspector General and Homeland Security Investigations’ (HSI) El Camino Real Financial Crimes Task Force, a multi-agency task force that includes federal and state investigators who are focused on financial crimes in Southern California. 

    Assistant United States Attorneys Mark Aveis and Gregg Marmaro of the Major Frauds Section and Maxwell Coll of the Cyber and Intellectual Property Crimes Section are prosecuting these cases.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office in Chicago Obtains Forfeiture of $214 Million in Proceeds From Alleged “Pump and Dump” Investment Fraud Scheme

    Source: Office of United States Attorneys

    CHICAGO — The U.S. Attorney’s Office has successfully obtained forfeiture to the government of approximately $214 million in proceeds from an alleged “pump-and-dump” investment fraud scheme that previously resulted in charges against seven individuals.

    From November 2024 to February 2025, the defendants engaged in misleading promotion and coordinated trading of shares of China Liberal Education Holdings, Ltd., a company incorporated in the Cayman Islands that purported to provide educational services in China, according to an indictment returned in March in U.S. District Court in Chicago.  The scheme, known as a “pump-and-dump,” allegedly involved individuals in China posing as U.S.-based investment advisors on social media and messaging platforms and falsely promising significant returns from investments in the company.  The misleading promotion and coordinated trading caused the stock price to artificially rise, at which point the defendants sold thousands of shares and made millions of dollars in profits, the indictment states.  The stock price ultimately decreased significantly, at the expense of other investors, some of whom lost almost the entirety of their investment.

    During the investigation, federal law enforcement seized approximately $214 million in alleged proceeds from the fraud scheme. The funds are currently in U.S. custody. On Tuesday, U.S. District Judge Jorge L. Alonso granted a motion by the U.S. Attorney’s Office in Chicago to have the money permanently forfeited to the United States.  The order allows for the government to return the money to victim investors.

    The forfeiture order was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  Valuable assistance was provided by the Boston Regional Office of the U.S. Securities and Exchange Commission and the SEC’s Office of Inspector General.  Assistant U.S. Attorney Jared Hasten represents the government.

    “As alleged in the indictment and forfeiture complaint, the defendants defrauded U.S. investors through deceitful and coordinated trading activities,” said U.S. Attorney Boutros.  “Our attorneys and staff in this case placed a high priority on recovering funds for victims.  The large forfeiture order of more than $200 million should serve as a warning that federal law enforcement will aggressively pursue fraudulent profits from those who seek to prey upon investors by manipulating the U.S. stock market.”

    “Despite the overwhelming manipulation as alleged in this case, this serves as one of the premier FBI investigations in which the federal government was able to successfully recover victims’ hard-earned money before it disappeared into overseas bank accounts,” said FBI SAC DePodesta.  “This elaborate fraud scheme boasting bogus profit potentials has caused extensive harm to unsuspecting Americans.  The FBI will continue to work with our partner networks to ensure that justice is served against anyone who seeks to weaponize financial systems to gain personal profit.”

    Seven individuals were charged in the criminal indictment with wire fraud and securities fraud: LIM XIANG JIE CEDRIC, of Malaysia, MING-SHEN CHENG, of Taiwan, KO SEN CHAI, of Malaysia, KING SUNG WONG, of Malaysia, SIONG WEE VUN, of Malaysia, CHIEN LUNG MA, of Taiwan, and KOK WAH WONG, of Malaysia.  The defendants are not in custody and warrants have been issued for their arrests. The public is reminded that an indictment contains only charges and is not evidence of guilt.  The defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

    If you believe you or someone you know may have been victimized by the fraud scheme charged in the indictment, you are encouraged to notify the FBI by completing this online form or calling 1-800-CALL-FBI (1-800-225-5324). 

    MIL Security OSI –

  • MIL-OSI Security: Kanawha County Man Sentenced to Prison for Federal Fraud Crimes

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Donald A. Ennis, 43, of St. Albans, was sentenced today to two years and nine months in prison, to be followed by three years of supervised release, and ordered to pay $513,072.28 in restitution for two counts of wire fraud. Ennis admitted that he filed false insurance claims to obtain $347,237.70 after setting fire to his residence and defrauded a volunteer fire department of $153,728 while serving as its finance and operations manager.

    According to court documents and statements made in court, in October 2018 Ennis purchased a residence on Ridgeview Way in St. Albans with assistance from a mortgage company that required him to insure the residence for loss. Ennis obtained a residential insurance policy with a maximum value of $161,100 for the dwelling and $120,825 for its contents. Ennis paid an annual premium of approximately $979.35 for the policy, which had effective dates from November 8, 2020, through November 8, 2021. The policy covered losses for multiple contingencies including fire, and explicitly excluded intentional acts of loss or damage by Ennis.

    Ennis admitted that he intentionally set fire to his residence on February 15, 2021. The fire department responded but could not extinguish the fire, which consumed the residence and left it and its contents a total loss. Ennis falsely reported the fire to his Indiana-based insurance company as an accident later that day and began the process of filing a claim. Ennis admitted that he placed a series of claims electronically from February 21, 2021, to March 19, 2021, fraudulently claiming losses from the fire. Ennis further admitted that he obtained $347,237.70 from the insurance company as a result of this wire fraud scheme. The fraudulent insurance funds were deposited in Ennis’ bank account.

    From at least 2009 through 2022, Ennis worked for a volunteer fire department serving the Tornado area of Kanawha County. As its finance and operations manager, Ennis had access to the fire department’s North Carolina-based bank debit card and regularly acted as its accountant. Ennis admitted that from some time prior to March 19, 2020 through about September 18, 2022, he fraudulently obtained $153,728 of the fire department’s funds through a series of ATM withdrawals and dozens of unauthorized online purchases with its debit card for his personal benefit.

    “This prosecution sends an important and firm message that those who commit arson for financial gain will be prosecuted and brought to justice,” said Acting United States Attorney Lisa G. Johnston. “The fire put others at risk – first responders as well as neighbors. The defendant also deprived the volunteer fire department of vital funds.”

    Johnston made the announcement and commended the investigative work of the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU), the West Virginia Offices of the Insurance Commissioner-Special Investigations Division, and the Federal Bureau of Investigation (FBI).

    United States District Judge Joseph R. Goodwin imposed the sentence. Assistant United States Attorney Erik S. Goes prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-129.

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    MIL Security OSI –

  • MIL-OSI USA: Welch, Klobuchar, Van Hollen Urge Support for Homebuilding Tax Credits in Upcoming Budget

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senators Peter Welch (D-Vt.), Amy Klobuchar (D-Minn.), and Chris Van Hollen (D-Md.) urged the Trump Administration to drop its misguided plan to cut homebuilding tax credits in the midst of a housing crisis. The lawmakers urged the administration to reconsider its preliminary Fiscal Year (FY) 2026 budget request, which would completely eliminate funding for the Department of Housing and Urban Development’s (HUD) HOME Investment Partnership Program.  
    “Many households are contributing more than half of their income to rent, leaving less for other needs like health care, groceries, or saving for emergencies. For-profit developers also struggle to build entry-level or middle-income housing, resulting in a focus on high-end construction with units unaffordable to working families,” wrote the Senators. “Now is the time for strong federal support for HOME and the Housing Trust Fund to close financing gaps and build more homes.”  
    “Unfortunately, reports of unauthorized funding freezes and contract cancellations have raised concerns among housing investors about the stability of all of the federal funding sources in their projects’ capital stack, leading them to reconsider their investments. Decreasing or eliminating the funding sources that make LIHTC projects financially feasible will have detrimental impacts on rural communities’ ability to build more housing, especially when coupled with Fannie Mae’s newly restricted investment activity in this space,” the Senators continued. 
    The Senators concluded: “States are making efforts to speed housing construction through zoning reforms, permitting streamlining, innovative incentive structures, and housing equity programs. Unless the federal government provides consistent, flexible funding to close the financing gap for major projects, this progress will stall. With that in mind, we urge you to provide an FY26 Budget Request that furthers HUD’s mission to ensure safe and clean affordable housing and reinforce low-income housing tax credit investor confidence by advocating for reliable funding for HOME and the Housing Trust Fund.” 
    HOME and the Housing Trust Fund programs work in conjunction with the low-income housing tax credit (LIHTC) to fuel affordable housing construction across the country. The LIHTC has funded the construction of almost 2.75 million affordable housing units across the country. However, despite the proven efficacy of these programs, the federal government has underinvested in them for decades, resulting in a severe, nationwide shortage of affordable rental housing for working families. 
    Read the full text of the letter. 

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Dan Goldman Leads Bipartisan Effort to Protect Federal Judges From Doxxing and Threats

    Source: US Congressman Dan Goldman (NY-10)

    Bipartisan Appropriations Letter Urges Congress to Fund Grant to Scrub Judges’ Personal Information from the Internet 

     

    Threats Against Judges Have Risen Over 100% in the Last 6 Weeks, Coinciding with Harsh Rhetoric from Trump Administration 

     

    Read the Letter Here 

    Washington, D.C – Congressman Dan Goldman (NY-10) and Congresswoman Mikie Sherill (NJ-11) led a bipartisan group of 39 of their colleagues in writing to the House Appropriations Subcommittee on Commerce, Justice, and Science Chairman Hal Rogers (KY-05) and Ranking Member Grace Meng (NY-06) requesting that they provide $10 million for a program within the bipartisan Daniel Anderl Judicial Security and Privacy Act of 2022 for state and local governments to remove the personal information of federal judges and their families from the internet, such as property tax records that would list addresses. 

    “As Donald Trump has escalated his attacks on federal judges, their safety and security are increasingly at risk. If judges alter their decisions out of fear for the safety of themselves and their families, then we no longer live under the rule of law,” Congressman Dan Goldman said. In order to enhance the security of federal judges, it is vital for Congress to fund this essential grant program and ensure that sensitive personal information, including home addresses, financial records, and details about family members, is kept private.” 

    Between 2015 and 2021, threats against federal judges rose by more than 450%, from 926 incidents in 2015 to 4,511 in 2021. The Trump administration’s recent rhetoric against individual judges who have rendered unfavorable rulings has only supercharged that trend, with threats against judges rising over 100% in the last six weeks alone. 

    “Time is of the essence in implementing the Anderl Act’s protections for our federal judges and their families, as members of the Federal judiciary have been exposed to an increased number of personal threats in connection to their role,” the Members wrote. 

    Named after Daniel Anderl—the son of a federal judge who was murdered by a disgruntled attorney who obtained the judge’s home address online—the law’s provisions authorizing anti-doxxing grants for state and local governments have never been funded. 

    “The importance of the Anderl Act to our federal judiciary and to our federal legal system cannot be overstated. It is critical that Congress take action to protect all our public servants on the federal bench and prevent this type of violence and threats in the future. Our judiciary, and by extension, our democracy, cannot continue to bear this burden alone,” the Members concluded. 

    Read the letter here or below:

    Dear Chair Rogers and Ranking Member Meng: 

    As you begin consideration of the Fiscal Year 2026 Commerce, Justice, Science, and Related Agencies appropriations bill, we ask that within the accounts funding the Department of Justice State and Local Law Enforcement Assistance account, you provide $10 million for the state and local government grant program authorized in Section 5934(c) of the Daniel Anderl Judicial Security and Privacy Act of 2022 (Public Law 117-263). 

    This program permits the Attorney General to make grants to States or units of local governments so they can remove personal information about federal judges and their families from their websites, such as property tax records that would list federal judges’ addresses. 

    Time is of the essence in implementing the Anderl Act’s protections for our federal judges and their families, as members of the Federal judiciary have been exposed to an increased number of personal threats in connection to their role.  Testifying before the House Judiciary Subcommittee on Crime and the Federal Government in February of this year, U.S. Marshals Service Director Ronald Davis said that threats against federal judges have doubled in the past 3 years. In fact, from 2015 to 2021, threats against federal court personnel jumped more than 450 percent, from 926 incidents recorded in 2015 to 4,511 incidents in 2021. 

    Among the incidents demonstrating the unfortunate urgency of these measures is the 2020 murder of Daniel Anderl, for whom the legislation was named. The 20-year-old son of New Jersey District Judge Esther Salas, Daniel was shot and killed at home by a disgruntled lawyer who found the judge’s address on the internet and also critically wounded Judge Salas’ husband. 

    After Judge James Robart’s 2017 decision to block former President Trump’s travel ban, critics posted the judge’s home phone and address online. Judge Robart received 40,000 messages, 1,100 of which were serious enough to be investigated, and so many death threats that U.S. marshals set up camp around his house. Additionally, in 2022, a California man was indicted for attempting to assassinate Justice Brett Kavanaugh. An FBI affidavit stated that the would-be assassin found Justice Kavanaugh’s address online. 

    In his annual year-end report in December, Chief Justice Roberts warned about the rising number of threats to the judiciary’s independence, including calls for violence against judges and “dangerous” suggestions by elected officials to disregard court rulings they disagree with. This warning was followed by another by the U.S. Marshals to federal judges indicating an “unusually high threat level” in March. The importance of the Anderl Act to our federal judiciary and to our federal legal system cannot be overstated. It is critical that Congress take action to protect all our public servants on the federal bench and prevent this type of violence and threats in the future. Our judiciary, and by extension, our democracy, cannot continue to bear this burden alone. 

    Thank you for your consideration of this important request. 

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    MIL OSI USA News –

  • MIL-OSI: Tradesk Securities Accelerates Its Mission to Empower a New Generation of Investors

    Source: GlobeNewswire (MIL-OSI)

    Short Hills, NJ, May 28, 2025 (GLOBE NEWSWIRE) — Tradesk Securities, Inc., (“Tradesk” and/or “Tradesk Securities”) a modern trading platform and registered broker-dealer, today announced the next phase of its growth as it continues building the infrastructure and tools to empower a new generation of investors. With an expanding set of intelligent features and industry-grade capabilities, Tradesk is bridging the gap between everyday users and the financial strategies traditionally reserved for professionals. Learn more at www.tradesk.co.

    Amid growing interest in personal investing and increasing market complexity, Tradesk is gaining momentum by offering a simple, transparent platform that puts the power of investing into the hands of individuals, without jargon or intimidation. Tradesk offers a mobile-first investing experience designed to make building wealth simple.

    Building on its mission, Tradesk recently launched Recurring Investments, providing users with an easy way to automate their investing strategies and build themed portfolios consistently over time. Looking ahead, the company is preparing to introduce a suite of AI-powered investing features designed to deliver smarter insights and personalized portfolio guidance, designed to help users make more informed decisions in real time.

    Tradesk also continues to expand opportunities for new users, offering limited-time incentives for new account holders. Details are available at www.tradesk.co/newcustomer . In addition, to make advanced strategies more accessible, Tradesk is currently offering special incentives for options trading. Full details can be found at www.tradesk.co/optionspromotion. 

    “We founded Tradesk to break down the barriers that have historically excluded so many people from investing,” said Eric Chu, CEO of Tradesk Securities. “As volatility grows and investing becomes more complex, users need tools that are not only powerful — but also easy to use, educational, and aligned with their goals.”

    Since its launch, Tradesk has seen strong momentum, with a growing user base and an expanding feature set designed to support investors at every stage of their journey. With continued innovation and a focus on empowering users, Tradesk is setting the foundation for long-term impact in the financial services industry. As a registered U.S. broker-dealer, Tradesk brings institutional-grade infrastructure to the retail experience — and is laying the foundation to support broader industry partnerships, including fintech integrations and financial advisory/IPO tools.

    About Tradesk Securities
    Tradesk Securities is an innovative trading and investing platform designed to empower individuals to take control of their financial futures. User can create trading strategies with stocks, ETFs, options, and fractional shares. Built for long—term investors and active traders alike, Tradesk combines intuitive design, accessible education, and AI-driven insights to help users make smarter decisions, faster. With features like automated investing, recurring strategies, and clear, upfront pricing, Tradesk is making financial markets more transparent, inclusive, and actionable.

    Learn more at www.tradesk.co

    The MIL Network –