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Category: Economy

  • MIL-OSI: Bitcoin Depot Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 Revenue up 19% Year-Over-Year to $164.2 Million

    Q1 Net Income up Significantly to $12.2 Million Compared to a Net Loss of $4.2 Million in the Prior Year Quarter

    Q1 Adjusted Gross Profit up 92% Year-Over-Year to $33.1 Million

    Q1 Adjusted EBITDA up 315% Year-Over-Year to $20.3 Million

    Q1 Cash from Operations of $16.3 Million

    ATLANTA, May 15, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the first quarter ended March 31, 2025. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

    “Bitcoin Depot delivered a remarkable first quarter, with 19% year-over-year revenue growth and a more than threefold increase in Adjusted EBITDA to $20 million,” said Brandon Mintz, Founder and CEO of Bitcoin Depot. “This performance demonstrates the strength of our operating model, the success of our kiosk optimization strategy, and the powerful cash flow we can generate once fixed costs are covered. In fact, with the cash generated in Q1, we strengthened our balance sheet by increasing our bitcoin holdings and building our cash balance, positioning us for continued growth and flexibility. Looking ahead, we remain focused on scaling responsibly, both domestically and internationally, while delivering sustained value to both our customers and shareholders.”

    First Quarter 2025 Financial Results

    Revenue in the first quarter of 2025 increased 19% to $164.2 million compared to $138.5 million in the first quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size. 

    Total operating expenses declined 7% to $15.3 million for the first quarter of 2025 compared to $16.6 million for the first quarter of 2024 due to lower depreciation expense and insurance costs as the Company continues to optimize its cost structure as a steady-state public company.

    Net income for the first quarter of 2025 increased significantly to $12.2 million, compared to a net loss of $4.2 million for the first quarter of 2024. Net income attributable to common shareholders increased to $4.2 million, or $0.20 per share, from a net loss of $1.5 million, or ($0.25) per share, in last year’s first quarter. The increase was due to higher revenue and gross profit in 2025.

    Adjusted gross profit, a non-GAAP measure, in the first quarter of 2025 increased 92% to $33.1 million from $17.3 million for the first quarter of 2024. Adjusted gross profit margin, a non-GAAP measure, in the first quarter of 2025 increased approximately 770 basis points to 20.2% compared to 12.5% in the first quarter of 2024. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

    Adjusted EBITDA, a non-GAAP measure, in the first quarter of 2025 increased 315% to $20.3 million compared to $4.9 million for the first quarter of 2024. The increase was primarily due to the higher revenue and gross profit. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

    Cash, cash equivalents, and cryptocurrencies as of March 31, 2025, were $43.3 million compared to $31.0 million at the end of 2024. The company used $7.8 million in the first quarter of 2025 to acquire 83 more Bitcoin, bringing the total held for investment to 94.35 BTC.

    Net cash flows provided by operations in the first quarter of 2025 were up significantly to $16.3 million compared to $1.3 million in the first quarter of 2024.

    Outlook

    The Company expects revenue in the second quarter of 2025 to grow low-to-mid-single digits on a percentage basis from the second quarter of 2024.

    Conference Call

    Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the first quarter ended March 31, 2025.

    Call Date: Thursday, May 15, 2025 
    Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) 

    Phone Instructions
    U.S. and Canada (toll-free): 888-596-4144
    U.S. (toll): 646-968-2525
    Conference ID: 4520708

    Webcast Instructions
    Webcast link: https://edge.media-server.com/mmc/p/akdxpm7o

    A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.

    U.S. & Canada (toll-free) replay number: 800-770-2030
    U.S. toll number: 609-800-9909
    Conference ID: 4520708

    If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

    About Bitcoin Depot

    Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025.  Learn more at www.bitcoindepot.com. 

    Cautionary Statement Regarding Forward-Looking Statements

    This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

    These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

    We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

       
    BITCOIN DEPOT INC.
    CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (in thousands, except share and per share amounts)
    (UNAUDITED)    		  
       
      Three Months Ended March 31,  
      2025     2024  
    Revenue $ 164,226     $ 138,539  
    Cost of revenue (excluding depreciation and amortization)   131,091       121,287  
    Operating expenses:          
    Selling, general, and administrative   13,440       13,606  
    Depreciation and amortization   1,897       2,947  
    Total operating expenses   15,337       16,553  
    Income from operations   17,798       699  
    Other (expense) income:          
    Interest (expense)   (3,068 )     (4,944 )
    Other income (expense)   (1,090 )     6  
    Gain (loss) on foreign currency transactions   (13 )     (127 )
    Income (Loss) before provision for income taxes and non-controlling interest   13,627       (4,366 )
    Income tax (expense) benefit   (1,452 )     138  
    Net income (loss) $ 12,175     $ (4,228 )
    Net income (loss) attributable to non-controlling interest   7,983       (2,690 )
    Net income (loss) attributable to common stockholders $ 4,192     $ (1,538 )
               
    Net income per share of common stock – basic and diluted $ 0.20     $ (0.25 )
               
    Weighted average number of common shares outstanding – basic and diluted   21,359,864       16,616,864  
       
    BITCOIN DEPOT INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share amounts)    		  
       
                 
        March 31, 2025
    (unaudited)    		     December 31,
    2024    		  
    Assets            
    Current:            
    Cash and cash equivalents   $ 34,962     $ 29,472  
    Cryptocurrencies     8,384       1,510  
    Accounts receivable     147       275  
    Prepaid expenses and other current assets     2,111       3,076  
    Total current assets     45,604       34,333  
    Property and equipment:            
    Furniture and fixtures     635       635  
    Leasehold improvements     172       172  
    Kiosk machines – owned     37,854       36,831  
    Kiosk machines – leased     8,954       10,367  
    Total property and equipment     47,615       48,005  
    Less: accumulated depreciation     (21,916 )     (21,158 )
    Total property and equipment, net     25,699       26,847  
    Intangible assets, net     1,946       2,320  
    Goodwill     8,717       8,717  
    Operating lease right-of-use assets, net     2,336       2,595  
    Deposits     859       734  
    Deferred tax assets     4,558       4,558  
    Total assets   $ 89,719     $ 80,104  
       
    BITCOIN DEPOT INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share amounts)    		  
       
           
        March 31, 2025
    (unaudited)    		     December 31, 2024  
    Liabilities and Stockholders’ (Deficit) Equity            
    Current:            
    Accounts payable   $ 9,200     $ 11,557  
    Accrued expenses and other current liabilities     14,060       14,260  
    Notes payable, current portion     8,535       6,022  
    Income taxes payable     3,328       2,207  
    Deferred revenue     301       20  
    Operating lease liabilities, current portion     818       858  
    Current installments of obligations under finance leases     3,431       3,446  
    Other non-income tax payable     2,259       2,259  
    Total current liabilities     41,932       40,629  
    Long-term liabilities            
    Notes payable, non-current     46,946       49,457  
    Operating lease liabilities, non-current     1,534       1,774  
    Obligations under finance leases, non-current     1,119       1,950  
    Deferred income tax, net     604       604  
    Tax receivable agreement liability due to related party, non-current     2,176       2,176  
    Total Liabilities     94,311       96,590  
    Commitments and Contingencies (Note 19)            
    Stockholders’ (Deficit) Equity            
    Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 0 and 1,733,884 shares issued and outstanding, at March 31, 2025 and December 31, 2024, respectively     —       —  
    Class A common stock, $0.0001 par value; 800,000,000 authorized, 22,746,330 and 19,263,164 shares issued, and 22,555,710 and 19,072,544 shares outstanding at March 31, 2025 and December 31, 2024, respectively     2       1  
    Class E common stock, $0.0001 par value; 2,250,000 authorized, 0 and 1,075,761 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively     —       —  
    Class V common stock, $0.0001 par value; 300,000,000 authorized, 41,193,024 shares issued and outstanding at March 31, 2025 and December 31, 2024     4       4  
    Treasury stock     (437 )     (437 )
    Additional paid-in capital     22,829       21,491  
    Accumulated deficit     (39,304 )     (44,349 )
    Accumulated other comprehensive loss     (256 )     (342 )
    Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc.     (17,162 )     (23,632 )
    Equity attributable to non-controlling interests     12,570       7,146  
    Total Stockholders’ (Deficit) Equity     (4,592 )     (16,486 )
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 89,719     $ 80,104  
       
    BITCOIN DEPOT INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, except share and per share amounts)
     (UNAUDITED)    		  
       
        Three Months Ended March 31,  
        2025     2024  
    Cash flows from Operating Activities:            
    Net income (loss)   $ 12,175     $ (4,228 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Amortization of deferred financing costs     204       544  
    Depreciation and amortization     1,897       2,947  
    Non-cash share-based compensation     368       897  
    Purchase of services in cryptocurrencies     268       347  
    Unrealized loss on cryptocurrencies     1,650       —  
    Deferred taxes     —       5  
    Write-off of deferred financing costs     —       3,136  
    Loss on disposal of property and equipment     9       26  
    Reduction in carrying amount of right-of-use assets     215       49  
    Cryptocurrency received as payment     (290 )     (485 )
    Other            
    Change in operating assets and liabilities:            
    Deposits     (124 )     (165 )
    Accounts receivable     128       (104 )
    Cryptocurrencies     173       409  
    Prepaid expenses and other current assets     965       (364 )
    Accounts payable     (2,357 )     2,241  
    Accrued expenses and other current liabilities     (198 )     (4,524 )
    Income taxes payable     1,121       61  
    Other non-income tax payable     —       2  
    Deferred revenue     281       615  
    Operating leases, net     (235 )     (62 )
    Net Cash Flows Provided by Operations     16,250       1,347  
    Cash flows from Investing Activities:            
    Acquisition of property and equipment     (385 )     (558 )
    Acquisition of Bitcoin for investment     (7,824 )     —  
    Net Cash Flows Used In Investing Activities     (8,209 )     (558 )
    Cash flows from Financing Activities:            
    Proceeds from issuance of notes payable     6,376       15,191  
    Principal payments on notes payable     (6,415 )     (639 )
    Principal payments on finance lease     (846 )     (1,896 )
    Payment of deferred financing costs     (163 )     (19 )
    Proceeds from issuance of common stock, net     978       —  
    Purchase of treasury stock     —       (158 )
    Distributions     (2,477 )     (916 )
    Net Cash Flows (Used In) Provided by Financing Activities     (2,547 )     11,563  
    Effect of exchange rate changed on cash and cash equivalents     (4 )     40  
    Net change in cash and cash equivalents     5,490       12,392  
    Cash and cash equivalents – beginning of period     29,472       29,759  
    Cash and cash equivalents – end of period   $ 34,962     $ 42,151  


    Explanation and Reconciliation of Non-GAAP Financial Measures

    Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.

    Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.

    Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    The following table presents a reconciliation of Net (loss) income to Adjusted EBITDA for the periods indicated: 

    BITCOIN DEPOT INC.
    RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
    (UNAUDITED)    		  
       
        Three Months Ended March 31,  
    (in thousands)   2025     2024  
    Net (loss) income   $ 12,175     $ (4,228 )
    Adjustments:            
    Interest expense     3,068       4,944  
    Income tax expense (benefit)     1,452       (138 )
    Depreciation and amortization     1,897       2,947  
    Unrealized loss on cryptocurrency held for investment     1,094       —  
    Non-recurring expenses (1)     239       463  
    Share-based compensation     368       897  
    Adjusted EBITDA   $ 20,293     $ 4,885  
    Adjusted EBITDA margin (2)     12.4 %     3.5 %

    (1)    Comprised of non-recurring professional service fees.
    (2)    Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.

    The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:

    BITCOIN DEPOT INC.
    RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT
    (UNAUDITED)    		  
       
      Three Months Ended March 31,  
    (in thousands) 2025     2024  
    Revenue $ 164,226     $ 138,539  
    Cost of revenue (excluding depreciation and amortization) $ (131,091 )     (121,287 )
    Depreciation and amortization excluded from cost of revenue   (1,891 )     (2,881 )
    Gross Profit $ 31,244     $ 14,371  
    Adjustments:          
    Depreciation and amortization excluded from cost of revenue $ 1,891     $ 2,881  
    Adjusted Gross Profit $ 33,135     $ 17,252  
    Gross Profit Margin (1)   19.0 %     10.4 %
    Adjusted Gross Profit Margin (1)   20.2 %     12.5 %

     (1) Calculated as a percentage of revenue.

    Contacts:

    Investors 
    Cody Slach,
    Gateway Group, Inc. 
    949-574-3860 
    BTM@gateway-grp.com

    Media 
    Brenlyn Motlagh, Ryan Deloney 
    Gateway Group, Inc.
    949-574-3860 
    BTM@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Fresca Group Selects insightsoftware to Transform its Financial Consolidation and Disclosure Management Processes

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., May 15, 2025 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today announced Fresca Group, one of the UK’s largest fresh produce businesses, will deploy JustPerform from insightsoftware. Fresca chose insightsoftware for its ability to offer a comprehensive EPM solution. Implementing this solution enables Fresca to improve its financial close and consolidation, and disclosure management processes.

    Fresca identified a need for a unified, scalable solution to enhance efficiency and streamline its financial operations. JustPerform provides an all-in-one planning, forecasting, and financial close companion that enables finance teams to collaborate seamlessly, close faster, report accurately, and make confident decisions. Leveraging insightsoftware technology, Fresca will enable its business users with greater control, making even the most complex tasks feel simple. Further, disclosure management capabilities will ensure secure, collaborative, narrative report production for recurring, multi-author reports, and presentations.

    “We selected insightsoftware to transform the way our finance team operates day to day,” said Laura Evison, CFO at Fresca Group. “insightsoftware’s all-in-one financial consolidation and disclosure management solution empowers us to work more efficiently and strategically, saving valuable time, reducing the close cycle window, eliminating data silos, and minimizing the risk of manual error. JustPerform will enhance our ability to deliver accurate insights faster, enabling better decision-making, and driving greater value for the business.”

    “The days of complex, fragmented financial solutions are behind us. Today’s finance teams demand a powerful, streamlined, and user-friendly financial performance companion,” said Daf Llewellyn, GM, EMEA at insightsoftware. “By deploying JustPerform, Fresca gains access to an all-in-one EPM solution that simplifies financial processes, reduces manual tasks, and grows with their business. We are confident that our solutions will empower the Fresca Group to hit the ground running and achieve its strategic goals.”

    Learn more about JustPerform and see how finance teams achieve 40% faster budget preparation, 2x quicker ROI, and 60% time savings in data transformation.

    About insightsoftware

    insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.

    About Fresca

    Fresca Group is a major part of the fresh produce supply chain in the UK and beyond, with a combined turnover of £523m, and over 1,200 people working across 8 locations around the UK.

    With roots dating back over 150 years in fresh produce, and still privately owned, Fresca’s businesses are active from seed through to shelf in a fast-moving, competitive marketplace. As growers, importers, clearance agents, wholesalers and major operators in fruit, salads, vegetables and wholesale – Fresca businesses add value by providing ripening, packing and logistics and customs solutions to all the major UK retailers, and also through wholesale markets and foodservice channels.

    What makes Fresca different is that 45% of the business is owned by its own employees. Fresca’s mission is to be the First Choice Produce Partner.

    Learn more at www.frescagroup.co.uk

    Media Contacts
    Inkhouse for insightsoftware
    insightsoftware@inkhouse.com

    Daniel Tummeley
    Corporate Communications Manager
    PR@insightsoftware.com

    Nikki Churchill
    Group Communication Manager
    mail@frescagroup.co.uk

    The MIL Network –

  • MIL-OSI: Duos Edge AI Confirms EDC Deployment Goal in 2025

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), through its operating subsidiary Duos Edge AI, Inc. (“Duos Edge AI”), a provider of adaptive, versatile and streamlined Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment, today announced that the Company is on pace to have 15 Edge Data Centers under contract by the end of 2025. The additional deployments are a contributor toward solving the nation’s growing demand for low-latency data processing through localized digital infrastructure.

    Duos Edge AI continues to advance its partnership with Accu-Tech, whose U.S.-based project management of manufacturing partners and distribution capabilities provide a reliable and cost-effective supply chain. This alignment not only accelerates deployment timelines but also helps shield Duos Edge AI from global supply chain disruptions and tariff-related pressures, further strengthening its delivery commitment.

    “Through our partnership with Accu-Tech, we are executing with speed, precision, and reliability,” said Doug Recker, President and Founder of Duos Edge AI. “We’ve commercially identified at least nine EDC placements and are finalizing real estate and contractual agreements across multiple markets. These facilities will serve as high-density, resilient digital hubs that support education, emergency services, AI development, and more—right where they’re needed most.”

    Accu-Tech’s strategic involvement has been vital to Duos Edge AI’s rapid deployment model. “We’re proud to support Duos Edge AI with project management of domestic manufacturing and supply solutions that keep their deployments agile and shielded from global volatility,” said Nathan Ball, Senior Director of Data Center Infrastructure Solutions at Accu-Tech. “This partnership showcases the power of collaboration in accelerating innovation while remaining resilient in today’s dynamic market.”

    Duos Edge AI’s modular Edge Data Centers (EDCs) are SOC 2 Type II compliant, built with N+1 architecture and robust dual backup generators. These facilities are designed to bring reliable, localized computing power closer to users, enabling real-time data processing and improving digital access where it is needed most. The Company’s 2025 deployment plan focuses on underserved communities across Texas, the Midwest, and the Southeast—supporting critical infrastructure, education networks, healthcare systems (including telemedicine and EHR), and AI workloads.

    To learn more about Duos Edge AI, visit: www.duosedge.ai   
    To learn more about Duos Technologies, visit www.duostechnologies.com

    About Duos Edge AI, Inc.

    Duos Edge AI, Inc. is a subsidiary of Duos Technologies Group, Inc. (Nasdaq: DUOT). Duos Edge AI’s mission is to bring advanced technology to underserved communities, particularly in education, healthcare and rural industries, by deploying high-powered edge computing solutions that minimize latency and optimize performance. Duos Edge AI specializes in high-function Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment. By focusing on providing scalable IT resources that seamlessly integrate with existing infrastructure, its solutions expand capabilities at the network edge, ensuring data uptime onsite services. With the ability to provide 100 kW+ per cabinet, rapid 90-day deployment, and continuous 24/7 data services, Duos Edge AI aims to position its edge data centers within 12 miles of end users or devices, significantly closer than traditional data centers. This approach enables timely processing of massive amounts of data for applications requiring real-time response and supporting current and future technologies without large capital investments. For more information, visit www.duosedge.ai.

    About Accu-Tech

    Accu-Tech is a national distributor of Voice, Data, AV, Wireless and Security solutions. Since 1984, Accu-Tech has delivered complete and integrated solutions for a variety of verticals and applications. Accu-Tech’s specialized experience in the Data Center market extends to solution design and selection, installation support, and customized logistics for Co-Lo, MTDC, Edge, and other applications. Accu-Tech is committed to ensuring Data Centers, and all customers, receive the innovative, future-ready, and customized solutions they require. Partnering with Accu-Tech provides customers with the peace-of-mind that the systems installed in their facilities will be high-performance and reliable. Visit www.accu-tech.com for more information.

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

    Forward-Looking Statements
    This news release includes 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, regarding, among other things, our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7f2c227-6f04-4707-9e16-91c648031c0f

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Odysight.ai Reports Financial Results for The First Quarter of 2025 and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    OMER, Israel, May 15, 2025 (GLOBE NEWSWIRE) — Odysight.ai Inc. (NASDAQ: ODYS), a leading provider of visual based predictive maintenance (PdM) and condition-based monitoring (CBM) solutions, announces its financial results for the three months ended March 31, 2025 and provides a business update.

    Key highlights

    ● First quarter revenues totaled $2.1 million.
       
    ● Uplisted to the Nasdaq Capital Market in February 2025 and raised gross proceeds of $23.7 million.
       
      Net cash position1 of approximately $37.2 million as of March 31, 2025.
       
    ● Commercial achievements:
       
    – Partnered with Israel Railways to develop advanced AI-powered visualization system to prevent derailments and enhance railway safety.
       
    – Received an initial purchase order from a European partner for a combined industrial solution, using Odysight.ai’s sensors and machine learning algorithms, designed to monitor the condition of belts and cables used across various industrial sectors such as cranes, elevators and transportation systems.


    Einav Brenner, Chief Financial Officer of Odysight.ai:     “We’re making important strides in building the technological and operational foundations that will support our long-term growth. While some of this progress is not yet reflected in our financial results, we are focused on strengthening our infrastructure, expanding our technological capabilities, establishing relationships with global leaders in our industry and positioning ourselves for future success in Aerospace and new verticals. Our successful uplisting to Nasdaq and recent capital raise mark major milestones for the Company. These achievements not only strengthen our balance sheet, but also enhance our visibility, credibility and access to global customers and investors. We believe we are well-positioned to support our strategic initiatives and drive sustainable, long-term growth. These are investments in a differentiated value proposition — for our customers, our partners and our shareholders.”

    Financial highlights for three months ended March 31, 2025

    Revenues were approximately $2.1 million, compared to $0.2 million from the three months ended March 31, 2024. The increase was primarily attributed to the full recognition of approximately $1.7 million in revenues from the fulfillment of contract with a Fortune 500 medical company.

    Backlog2 was approximately $14.8 million as of March 31, 2025. 

    Cost of Revenues was $1.5 million, compared to $0.4 million for the three months ended March 31, 2024. The increase was primarily attributed to the approximately $1 million in cost of revenues related to the fulfillment of a contract with a Fortune 500 medical company, and to the recognition of an inventory impairment of $0.2 million.

    Gross Profit (Loss) was $0.6 million, reflecting a gross margin of 26%, compared to gross loss of $0.2 million for the three months ended March 31, 2024. The improvement is attributable to Industry 4.0 revenues and to the contract fulfillment related to a Fortune 500 medical company.

    Operating expenses were $5.1 million, compared to $3.1 million for the three months ended March 31, 2024. The increase was primarily driven by the expansion of the Company’s operations, including the development of new Industry 4.0 products and one-time expenses related to the Company’s uplisting to Nasdaq.

    Net loss was $4.3 million, compared to $3.2 million for the three months ended March 31, 2024.

    Cash Balance1 as of March 31, 2025 was $37.2 million, compared to approximately $17.0 million as of March 31, 2024. In February 2025, the Company uplisted to the Nasdaq Capital Market and completed a U.S. underwritten public offering with gross proceeds of approximately $23.7 million.

    About Odysight.ai

    Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring.

    We routinely post information that may be important to investors in the Investors section of our website. For more information, please visit: https://www.odysight.ai or follow us on Twitter, LinkedIn and YouTube.

    Backlog

    We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Backlog is presented for supplemental informational purposes only, and is not intended to be a substitute for any GAAP financial measures, including revenue or net income (loss), and, as calculated, may not be comparable to companies in other industries or within the same industry with similarly titled measures of performance. In addition, backlog should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Therefore, backlog should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.

    Forward-Looking Statements

    Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding long-term growth prospects, future plans related to infrastructure, technological capabilities and relationships with global leaders and success in Aerospace and new verticals. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction, including the adoption or expansion of economic sanctions, tariffs or trade restrictions and (xv) political, economic and military instability in Israel, including the impact of Israel’s war against Hamas. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2025, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.

    Company Contact:

    Einav Brenner, CFO
    info@odysight.ai

    Investor Relations Contact:

    Miri Segal
    MS-IR LLC
    msegal@ms-ir.com
    Tel: +1-917-607-8654

    1Including cash, cash equivalents, short term deposits and restricted deposit/cash.

    2Backlog is measured and defined differently by companies within our industry. We refer to “backlog” as our booked orders based on purchase orders or hard commitments but not yet recognized as revenue. Backlog is not a comprehensive indicator of future revenue and is not a measure of profitability. Orders included in backlog may be cancelled or rescheduled by customers. A variety of conditions, both specific to the individual customer and generally affecting the customer’s industry, may cause customers to cancel, reduce or delay orders that were previously made or anticipated. Projects may remain in backlog for extended periods of time.

    ODYSIGHT.AI INC.
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

        Three months ended  
        March 31,  
        2025     2024  
        Unaudited  
        USD in thousands
    (except per share data)    		  
                 
    REVENUES     2,065       187  
    COST OF REVENUES     1,527       410  
    GROSS PROFIT (LOSS)     538       (223 )
    RESEARCH AND DEVELOPMENT EXPENSES     2,487       1,567  
    SALES AND MARKETING EXPENSES     396       234  
    GENERAL AND ADMINISTRATIVE EXPENSES     2,215       1,340  
    OPERATING LOSS     (4,560 )     (3,364 )
    FINANCING INCOME, NET     295       202  
    NET LOSS     (4,265 )     (3,162 )

     ODYSIGHT.AI INC.
    INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

        March 31,     December 31,  
        2025     2024  
        Unaudited     Audited  
        USD in thousands  
    Assets                
                     
    CURRENT ASSETS:                
    Cash and cash equivalents     36,881       18,164  
    Restricted cash     326       –  
    Restricted deposit     –       322  
    Accounts receivable     192       1,510  
    Inventory     –       203  
    Other current assets     692       588  
    Total current assets     38,091       20,787  
                     
    NON-CURRENT ASSETS:                
    Contract fulfillment assets     –       1,017  
    Property and equipment, net     407       407  
    Operating lease right-of-use assets     995       1,113  
    Severance pay asset     254       259  
    Other non-current assets     96       96  
    Total non-current assets     1,752       2,892  
                     
    TOTAL ASSETS     39,843       23,679  
    Liabilities and shareholders’ equity                
                     
    CURRENT LIABILITIES:                
    Accounts payable     486       442  
    Contract liabilities – short term     243       702  
    Operating lease liabilities – short term     505       539  
    Accrued compensation expenses     1,456       1,124  
    Related parties     218       120  
    Other current liabilities     510       368  
    Total current liabilities     3,418       3,295  
                     
    NON-CURRENT LIABILITIES:                
    Contract liabilities – long term     –       1,373  
    Operating lease liabilities – long term     406       508  
    Liability for severance pay     254       259  
    Total non-current liabilities     660       2,140  
                     
    TOTAL LIABILITIES     4,078       5,435  
                     
    SHAREHOLDERS’ EQUITY:                
    Common stock, $0.001 par value; 300,000,000  shares authorized as of March 31, 2025, and December 31, 2024, 16,307,321 and 12,612,517 shares issued and outstanding as of March 31, 2025, and December 31, 2024, respectively     17       13  
    Additional paid-in capital     85,987       64,205  
    Accumulated deficit     (50,239 )     (45,974  
    TOTAL SHAREHOLDERS’ EQUITY     35,765       18,244  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY     39,843       23,679  

    The MIL Network –

  • MIL-OSI United Kingdom: Report by the OSCE Project Co-ordinator in Uzbekistan: UK Statement, May 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Report by the OSCE Project Co-ordinator in Uzbekistan: UK Statement, May 2025

    Ambassador Holland welcomes the work of the OSCE Office amid a challenging financial backdrop.

    Thank you Mr Chair.    

    First, I would like to welcome Ambassador Karttunen to the Permanent Council. Thank you to you and your team for your report, and for your informative presentation.    

    Chair, the United Kingdom has continued to build our relationship with Uzbekistan and is committed to supporting the government in carrying out its wide-ranging reforms. Last year our governments signed a joint declaration covering all aspects of the bilateral relationship, and this year we have signed an agreement on expanding our cooperation on Critical Minerals. We look forward to further cooperation in the coming years.   

    We welcome the close cooperation between the Government of Uzbekistan and the Project Coordinator and commend the Project Coordinator’s work across the three dimensions.     

    In the first dimension, we welcome the work the Project Coordinator is doing on border security. We were pleased to be able to support this effort by facilitating training for the Customs Committee of Uzbekistan last year by Surrey Police aimed at strengthening the capacity of Uzbek instructors to effectively use dogs in detecting drugs, cash, and firearms.    

    In the second dimension, we commend the work of the Project Coordinator on climate change and water management, and we are proud donors to the OSCE project on “strengthening responses to security risks from climate change in Central Asia”. We recognise the particular vulnerabilities Central Asian states have to climate change and its consequences. That is why we are funding a regional programme to improve Central Asia’s resilience and sovereignty by strengthening regional cooperation on water and energy to deliver low carbon and climate resilient growth.    

    And in the third dimension, we note the positive steps taken – as identified by ODIHR and the RFoM – in the draft information code.  These include a ban on censorship and media monopolisation, and the requirement for free access to and use of information for everyone without discrimination. We encourage the Government of Uzbekistan to address concerns raised about concentrating media regulation under the government rather than an independent regulatory body, and the broad grounds for restricting content and suspending media activities.    

    In closing, let me thank you Ambassador Karttunen and your dedicated team in Uzbekistan for their efforts in upholding the principles of the OSCE and ensuring your important work continues – particularly in light of the considerable challenges caused by the continued non-agreement of the Unified Budget.     

    Thank you.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Germany: Bundesbank proposes debt brake reform for sound public finances and increased investment

    Source: Deutsche Bundesbank in English

    The Bundesbank is expanding its reform proposals for central government’s debt brake, laying out a stability-oriented path towards increased government investment. It is thus presenting a concept that supports the necessary measures to strengthen infrastructure and defence whilst ensuring sustainable public finances over the long term, in line with European rules. At the same time, it maintains its position that debt brakes enshrined in Germany’s Basic Law make an indispensable contribution to sustainable public finances over the long term. “With regard to the debt ratio, Germany is doing well by international standards. Our reform proposal for the debt brake preserves sound public finances whilst at the same time facilitating urgently needed investment,” Bundesbank President Joachim Nagel said. 
    The Bundesbank’s latest Monthly Report outlines the detailed concept, which builds on proposals it presented back in 2022. Advising the Federal Government on issues of monetary policy importance is part of the Bundesbank’s statutory mandate.
    Its reform proposal is centred on the 60% reference value enshrined in the EU Treaties becoming the touchstone of the debt brake. Under this proposal, central and state governments (the latter by means of investment grants) would be able to invest up to an additional debt-financed €220 billion in total up to 2030, provided that the debt ratio is below 60%. Should the debt ratio exceed 60%, this amount would be capped at around €100 billion up to 2030. The reform proposals do not replace the need to rethink consumption expenditure, though. “A stability-oriented reform of the debt brake would create additional scope for major investment, such as in infrastructure and defence,” Mr Nagel continued.
    In concrete terms, the proposal envisages increasing central government’s scope for borrowing from 0.35% to a maximum of 1.4% of gross domestic product (GDP) if the debt ratio is below the 60% mark. This scope would comprise 0.5% of GDP as a “low-debt base” that would not be earmarked for any particular purpose, and a further 0.9% of GDP for the sole purpose of additional investment. Part of this investment component would be intended for grants to state and local governments, which account for the majority of fixed asset formation. 
    If the debt ratio were to exceed the 60% mark, the 0.9% investment component would remain, but the 0.5% “base” would no longer be available. “This would reward a debt ratio of below 60% whilst at the same time creating planning certainty for investment,” Mr Nagel explained.
    Similar scope for borrowing and investment protection could also be provided by a special fund that could be temporary or limited in terms of volume. “We would prefer a fundamental reform of the debt brake that affords better predictability, but a special fund with comparable financial parameters would also be an option,” Mr Nagel continued.

    MIL OSI

    MIL OSI German News –

  • MIL-Evening Report: Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future?

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    With the future of the Coalition relationship on the line, Nationals leader David Littleproud drove to his Liberal counterpart Sussan Ley’s hometown of Albury this week. They had much to talk about, and it wasn’t going to be easy.

    Littleproud and Ley have had a combustible relationship in the past.

    After Ley, on the backbench at the time, in 2018 co-sponsored a private member’s bill to restrict live sheep exports, Littleproud, the agriculture minister, said dismissively, “I’m going to predicate my decisions on evidence, not emotion”.

    More seriously, when she was environment minister in 2019–22, Ley and Littleproud clashed over the Murray-Darling Basin.

    The Nationals leader is father of, and a true believer in, the opposition’s nuclear policy; Ley began as an agnostic on the issue, saying in 2019, “To be honest, I am not strongly for or against nuclear power”.

    The two leaders differ in their economic philosophies. Littleproud is what detractors of the Nationals and their predecessor the Country Party used to call an “agrarian socialist”. It was the Nationals who, in the last term, drove the Coalition policy to break up supermarkets that misused their power. Ley is less inclined to industry intervention.

    Ley and Littleproud have to find a way for their two parties to continue to share the same house and, assuming they do, how they divide up the rooms, and manage their joint spaces.

    Kevin Hogan, the new Nationals deputy, said late Thursday there was a will to sign a Coalition agreement, but certainly there was “a scenario where it doesn’t get signed”.

    The Nationals are feeling their power, after an election in which they held almost all their seats and the Liberals were devastated.

    Their Senate leader, Bridget McKenzie, who is outspoken and frequently in the media, said this week, “We haven’t had this amount of political clout within the Coalition since the ‘70s”.

    How many shadow ministries the Nationals receive is determined on a formula, but central is what posts they obtain.

    “There needs to be a very serious conversation heading into any Coalition discussions about the role of the National Party,” she said.

    “We don’t need to rush into an agreement, but we do need to make sure it reflects the realities of the election result, which does give greater kudos and say to the National Party within that.”

    In a cheeky reference that wouldn’t go down well with some Liberals, McKenzie said, “In our 120-year history, for 16 of these years, we held the treasury portfolio in government”.

    The Nationals are not going to hold the Treasury post in opposition. But they will try to have a louder economic voice. (There is speculation they might seek the finance shadow ministry.)

    McKenzie referred to the power of party greats Doug Anthony, Ian Sinclair and Peter Nixon in Malcolm Fraser’s government. She could have gone back to the legendary John “Black Jack” McEwen in earlier years.

    Back then, the party exercised power through the sheer strength of such individual personalities, and their ability to prevail in battles with colleagues. Looking at the Fraser years, it’s remarkable to think the prime minister used Nixon (who died just before the election, aged 97) in trying to manage a difficult and ambitious senior Liberal, Andrew Peacock, who aspired to the leadership.

    The modern Nationals have no such personalities. In recent years the party has also been riven by division over leadership and policy. Littleproud saw off a leadership challenge from Matt Canavan this week.

    Canavan lost the ballot but his call for the party to walk away from the target of reducing emissions to net zero by 2050 has yet to be resolved.

    All opposition policies are on the table, with Ley and her deputy Ted O’Brien saying they won’t rush the reconsideration of them.

    But this shapes as a complicated process, littered with obstacles.

    What if the Liberal party and the Nationals came to different conclusions on whether to retain the 2050 commitment? It could be touch and go whether the Nationals ditch it. The Liberals would be courting disaster to do so: that would divide the party and further alienate voters in the Teal-type areas that they need to win back.

    If the two parties found themselves at odds on net zero, could they viably stay together in coalition?

    The review of the nuclear policy is interlinked with the net zero commitment – nuclear was advanced as a way of getting to the target – and is also fraught. There will be pressure from some Liberals to just junk it. But Littleproud and others within his party would fight hard for it.

    The issue of timing is also critical. The opposition doesn’t have the luxury – that it appears to think it has – of going too slowly on the net zero issue.

    Energy and climate policy will be central issues over coming months.

    The government delayed until beyond the election considering what 2035 emissions reduction target it will submit under the Paris climate agreement. The Climate Change Authority, which must make a recommendation to the government on the target, helpfully said it had more work to do.

    But the target must be submitted by September. The government is expected to receive the recommendation from the authority around July. The authority has been consulting on a 65% to 75% reduction. It could recommend a single figure, or (perhaps more likely) a range.

    Anywhere between 65% and 75% would be ambitious in practical terms. The 2035 debate will take the argument away from primarily electricity into the areas of industry, transport and agriculture.

    If the opposition is to be credible in whatever criticisms it wants to make, it will need to have at least a settled position on the net zero question.

    Moreover, in trying to rebuild electoral support, the Liberals in particular require an early confirmed stance on net zero. Climate is a specially important issue with young voters, among whom the party’s support is woeful.

    Meanwhile, as all the machinations play out, Jacinta Nampijinpa Price must be giving a thought to what might have been, had she not defected from the Nationals to the Liberals in a misjudged bid to become Liberal deputy.

    She may regard the Liberals as her natural home, as she says, but if she’d stayed she might have become Nationals deputy leader this week (previous deputy Perin Davey lost her seat). That would have had her well placed to pursue her portfolio ambitions, backed by Littleproud. But who will be her champion now?

    In jumping ship, Price has found herself adrift, for the moment at least.

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

    – ref. Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future? – https://theconversation.com/grattan-on-friday-ley-and-littleproud-have-had-a-prickly-relationship-can-they-negotiate-a-smooth-future-256458

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

    More than 250 personnel from the UK Armed Forces are deployed to locations such as Cyprus and Somalia, working to reduce the threat of violence

    The UK has announced a raft of investment for international initiatives to support UN peacekeeping activity.

    As one of the largest financial contributors to UN peacekeeping operations, the UK has enduring deployments of around 250 military personnel to locations such as Cyprus, Somalia, and South Sudan, which see British troops working alongside peacekeepers from other countries, building their capability and enabling the UN to deliver its peacekeeping mandates.

    Attending the annual UN Peacekeeping Ministerial summit in Berlin today, the Minister for the Armed Forces confirmed more than a million pounds of additional investment in international programmes to make peacekeeping operations more effective, deliver training to partner armed forces around the world, and to enhance accountability.

    Pledges announced include:

    • £150,000 to support the roll-out of a UN reinforcement training package for commanders to help build skills to raise standards of conduct and discipline, while specifically aiming to strengthen leadership and accountability while combatting sexual exploitation and abuse.  
    • £200,000 will fund monitoring and analysis of Action for Peacekeeping Plus – a key UN reform agenda – using data-driven insights to enhance and reform international peacekeeping with an evidence-based approach.
    • £500,000 to be invested in the Elsie Initiative Fund, which is co-chaired by the UK and UN Women, that aims to accelerate the pace of change in security institutions to enable more uniformed women to meaningfully deploy to and participate in peace operations.
    • £100,000 of investment will see the UK step up to co-host a peacekeeping course aimed at women alongside Austria and Kenya.
    • £125,000 will be spent on funding for the Peace Operations Training Institute, an NGO focused on delivering training to support peace operations and providing resources to counter disinformation and misinformation.

    Not only will these measures contribute to building effective UN peacekeeping missions, they will also support the UK to ensure its forces have experience working alongside key partners, building their skills, capability and operational effectiveness.

    Minister for the Armed Forces, Luke Pollard, said:

    With the threat of conflict rising around the world, it has never been more important for countries to come together to assess what more we can collectively do to support those who selflessly put their lives at risk in the name of peace.

    The UK has always been a staunch supporter of UN peacekeeping and the multilateral, and with hundreds of our personnel deployed on operations or supporting peace programmes in Europe and Africa, it was a pleasure to reaffirm our commitment today in Berlin to supporting peace processes and reducing the threat of conflict.

    65 UN peacekeepers were killed or lost their lives in the line-of-duty last year. Their determination and sacrifice will be honoured by our reaffirmed commitment to deepening our international partnerships to deliver peace and cease unnecessary conflict.

    Peacekeeping is essential to assisting countries transition from conflict to peace, helping to support stability in some of the most volatile regions the world, in turn positively affecting the UK’s own national security – which is the foundation of the government’s Plan for Change. It plays a critical role in preventing the outbreak of larger-scale violence and conflict which would otherwise require greater UK diplomatic, defence or development investment.

    The most prominent UK activity in support of UN peace operations is through Operation Tosca in Cyprus, a reoccurring deployment to maintain 50 years calm, which sees British troops patrolling and maintaining the integrity of the buffer zone that runs between the Republic of Cyprus to the south and the so-called Turkish Republic of Northern Cyprus (TRNC) to the north (which is not recognised by the UK as a sovereign territory). It has been one of the UK’s longest-running operations and continues to play an essential part in the peace process between the RoC and the so-called TRNC.

    Lord Collins of Highbury, FCDO Minister for Africa said:

    Peacekeepers are in harm’s way every day to keep the communities they serve safe through courage and determination. In an era of global instability, they need the support of the international community now more than ever.

    That’s why the UK is strengthening its commitment to UN peacekeeping operations through new funding and support, and why we must continue to strengthen our collective will to use peacekeeping effectively for peace and security.

    A small number of British personnel also support a UN peace mission in Somalia, which conducts vital work to reduce the threat from extremist groups, such as Al-Shabaab, by helping to prevent them establishing a foothold in the country.

    More broadly, the UK helps train and support the security forces of many African nations to enhance their peace operations, through the British Peace Support Team (Africa) which is headquartered in Nairobi, Kenya.

    BPST(A) conducts around a hundred activities a year across sub-Saharan Africa, working closely with the UN to develop and deliver capacity-building, especially in peacekeeping intelligence, senior leaders’ courses, training to help counter the threat of improvised explosive devices, and combat sexual exploitation and abuse.

    The team delivers these activities primarily alongside the African Union’s Peace and Security Operations Division, with African Standby Forces ,and with training institutions across the continent – training more than 3,000 personnel a year all ranks, from junior soldier to senior mission leader, from police, civilian and military disciplines.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Partisia and Trust Stamp partner to make digital IDs safer and more private by securely linking them to unique biometrics

    Source: GlobeNewswire (MIL-OSI)

    Copenhagen, Denmark, May 15, 2025 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ today announced a strategic partnership with fellow deep tech innovator Partisia. In a major step toward strengthening digital security and privacy, the two companies will collaborate to develop a more accessible and resilient solution for biometric holder binding. This partnership aims to deliver a foundational technology for reliably and securely verifying identity across a broad range of digital platforms.

    By combining Trust Stamp’s trusted biometric technology with Partisia’s proven Multi-Party Computation (MPC) and platform for privacy-preserving data solutions the two companies are providing the digital identity and cybersecurity industry with a simplified, privacy-centric solution for securely linking digital credentials to an individual’s unique biometric data. This approach guarantees that only the legitimate owner can use the credential, without ever exposing sensitive personal information.

    Unlike traditional methods, this joint solution places user privacy at the center by ensuring that biometric data remains within the user’s control. Trust Stamp eliminates the need for traditional templates or centralized databases by transforming live biometric input into a secure, non-reversible representation. This allows users’ identities to be established cryptographically without exposing their privacy—without storing sensitive biometric data or cryptographic keys. Paired with Partisia’s MPC architecture, the result is a seamless, privacy-first identity solution built to prevent unauthorized access and eliminate single points of failure.

    A key aspect of this partnership is the leverage of GODS (Global Omnichain Data Service) Network, which enables trustworthy representation of data across networks and web3 in general. Utilizing GODS network streamlines the adoption of this approach across diverse ecosystems – including finance, digital services, government, and Web3 platforms. The interoperable credential format allows for the reuse of a verified and bound identity across multiple platforms, eliminating repetitive onboarding processes and the unnecessary exposure of personal data.

    “Our collaboration is about accelerating the industry’s progress toward delivering the ease users expect—while enabling a secure, reusable identity across platforms. It’s a step toward a future where seamless login replaces repetitive onboarding and protects personal data,” Jonathan Patscheider, Vice President at Trust Stamp says. “By joining forces with Partisia, we are making it easier for organizations to adopt best-in-class privacy-first technologies without compromising performance or user experience.”

    Mark Medum Bundgaard, Chief Product Officer at Partisia, adds: “Biometric holder binding is fundamental to establishing trust in digital identity. Our work with Trust Stamp makes this trust more accessible, demonstrating that robust privacy standards and ease of use can coexist in harmony. This partnership reflects our shared commitment to delivering tools that empower users, protect their data, and ensure broad interoperability across digital landscapes.”

    For sectors facing increasing pressure to modernize their identity systems, particularly in banking and other regulated industries, Trust Stamp and Partisia aim to introduce a unified solution, leveraging advanced biometric authentication and decentralized technology to streamline onboarding, mitigate fraud risks, and ensure compliance across sectors like finance, healthcare, and government services. The combination of a privacy-first biometric identity verification together with secure authentication mechanisms, offers a forward-looking approach to identity authentication

    Together, Trust Stamp and Partisia are building a digital identity ecosystem where individuals can prove who they are without giving up control of their personal information, and where credentials stay securely linked to the unique person they belong to.

    About Partisia.com:

    At Partisia, we’re pioneering digital trust for today’s data-sensitive world. Imagine seamless collaboration, breakthrough innovation, and a real competitive edge – all achieved without ever compromising your valuable data. Our advanced Multi-Party Computation technology, a cornerstone of everything Partisia does, makes this powerful vision a tangible reality. We cut through complex data silos and navigate stringent compliance effortlessly, empowering your organization to unlock crucial insights and forge strategic partnerships with absolute confidentiality and unwavering security. At Partisia we’re building a future where data privacy fuels progress, not hinders it.

    About Trust Stamp:

    Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide.

    With team members from twenty-two nationalities in eight countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    Business enquiries:

    Partisia:
    Name: Line Stephansen, Senior Business Developer
    Mail: ls@partisia.com

    Trust Stamp:
    Name: Jonathan Patscheider
    Mail: jpatscheider@truststamp.net

    The MIL Network –

  • MIL-OSI: Best Online Tarot Reading [2025] Free Love Tarot Card Reading by Experts

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, May 15, 2025 (GLOBE NEWSWIRE) —

    If you’re seeking clarity about love, life, or your future, online tarot reading can offer deep insights and meaningful guidance.

    With so many online tarot reading platforms, it can be difficult for users to know which ones are worth their time and money. That’s why tarot reading experts take a rigorous and independent approach to evaluating and ranking the best online tarot reading services each year. The goal is simple: help people find trustworthy, accurate, and user-friendly platforms that consistently deliver meaningful guidance.

    ⇒ Need answers? Start your free tarot reading session with real accuracy!

    Tarot reading experts have officially released their 2025 rankings of the best online tarot reading services, offering users a trusted guide to the most accurate and reputable tarot platforms. The site’s new list features handpicked platforms offering intuitive, confidential, and personalized tarot experiences—many with free online tarot reading options to get started. 

    With interest in online tarot reading growing steadily worldwide, the updated rankings aim to help seekers find meaningful and authentic guidance, especially in love, career, emotional clarity, and personal growth.

    ⇒ Clear answers await—book your online tarot reading with verified experts! 

    According to tarot reading experts, the surge in demand for tarot card reading online is driven by a need for instant clarity in uncertain times. From relationship struggles to professional crossroads, more people are turning to love tarot reading and other specialized services to gain deeper insight and peace of mind. 

    As digital spiritual services continue to rise in popularity, Tarot reading experts stand out as a reliable source for discovering the top-rated online tarot card reading platforms in 2025. The complete rankings are now available on their official website.

    ⇒ Need clarity? Get the most accurate tarot reading online today!

    How Tarot-Reading-Experts.com Ranks the Best Online Tarot Reading Services

    To identify the top-rated online tarot card reading services for 2025, tarot reading experts use a detailed set of criteria designed to measure each platform’s overall quality and reliability. This process involves both expert analysis and direct feedback from actual users. The following core factors are used in the rankings:

    Verified Customer Reviews: User experiences are among the most important quality indicators. Platforms with consistently positive feedback, especially in categories like free love tarot reading, money readings, and life path insight, rank higher.

    Reader Experience & Credentials: Only platforms with experienced, intuitive tarot readers with strong reputations are considered. Sites that allow users to view reader profiles, ratings, and specialties (such as tarot reading online free) are favored.

    ⇒ Start your truthful tarot reading session with real experts!

    Ease of Use: A good online tarot reading platform should be easy to navigate, both on desktop and mobile. Rankings factor in site speed, design, account setup, and how simple it is to start a session.

    Customer Satisfaction: Using surveys and review aggregation, Tarot-Reading-Experts.com measures how happy users are with the overall experience, including how insightful and helpful their tarot card reading sessions were.

    Value and Pricing Transparency: Affordability matters. Services that provide clear pricing, offer free online tarot reading trials, or include flexible packages tend to receive higher marks.

    ⇒ Experience true guidance with accurate tarot readers!

    Independent Reviews and User Surveys

    The rankings aren’t influenced by advertisers or brand partnerships. Instead, tarot reading experts use independent evaluations, detailed testing, and anonymous user surveys to ensure fairness and accuracy. By combining expert insights with real user feedback, the site provides readers with reliable information to confidently choose the best online tarot reading service for their needs.

    This approach ensures that every platform listed has been vetted for performance and its ability to deliver authentic, compassionate, and meaningful readings across all major life areas.

    ⇒ Try a professional online tarot reading you can trust!

    What Is Tarot Reading and How Does It Work?

    Tarot reading is a centuries-old practice that combines symbolic images, intuition, and emotional insight to help people better understand their situations and make empowered decisions. Though many associate tarot with fortune-telling, it’s more commonly used today for reflection, guidance, and emotional clarity, especially through online tarot reading platforms.

    The history of tarot dates back to 15th-century Europe, where it began as a playing card game. By the 18th century, tarot had evolved into a spiritual practice for divination and personal insight. Today, it’s one of the most popular forms of intuitive guidance available online.

    ⇒ Connect now with top-rated, accurate tarot readers!

    Understanding the Tarot Deck: Major and Minor Arcana

    A standard tarot deck contains 78 cards, divided into two main groups:

    • The Major Arcana: 22 cards representing major life themes and turning points, such as The Lovers, The Tower, and The Fool. These cards tend to carry strong symbolic messages and influence.
    • The Minor Arcana: 56 cards that reflect everyday situations, challenges, and emotions. These are divided into four suits—Cups, Pentacles, Swords, and Wands—each representing different areas of life like relationships, money, thoughts, and creativity.

    During a tarot card reading, a reader will arrange the cards in a specific spread (such as a three-card draw or Celtic Cross) and interpret them based on their position, symbolism, and intuitive connection to the person receiving the reading.

    ⇒ Get accurate insights from a real tarot card reading!

    How Tarot Reading Works Online

    With today’s technology, online tarot card reading has become more accessible. Readings are typically offered through chat, video calls, or phone, making it possible to receive accurate, personal insight without leaving home. Many platforms also provide a free online tarot reading as an introduction, allowing new users to test the experience before booking a longer or deeper session.

    The online format doesn’t dilute the reading. Many users find that tarot reading online provides the same emotional connection and accuracy as an in-person session. A skilled reader can tune into your energy through your words, questions, and emotional tone—no matter the distance.

    ⇒ Receive honest answers from skilled tarot readers online!

    Why Choose an Online Tarot Reading?

    An online tarot reading is a convenient and private way to gain spiritual guidance without needing to leave your home. Whether you’re facing a tough decision or simply curious about what lies ahead, tarot card reading services can provide symbolic insights that resonate with your situation.

    What to Expect from a Tarot Reading Online

    During a tarot reading online, a reader draws cards from the deck to answer questions about love, career, or your life path. Each card has a specific meaning, and its placement in the spread helps form a narrative tailored to your inquiry. Modern platforms now offer chat-based, video, or even AI-assisted tarot card reading options, making it accessible to everyone.

    ⇒ See what trusted online tarot readers have to say!

    The Best Online Tarot Reading Platforms

    Here are some features to look for when choosing the best online tarot reading service:

    • Experienced Readers: Look for platforms that screen their psychics and tarot readers.
    • User Reviews: Real testimonials help determine a platform’s reliability.
    • Free Trials or Discounts: Many sites offer a free online tarot reading or introductory rates.
    • Multiple Reading Options: From traditional tarot to oracle cards and numerology.

    Exploring Love and Relationships with Tarot

    A free love tarot reading is one of the most popular types of spreads used in online tarot reading services. Whether you’re wondering if a partner is right for you, or seeking insight into a future relationship, tarot can provide emotional clarity. A free love tarot reading is a great way to dip your toes into the world of spiritual guidance without a financial commitment.

    ⇒ Talk to accurate tarot readers for a trusted love tarot reading!

    Try a Free Online Tarot Reading Today

    If you’re new to the world of tarot, a free online tarot reading is the perfect place to start. Many platforms allow you to try out a session with no strings attached, offering both general and specific spreads, including the popular free love tarot reading option.

    ⇒  Get instant answers with a free tarot reading!

    What Questions Can Tarot Answer?

    While tarot card reading isn’t meant to predict your exact future, it does help reveal patterns, energies, and possible outcomes based on your current path. Common questions center around:

    • Love and relationships (especially through love tarot reading)
    • Career choices and work-related challenges
    • Family matters
    • Personal growth and life transitions
    • Spiritual direction or internal blocks

    The key is to approach the reading with an open mind and clear questions. For example, asking “What energy surrounds my relationship right now?” will lead to a more useful answer than “Will my ex come back?”

    ⇒ Find answers with an online tarot reading for love and life!

    Intuition and Symbolism Are at the Core

    Tarot isn’t about hard rules or set answers. Instead, it’s a collaborative process between the reader, the cards, and your energy. Each card carries layers of meaning, and skilled readers interpret those symbols in the context of your unique question or concern. Their intuition and years of practice bring each reading to life.

    Why Online Tarot Reading Is Trending in 2025

    In 2025, online tarot reading has become one of the most sought-after spiritual tools across the globe—and it’s not hard to see why. As more people turn to tarot for guidance, growth, and clarity, the convenience and effectiveness of digital readings are helping to redefine how we approach intuitive insight.

    ⇒ Find clarity in your heart with a personalized online tarot reading!

    Anytime, Anywhere Access

    One of the main reasons for the growing popularity of tarot card reading online is accessibility. With just a few taps on a phone or clicks on a laptop, users can connect with experienced tarot readers without leaving home. Whether you’re dealing with a sleepless night, going through a rough breakup, or need help making a tough decision, having access to 24/7 tarot reading online services makes it easier to get immediate answers on your schedule.

    This flexibility also eliminates the stress of commuting, scheduling weeks ahead, or sitting awkwardly in a metaphysical shop. Instead, you can enjoy a private and personalized online tarot card reading session from the comfort of your home, or even on a quick break at work.

    Affordable and Often Free to Try

    In-person readings can be expensive and inconsistent. Many users turn to free online tarot reading platforms to explore their options before paying for deeper insight. Some of the best online tarot reading services now offer free trials, introductory questions, or short sample readings to help users feel confident before committing financially.

    This affordability is especially important in today’s economy, where people still seek spiritual connection but need cost-effective ways to find it.

    ⇒ Find trusted guidance with an expert tarot reading online!

    A Shift in Global Mindset

    Another key factor behind this trend is the growing trust in digital spiritual services. People are now more open than ever to exploring holistic tools like tarot reading, astrology, and energy healing—all from their phones. The internet has made it easier to research platforms, read reviews, and choose qualified readers who match individual values or beliefs.

    What Makes a Tarot Reading Accurate?

    Not all tarot readings are created equal. While tarot card reading has always been rooted in symbolic interpretation, what truly determines its value is the depth and accuracy of the insights it provides. Whether done in person or through online tarot reading, the quality of a reading depends on a few key factors. These include the reader’s intuition, connection with the client, and ability to interpret the cards meaningfully.

    ⇒ Ready for clarity? Start your journey at Tarot-Reading-Experts.com

    It Starts with the Reader’s Intuition

    The reader’s intuitive ability is at the heart of every accurate tarot reading. Tarot cards don’t deliver concrete answers—they open the door to deeper reflection and energy-based messages. A gifted reader uses more than just the traditional meanings of the cards. They tune into the subtle emotional and energetic cues of the client, even during a tarot reading online, to understand the deeper message the cards are trying to convey.

    Online readings rely heavily on this skill, especially when video or voice isn’t involved. The best readers can still pick up on emotional energy through chat, written questions, or even how someone types.

    The Right Spread Makes a Difference

    The layout, or “spread,” used during a reading also plays a critical role. A simple three-card spread might reveal the past, present, and future of a love situation, while a Celtic Cross Spread can offer a comprehensive look into more complex issues. Skilled readers know which spread to use based on the client’s needs and how to adapt the positions to fit the question.

    Whether it’s a short, free online tarot reading or a full, in-depth session, using the right layout helps organize the message and allows for a clearer interpretation.

    Asking the Right Questions

    A precise tarot reading often begins with the client asking the right questions. Open-ended prompts such as “What can I expect if I stay in this relationship?” or “What energy surrounds my career path right now?” invite deeper, more revealing answers than closed yes-or-no questions. When clients know what they’re looking for, it’s easier for the reader to use the cards effectively, especially in free love tarot reading sessions, which are often emotionally charged.

    ⇒ Ask your question and get an honest tarot reading online!

    Interpretation Is an Art, Not a Script

    Finally, the best tarot card reading online experiences come from readers who blend intuition with empathy. They don’t just recite card meanings—they read between the lines, pick up on emotional cues, and provide guidance with compassion. They recognize that tarot is not about prediction, but about perspective.

    This combination of skill, insight, and connection separates a generic reading from a powerful one. And with more people turning to tarot reading online free platforms to test the waters, finding a reader who embodies these traits is more important than ever.

    ⇒ Choose clarity—try a reliable tarot card reading!

    Top Features to Look for in an Online Tarot Reading Platform

    With the growing popularity of online tarot reading, it’s more important than ever to know what sets a quality platform apart from the rest. Whether you’re exploring tarot card reading online for the first time or looking to switch services, paying attention to a few key features can help you get the most accurate, valuable, and enjoyable experience possible.

    Free Introductory Readings

    A reliable tarot platform often offers a free online tarot reading or a short introductory session. This allows new users to test the waters, get a feel for the reader’s style, and decide if the platform is a good fit before spending money. Whether it’s a few free minutes, a sample spread, or a trial offer, these options help build trust and transparency.

    Top-rated services now include tarot reading online free trials, making it easier for users to explore topics like love, career, or life direction without pressure.

    ⇒ Find a free or live tarot reading now at Tarot-Reading-Experts.com

    Specialty Readings for Deeper Insight

    Another important feature is the availability of specialized tarot readings. The best platforms offer more than just general readings—they include focused sessions like:

    • Love tarot reading for romantic clarity and relationship questions
    • Career and financial guidance
    • Past life readings for spiritual exploration
    • Yes/no quick reads for fast decisions

    Access to multiple categories ensures you can find the right tarot card reading online to meet your specific emotional or spiritual needs.

    ⇒ Feel confident with answers from accurate tarot readers!

    Flexible Reading Formats

    Everyone has different comfort levels, and a quality platform should offer various communication options. Look for services that allow you to choose between:

    • Live chat for quick, discreet communication
    • Phone readings for more voice-driven connection
    • Video sessions for face-to-face depth

    This flexibility enhances the online tarot card reading experience, letting you choose what feels most natural.

    Clear Policies and Satisfaction Guarantees

    Trustworthy online tarot card reading platforms stand behind their service. Look for sites that offer clear refund policies, satisfaction guarantees, or the option to switch readers if the session doesn’t resonate with you. This shows the platform values integrity and wants you to walk away feeling seen and supported.

    ⇒ Access transparent, truthful tarot card readings!

    Benefits of Tarot Card Reading Online

    As more people seek clarity and guidance from the comfort of their homes, online tarot reading has become the preferred option for many spiritual seekers. It’s not just a digital version of a traditional session—it’s an entirely enhanced experience that offers more control, flexibility, and convenience than ever before. Whether you’re interested in a quick check-in or an in-depth love tarot reading, the advantages of tarot card reading online are hard to ignore.

    1. No Need for In-Person Visits

    One of the most obvious benefits is that you no longer need to travel to a physical location to receive a reading. With online tarot card reading platforms, you can connect with experienced readers from anywhere in the world, without commuting, dressing up, or working around someone else’s schedule. This is especially helpful for those living in remote areas or facing mobility challenges.

    2. Time-Efficient and Always Accessible

    Modern life is busy, and squeezing in time for spiritual self-care isn’t always easy. That’s why tarot reading online has become so popular. Sessions can be as short as 10 minutes or as long as an hour, and many platforms offer 24/7 availability. Whether it’s early morning or late at night, you can log in and connect with a reader when it works.

    ⇒ Get your question answered by a trusted tarot expert!

    3. Greater Variety of Readers and Styles

    Online platforms offer access to a wide range of readers with different styles, backgrounds, and specialties. Looking for a compassionate guide for a love tarot reading? Or maybe you’re interested in past life insights or financial clarity? Whatever your focus, you’ll have far more options online than you’d ever find locally. The best platforms also allow you to browse reader bios, client reviews, and availability before booking.

    4. Ability to Save and Revisit Readings

    Another major perk of tarot card reading online is the ability to save session transcripts, notes, or even video/audio recordings (depending on the platform). This allows you to revisit the guidance you received and track how things unfold over time. It’s like keeping a spiritual journal, only with expert insight included.

    5. More Privacy and Emotional Comfort

    Some people find in-person sessions intimidating or emotionally overwhelming. Online tarot reading offers a layer of emotional comfort and privacy. You’re free to express yourself without judgment, and you can control the pace and format of the session. Whether it’s through chat, voice, or video, the setting is entirely yours to choose.

    ⇒ See what’s ahead with clarity from accurate tarot readers!

    6. Affordable and Often Free to Start

    Many platforms now offer free online tarot reading options or introductory discounts, making spiritual guidance more accessible than ever. Whether you’re testing the waters or looking for regular insight, affordable pricing means more people can benefit from a high-quality tarot card reading without financial strain.

    7. Global Reach, Local Convenience

    Finally, online tarot card reading breaks geographical barriers. You can connect with gifted readers across continents, bringing diverse perspectives and deeper insight into your sessions—all from your phone, tablet, or laptop.

    With so many practical and emotional benefits, it’s no surprise that the best online tarot reading services continue to attract thousands of users seeking honest, personal, and meaningful guidance.

    ⇒ Experience clarity and truth with an online tarot reading!

    How to Choose the Right Online Tarot Reader for You

    Not all tarot readers are the same, and finding the right one can make the difference between a vague session and a powerful, insightful experience. Thanks to the rise of online tarot reading, users can now access thousands of skilled readers worldwide. But with so many choices, how do you find the one that’s right for you?

    Here are the most important factors when choosing a tarot reader online.

    1. Match Their Specialty to Your Needs

    Are you seeking clarity in your love life, looking to shift careers, or hoping to understand your emotional blocks? Start by identifying the main reason you’re seeking a reading. The best online tarot reading platforms allow you to filter readers by specialty, such as free love tarot reading, life purpose, financial guidance, or spiritual healing.

    Choosing a reader specializing in your area of concern helps ensure your session will be focused, meaningful, and on target.

    ⇒ Take control of your path with a detailed tarot reading online

    2. Review Reader Profiles and Client Feedback

    On most platforms, each tarot reader has a public profile detailing their experience, reading style, and client reviews. Some also include sample readings or video introductions. Look for someone whose energy and approach resonate with you, whether you prefer direct answers, compassionate insight, or spiritual depth.

    User reviews can reveal whether the reader has a track record of an accurate tarot card reading online and how they handle different types of clients and questions.

    3. Consider Communication Style

    Think about how you’d prefer to receive your reading. Some people are more comfortable with live chat, while others feel a stronger connection through video or phone. Choose a format that matches your comfort level.

    • Chat readings are great for discreet, fast sessions
    • Phone readings allow for a more emotional connection through tone
    • Video calls offer a face-to-face experience without needing to meet in person

    Good platforms give you these options, allowing your online tarot card reading to feel as natural as possible.

    ⇒ Ask the cards and get accurate, fast results!

    4. Check Pricing and Free Trial Options

    If you’re new to tarot card reading online, you might want to try a free online tarot reading or an introductory session before committing to a full reading. Top-rated platforms offer free minutes, trial credits, or satisfaction guarantees to help first-time users feel secure in their choice.

    Even if readers charge higher rates, their feedback and experience might justify the cost. Always weigh value against budget and comfort.

    5. Trust Your Intuition

    Finally—and this is important—trust your gut. If something about a reader doesn’t sit right with you, move on. Your energy and comfort are crucial during a tarot reading online session. The right reader will feel easy to connect with, even before the cards are drawn.

    In the digital age, you have more tools than ever to find a reader who truly aligns with your energy and goals. Take your time, explore your options, and don’t be afraid to try a few different readers until you find the perfect match.

    ⇒  Find trusted tarot platforms for 2025 at Tarot-Reading-Experts.com

    Common Misconceptions About Online Tarot Reading

    Despite its growing popularity, online tarot reading still faces a range of misconceptions. Some people hesitate to explore it because of outdated ideas or confusion about how tarot works in a digital format. Clearing up these myths is essential to understanding what tarot card reading online offers and how it can be a useful tool for self-reflection and guidance.

    Let’s look at some of the most common myths and the truth behind them.

    1. Tarot Reading Only Works In Person

    One of the biggest myths is that tarot readings must happen face-to-face to be effective. In reality, energy and intention are not limited by physical space. Experienced tarot readers can connect just as powerfully over the internet as they can in person. Thanks to video, chat, and phone options, online tarot card reading sessions are often just as personal—and sometimes even more comfortable—than in-person sessions.

    Many people even prefer tarot reading online because it gives them space to open up without pressure.

    ⇒ Trusted psychics are live for your tarot card reading

    2. You Have to Believe in Magic or the Occult

    Tarot is not about casting spells or predicting fixed outcomes. While it has spiritual roots, modern tarot card reading is more commonly used as a tool for reflection, clarity, and personal growth. You don’t need to believe in any particular tradition to benefit from a session. Most readers focus on insight, emotional patterns, and life decisions rather than “fortune-telling.”

    People from all backgrounds and belief systems can use an online tarot reading or readings to understand their thoughts and gain perspective.

    3. All Tarot Readings Are Vague or Fake

    Another widespread belief is that all tarot readers give general answers that could apply to anyone. While that might be true for some low-quality providers, the best online tarot reading platforms carefully vet their readers for authenticity, accuracy, and professionalism. A skilled tarot reader will tailor their reading to your specific questions and energy, offering relevant and personal insights.

    Like with any profession, some practitioners are better than others—choosing the right one makes all the difference.

    ⇒ Don’t be left guessing—get a real tarot reading online!

    4. Free Readings Are a Scam

    It’s smart to be cautious online, but not all free online tarot reading offers are misleading. In fact, many reputable platforms give new users a few free minutes or credits to test their services. These are often real sessions, shorter in length, and designed to help you try different readers before spending money.

    Look for clear terms, transparent pricing, and tarot reading online free trials offered directly through established platforms, not through suspicious pop-ups or random ads.

    5. Tarot Readers Will Tell You What to Do

    Contrary to what some think, a tarot reading isn’t about being told what choices to make. Good readers don’t control your decisions—they offer guidance and possible outcomes based on your current path. Tarot is about self-awareness, not control. You’re still the one in charge of your life.

    A quality online tarot card reading helps you feel empowered, not dependent.

    ⇒ Real advice, no guesswork—just a precise tarot reading!

    Free Online Tarot Reading vs Paid Tarot Reading: What’s the Difference?

    There are two options in online tarot reading: free readings and paid sessions with a live tarot reader. Both have their place, but they serve very different purposes. Understanding their differences can help you decide which is right for your needs, or how to use both effectively.

    What You Get with Free Online Tarot Reading Tools

    Free online tarot reading tools are usually automated programs that let you select digital tarot cards and receive pre-written interpretations. These tools can be great for casual guidance or quick reflection. They’re available 24/7, cost nothing, and are a helpful starting point for beginners exploring tarot card reading online.

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    Start Free, Then Go Deeper

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    Conclusion

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    See why thousands trust Tarot-Reading-Experts.com for online readings.

    FAQs

    Is tarot card reading online accurate?

    Yes, tarot card reading online can be just as accurate as in-person sessions. A skilled reader doesn’t need to physically touch the cards or see you in person to tune into your energy. Accuracy depends more on the reader’s experience, your openness, and the clarity of your question than on physical proximity.

    Can I get a free tarot reading online?

    Many reputable platforms offer a free online tarot reading to help new users explore their services. These can range from a few complimentary minutes with a live reader to automated card pulls with general interpretations. A tarot reading online free trial gives you a low-risk way to test out different readers, styles, or topics before committing to a paid session.

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    You can ask about almost anything—love tarot reading is especially popular. However, readers also cover topics like career, finances, health (in a spiritual sense), family, life purpose, personal growth, and decision-making. The key is to be specific and open. The more focused your question, the more relevant your reading will likely be.

    How long does an online tarot reading usually take?

    Online tarot card reading sessions typically range from 10 minutes to an hour, depending on the platform, the number of questions you have, and your chosen format. Some services offer quick answers, while others provide deep, detailed insights. You can often choose how much time you want to spend, and many readers will let you extend the session if needed.

    Is it safe to do tarot reading online?

    Yes, as long as you use a reputable website. Look for platforms that are transparent about pricing, have verified reader profiles, and offer secure payment options. Reading reviews and checking customer ratings can also help you avoid scams. A trusted online tarot card reading site will respect your privacy and never pressure you into buying more services.

    How often should I get a tarot reading?

    That depends on your needs. Some people like to check in weekly, especially for a love tarot reading or ongoing decisions. Others prefer monthly or even just when facing a major life shift. As long as you’re not becoming dependent on the cards for every decision, you can set your own pace.

    What is the best online tarot reading service?

    The best online tarot reading service is one that offers experienced readers, accurate insights, and flexible formats like video or chat readings.

    How does a tarot reading online work?

    In a tarot reading online, a reader uses a digital interface to pull tarot cards and interpret their meanings based on your question or situation.

    What can I expect from a love tarot reading?

    A love tarot reading focuses on your romantic life, helping you understand relationship dynamics, feelings, and future possibilities.

    Where can I get a free love tarot reading?

    Many websites offer a free love tarot reading as an introduction to their services, giving you insight into your relationships at no cost.

    Are tarot card readings online private?

    Yes, most tarot card reading services ensure full privacy and confidentiality, especially during chat or video sessions.

    Can I trust free online tarot reading results?

    While a free online tarot reading gives useful insights, for deeper accuracy it’s best to consult an experienced tarot reader.

    Do I need to prepare before a tarot reading online?

    It’s helpful to come with a clear question or topic in mind to get the most accurate results from your tarot reading online.

    Are online tarot readers certified or trained?

    Reputable platforms offering the best online tarot reading often verify their readers through reviews, experience, and training.

    What device can I use for a tarot reading online?

    You can use your smartphone, tablet, or computer to access most tarot reading online platforms, anytime and anywhere.

    Can tarot readings predict the future?

    A tarot card reading offers symbolic guidance and can highlight potential outcomes, but it should be used as a tool for reflection, not absolute prediction.

    Media Contact
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    The MIL Network –

  • MIL-OSI: SYLOGIST Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Highlights1

               
      Revenue (in $ millions)  
    SaaS Subscription Recurring Total
    Reported Y/Y growth Reported Y/Y growth Reported Y/Y growth
    $7.8 15% $10.9 6% $16.3 3%
     
    • SaaS ARR up 15% Y/Y to $31.4 million;
    • ARR up 6% Y/Y to $44.3 million;
    • Bookings up 153% Y/Y to $23.1 million, including a ~$15 million contract with the Texas OAG2;
    • Adjusted EBITDA Margin of 16.1% or $2.62 million; and
    • SaaS NRR of 108%.

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Sylogist Ltd. (TSX: SYZ) (“Sylogist” or the “Company”), a leading public sector SaaS company, today announced its results for the first quarter fiscal 2025, ended March 31, 2025. All figures are in Canadian dollars, unless otherwise specified.

    “Our Q1 performance was right on plan as we continue to execute our SaaS-focused, partner-centric value creation strategy,” said Bill Wood, President & CEO of Sylogist. “We achieved record bookings—nearly double our previous high—and saw well-balanced pipeline expansion across our Gov, Mission, and Ed segments. Combining our latest all-customer NPS survey score of 62, the highest we’ve ever achieved, with our 108% SaaS Net Revenue Retention, paints a clear picture: our customers are happy, advocating on our behalf and increasing their investment with us. We’re excited about the ongoing acceleration of our high-margin SaaS revenue and the operating leverage and scalability that lie ahead.”

    The Company’s Board of Directors declared a quarterly dividend of $0.01 per share to be paid on June 11, 2025, to shareholders of record on May 30, 2025.

    1Growth comparisons have been adjusted to reflect the divestiture of the Managed IT Services division
    2https://sylogist.com/blog/sylogist-awarded-statewide-contract-to-modernize-texas-victim-notification-services/

    Conference Call Details
    The Company will host a conference call at 8:30 AM Eastern Time on May 15, 2025. Bill Wood, President and Chief Executive Officer, and Sujeet Kini, Chief Financial Officer, will present the Company’s financial results, discuss performance as well as outlook for 2025 and beyond. Q & A will follow, as time allows, and replay of the call will be archived in the investor section of the Company’s website.

    Please dial-in before the start of the conference to secure a line and avoid delays.

    About Sylogist
    Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, non-profit, and education market segments. The Company’s stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sedarplus.ca or at www.sylogist.com.

    Forward-looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities legislation. Although the forward-looking information is based on what the Company believes are reasonable assumptions, current expectations, and estimates, investors are cautioned from placing undue reliance on this information since actual results may vary from the forward-looking information. Forward-looking information may be identified by the use of forward-looking terminology such as “believe”, “assume”, “intend”, “may”, “will”, “expect”, “estimate”, “anticipate”, “continue”, “could”, “should”, “can”, “outlook” or similar terms, variations of those terms or the negative of those terms, and the use of the conditional tense as well as similar expressions.

    Such forward-looking information that is not historical fact, including statements based on management’s beliefs and assumptions, cannot be considered as guarantees of future performance. They are subject to a number of risks and uncertainties, including but not limited to future economic conditions, the markets that the Company serves, the actions of competitors, major new technological trends, and other factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company undertakes no obligation to update publicly any forward-looking information whether because of new information, future events or otherwise other than as required by applicable legislation. Important risk factors that may affect these expectations include, but are not limited to, the factors described under the section “Risks and Uncertainties” found in the Company’s Annual Information Form for the fiscal period ended December 31, 2024, and in the Management’s Discussion and Analysis for the quarter ended March 31, 2025 and for the year ended December 31, 2024 and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Actual results and developments may differ, in some cases materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: (i) competitive environment; (ii) operating risks; (iii) the Company’s management and employees; (iv) capital investment by the Company’s customers; (v) customer project implementations; (vi) liquidity; (vii) current global financial and geopolitical conditions; (viii) implementation of the Company’s commercial strategic plan; (ix) access to credit sources and the terms of such financing; (x) potential product liabilities and other lawsuits to which the Company may be subject; (xi) additional financing and dilution; (xii) market liquidity of the Company’s common shares; (xiii) development of new products; (xiv) intellectual property and other proprietary rights; (xv) acquisition and expansion; (xvi) foreign currency; (xvii) interest rates; (xviii) technology and regulatory changes; (xix) internal information technology infrastructure and applications and (xx) cyber security. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities las. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    Non-IFRS Financial Measures

    This news release refers to certain non-IFRS measures, namely Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Annualized Recurring Revenue (“ARR”), Software as a Service (“SaaS”) ARR, and SaaS Net Revenue Retention (“SaaS NRR”). These non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures reported or calculated by other companies. These measures are provided as additional information to complement measures under IFRS by providing further understanding of the Company’s expected results of operations from management’s perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.

    • Bookings refer to the total value of customer accepted contracts during the reporting period. This includes SaaS bookings (the value of SaaS contracts for the entire contracted term) and the project services bookings (the full value of contracted project services).
    • Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation, foreign exchange gains/losses and the impact of acquisition and restructuring.
    • Adjusted EBITDA Margin refers to Adjusted EBITDA as a percentage of revenue.
    • ARR is defined as the annualized value of contractually committed SaaS and maintenance and support services. This quantification assumes that customers will renew the contractual commitment on a periodic basis as they come up for renewal unless the customer has notified the Company of its intention to cancel.
    • SaaS ARR refers to ARR attributable to SaaS customer contracts.
    • SaaS NRR refers to the percentage of beginning of period ARR retained over a given 12-month period inclusive of the impact of contractions, losses and the impact of any additional expansion revenues from customer upgrades within the existing customer base. The Company’s calculation of SaaS NRR includes the impact of customers converting from its maintenance and support offerings to its SaaS offerings.

    Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, ARR, SaaS ARR, and SaaS NRR are provided to investors as alternative methods for assessing the Company’s operating results in a manner that is focused on the Company’s ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to profit or cash flow from operating activities, determined in accordance with IFRS as an indicator of the Company’s performance.

    For further information regarding non-IFRS measures used by the Company, please refer to a copy of the Company’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024, copies of which are available on Sylogist’s SEDAR profile at www.sedarplus.ca.

    Currency and Rounding
    All amounts in this Press Release are expressed in millions of Canadian dollars unless otherwise stated. All percentage variations expressed herein have been calculated based on variations resulting from numbers expressed in millions. Any potential differences from similarly calculated percentages in the Company’s Financial Statements and Management’s Discussion and Analysis are due to rounding and are nonmaterial.

    For further information contact:
    Sujeet Kini, CFO
    Sylogist Ltd.

    (416) 491-8004
    ir@sylogist.com

    The MIL Network –

  • MIL-OSI: LM Funding America, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    – Mined 24.3 Bitcoin for total mining revenue of $2.3 million, up 25.3% sequentially
    – Operating expenses excluding direct mining costs and depreciation down 7.7% year-over-year
    – Held 148.7 Bitcoin on April 30, 2025 valued at approximately $15.5 million, as of May 13, 2025

    TAMPA, Fla., May 15, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based specialty finance company, today reported financial results for the three months ended March 31, 2025.

    Q1’25 Financial Highlights

    • Total revenue for the quarter was $2.4 million dollars, up 19.4% sequentially over Q4 2024 and down 48.9% year-over-year. Bitcoin mining revenue accounted for approximately $2.3 million, reflecting a 25.3% sequential increase and a 50.1% decline year-over-year. The Company mined 24.3 Bitcoins during the quarter, up 12.5% sequentially, at an average price of approximately $93,500. The sequential growth was driven by improved operational efficiency from vertical integration and the LuxOS firmware upgrade. The year-over-year decline was primarily due to the April 2024 halving, lower average hash rate and lower uptime from curtailment.
    • The Company generated approximately $150,000 in curtailment and energy sales for the quarter. These proceeds were an offset to digital mining costs, improving operational efficiency and contributing to the Company’s margin improvements.
    • Mining margin improved to 38.5%, compared with 31.2% in the fourth quarter 2024, driven by the power sales offsetting power costs, increased operational efficiency from the Company’s vertical integration strategy and LuxOS firmware upgrades.
    • Reduced certain operating expenses, including staff costs & payroll, professional fees, SG&A and other operating costs, by 7.7% year-over-year to $2.0 million.
    • Net loss for the quarter was $5.4 million and Core EBITDA1 loss was $2.8 million, both driven by $1.8 million Bitcoin non-cash write down for fair market value of Bitcoin on the balance sheet as of March 31, 2025 and reduced revenue due to a portion of the Company’s machines nonoperational during the quarter.
    • Cash was approximately $1.0 million and Bitcoin holdings totaled 160.2 Bitcoin, valued at $13.2 million based on Bitcoin price of approximately $82,600, as of March 31, 2025.
    • Net book value of LM Funding stockholders’ equity was approximately $31.7 million, or $6.18 per share2, as of March 31, 2025.
    • As of April 30, 2025, the Company held 148.7 Bitcoin, valued at approximately $15.5 million, or $3.01 per share2, based on a Bitcoin price of $104,000 as of May 13, 2025.

    Q1’25 and Recent Operational Highlights

    • Power grid integration strategy: In the first quarter, the Company generated $150,000 in curtailment and energy sales by selling power back to the grid during peak demand periods. This amount was applied as a reduction to digital mining cost of revenue, contributing in part to the improvement in mining margins from 31.2% in the fourth quarter 2024 to 38.5% in the first quarter 2025. The initiative continued to gain momentum, with April 2025 curtailment and energy sales reaching approximately $115,000. This approach allows the Company to maximize the value of its power sites and create a partial hedge against Bitcoin price volatility.
    • Hosting site machine relocation: The Company is in the process of relocating its 800 Bitcoin mining Bitmain S19 XP and S21 machines from a third-party hosting partner to its wholly owned Oklahoma mining facility. This move will provide the company with greater operational control and access to more favorable power rates.
    • Oklahoma 2 MW expansion: The Company is expanding its Oklahoma Bitcoin mining facility with an additional 2 MW of capacity utilizing immersion cooling technology, with construction and energization anticipated to be completed by the end of the third quarter of 2025. This technology enables operations in crowded and harsh environments with access to lower-cost power, while reducing dust, heat, and humidity – supporting more consistent performance, longer equipment lifespan, and improved reliability.

    Management Commentary

    “Our first quarter results demonstrate our progress to build a more resilient and efficient Bitcoin mining operation, with our LuxOS firmware upgrade and power sales initiative driving direct improvements to our bottom line,” commented Bruce Rodgers, Chairman and CEO of LM Funding. “We’re also moving forward with our planned 2 MW expansion at our Oklahoma site, leveraging immersion cooling technology to enhance efficiency and extend the lifespan of our mining equipment. Beyond that, we’re actively pursuing overlooked power sites in the 5 to 20 MW range, while continuing to scale our ability to sell power back to the grid — a program that gained strong momentum, with April’s power sales nearly equaling our first quarter total.”

    Richard Russell, CFO of LM Funding, added, “The financial controls and strategic initiatives we’ve implemented are delivering tangible results. Bitcoin production increased by 12.5% sequentially, and Digital Mining revenue grew 25.3% sequentially to $2.3 million, reflecting the strength of our operational improvements. Our vertical integration strategy continues to enhance mining margins, with our curtailment and energy sales serving as a reduction to mining costs. By strategically managing our balance sheet, adopting a leaner operational model, and optimizing our fleet—through actions such as relocating equipment from hosting partners and selling nonoptimal assets—we’re building a more agile organization, well-positioned to navigate volatility and capitalize on unique opportunities in the Bitcoin mining landscape.”

    Rodgers concluded, “We began our Bitcoin treasury strategy in 2021, and we actively manage our treasury to own as much Bitcoin as possible. Given the recent headlines from other forward-thinking companies, we are exploring potential partnerships and strategic relations to further expand our Bitcoin holdings. We remain bullish on our treasury strategy as we believe it is creating long-term value, particularly given that our Bitcoin holdings are valued at more than 1.5 times our market capitalization.”

    Investor Conference Call

    LM Funding will host a conference call today, May 15, 2025, at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025, as well as the Company’s corporate progress and other developments. A copy of this earnings release and investor presentation are available on the Company’s Investor Relations website at https://www.lmfunding.com/investors.  

    Conference Call Details

    • Date: May 15, 2025 
    • Time: 8:00 AM EST 
    • Participant Call Links: 
      • Live Webcast: Link 
      • Participant Call Registration: Link 

    About LM Funding America

    LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    For investor and media inquiries, please contact:

    Investor Relations
    Orange Group
    Yujia Zhai
    lmfundingIR@orangegroupadvisors.com

           
    LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets
           
      March 31,   December 31,
      2025
    (unaudited)    		   2024
           
    Assets      
    Cash $ 1,028,870     $ 3,378,152  
    Digital assets – current (Note 2)   8,231,963       9,021,927  
    Finance receivables   21,910       21,051  
    Marketable securities (Note 5)   18,340       27,050  
    Receivable from sale of Symbiont assets (Note 5)   –       200,000  
    Prepaid expenses and other assets   899,036       827,237  
    Income tax receivable   31,187       31,187  
    Current assets   10,231,306       13,506,604  
           
    Fixed assets, net (Note 3)   16,377,635       18,376,948  
    Intangible assets, net (Note 3)   5,423,985       5,478,958  
    Deposits on mining equipment (Note 4)   947,348       467,172  
    Long-term investments – equity securities (Note 5)   7,251       4,255  
    Investment in Seastar Medical Holding Corporation (Note 5)   171,810       200,790  
    Digital assets – long-term (Note 2)   5,000,000       5,000,000  
    Right of use assets (Note 7)   888,049       938,641  
    Other assets   73,857       73,857  
    Long-term assets   28,889,935       30,540,621  
    Total assets $ 39,121,241     $ 44,047,225  
           
    Liabilities and stockholders’ equity      
    Accounts payable and accrued expenses   1,359,891       989,563  
    Note payable – short-term (Note 6)   361,547       386,312  
    Due to related parties (Note 9)   37,312       15,944  
    Current portion of lease liability (Note 7)   188,763       170,967  
    Total current liabilities   1,947,513       1,562,786  
           
    Note payable – long-term (Note 6)   6,386,609       6,365,345  
    Lease liability – net of current portion (Note 7)   748,054       776,535  
    Long-term liabilities   7,134,663       7,141,880  
    Total liabilities   9,082,176       8,704,666  
           
    Stockholders’ equity (Note 8)      
    Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024   –       –  
    Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of March 31, 2025 and December 31, 2024   4,602       4,602  
    Additional paid-in capital   102,789,990       102,685,470  
    Accumulated deficit   (71,061,405 )     (65,662,731 )
    Total LM Funding America stockholders’ equity   31,733,187       37,027,341  
    Non-controlling interest   (1,694,122 )     (1,684,782 )
    Total stockholders’ equity   30,039,065       35,342,559  
    Total liabilities and stockholders’ equity $ 39,121,241     $ 44,047,225  
           
    LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations
           
      Three months ended March 31,
      2025   2024
    Revenues:      
    Digital mining revenues $ 2,273,940     $ 4,597,908  
    Specialty finance revenue   67,389       116,628  
    Rental revenue   30,008       33,068  
    Total revenues   2,371,337       4,747,604  
    Operating costs and expenses:      
    Digital mining cost of revenues (exclusive of depreciation and amortization shown below)   1,548,295       2,654,946  
    Curtailment and energy sales   (149,686 )     –  
    Staff costs and payroll   1,050,477       1,243,026  
    Depreciation and amortization   2,037,578       1,976,196  
    Loss (gain) on fair value of Bitcoin, net   1,809,976       (4,257,515 )
    Impairment loss on mining equipment   –       1,188,058  
    Professional fees   364,485       509,893  
    Selling, general and administrative   309,964       177,906  
    Real estate management and disposal   36,314       27,189  
    Collection costs   17,352       926  
    Settlement costs with associations   3,693       –  
    Loss on disposal of assets   186,781       8,170  
    Other operating costs   255,948       214,505  
    Total operating costs and expenses   7,471,177       3,743,300  
    Operating income (loss)   (5,099,840 )     1,004,304  
    Unrealized loss on marketable securities   (8,710 )     (2,160 )
    Unrealized gain (loss) on investment and equity securities   (25,984 )     1,350,979  
    Gain (loss) on fair value of purchased Bitcoin, net   (52,704 )     57,926  
    Other income – coupon sales   –       4,490  
    Interest expense   (220,906 )     (70,826 )
    Interest income   1,145       9,125  
    Income (loss) before income taxes   (5,406,999 )     2,353,838  
    Income tax expense   –       –  
    Net income (loss) $ (5,406,999 )   $ 2,353,838  
    Less: loss (gain) attributable to non-controlling interest   8,325       (414,221 )
    Net income (loss) attributable to LM Funding America Inc. $ (5,398,674 )   $ 1,939,617  
           
    Basic income (loss) per common share (Note 1) $ (1.05 )   $ 0.80  
    Diluted income (loss) per common share (Note 1) $ (1.05 )   $ 0.80  
           
    Weighted average number of common shares outstanding      
    Basic   5,133,412       2,428,203  
    Diluted   5,133,412       2,428,203  
           
    LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows
       
      Three months ended March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income (loss) $ (5,406,999 )   $ 2,353,838  
    Adjustments to reconcile net income (loss) to net cash used in operating activities      
    Depreciation and amortization   2,037,578       1,976,196  
    Noncash lease expense   50,592       26,043  
    Amortization of debt issue costs   21,264       –  
    Stock compensation   –       71,047  
    Stock option expense   110,805       110,804  
    Accrued investment income   –       (8,568 )
    Accrued interest expense on finance lease   14,710       –  
    Digital assets other income   –       (4,490 )
    Loss (gain) on fair value of Bitcoin, net   1,862,680       (4,315,441 )
    Impairment loss on mining machines   –       1,188,058  
    Unrealized loss on marketable securities   8,710       2,160  
    Unrealized loss (gain) on investment and equity securities   25,984       (1,350,979 )
    Loss on disposal of fixed assets   186,781       8,170  
    Change in operating assets and liabilities:      
    Prepaid expenses and other assets   96,526       1,583,843  
    Repayments to related party   21,368       32,445  
    Accounts payable and accrued expenses   370,328       (22,003 )
    Mining of digital assets   (2,273,940 )     (4,597,908 )
    Lease liability payments   (25,395 )     (25,863 )
    Net cash used in operating activities   (2,899,008 )     (2,972,648 )
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Net collections of finance receivables – original product   458       (8,238 )
    Net collections of finance receivables – special product   (1,317 )     –  
    Capital expenditures   (170,073 )     –  
    Collection of note receivable   200,000       1,449,066  
    Investment in digital assets – tether   (31,420 )     –  
    Proceeds from sale of Bitcoin   1,204,680       1,296,233  
    Proceeds from the sale of tether   27,964       –  
    Deposits for mining equipment   (480,176 )     (1,096,961 )
    Distribution to members   (1,015 )     –  
    Net cash provided by investing activities   749,101       1,640,100  
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Insurance financing repayments   (193,090 )     (241,917 )
    Issuance costs   (6,285 )     –  
    Net cash used in financing activities   (199,375 )     (241,917 )
    NET DECREASE IN CASH   (2,349,282 )     (1,574,465 )
    CASH – BEGINNING OF PERIOD   3,378,152       2,401,831  
    CASH – END OF PERIOD $ 1,028,870       827,366  
           

    NON-GAAP CORE EBITDA RECONCILIATION

    Our reported results are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We also disclose Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) and Core Earnings before Interest, Tax, Depreciation and Amortization (“Core EBITDA”) which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.

    The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:

           
      Three months ended March 31,
      2025   2024
           
    Net income (loss) $ (5,406,999 )   $ 2,353,838  
    Income tax expense   –       –  
    Interest expense   220,906       70,826  
    Depreciation and amortization   2,037,578       1,976,196  
    Income (loss) before interest, taxes & depreciation $ (3,148,515 )   $ 4,400,860  
    Unrealized loss (gain) on investment and equity securities   25,984       (1,350,979 )
    Loss on disposal of mining equipment   186,781       8,170  
    Impairment loss on mining equipment   –       1,188,058  
    Stock compensation and option expense   110,805       181,851  
    Core income (loss) before interest, taxes & depreciation $ (2,824,945 )   $ 4,427,960  
           

    _________________
    1 Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
    2 Calculated using 5,133,412 shares outstanding as of 12/31/24 from SEC Form 10-K filed March 31, 2025.

    The MIL Network –

  • MIL-OSI: CLIK announces to collaborate with an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device service for senior citizens in Hong Kong; and also announces change to board composition

    Source: GlobeNewswire (MIL-OSI)

    – CLIK will collaborate with Flash Mutual, an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device services for senior citizens in Hong Kong
       
    – Tencent SSV is an initiative launched by Tencent, a world leading internet and technology company, aiming to leverage its unique digital platform and technology to drive Sustainable Social Value (SSV) globally
       
    – CLIK also announces the appointment of Mr. Lam Kai Yuen, Gabi as the new independent director

    Hong Kong, May 15, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), signed a cooperation agreement with Flash Mutual Technology (International) Company Limited (“Flash Mutual”) in which both parties agreed to jointly promote 24-hour instant device service for senior citizens in Hong Kong.

    Flash Mutual is a national high-tech enterprise headquartered in Guangdong, China. Being an advanced technology partner under the Tencent Sustainable Social Value (“Tencent SSV”) initiatives, Flash Mutual aims to provide integrated digital solutions for the elderly, students, and the disabled by the use of artificial intelligence.

    Tencent SSV is an initiative under Tencent, a world leading internet and technology company, aiming to use its unique digital platform and technology to drive sustainable social value globally and to improve lives of billions of people every day.

    By leveraging the use of AI, instant device service offers round-the-clock smart monitoring for senior citizens to enhance their safety and to provide timely assistance when necessary.

    Together with the government-sponsored Community Care Service Voucher scheme for elderly (CCSV scheme) recently entered into, CLIK expects the partnership to generate significant cross-selling synergies and boost revenue.

    CLIK considers the collaboration as an opportunity to further strengthen its elderly service business, aiming to offer a comprehensive one-stop solution for senior citizens in Hong Kong.

    Change in board composition

    CLIK today announced the appointment of Mr. Lam Kai Yuen as an independent director, a member of the audit committee, compensation committee, nominating committee and corporate governance committee of the Company’s board of directors (the “Board”), following the resignation of Mr. Moy Yee Wo Matthew as an independent director, the chairman of the audit committee, a member of the compensation committee and nominating and corporate governance committee of the Board, effective 14 May 2025. Due to personal commitments, Mr. Moy will be re-designated as a consultant, focusing on investor relations, to continue serving the Company and confirmed that there was no disagreement with the Board, the Company or any of its affiliates on any matter relating to the Company’s operations, policies or practices.

    The Board has also approved that Mr. Tse Wah Ping, who has served as an independent director of CLIK since October 2024, will replace Mr. Moy as the chairman of the audit committee of the Board, effective 14 May 2025.

    “We are delighted to welcome Mr. Lam on Board and believe his wealth of experience in management can bring invaluable insights to help guiding the Company ahead.” stated Mr. Chan Chun Sing, Chairman and Chief Executive Officer of CLIK. “We are also grateful to Mr. Moy for his services throughout his tenure and look forward to his further contribution in the new role,” continued Mr. Chan.

    Following the aforementioned changes, the Board now consists of four directors, including three independent directors. The audit committee of the Board is comprised of Mr. Tse Wah Ping, Ms. Chik Wai Chun and Mr. Lam Kai Yuen.

    About Click Holdings Limited

    We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

    For more information, please visit https://clicksc.com.hk.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For enquiry, please contact:

    Click Holdings Limited
    Unit 709, 7/F., Ocean Centre
    5 Canton Road
    Tsim Sha Tsui, Kowloon
    Hong Kong
    Email: jack.wong@jfy.hk
    Phone: +852 2691 8900

    The MIL Network –

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights
    All amounts compared to Q1 2024 unless otherwise noted

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Cost of revenue was US$73.4 million vs. US$85.4 million.
    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Net income was US$409.5 million vs. US$0.6 million.
    • Adjusted EBITDA1 was negative US$56.1 million, vs. positive US$27.32 million.
    • Cash and cash equivalents were US$215.6 million as of March 31, 2025.
    • Crypto balance: US$131.1 million as of March 31, 2025.

    Management Commentary

    “This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

    Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

    Operational Summary

    Metrics Three Months Ended Mar 31
      2025 2024
    Total hash rate under management (EH/s) 24.2 22.5
    – Proprietary hash rate 12.1 8.4
    – Self-mining 11.5 6.7
    – Cloud Hash Rate – 1.7
    – Delivered but not yet hashing 0.6 –
    – Hosting 12.1 14.1
    Mining rigs under management 175,000 226,000
    – Self-owned 97,000 86,000
    – Hosted 78,000 140,000
    Bitcoin mined (self-mining only) 350 911
    Bitcoins held 1,156 58
    Total power usage (MWh) 881,000 1,361,000
    Average cost of electricity ($/MWh) 48 43
    Average miner efficiency (J/TH) 29.0 31.7
     

    Power Infrastructure Summary (as of April 30, 2025)

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 120 Online Completed
    – Gedu, Bhutan 100 Online Completed
    – Jigmeling, Bhutan 132 Online Completed
    Total electrical capacity 1,098    
    Pipeline capacity      
    – Tydal, Norway Phase 2 105 In progress Q2 2025
    – Massillon, Ohio 221 In progress Q3-Q4 2025
    – Clarington, Ohio Phase 1 266 Paused TBD
    – Clarington, Ohio Phase 2 304 Pending approval TBD
    – Jigmeling, Bhutan 368 In progress Q2 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    – Oromia Region, Ethiopia 50 In planning Q4 2025
    Total pipeline capacity 1,592    
    Total global electrical capacity 2,690    
     

    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.

    Q1 2025 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      March 31, 2025 Dec 31, 2024 March 31, 2024
    Total revenue 70.1 69.0 119.5
    Cost of revenue (73.4) (63.9) (85.4)
    Gross profit/(loss) (3.2) 5.1 34.1
    Net profit/(loss) 409.5 (531.9) 0.6
    Adjusted EBITDA (56.1) (3.8) 27.32
    Cash and cash equivalents 215.6 476.3 118.5
    US $ in millions Three Months Ended Mar 31, 2025
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 37.2 0.1 9.6 16.3 4.1
    Cost of revenue          
     – Electricity cost in operating mining rigs (24.0) – (6.8) (11.4) –
     – Depreciation and SBC expenses (13.7) (0.1) (1.5) (2.6) –
     – Cost of products sold – – – – (3.3)
     – Other cash costs (3.4) – (0.9) (1.5) –
    Total cost of revenue (41.0) (0.1) (9.1) (15.4) (3.3)
    Gross profit/(loss) (3.8) – 0.5 0.9 0.8
    US $ in millions Three Months Ended Mar 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 48.4 18.1 29.0 19.5 –
    Cost of revenue          
     – Electricity cost in operating mining rigs (26.2) (5.3) (14.0) (13.1) –
     – Depreciation and SBC expenses (8.7) (3.2) (3.0) (2.0) –
     – Other cash costs (2.7) (1.0) (1.6) (1.1) –
    Total cost of revenue (37.6) (9.6) (18.6) (16.2) –
    Gross profit 10.8 8.5 10.3 3.2 –
     

    Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

    Revenue

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
    • General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
    • SEALMINER sales revenue was US$4.1 million.

    Cost of Revenue

    • Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

    Gross Profit and Margin

    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Gross margin was -4.6% vs. 28.6%.

    Operating Expenses

    • The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
      • Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
      • General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
      • Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

    Other Net Gain

    • Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants. 

    Net Income

    • Net income was US$409.5 million vs. US$0.6 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$89.8 million vs. adjusted profit of US$9.72 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$56.1 million vs. positive US$27.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

    Cash Flows

    • Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
    • Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
    • Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

    Capex

    • 2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

    Balance Sheet
    As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

    • US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
    • US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
    • US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
    • US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

    Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
           
      As of March 31,   As of December 31,
    (US $ in thousands) 2025   2024
    ASSETS      
    Current assets      
    Cash and cash equivalents 215,642     476,270  
    Restricted cash 12,107     9,144  
    Cryptocurrencies 131,144     77,537  
    Trade receivables 10,263     9,627  
    Amounts due from a related party 15,810     15,512  
    Prepayments and other assets 335,071     291,929  
    Inventories 153,740     64,888  
    Financial assets at fair value through profit or loss 4,540     4,540  
    Total current assets  878,317     949,447  
           
    Non-current assets      
    Restricted cash 5,906     8,212  
    Prepayments and other assets 46,652     18,244  
    Financial assets at fair value through profit or loss 35,428     37,981  
    Mining rigs 101,581     67,324  
    Right-of-use assets 75,338     69,273  
    Property, plant and equipment 302,210     251,377  
    Investment properties 30,529     30,723  
    Intangible assets 78,303     83,235  
    Goodwill 35,818     35,818  
    Deferred tax assets 8,543     6,220  
    Total non-current assets  720,308     608,407  
    TOTAL ASSETS  1,598,625     1,557,854  
           
    LIABILITIES      
    Current liabilities      
    Trade payables 50,729     31,471  
    Other payables and accruals 38,098     40,617  
    Amounts due to a related party 7,788     8,747  
    Income tax payables 2,437     2,729  
    Derivative liabilities 256,775     763,939  
    Deferred revenue 61,016     39,029  
    Borrowings 215,436     208,127  
    Lease liabilities 6,895     5,460  
    Total current liabilities  639,174     1,100,119  
           
    Non-current liabilities      
    Other payables and accruals 1,786     1,650  
    Deferred revenue 68,449     90,200  
    Lease liabilities 78,846     72,673  
    Deferred tax liabilities 15,721     16,614  
    Total non-current liabilities 164,802     181,137  
    TOTAL LIABILITIES  803,976     1,281,256  
           
    NET ASSETS  794,649     276,598  
           
    EQUITY      
    Share capital *   *
    Treasury equity (181,065 )   (160,926 )
    Accumulated deficit (239,531 )   (649,004 )
    Reserves 1,215,245     1,086,528  
    TOTAL EQUITY 794,649     276,598  
     

    * Amount less than US$1,000

    BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME
           
       Three months ended March 31, 
    (US $ in thousands) 2025   2024
           
    Revenue 70,128     119,506  
    Cost of revenue (73,353 )   (85,375 )
    Gross profit / (loss) (3,225 )   34,131  
    Selling expenses (1,393 )   (1,690 )
    General and administrative expenses (15,389 )   (14,969 )
    Research and development expenses (59,014 )   (21,164 )
    Other operating income / (expenses) (7,789 )   1,746  
    Other net gain 503,050     2,447  
    Profit from operations 416,240     501  
    Finance income / (expenses) (9,343 )   151  
    Profit before taxation 406,897     652  
    Income tax benefit / (expenses) 2,576     (46 )
    Profit for the period 409,473     606  
    Other comprehensive income      
    Income for the period 409,473     606  
    Other comprehensive income for the period    
    Item that may be reclassified to profit or loss      
    Exchange differences on translation of financial statements 166     32  
    Other comprehensive income for the period, net of tax 166     32  
    Total comprehensive income for the period 409,639     638  
           
    Earnings / (loss) per share (in US$)      
    Basic 2.15     0.01  
    Diluted (0.37 )   0.01  
    Weighted average number of shares outstanding (thousand shares)
    Basic 190,199     114,843  
    Diluted 228,561     117,041  
               
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
           
    Cash flows from operating activities      
    Cash used in operating activities: (280,889 )   (132,867 )
    Interest paid on leases (702 )   (652 )
    Interest paid on borrowings (4,493 )   (465 )
    Interest received 2,724     1,813  
    Income tax paid (628 )   –  
    Net cash used in operating activities  (283,988 )   (132,171 )
           
    Cash flows from investing activities      
    Purchase of property, plant and equipment, investment properties and intangible assets (44,770 )   (29,615 )
    Purchase of mining rigs (955 )   (1,560 )
    Purchase of financial assets at fair value through profit or loss (132 )   (992 )
    Purchase of cryptocurrencies (18,159 )   –  
    Proceeds from disposal of cryptocurrencies 12,283     90,380  
    Cash paid for the site and gas-fired power project in Alberta, Canada (21,870 )   –  
    Net cash generated from / (used in) investing activities  (73,603 )   58,213  
           
    Cash flows from financing activities      
    Capital element of lease rentals paid (1,942 )   (1,338 )
    Proceeds from issuance of shares for exercise of share rewards 530     37  
    Proceeds from issuance of ordinary shares, net of transaction costs 118,403     49,931  
    Payment for the future issuance cost –     (303 )
    Acquisition of treasury shares (21,010 )   –  
    Payment for transaction costs in connection with convertible senior notes (1,119 )   –  
    Net cash generated from financing activities  94,862     48,327  
           
    Net decrease in cash and cash equivalents  (262,729 )   (25,631 )
    Cash and cash equivalents at the beginning of the period 476,270     144,729  
    Effect of movements in exchange rates on cash and cash equivalents held 2,101     (637 )
    Cash and cash equivalents at the end of the period 215,642     118,461  
     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

    BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
    Adjusted EBITDA      
    Profit for the period 409,473     606  
    Add：      
    Depreciation and amortization 25,387     18,187  
    Income tax (benefit) / expenses (2,576 )   46  
    Interest (income) / expense, net 10,880     (608 )
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted EBITDA (56,145 )   27,3392  
           
    Adjusted Profit / (loss)      
    Profit for the period 409,473     606  
    Add：      
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted Profit / (loss) (89,836 )   9,7142  
     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    ____________________________
    1     “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The MIL Network –

  • MIL-OSI: Next Hydrogen Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025.

    “The value proposition offered by our unique water electrolyzers is clear and well supported by over 40,000 hours of data. This has resulted in partnerships with blue chip industry partners such as Casale, GE Vernova and Pratt & Whitney,” said Raveel Afzaal, President & CEO. “The focus for 2025 is to (1) scale up our product line up to 8MW, (2) demonstrate a strong execution pathway for large volume manufacturing, and (3) show further and significant growth in our sales backlog. We are executing well on all three of these goals which should unlock long-term funding solutions for Next Hydrogen.”  

    Q1 2025 Financial Highlights

    • Cash balance was $1.5M as of March 31, 2025, compared to $3.5M as of December 31, 2024.
    • Revenue for the three-month period ended March 31, 2025 was $0.3M compared to $0.6M in the same period of the prior year.
    • Net loss and comprehensive loss for the three-month period ended March 31, 2025 was $3M compared to $3.4M in the same period of the prior year.

    Management is proud to highlight several recent milestones that demonstrate significant recent progress:

    • In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds for its scale up and general corporate purposes.
    • Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.
    • In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competitively positions it to bid on large-scale projects globally starting in 2026. Next Hydrogen will continue to maintain control over intellectual property and electrolyzer design. The Company also aims to further expand its Canadian operations to ensure flexible supply chain and production that aligns with evolving clean energy policies, driving global green hydrogen adoption.
    • In March 2025, Next Hydrogen received ISO 9001-2015 and ISO 45001-2018 certifications for its 6610 Edwards Boulevard site in Mississauga, Canada. This demonstrates and certifies Next Hydrogen’s standardized quality systems, health and safety management systems, supplier selection processes, and continuous improvement processes. These certifications show that the Company has an efficient operating system capable of scaling to support its expanding customer base.
    • In March 2025, the Company appointed Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta filled the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025. Ms. Mehta is VP of Business Development at Jenner Renewable Consulting, with 22 years of experience in renewable energy, leading technical reviews, due diligence, and development for over 2,500MW of wind and solar projects in the Americas. She served on the Canadian Wind Energy Association’s Board from 2008 to 2015 and was Chairperson in 2011. Her extensive expertise in renewable energy and project development is crucial for the Company’s growth.
    • As of December 2024, the Company closed a private placement offering (the “Offering”) and received unsecured convertible debentures (each, a “Debenture”) consisting of about $2.7M principal amount of Debentures. Next Hydrogen intends to use the proceeds of the Offering to invest in its scale-up efforts and for general corporate purposes.
    • In November 2024, Next Hydrogen and Pratt & Whitney announced a collaboration to demonstrate the use of hydrogen in aircraft engines as an enabler for reducing CO2 emissions. This project is partially funded by Canada’s Initiative for Sustainable Aviation Technology (“INSAT”) and will accelerate the Company’s efforts towards high efficiency, low-cost electrolyzers which are needed for establishing hydrogen production infrastructure for aviation fuel.
    • In October 2024, the Company successfully completed a durability test of its second-generation water electrolyzer technology (“GEN2”) electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will be deployed in Next Hydrogen electrolyzers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its GEN2 water electrolyzer technology which exceeded the reported US Department of Energy (“DOE”) technical targets status for energy efficiency. The GEN2 performance achievement has positioned the Company to being the industry leader in electrolysis cell performance.
    • In September 2024, the Company successfully completed an extended Factory Acceptance Test for its GEN2 electrolysis cells. The Company plans to commission the system at an external reference site for market demonstration in 2025.
    • In August 2024, the Company was awarded a contract by the University of Minnesota (“UMN”) for its latest generation electrolysis technology to be installed at the UMN West Central Research and Outreach Center (“WCROC”). The WCROC project is supported by the U.S. Department of Energy’s Advanced Research Project Agency (“ARPA-E”) as well as other partners including RTI International (“RTI”) and will include technologies from Casale SA, RTI, UMN, Nutrien and Shell to demonstrate the production of ammonia from renewable energy targeting emerging energy markets and existing agricultural markets. Next Hydrogen will be supplying its latest third-generation Alkaline Water Electrolyzers featuring further advancements in energy efficiency, current density and operating pressure.

    For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.

    In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A.

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize industrial and transportation sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

    Cautionary Statements

    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network –

  • MIL-OSI: Marex Group plc announces strong results for first quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the first quarter (‘Q1 2025’).

    Ian Lowitt, Group Chief Executive Officer, stated, “Robust levels of client activity across our businesses and positive market conditions led to a strong performance in the first quarter of the year. Adjusted profit before tax grew 42% year-on-year, driven by strong revenue growth in all our business segments. This reflects the continued successful execution of our strategy to expand our geographic footprint and product capabilities, growing our client base, increasing diversification and driving greater earnings resilience. In early April, we experienced some very high-volume days which we processed successfully, reflecting the operational resilience of our platform. We maintained record levels of liquidity and remained disciplined in managing our risk while supporting our clients. We were also delighted with the strong demand from investors for our second follow-on equity offering in challenging markets, further increasing our public float, as well as another successful debt issuance, further diversifying our sources of funding and increasing our liquidity position.”

    Financial and Operational Highlights:

    • Strong Q1 performance: Robust client activity and positive market conditions drove 42% growth in Adjusted Profit before Tax1 to $96.3 million
    • Revenue increased by 28% to $467.3m with strong revenue growth across all our business segments
      • Agency and Execution in particular increased revenue by 42% to $239.5m, driven by growth in Securities revenues across asset classes and continued build-out of Prime Services, as well as strong growth in the Energy business
    • April market conditions: At the start of April, we experienced highly elevated volumes which have since returned to more normalised levels. Our ability to process these volumes demonstrates the operational resilience of the firm and scalability of our platform. We also maintained record levels of liquidity and remained disciplined in managing our risk while supporting our clients
    • Executed growth strategy: Aarna Capital acquisition completed at the end of March, growing our Clearing presence in the Middle East, as we continued to diversify our platform and drive greater earnings resilience
    • Successful secondary equity placement: Significantly oversubscribed transaction resulted in existing shareholders placing an upsized 11.8 million shares with institutional investors in April, further increasing public float to approximately 70%
    • Prudent approach to capital and funding: Successfully issued $500 million 3-year senior unsecured notes in May, further diversifying our funding sources while maintaining a strong capital and liquidity position
    • Dividend: Q1 2025 dividend increased to $0.15 per share, to be paid in the second quarter of 2025
    Financial Highlights: ($m)   3 months ended 31 March 2025   3 months ended 31 March 2024   Change
                 
    Revenue   467.3   365.8   28%
    Profit Before Tax   98.0   58.9   66%
    Profit Before Tax Margin (%)   21%   16%   500 bps
    Profit After Tax   72.5   43.6   66%
    Profit After Tax Margin (%)   16%   12%   400 bps
    Return on Equity (%)   29%   23%   600 bps
    Basic Earnings per Share ($)2   0.98   0.60   63%
    Diluted Earnings per Share ($)2   0.92   0.56   64%
                 
    Adjusted Profit Before Tax1   96.3   67.7   42%
    Adjusted Profit Before Tax Margin (%)1   21%   19%   200 bps
    Adjusted Profit after Tax            
    Attributable to Common Equity1   68.2   48.9   39%
    Adjusted Return on Equity (%)1   30%   29%   100 bps
    Adjusted Basic Earnings per Share ($)1,2   0.97   0.74   31%
    Adjusted Diluted Earnings per Share ($)1,2   0.91   0.69   32%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.
    2. Weighted average number of shares have been restated as applicable for the Group’s reverse share split (refer to Appendix 1 for further detail).
         
      Conference Call Information:
    Marex’s management will host a conference call to discuss the Group’s financial results today, 15 May 2025, at 9am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here: https://edge.media-server.com/mmc/p/zudci4bx/

    Enquiries please contact:
    Marex
    Investors – Adam Strachan
    +1 914 200 2508 / astrachan@marex.com

    Media – Nicola Ratchford, Marex / FTI Consulting US / UK
    +44 7786 548 889 / nratchford@marex.com / +1.716.525.7239/ +44 7976870961
    | marex@fticonsulting.com

    		  
         


    Financial Review

    The following table presents summary financial results and other data as of the dates and for the periods indicated:

    Summary Financial Results

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    – Net commission income   250.7   218.9   15%
    – Net trading Income   159.1   106.2   50%
    – Net interest income   53.4   35.6   50%
    – Net physical commodities income   4.1   5.1   (20)%
    Revenue   467.3   365.8   28%
                 
    Compensation and benefits   (291.7)   (229.9)   27%
    Depreciation and amortisation   (7.9)   (7.8)   1%
    Other expenses   (73.8)   (69.6)   6%
    Provision for credit losses   —   0.3   n.m.2
    Bargain purchase gain on acquisitions   3.4   —   n.m.2
    Other income   0.7   0.1   600%
    Profit Before Tax   98.0   58.9   66%
    Tax   (25.5)   (15.3)   67%
    Profit After Tax   72.5   43.6   66%
    Reconciliation to Adjusted Profit Before Tax1            
    Profit Before Tax   98.0   58.9   66%
    Bargain purchase gain   (3.4)   —   n.m.2
    Acquisition related costs   —   0.2   n.m.2
    Amortisation of acquired brands and customer lists   1.3   0.8   63%
    Activities relating to shareholders   —   2.4   n.m.2
    Owner fees   0.4   1.7   (76)%
    IPO preparation and public offering of ordinary shares   —   3.7   n.m.2
    Adjusting items   (1.7)   8.8   (119)%
    Adjusted Profit Before Tax1   96.3   67.7   42%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. n.m. = not meaningful to present as a percentage.

    Costs and Group Headcount

    The Board and Senior Management also monitor costs split between Front Office Costs and Control and Support Costs to better understand the Group’s performance. The table below provides the Group’s management view of costs:

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Front office costs1   (258.4)   (210.1)   23%
    Control and support costs1   (106.8)   (80.6)   33%
    Total   (365.2)   (290.7)   26%

    1) Management review Front Office Costs and Control and Support Costs when assessing Adjusted Profit Before Tax performance. These costs are included within compensation and benefits, other expenses and depreciation and amortisation in the Statutory Income Statement provided above.

    The following table provides a breakdown of Front Office and Control and Support Headcount

    Full Time Equivalent (‘FTE’) headcount1 31 March 2025   31 March 2024       31 March 2025   31 March 2024    
      Average   Average   Change   End of Period   End of Period   Change
    Front office 1,284   1,236   4%   1,288   1,250   3%
    Control and support 1,183   1,015   17%   1,215   1,030   18%
    Total 2,467   2,251   10%   2,503   2,280   10%

    1) For analysis purposes, average headcount is used in the performance commentary outlined below.

    Performance for the three months ended 31 March 2025

    Revenue grew by 28% to $467.3m (Q1 2024: $365.8m) with strong growth across all business segments, as we continue to diversify our platform and drive greater earnings resilience. This growth was driven by robust client activity and positive market conditions.

    Net commission income increased by 15% to $250.7m (Q1 2024: $218.9m). The growth was driven by Agency and Execution, which grew 22% to $182.9m (Q1 2024: $150.5m) reflecting a strong performance in Securities and Energy, supported by record transaction volumes.

    Net trading income increased by 50% to $159.1m (Q1 2024: $106.2m). The growth was driven by a $40.8m increase in Agency and Execution to $49.9m (Q1 2024: $9.1m), mainly due to Rates, FX and Equities. The most significant contribution came from the continued build-out of our Prime Services capabilities, which grew by $33.4m, including growth in our securities based swaps offering. In addition, Net trading income in our Market Making segment increased by $10.7m to $54.9m (Q1 2024: $44.2m) driven by growth in all asset classes.

    Net interest income increased by 50% to $53.4m (Q1 2024: $35.6m) reflecting $5.8bn growth in average balances to $17.1bn, which more than offset lower average Fed Funds rates compared to Q1 2024.

    Front office costs increased by 23% to $258.4m (Q1 2024: $210.1m), predominantly reflecting higher compensation costs on strong revenue performance across the Group. Front office headcount growth reflected restructuring activity in Agency and Execution and reallocation of FTE from front office to control and support in Q2 2024. Excluding these, average front office FTE headcount grew by 11% year on year.

    Control and support costs increased by 33% to $106.8m (Q1 2024: $80.6m). This was primarily driven by investment in technology to support automation and business growth, as well as investments in our finance, risk, and compliance functions to support our controlled growth and development as a public company. This also included specific investments relating to acquisitions and our compliance with Sarbanes-Oxley.

    Reported Profit Before Tax increased by 66% to $98.0m (Q1 2024: $58.9m), driven by strong revenue growth and improved operating margins.

    Adjusting items reduced by $10.5m to $(1.7)m (Q1 2024: $ 8.8m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items reduced mainly due to IPO-related costs and owner fees in Q1 2024, as well as a bargain purchase gain on an acquisition in Q1 2025.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased by 42% to $96.3m (Q1 2024: $67.7m) and Adjusted Profit Before Tax Margin1 improved to 21% (Q1 2024: 19%), while Profit After Tax Margin increased to 16% (Q1 2024: 12%).

    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
        3 months ended 31 March 2025   3 months ended 31 March 2024   Change
    Average Fed Funds rate   4.3%   5.3%   (100)bps
    Average balances ($bn)1   17.1   11.3   5.8
    Interest income ($m)   178.9   147.3   31.6
    Interest paid out ($m)   (59.6)   (60.9)   1.3
    Interest on balances ($m)   119.3   86.4   32.9
    Net yield on balances   2.8%   3.1%   (30)bps
    Average notional debt securities ($bn)   (4.1)   (2.5)   (1.6)
    Yield on debt securities %   6.6%   8.1%   (150)bps
    Interest expense ($m)   (65.9)   (50.8)   (15.1)
    Net Interest Income ($m)   53.4   35.6   17.8
    1. Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    Segmental performance

    Clearing

    Marex provides clearing services across the range of energy, commodity and financial markets. We face the exchange on behalf of our clients providing access to 60 exchanges globally.

    Performance for the three months ended 31 March 2025

    Clearing performed well with revenue increasing 18% to $119.2m (Q1 2024: $100.7m). This was driven by net interest income which rose by $18.2m to $48.4m (Q1 2024: $30.2m) reflecting higher average balances as we continued to add new clients, more than offsetting lower average Fed Funds rates compared to Q1 2024. Net commission income reduced by 2%, $1.7m, as positive performance in energy and metals was offset by lower levels of activity in agriculture, which benefited from higher volatility in Q1 2024 relative to Q1 2025.

    Adjusted Profit Before Tax1 increased by 14% to $56.6m (Q1 2024: $49.8m). Adjusted Profit Before Tax Margin1 decreased by 200 bps to 47% (Q1 2024: 49%).

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Net commission income   67.8   69.5   (2%)
    Net interest income   48.4   30.2   60%
    Net trading income   3.0   1.0   200%
    Revenue   119.2   100.7   18%
    Front office costs   (42.2)   (33.5)   26%
    Control and support costs   (20.3)   (17.3)   17%
    Depreciation and amortisation   (0.1)   (0.1)   —%
                 
    Adjusted Profit Before Tax ($m)1   56.6   49.8   14%
    Adjusted Profit Before Tax Margin1   47%   49%   (200)bps
                 
    Front office headcount (No.)2   273   266   3%
                 
        12 months ended 31 March 2025   12 months ended 31 March 2024   Change
    Contracts cleared (m)   1,161   913   27%
    Market volumes (m)3   11,891   10,194   17%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for Q1 25 and Q1 24.
    3. On a twelve month rolling basis.

    Agency and Execution

    Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.

    Our energy division provides essential liquidity to clients by connecting buyers and sellers in the OTC energy markets to facilitate price discovery. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental, petrochemical and crude markets in North America; and fuel oil, LPG (liquefied petroleum gas) and middle distillates globally. We achieve this through the breadth and depth of the service we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.

    Our presence in the financial markets is growing as we integrate and optimise recent acquisitions, enabling Marex to diversify its asset class coverage away from traditional commodity markets. We are starting to see a maturation of our offering across all asset classes, contributing to enhanced revenue growth and margin expansion for the overall business.

    Performance for the three months ended 31 March 2025

    Revenue increased by 42% to $239.5m (Q1 2024: $168.1m). Securities revenues, increased by $56.1m to $151.0m (Q1 2024: $94.9m) driven by growth in all asset classes from a significant increase in transaction volumes. The most significant contribution came from the continued build out of our Prime Services offering, including growth in securities based swaps. This was supplemented further by strong growth in our Energy business where revenues increased by $15.0m to $88.2m (Q1 2024: $73.2m), reflecting a combination of record volumes, good demand for our environmentals offering and the benefit of our bolt-on acquisitions.

    Adjusted Profit Before Tax1 increased by 152% to $56.7m (Q1 2024: $22.5m) while Adjusted Profit Before Tax Margin1 increased to 24% (Q1 2024: 13%) The margin improvement was driven by the benefit from restructuring in the business, as well as growth in higher margin activity, particularly Prime Services.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Securities   151.0   94.9   59%
    Energy   88.2   73.2   20%
    Other revenue   0.3   —   n.m.3
    Revenue   239.5   168.1   42%
    Front office costs   (161.7)   (131.0)   23%
    Control and support costs   (21.0)   (14.1)   49%
    Provision for credit losses   —   (0.3)   n.m.3
    Depreciation and amortisation   (0.1)   (0.2)   (50)%
                 
    Adjusted Profit Before Tax ($m)1   56.7   22.5   152%
    Adjusted Profit Before Tax Margin1   24%   13%   1,100 bps
                 
    Front office headcount (No.)2   670   679   (1)%
                 
        12 months ended 31 March 2025   12 months ended 31 March 2024   Change
    Marex volumes: Energy (m)4   60   51   18%
    Marex volumes: Securities (m)4   302   249   21%
    Market volumes: Energy (m)4   1,816   1,477   23%
    Market volumes: Securities (m)4   11,330   9,872   15%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage.
    4. On a rolling twelve month basis

    Market Making

    Our Market Making business provides direct liquidity to our clients across a variety of products, primarily in the energy, metals and agriculture markets. This ability to make prices and trade as principal in a wide variety of energy, environmentals and commodity markets differentiates us from many of our competitors.

    Performance for the three months ended 31 March 2025

    Revenue increased by 27% to $52.9m (Q1 2024: $41.8m). This was driven by growth in all asset classes, in particular Securities revenues which increased by $7.2m primarily from growth in stock lending, which complements our Prime Services offering within Agency and Execution. Metals revenues growth was more muted, at 6%, due to the uncertainty arising from the potential implementation of global tariffs on base metals.

    Adjusted Profit Before Tax1 increased by 58% to $16.8m (Q1 2024: $10.6m), while Adjusted Profit Before Tax Margin1 increased to 32% (Q1 2024: 25%).

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Metals   22.7   21.4   6%
    Agriculture   7.2   5.6   29%
    Energy   8.6   7.6   13%
    Securities   14.4   7.2   100%
    Revenue   52.9   41.8   27%
    Front office costs   (28.9)   (22.9)   26%
    Control and support costs   (7.1)   (8.2)   (13)%
    Depreciation and amortisation   (0.1)   (0.1)   0%
                 
    Adjusted Profit Before Tax ($m)1   16.8   10.6   58%
    Adjusted Profit Before Tax Margin1   32%   25%   700 bps
                 
    Front office headcount (No.)2   144   125   15%
                 
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for Q1 25 and Q1 24.

    Hedging and Investment Solutions

    Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.

    Tailored commodity hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.

    Our financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product.

    Performance for the three months ended 31 March 2025

    Revenue grew by 9% to $45.0m (Q1 2024: $41.3m) driven by continued strong client demand and as we expanded the sales team which led to the onboarding of new clients. Financial products increased 41% to $30.7m (Q1 2024: $21.8m) as structured notes balances grew 49%. Hedging solutions decreased by 27% to $14.3m (Q1 2024: $19.5m) reflecting higher volatility in agriculture in Q1 2024 relative to Q1 2025.

    Adjusted Profit Before Tax1 decreased by 7% to $11.1m (Q1 2024: $11.9m), while Adjusted Profit Before Tax Margin1 decreased to 25% (Q1 2024: 29%), reflecting investment in our sales team and as a result of ongoing investment in our technology and platform to support future growth.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Hedging solutions   14.3   19.5   (27)%
    Financial products   30.7   21.8   41%
    Revenue   45.0   41.3   9%
    Front office costs   (25.6)   (22.7)   13%
    Control and support costs   (8.1)   (6.6)   23%
    Depreciation and amortisation   (0.2)   (0.1)   100%
                 
    Adjusted Profit Before Tax ($m)1   11.1   11.9   (7)%
    Adjusted Profit Before Tax Margin1   25%   29%   (400 bps)
                 
    Front office headcount (No.)2   197   166   19%
    Structured notes balance ($m)3   3,123.3   2,095.6   49%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. The Structured Notes portfolio consisted of 5,099 notes with an average maturity of 16 months and a total value of $3,123.3m (2024: 2,999 notes with an average maturity of 15 months and a total value of $2,095.6m).

    Corporate

    The Corporate segment includes the Group’s control and support functions. Corporate manages the resources of the Group, makes investment decisions and provides operational support to the business segments. Corporate Net Interest Income is derived through earning interest on house cash balances placed at banks and exchanges.

    Revenue decreased by $3.2m to $10.7m (Q1 2024: $13.9m) driven by lower investment returns on House cash balances from a reduction in the average Fed Funds rate.

        3 months ended 31 March 2025   3 months ended 31 March 2024    
        $m   $m   Change
    Revenue   10.7   13.9   (23%)
    Control and support costs3   (50.3)   (34.4)   46%
    (Provision)/recovery for credit losses   —   0.6   (100%)
    Depreciation and amortisation   (6.0)   (7.3)   (18%)
    Other income   0.7   0.1   600%
                 
    Adjusted Loss Before Tax ($m)1   (44.9)   (27.1)   66%
                 
    Control and support headcount (No.)2   1,183   1,015   17%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such non-IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. Control and support costs are presented on an unallocated basis.

    Summary Financial Position

    The Group’s equity base increased during Q1 25 with total equity increasing by $69.3m, 7% to $1,046.2m as a result of strong profitability during the quarter.

    Total assets and total liabilities have been steady during the first quarter. Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform. Total assets increased slightly from $24.3bn as at 31 December 2024 to $24.4bn as at 31 March 2025 with growth in Securities balances broadly offset by a reduction in Trade Receivables.

    Total liabilities remained steady at $23.3bn; an increase of $0.5bn due to issuance of Debt Securities was offset by a $0.5bn reduction in Trade Payables.

        31 March 2025   31 December 2024    
        $m   $m   Change
    Cash & Liquid Assets1   6,200.4   6,213.0   —%
    Trade Receivables   7,225.2   7,553.2   (4%)
    Reverse Repo Agreements   2,499.4   2,490.4   —%
    Securities2   6,749.0   6,459.7   4%
    Derivative Instruments   1,132.4   1,163.5   (3%)
    Other Assets3   268.6   199.7   35%
    Goodwill and Intangibles   279.5   233.0   20%
    Total Assets   24,354.5   24,312.5   —%
    Trade Payables   9,204.0   9,740.4   (6%)
    Repurchase Agreements   2,386.0   2,305.8   3%
    Securities4   6,450.3   6,656.7   (3%)
    Debt Securities   4,072.6   3,604.5   13%
    Derivative Instruments   798.4   751.7   6%
    Other Liabilities5   397.0   276.5   44%
    Total Liabilities   23,308.3   23,335.6   —%
    Total Equity   1,046.2   976.9   7%
    1. Cash & Liquid Assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities.
    2. Securities assets are equity instruments and stock borrowing.
    3. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
    4. Securities liabilities are stock lending and short securities.
    5. Other Liabilities are short term borrowings, deferred tax liability, lease liability, provisions and corporation tax.

     Liquidity

        31 March   31 December
        2025   2024
        $m   $m
    Total available liquid resources   2,682.4   2,439.8
    Liquidity headroom   1,217.4   1,060.0

    A prudent approach to capital and liquidity and commitment to maintaining an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at 31 March 2025, the Group held $2,682.4m of total available liquid resources, including the undrawn portion of the RCF (2024: $2,439.8m).

    Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds and unencumbered securities guaranteed by the U.S. Government. The Group also includes any undrawn portion of its committed revolving credit facility (‘RCF’) in its total available liquid resources. The unsecured revolving credit facility of $150m remains undrawn as at 31 March 2025 (31 December 2024: $150m, undrawn). Facilities held by operating subsidiaries, and which are only available to that relevant subsidiary, have been excluded from these figures as they are not available to the entire Group.

    Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systemic and idiosyncratic risk factors.

    Regulatory capital

    The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.

    The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at 31 March 2025 was determined by the Own Funds Threshold Requirement (‘OFTR’) set via an assessment of the Group’s capital adequacy and risk assessment conducted annually.

    The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalised relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.

    The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximise shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development. The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarises the Group’s capital position as at 31 March 2025 and 31 December 2024:

        31 March
    2025    		   31 December
    2024
        $m   $m
    Core equity Tier 1 Capital1   652.5   623.9
    Additional Tier 1 Capital (net of issuance costs)   97.6   97.6
    Tier 2 Capital   1.4   1.6
    Total Capital resources   751.5   723.1
             
             
    Own Funds Threshold Requirement2   308.8   308.8
    Total Capital ratio3   243%   234%
    1. Total Capital Resources include unaudited results for the financial period.
    2. Own Funds Requirement presented as Own Funds Threshold Requirement based on the latest ICARA process.
    3. The Group’s Total Capital Resources as a percentage of Own Funds Requirement.

    At 31 March 2025, the Group had a Total Capital Ratio of 243% (31 December 2024: 234%), representing significant capital headroom to minimum requirements. The increase in the Total Capital Ratio resulted from an increase in total capital resources due to profit (unaudited) in 2025.

    Dividend

    The Board of Directors approved an interim dividend of $0.15 per share, expected to be paid on 10 June 2025 to shareholders on record as at close of business on 27 May 2025.

    Forward Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected financial results and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine or the ongoing conflict in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended 31 December 2024 filed with the Securities and Exchange Commission (the “SEC”) as updated by our other reports filed with the SEC.

    The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    Appendix 1

    Non-IFRS Financial Measures and Key Performance Indicators

    This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.

    Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)

    We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gain, (v) owner fees, (vi) amortisation of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs, (x) fair value of the cash settlement option on the Growth Shares and (xi) public offering of ordinary shares. Items (i) to (xi) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax. We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.

    Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)

    We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is Profit after Tax divided by revenue.

    Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to Additional Tier 1 (“AT1”) note holders, net of tax, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons. We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure is profit after tax.

    Adjusted Return on Equity (formerly labelled Return on Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period. Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the period ended 31 March 2025 and 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year and 31 March of the current year. For the three months ended 31 March 2025 and 2024, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes.

    We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is Return on Equity, which is calculated as profit after tax for the period divided by average equity. Average Equity for the period ended 31 March 2025 and 2024 is calculated as the average of total equity at 31 December of the prior year and 31 March of the current year. For the three months ended 31 March 2025 and 2024, Return on Equity is calculated for comparison purposes on an annualised basis as Profit After Tax for the period multiplied by four and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes.

    Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

    Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS Accounting Standards metric is diluted earnings per share.

    We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.

    These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.

    These non-IFRS financial 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 IFRS Accounting Standards. Some of these limitations are:

    • they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
    • they do not reflect impairment of goodwill;
    • other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
    • the adjustments made in calculating these non-IFRS financial measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.

    Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.

    We also use key performance indicators (“KPIs”) such as Average Balances, Trades Executed, and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.

    Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:

    “FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.

    “Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.

    “Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    “Trades Executed” means the total number of trades executed on our platform in a given year.

    “Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.

    “Contracts Cleared” means the total number of contracts cleared in a given period.

    “Market Volumes” are calculated as follows:

    • All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX)
    • Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX
    • Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
    • Metals, agriculture and energy volumes on CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX

    Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:

        3 months ended 31 March 2025   3 months ended 31 March 2024
             
        $m   $m
    Profit After Tax   72.5   43.6
    Taxation charge   25.5   15.3
    Profit Before Tax   98.0   58.9
    Goodwill impairment charge1   —   —
    Bargain purchase gain (provisional accounting)2   (3.4)   —
    Acquisition costs3   —   0.2
    Amortisation of acquired brands and customer lists4   1.3   0.8
    Activities relating to shareholders5   —   2.4
    Employer tax on vesting of the growth shares6   —   —
    Owner fees7   0.4   1.7
    IPO preparation costs8   —   3.7
    Fair value of the cash settlement option on the growth shares9   —   —
    Public offering of ordinary shares10   —   —
    Adjusted Profit Before Tax   96.3   67.7
    Tax and the tax effect on the Adjusting Items11   (24.8)   (15.5)
    Profit attributable to AT1 note holders12   (3.3)   (3.3)
    Adjusted Profit After Tax Attributable to Common Equity   68.2   48.9
             
    Profit after Tax Margin   16%   12%
    Adjusted Profit Before Tax Margin13   21%   19%
             
    Basic Earnings per Share ($)   0.98   0.60
    Diluted Earnings per Share ($)   0.92   0.56
             
    Adjusted Basic Earnings per Share ($)14   0.97   0.74
    Adjusted Diluted Earnings per Share ($)14   0.91   0.69
             
    Weighted average number of shares14   70,541,771   65,683,374
    Period end number of shares14   71,231,706   68,375,690
             
    Common Equity15   913.7   676.0
    Return on Equity   29%   23%
    Adjusted Return on Equity (%)   30%   29%
    1. No goodwill impairment has been booked for either period.
    2. A bargain purchase gain was recognised as a result of the Group’s acquisition of Darton Group Limited (“Darton”) . Provisional accounting under IFRS 3 has been applied as at Q1 ’25.
    3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of Cowen’s prime services and Outsourced Trading business.
    4. This represents the amortisation charge for the period of acquired brands and customers lists.
    5. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes.
    6. Employer tax on vesting of the growth shares represents the Group’s tax charge arising from the vesting of the growth shares.
    7. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses. This agreement ended once the Group became listed, however as the calculation in based on audited full year EBITDA, the payment in Q1 25 represents the final adjustments to the fees owed.
    8. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses.
    9. Fair value of the cash settlement option on the growth shares represents the fair value liability of the growth shares at $2.3m. Subsequent to the initial public offering when the holders of the growth shares elected to settle the awards in ordinary shares, the liability was derecognised.
    10. Costs relating to the public offerings of ordinary shares by certain selling shareholders.
    11. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period.
    12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends.
    13. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period.
    14. The weighted average numbers of diluted shares used in the calculation for the three months ended 31 March 2025 and 2024 were 74,934,788 and 70,383,309 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split. As at 31 March 2025, the dilution impact was 4,393,017 shares (31 March 2024: 4,699,934 shares).
    15. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the three months ended 31 March 2025 and 2024, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year and 31 March of the current year.

    Appendix 2 – Supplementary Financial Information

    Revenue

    The following tables present the Group’s segmental revenue for the periods indicated:

    3 months ended 31 March 2025 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income 67.8   182.9   —   —   —   250.7
    Net trading income 3.0   49.9   54.9   51.3   —   159.1
    Net interest income/(expense) 48.4   5.6   (5.0)   (6.3)   10.7   53.4
    Net physical commodities income —   1.1   3.0   —   —   4.1
    Revenue 119.2   239.5   52.9   45.0   10.7   467.3
    3 months ended 31 March 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 69.5   150.5   (1.1)   —   —   218.9
    Net trading income 1.0   9.1   44.2   51.9   —   106.2
    Net interest income/(expense) 30.2   8.0   (5.9)   (10.6)   13.9   35.6
    Net physical commodities income —   0.5   4.6   —   —   5.1
    Revenue 100.7   168.1   41.8   41.3   13.9   365.8


    Consolidated Income Statement

    For the Three Months Ended 31 March 2025

        31 March
    2025    		   31 March
    2024
        $m   $m
    Commission and fee income   503.7   400.6
    Commission and fee expense   (253.0)   (181.7)
    Net commission income   250.7   218.9
    Net trading income   159.1   106.2
    Interest income   198.8   163.2
    Interest expense   (145.4)   (127.6)
    Net interest income   53.4   35.6
    Net physical commodities income   4.1   5.1
    Revenue   467.3   365.8
             
    Expenses:        
    Compensation and benefits   (291.7)   (229.9)
    Depreciation and amortisation   (7.9)   (7.8)
    Other expenses   (73.8)   (69.6)
    Provision for credit losses   —   0.3
    Bargain purchase gain on acquisition   3.4   —
    Other income   0.7   0.1
    Profit before tax   98.0   58.9
    Tax   (25.5)   (15.3)
    Profit after tax   72.5   43.6
             

    Consolidated Statement of Financial Position

    As at 31 March 2025

        31 March   31 December
        2025   2024
        $m   $m
    Assets        
    Non-current assets        
    Goodwill   225.0   176.5
    Intangible assets   54.5   56.5
    Property, plant and equipment   22.8   20.8
    Right-of-use asset   64.0   59.9
    Investments   25.7   24.0
    Deferred tax   29.5   46.7
    Treasury instruments (unpledged)   3.8   53.5
    Treasury instruments (pledged as collateral)   153.9   46.1
    Total non-current assets   579.2   484.0
             
    Current assets        
    Corporate income tax receivable   22.5   12.5
    Trade and other receivables   7,225.2   7,553.2
    Inventory   104.1   35.8
    Equity instruments (unpledged)   210.2   231.4
    Equity instruments (pledged as collateral)   4,627.2   4,446.6
    Derivative instruments   1,132.4   1,163.5
    Stock borrowing   1,911.6   1,781.7
    Treasury instruments (unpledged)   478.8   556.2
    Treasury instruments (pledged as collateral)   2,827.5   2,912.9
    Fixed income securities (unpledged)   129.7   87.7
    Reverse repurchase agreements   2,499.4   2,490.4
    Cash and cash equivalents   2,606.7   2,556.6
    Total current assets   23,775.3   23,828.5
    Total assets   24,354.5   24,312.5
        31 March   31 December
        2025   2024
        $m   $m
    Liabilities        
    Current liabilities        
    Repurchase agreements   2,386.0   2,305.8
    Trade and other payables   9,204.0   9,740.4
    Stock lending   4,481.3   4,952.1
    Short securities   1,969.0   1,704.6
    Short-term borrowings   271.1   152.0
    Lease liability   9.7   10.5
    Derivative instruments   798.4   751.7
    Corporation tax   39.0   41.9
    Debt securities   2,609.9   2,119.6
    Provisions   0.7   0.6
    Total current liabilities   21,769.1   21,779.2
    Non-current liabilities        
    Lease liability   73.4   67.0
    Debt securities   1,462.7   1,484.9
    Deferred tax liability   3.1   4.5
    Total non-current liabilities   1,539.2   1,556.4
    Total liabilities   23,308.3   23,335.6
    Total net assets   1,046.2   976.9
             
    Equity        
    Share capital   0.1   0.1
    Share premium   220.0   202.6
    Additional Tier 1 capital (AT1)   97.6   97.6
    Retained earnings   775.3   722.4
    Own shares   (48.9)   (23.2)
    Other reserves   2.1   (22.6)
    Total equity   1,046.2   976.9
             

    The MIL Network –

  • MIL-OSI Economics: Samsung ‘Galaxy empowered’ launches Immersive Programme for Bhutan’s Teaching Community

    Source: Samsung

    The ‘Galaxy empowered’ Community from Bhutan
     
    Samsung, India’s largest consumer electronics brand, is welcoming passionate educators from remote corners of Bhutan into its growing community, ‘Galaxy empowered’, a one-of-a-kind community-led programme designed to transform education by empowering teachers, principals, and administrators in the education sector.
     
    ‘Galaxy empowered’, which aims to prepare teachers for the classrooms of tomorrow through recurring on-ground and online learning events, was launched in India in December 2024. Now, through immersive workshops and collaborative learning, Bhutanese teachers are also part of the movement that is redefining classrooms with technology and innovation.
     
    Samsung organised a ‘Galaxy empowered’ immersion programme for these educators, many of whom serve in remote and underserved communities in Bhutan, at its Executive Business Centre (EBC) in Gurugram. During the immersion programme, teachers gained hands-on experience with the Galaxy ecosystem, including Galaxy smartphones, Galaxy Books, Tablets, flipboards, and displays.
     
    In addition, they were introduced to Samsung’s latest innovations in education, including Galaxy devices and Galaxy AI applications tailored for modern, inclusive teaching. This was facilitated in partnership with the Teacher and Educational Leadership Division (TELD), Department of School Education, Ministry of Education and Skills Development, Bhutan.
     
    “I had never used an interactive whiteboard before. Seeing it in action gave me so many ideas for making lessons more engaging for my students,” said Khandu, teacher at Wangdue Primary School.
     
    Innovation spreading smiles across
     
    The Immersion Programme at Samsung Regional Headquarter witnessed the participation of educators from various schools across Bhutan, including Khandothang Primary School (Samtse), Pelrithang Higher Secondary School (Gelephu, Sarpang), Lobesa Lower Secondary School (Punakha Dzongkhag), Yoechen Central School (Pema Gatshel), Phuentsholing Primary School (Phuentsholing Thromde), and Chhukha Dzongkhag, among others.
     
    “The technology we saw today showed how classrooms can become more exciting and student-friendly. I am thinking about how we can try small changes in our own schools,” said Ghana Shyam Dhungana, Academic Head at Pelrithang Higher Secondary School (Gelephu, Sarpang).
     
    As a global leader in technology, Samsung is dedicated to transforming the future of education by developing future-ready classrooms that empower teachers to integrate the latest technology and modern teaching methodologies. Through initiatives such as ‘Galaxy empowered’, Samsung not only supports educators but also helps schools emerge as leaders in educational innovation.
     
    Taking a glance into the future
     
    “At Samsung, we understand that empowering a teacher is about inspiring a transformation that turns classrooms into vibrant spaces of curiosity, creativity, and connection. Through ‘Galaxy empowered’, we aim to ignite a spark that shapes the minds of future generations. We are proud to see this programme expand its reach beyond India, evolving into a global platform for learning and collaboration,” said a Samsung India spokesperson.
     
    The ‘Galaxy empowered’ programme is offered free of charge to both teachers and schools, ensuring that valuable resources for educational advancement are accessible without financial constraints. It offers no-cost online training, self-paced courses on the Galaxy empowered site, and physical boot camps.
     
    “This visit reminded me that technology is not only for big cities. With the right support, even remote schools can benefit from these innovations,” said Pema Dorji, Officiating Principal at Jigmeling Primary School (Tang, Bumthang).
     
    In India, under the umbrella of ‘Galaxy empowered’, over 4,800 teachers from more than 250 schools have been awarded certificates since December 2024. The programme aims to empower 20,000 teachers across 600 schools of India by 2025.
     

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Joint trade statement between New Zealand and United Kingdom

    Source: United Kingdom – Executive Government & Departments

    News story

    Joint trade statement between New Zealand and United Kingdom

    Summary of a Joint Statement following the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade.

    This Joint Statement follows the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade of the United Kingdom on 12 May 2025.

    At their meeting, the Ministers celebrated the successful trading relationship between the UK and New Zealand, which reached a record £3.7bn1 or $7.3bn of trade in goods and services in 2024.

    At the meeting, the Ministers opened the second Joint Committee of the New Zealand-United Kingdom Free Trade Agreement (FTA).

    Significant progress has been made under the FTA, including amongst other things, the commencement of an artists’ resale royalty scheme, the inclusion of further wine making (oenological) practices, the establishment of a legal services regulatory dialogue, the renewal of the engineers’ Admissions Pathways Agreement, a sustainable finance dialogue, a women in STEM event, and a visit to the UK by a delegation of Māori women technology entrepreneurs.

    Ministers commended the significant uptake of the Agreement.

    Since entry into force, £752.3m ($1,588m NZD) of traded goods successfully used preferential tariffs; i.e. around 82.2% of goods traded between the UK and New Zealand made use of preferences where one was available.

    The strong uptake of the Agreement’s benefits is resulting in real savings with the potential to benefit both businesses and consumers.

    Between June 2023 and Dec 2024:

    • £164.2m or $344.5m NZD (80.7%) of goods imports into New Zealand from the UK used preferential tariffs4. Had these occurred at standard Most Favoured Nation (MFN) tariff rates, they could have encountered an additional £9.3m ($19.5m NZD) in duties.

    • £588.1m or $1,243m NZD (82.6%) of goods imports into the UK from New Zealand used preferential tariffs6. Had these occurred at standard MFN tariff rates, they could have encountered an additional £67.4m ($141.8m NZD) in duties.5

    The Ministers noted that free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.

    The Ministers agreed to work together to strengthen the role that free trade, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to), plays in increasing prosperity and reinforcing resilience against economic turbulence.

    This includes growing the agreement ambitiously through further accessions, modernising the agreement through the ongoing General Review, and working with partners to defend the rules-based trading system upon which we rely.

    Note to editors:

    Sources:  Trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Source: Source: Statistics New Zealand, publicly accessible through New Zealand Trade Dashboard  

    Trade asymmetries exist between the UK and New Zealand official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Based on data from New Zealand Ministry of Foreign Affairs & Trade, Statistics New Zealand, Customs import utilisation data, April 2025

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data (footnotes 4 and 6). For UK imports, these are all calculated used the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June-December 2023, and 2024) was used to convert from GBP to NZD.

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, February 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New coastal path connects Mablethorpe to Humber Bridge

    Source: United Kingdom – Executive Government & Departments

    Press release

    New coastal path connects Mablethorpe to Humber Bridge

    The latest stretch of the King Charles III England Coast Path (KCIIIECP) from Maplethorpe to Humber Bridge opens today.

    Two coastal path walkers

    Families, nature lovers and ramblers can now explore a stunning new 47 miles (75km) coastal route along Lincolnshire’s diverse shoreline.

    The new section, connecting Mablethorpe to the Humber Bridge, takes walkers from traditional seaside towns through expansive dune systems. Through nature reserves and to the industrial heritage of the Humber estuary.

    This opening creates an almost continuous 160-mile coastal route from Sutton Bridge to Easington, with just 2 small gaps at Gibraltar Point bridge and Immingham.

    Natural England’s Deputy Director for Natural England in the East Midlands Victoria Manton, said:

     “This new stretch of the King Charles III England Coast Path will give people from all over the country access to our beautiful local coastline, connecting them with nature and providing health and wellbeing benefits. The trail will also support the local economy – bringing walkers and visitors to the towns and villages for daytrips, refreshments and places to stay.”

    Chris Miller, Head of Environment at Lincolnshire County Council said:

    “With these latest additions to the King Charles III England Coast Path coming to fruition we can now provide one of the most spectacular walks anywhere in the country.”

    “This is the outcome of several agencies working together to give legal access to a unique part of the country for people to enjoy. There is a vast array of wildlife and topography that you only get on our coast and now anyone who wants to see it, can do so for free.”

    The route showcases the remarkable diversity of Britain’s coastline. Visitors can experience the traditional seaside charm of Mablethorpe, with its donkey rides and holiday parks, before discovering the tranquillity of Saltfleetby and Theddlethorpe National Nature Reserve.

    Two donkeys on the beach

    Further north, the path passes Donna Nook bombing range, where bizarrely around 2000 grey seal pups are born each autumn. Then follows the beaches of resort Cleethorpes and the fishing town of Grimsby. Before traversing the industrial and port developments around Immingham, ultimately reaching the iconic Humber Bridge.

    When the final 41-mile link between Easington and Bridlington North Sands opens later this year, there will be over 450 miles of continuous path from Sutton Bridge to the Scottish border.

    The project now means over half of the entire King Charles III England Coast Path is open for public use.

    Research shows coastal paths provide significant health and wellbeing benefits while generating valuable tourism income for local businesses along the route.

    Two pairs of walking boots on the sandy beach

    The King Charles III England Coast Path aims to stay as close to the sea as possible. In many places, that means walking right where land meets sea, occasionally heading inland, though usually only for short distances. 

    The National Trails website has lots of maps and advice on route-planning and details of places to visit, stay or eat.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government goes further and faster to boost capital markets by delivering PISCES

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government goes further and faster to boost capital markets by delivering PISCES

    Capital markets are set to be boosted, as part of this government’s Plan for Change.

    • Government delivers legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) – an innovative new type of stock market for private companies that will boost the growth companies of the future and support the UK’s IPO pipeline. 
    • This delivers on the Chancellor’s Mansion House commitment to launch PISCES by May, with share trading taking place later this year.
    • The government will legislate to ensure that employees who have share options will be able to exercise them on PISCES and retain tax advantages, making the platform more attractive for companies and investors looking to use PISCES.

    Capital markets are set to be boosted, as part of this government’s Plan for Change as we deliver legislation for PISCES, a new type of stock market which will give investors the chance to get in on the ground floor of some of the most exciting companies around, so supporting those businesses to grow. 

    Today’s announcement means that stock markets can launch their PISCES platforms in the coming months with shares likely to be traded in the Autumn. Thanks to PISCES, private company shareholders, which includes founders and early-stage investors, can more easily realise their gains and reinvest this in productive assets. 

    In a boost to growth companies and start-ups, the government has also confirmed that it will legislate to ensure employees retain tax advantages on the share options they have, which will make PISCES more attractive and encourage even more businesses to use the platform.

    Emma Reynolds, Economic Secretary to the Treasury, said:

    Getting PISCES up and running will support UK growth companies. This will boost our capital markets and help to grow our economy, putting more money in working people’s pockets as part of our Plan for Change.

    We are also ensuring that employees will retain the tax advantages of shares traded on PISCES to boost the attractiveness of the product to high growth companies looking to expand.

    Simon Walls, Executive Director of Markets at the FCA, said:

    We are laying the groundwork for a new private stock market that will give investors more opportunities to invest in growing companies.  

    Today’s legislation is a big step forward and we will set out the final rules for PISCES soon. Together, this will support an organised marketplace to buy and sell private shares.

    To ensure employees can continue to benefit from the tax advantages on their shares, the law will be changed to extend to the existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) contracts to also include PISCES. 

    This is in addition to the announcement in the Autumn Budget making PISCES transactions exempt from Stamp Taxes on Shares. Today’s announcement on tax mean that employees as well as investors will benefit from the tax changes made, further increasing the attractiveness of the project. 

    Today’s reform delivers on the Chancellor’s commitment at Mansion House to deliver PISCES, a new innovative market for trading private company shares, combining features of private and public markets. 

    Companies and investors using the platform will benefit from greater flexibility and have greater freedom to choose when and to whom their shares are traded with, and they will only be required to disclose information ahead of trading. 

    The platform will act as a stepping stone for companies eyeing a listing in future preparing and easing the journey to an IPO. 

    With many companies choosing to stay private for longer, there is increasing demand for investors, including angel investors and employees, to be able to trade shares in private companies more easily.

    The Financial Conduct Authority will publish their rules underpinning PISCES shortly after the legislation comes into force. Thereafter, those wishing to operate PISCES trading events can apply to the FCA. We expect to see the first PISCES trading events take place later this year.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Rosneft held an IT competition for students of Krasnoyarsk universities

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft’s Research Institute in Krasnoyarsk organized a hackathon at the Siberian Federal University to develop software for hydrodynamic well studies.

    The participants’ task was to create a prototype of a program that optimizes the processing and analysis of research results by visualizing the entire technological complex of works during well research. Students from the Institute of Oil and Gas, the Institute of Mathematics and Applied Informatics, and the Institute of Space and Information Technologies of the Siberian Federal University took part in the hackathon.

    Eight teams successfully completed the task. According to the decision of the expert jury, which included Rosneft specialists and university teachers, two teams won the hackathon at once, one of which completed the task most accurately, and the second created an effective solution in terms of the structure and organization of software elements and hardware components. Both proposed solutions present broad opportunities for the development and implementation of a digital product within the Company.

    Digitalization of business processes is one of the key objectives of the Rosneft 2030 strategy. The company continuously implements advanced technological solutions for data analysis to improve the efficiency of work processes in all areas of its activities. Conducting specialized hackathons allows Rosneft to solve real production problems and develop the potential of future industry professionals in managing digital projects.

    Reference:

    Rosneft has been cooperating with the Siberian Federal University since 2008. With the financial and organizational assistance of the Company, an educational and laboratory building of the Institute of Oil and Gas, equipped with modern equipment, was built at SFU. This is one of the most popular institutes among applicants.

    Department of Information and Advertising of PJSC NK Rosneft May 15, 2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Exclusive: Developing countries should unite against US tariff abuses – think tank

    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

    GENEVA, May 15 (Xinhua) — The United States uses tariffs as a strategic tool to extract concessions beyond trade, Carlos Correa, executive director of the South Center, said in a recent exclusive interview with Xinhua.

    He warned that such unilateral measures could cause serious harm to developing countries if not met with a strong and coordinated response.

    The South Centre, an intergovernmental think tank of the Global South, is headquartered in Geneva, Switzerland. The organisation seeks to advance the common interests of the countries of the South while respecting their diversity.

    Correa criticized the unilateral imposition of US tariffs, noting that they have caused serious harm to developing economies, especially the least developed countries. “The consequences could be very significant: loss of jobs, even the closure of some industries and farms, rising debts and interest rates if the situation continues,” he added.

    He also refuted the American narrative that the US trade deficit is caused by unfair practices of other countries, pointing to structural problems in the American economy. He warned that the US uses tariffs for selfish purposes, such as preferential access to mineral resources, which undermines the interests of most developing countries.

    No country should ignore the international trading system, Correa stressed, calling on developing countries to strengthen cooperation to solve problems “created by one country.”

    He noted that only through dialogue and collective action can the Global South protect its common interests and contribute to a balanced world economy. “Our advice to developing countries remains: do not avoid dialogue, but protect your interests and support a multilateral system that is effective in ensuring that rules serve not just one large economy, but the economies of all countries within the system,” Correa said.

    Underlining the continued importance of the World Trade Organization (WTO), Correa called it the most comprehensive platform for coordination and dispute resolution. He called on developing countries to actively participate in WTO reforms to enhance the transparency and inclusiveness of the organization, thereby strengthening its legitimacy and effectiveness.

    Correa also praised China’s active role in promoting South-South cooperation. “China has made active efforts to promote South-South cooperation, which has opened up broad opportunities for increasing trade among developing countries,” he said. –0–

    MIL OSI Russia News –

  • MIL-OSI: Hyperscale Data to Resume Montana Bitcoin Mining Operations during June 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 15, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its wholly owned subsidiary Sentinum, Inc. (“Sentinum”), plans to resume Bitcoin mining operations at one of its two Montana sites on or around June 10, 2025.

    Sentinum completed the build-out of the Montana site in 2024 and it currently provides up to 10 megawatts of power, which is sufficient to operate approximately 3,200 S19j Pro Antminers (“Antminers”). Sentinum will initially recommence mining operations on approximately 2,600 Antminers and expects to increase operations to full capacity of approximately 3,200 Antminers, during July 2025.

    “Given the recent increase in the price of Bitcoin, we have made the decision to resume mining at one of our Montana sites,” said William Horne, Chief Executive Officer of Hyperscale Data. “It is our belief that the current price of Bitcoin is sustainable, which will allow our Montana Bitcoin mining operations to generate positive cash flow from operations.”

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence (“AI”) ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

  • MIL-OSI: Euronext N.V. Annual General Meeting results   

    Source: GlobeNewswire (MIL-OSI)

    Euronext N.V. Annual General Meeting results         

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved.

    The voting items were as follows:

    1. Proposal to adopt the 2024 remuneration report
    2. Proposal to adopt the 2024 financial statements
    3. Proposal to adopt a dividend of €2.90 per ordinary share
    4. Proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2024
    5. Proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2024
    6. Re-appointment of Piero Novelli as a member of the Supervisory Board
    7. Re-appointment of Olivier Sichel as a member of the Supervisory Board
    8. Appointment of Francesca Scaglia as a member of the Supervisory Board
    9. Re-appointment of Delphine d’Amarzit as a member of the Managing Board
    10. Appointment of René van Vlerken as a member of the Managing Board
    11. Proposal to amend the remuneration policy with regard to the Managing Board
    12. Proposal to amend the remuneration policy with regard to the Supervisory Board
    13. Proposal to appoint the external auditor
    14. Proposal regarding cancellation of the company’s own shares purchased by the company under the share repurchase program
    15. Proposal to designate the Managing Board as the competent body to issue ordinary shares
    16. Proposal to designate the Managing Board as the competent body to restrict or exclude the pre-emptive rights of shareholders
    17. Proposal to authorise the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company
    18. Proposal to authorise the Supervisory Board or Managing Board (subject to approval of the Supervisory Board) to grant rights to French beneficiaries to receive shares in accordance with Articles L225-197-1 and seq. of the French Code of commerce

    The payment of the annual dividend will occur on 28 May 2025, with ex-dividend on 26 May 2025 and record date on 27 May 2025.

    CONTACTS  

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Solutions        Andrea Monzani         +39 02 72 42 62 13                          

    About Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Attachment

    The MIL Network –

  • MIL-OSI China: China’s service trade fair to open in September

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

    BEIJING, May 15 — The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to open on Sept. 10 in Beijing, with Australia invited as the guest country of honor.

    Starting this year, the fair will adopt a fixed schedule, opening on the second Wednesday of September every year, Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, told a press conference on Thursday.

    It will be held at Shougang Park, a 3-square-kilometer industrial heritage site and a previous venue of the Beijing 2022 Winter Olympics.

    The fair consists of sectors including finance, culture and tourism, education, sports, supply chain and healthcare services.

    The event will run for five days — the first three days designated for professional visitors and the last two for public access.

    The Global Trade in Services Summit, co-hosted by the United Nations Conference on Trade and Development, China’s Ministry of Commerce and the Beijing municipal government, will be held on Sept. 10.

    Since its inception in 2012, CIFTIS has brought together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services.

    Last year’s edition attracted over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as participants from 85 countries and international organizations.

    MIL OSI China News –

  • MIL-OSI: Correction: Jyske Realkredit’s auctions for 1 July 2025 refinancing

    Source: GlobeNewswire (MIL-OSI)

    CORRECTION: Only to the appendix

    To Nasdaq Copenhagen A/S                                            2 May 2025

    Announcement 37 /2025

    Jyske Realkredit’s auctions for 1 July 2025 refinancing
            
    Jyske Realkredit plans to carry out the auctions Tuesday 27th of May 2025 for loans in cover pool E.

    The refinancing amount and bonds to be offered are specified in the table below:

      Open Close Alloc. Name ISIN Amount mill. LCR
    Tuesday 27 May 10:00 10:30 10:35 Var. 422.E.OA Cb3.ju29 RF DK0009417198 14000m 1B
      11:00 11:30 11:35 Var. G422.E.OA Cb3.ju29 RF DK0009417271 8000m 1B

    Auction terms appear in the appendix.

    Questions regarding the bond sale as well as technical matters may be addressed to Jyske Realkredit, Lars Hasløv, Director, tel. (+45) 89 89 92 18 or Christian Bech-Ravn, Director, Head of Investor Relations, tel. (+45) 89 89 92 25.

    The information will also be available on Jyske Realkredit’s web site at jyskerealkredit.com.

    Yours sincerely,
    Jyske Realkredit

    Please observe that the Danish version of this announcement prevail.

    Appendix – Auctions terms

    Refinancing principles floating-rate loans
    Floating-rate loans are refinanced at one auction on 27rd of May 2025. The bonds are offered and settled at a price of 100.20. 

    Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing. Bids must be placed correct to one basis point.

    For all bonds bids must be made in multiples of DKK 1,000,000

    Type of auction
    The auction of bonds in capital centres E will be conducted on Bloomberg’s auction system.

    Allotment 
    All bids below the cut-off fixing spread will be settled in full at the cut-off fixing spread. 

    For bids at the exact cut-off fixing spread, proportional allocation may be used. No bids above the cut-off fixing spread will be settled.

    All trades concluded will be published through Nasdaq Copenhagen.

    Allotment at the auction will take place as soon as possible, and not later than 5 minutes after closing.

    Value date
    All bonds will be subject to long settlement. The value date of all trades executed at the auction will be 1st of July 2025.

    Reverse facility
    As the bonds traded will be subject to long settlement, Jyske Realkredit offers a reverse facility to auction participants whose bids have been accepted and who require the bonds after only two days.
    By means of the reverse facility, Jyske Realkredit offers to sell the allotted bonds subject to the conventional two settlement days and subsequently repurchase them with 1st of July 2025 as the value date.

    The size of the reverse facility will be determined on an individual basis but cannot exceed the amount allotted to each individual bidder.

    The reverse facility can be made conditional on the investor providing a corresponding amount of Jyske Realkredit covered bonds (SDO) or mortgage bonds (RO) maturing on 1st of July 2025.

    Reverse facilities will be arranged on an individual basis by contacting Jyske Realkredit

    Credit Ratings
    All auctioned bonds issued through Capital Centre E are rated AAA by S&P.

    Reservations regarding auctions
    If, contrary to expectations, technical problems should prevent Jyske Realkredit from conducting an auction through Bloombergs auction system, a stock ex-change announcement will be issued containing the practical details of the auction.

    Other terms
    Jyske Realkredit is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.
    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. If a sale of bonds has to be cancelled, the market will be notified immediately by a stock exchange announcement.

    The MIL Network –

  • MIL-OSI: T1 Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) reported financial and operating results for the first quarter 2025 today.

    Headlines

    • T1 has signed 253 MW 2025 sales agreement with U.S. utility-scale developer. This sales agreement, which is the first new customer commitment the Company has signed as T1 Energy, underscores T1’s commercial appeal to U.S. developer customers. With this sales agreement, T1 has now secured 1.75 GW of 2025 customer module sales and offtake commitments for G1 Dallas.
    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity, the elective conversion of three production lines from PERC to TOPCon technology, and a potential 800 MW inventory build. At the low-end of the updated EBITDA guidance range, T1 expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • G1 Dallas revenues and production continue to ramp. Following the full handover of G1 Dallas to T1’s operating team in April, the Company’s U.S. module manufacturing facility has continued to ramp sales and production volumes. During Q1 2025, T1 generated $64.6 million of revenue from G1 Dallas exclusively associated with deliveries under the Trina offtake contract. During Q2 2025, deliveries under the RWE offtake contract have commenced. As of May 11th, T1 had produced 690 MW of modules from G1.
    • T1 has entered into a Heads of Agreement with a partner aligned with the Kingdom of Saudi Arabia to explore a potential investment in G2 Austin. T1 announced this morning that the Company has entered into a non-binding agreement to pursue an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility. The agreement was signed at a ceremony in Riyadh this week hosted by the Saudi Ministry of Investment to commemorate the U.S. administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

    “T1’s rapid corporate transformation gained momentum during and following the first quarter,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Although potential changes to trade policy are creating near-term uncertainties in the merchant sales market for T1 and our developer customers, we are well positioned to manage this sales environment with 1.7 GW of 2025 contracted module offtake coverage, a robust cash and liquidity position, and the continued production and sales ramp up at G1 Dallas. In addition, our plans to establish a vertically integrated U.S. solar value chain, coupled with our domestic content strategy, are generating meaningful interest from customers, prospective capital providers, and industrial partners. As we sprint forward with our key strategic initiatives, we will continue to prioritize value generating opportunities that enhance T1’s competitive position as an emerging leader in the U.S. solar and storage markets.”

    Highlights of First Quarter 2025 and Subsequent Events

    • G1 Dallas fully operational following term conversion of construction loan. On April 30th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline. The conversion of the loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete. All production lines have been handed over to T1’s operations team.
    • Key additions strengthen T1’s leadership team. On April 28th, T1 announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications. Mr. Munro and Mr. Gold bring deep solar energy legal and communications experience to T1’s mission to create a vertically integrated, solar plus storage manufacturing and technology leader in the United States.
    • U.S. tariffs align with T1’s strategy to establish an integrated U.S. solar value chain based on high domestic content. On April 4th, T1 published a communication highlighting the potential long-term benefits to T1 from its domestic vertical integration strategy. Although solar industrial and tariff policy uncertainty are creating some near-term headwinds for T1 and utility-scale developers, T1 believes that it is positioned to benefit from public policies that promote U.S. manufacturing, technology transfer, and job creation.

    Business Outlook and Guidance

    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity; the elective conversion of three production lines from PERC to TOPCon technology; and a potential 800 MW inventory build. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • Strong liquidity outlook despite reductions to 2025 to EBITDA guidance. At the low-end of T1’s updated 2025 EBITDA guidance range, the Company expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. T1’s significant liquidity position is supported by 1.5 GW of high-margin customer offtake contracts, the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025, and the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business.
    • T1 is advancing financing processes for G2 Austin. T1 initiated several capital formation initiatives in parallel during the first quarter to pursue funding for the Company’s planned G2 Austin U.S. solar cell facility. The Company is currently advancing a project financing with its consortium of commercial lenders, the monetization of Section 45X PTCs, and possible mezzanine financing options to complement expected customer offtake deposits to reserve G2 capacity.
    • Update on European Portfolio Optimization. The Company continues to make progress with the wind down of legacy European operations and the European Portfolio Optimization initiative. As personnel-related expenses roll off T1’s P&L, cost savings from the wind down should accelerate later in 2025, representing a projected $20 million of General & Administrative costs that will not recur in 2026. T1’s Board of Directors is concurrently overseeing the process of potentially harvesting value from legacy European assets, including Giga Arctic, the Customer Qualification Plant, and the Giga Vasa project. Securing access to additional power for these assets is expected to be a key value driver, and T1 will provide additional updates as the process develops.

    Q1 2025 Results Overview

    • T1 Energy reported a net loss attributable to common stockholders for the first quarter 2025 of $17.1 million, or $0.11 per diluted share compared to a net loss of $28.5 million, or $0.20 per diluted share for the first quarter of 2024. Net loss from continuing operations was $4.1 million, or $0.03 per diluted share for the first quarter of 2025 compared to $11.3 million or $0.08 per diluted share for the first quarter of 2024. Net loss from discontinued operations was $12.1 million or $0.08 per diluted share for the first quarter of 2025 compared to $17.4 million or $0.12 per diluted share for the first quarter of 2024.
    • As of March 31, 2025, T1 had cash, cash equivalents, and restricted cash of $51.1 million.

    Presentation of First Quarter 2025 Results

    A presentation will be held today, May, 15, 2025, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the first quarter. The results and presentation material will be available for download at https://ir.t1energy.com/.

    To access the conference call, listeners should proceed as follows:

    1. Click on the call link and complete the online registration form.
    2. Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.
    3. Select a method for joining the call:
      1. Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
      2. Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.

        3. The call will also be available by clicking the webcast link.

        About T1 Energy

        T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

        To learn more about T1, please visit www.T1energy.com and follow us on social media.

        Investor contact:

        Jeffrey Spittel
        EVP, Investor Relations and Corporate Development
        jeffrey.spittel@T1energy.com
        Tel: +1 409 599-5706

        Media contact:

        Russell Gold
        EVP, Strategic Communications
        russell.gold@T1energy.com
        Tel: +1 214 616-9715

        Cautionary Statement Concerning Forward-Looking Statements:

        This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s commercial appeal to U.S. developer customers; the Company’s financial, production and operational guidance; the existence of trade policy uncertainties and lack of cost visibility; the Company’s inventory build resulting from production at G1; the Company’s projected cash and liquidity position; the ability of the Company to ramp sales and production volumes at G1; the speed and success of the Company’s corporate transformation; the Company’s ability to manage the current sales environment; the Company’s plans to establish a vertically integrated U.S. solar value chain, coupled with its domestic content strategy; interest from the Company’s customers, prospective capital providers and industrial partners; the prioritization of value generating opportunities that enhance the Company’s competitive position as an emerging leader in the U.S. solar and storage markets; the potential for an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility by a partner aligned with the Kingdom of Saudi Arabia; the Company’s potential long-term benefits of tariffs and other public policies that promote U.S. manufacturing, technology transfer, and job creation; the elective conversion of three production lines from PERC to TOPCon technology; the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025; the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business; and the Company’s goals and projections for securing project financing at G2; These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

        T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

            March 31, 2025   December 31, 2024
        ASSETS
        Current assets:        
        Cash and cash equivalents   $ 48,881     $ 72,641  
        Restricted cash     2,210       4,004  
        Accounts receivable trade, net – related parties     18,005       —  
        Government grants receivable, net     14,080       687  
        Inventory     333,032       274,549  
        Advances to suppliers     164,248       164,811  
        Other current assets     7,908       1,569  
        Current assets of discontinued operations     38,312       64,909  
        Total current assets     626,676       583,170  
        Property and equipment, net     310,246       285,187  
        Goodwill     74,527       74,527  
        Intangible assets, net     270,686       281,881  
        Right-of-use asset under operating leases     149,570       111,081  
        Total assets   $ 1,431,705     $ 1,335,846  
        LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
        Current liabilities:        
        Accounts payable   $ 108,532     $ 61,708  
        Accrued liabilities and other     76,845       91,346  
        Deferred revenue     61,525       48,155  
        Derivative liabilities     1,556       14,905  
        Current portion of long-term debt     56,492       42,867  
        Current portion of long-term debt – related party     59,000       51,500  
        Payables to related parties     88,947       52,534  
        Current liabilities of discontinued operations     40,204       51,009  
        Total current liabilities     493,101       414,024  
        Long-term deferred revenue     30,000       32,000  
        Convertible note – related party     82,083       80,698  
        Operating lease liability     139,921       101,787  
        Long-term debt     170,753       188,316  
        Long-term debt – related party     234,829       238,896  
        Deferred tax liability     20,232       21,227  
        Other long-term liabilities     9,581       21,761  
        Total liabilities     1,180,500       1,098,709  
        Commitments and contingencies        
        Redeemable preferred stock        
        Convertible series A preferred stock, $0.01 par value, 5,000 issued and outstanding as of both March 31, 2025 and December 31, 2024 (includes accrued dividends and accretion of $978 and $87 as of March 31, 2025 and December 31, 2024, respectively)     49,266       48,375  
        Stockholders’ equity:        
        Common stock, $0.01 par value, 155,938 issued and outstanding as of March 31, 2025 and 155,928 issued and outstanding as of December 31, 2024     1,559       1,559  
        Additional paid-in capital     974,767       971,416  
        Accumulated other comprehensive loss     (32,910 )     (58,975 )
        Accumulated deficit     (741,477 )     (725,238 )
        Total equity     201,939       188,762  
        Total liabilities, redeemable preferred stock, and equity   $ 1,431,705     $ 1,335,846  
         
         
            Three months ended March 31,
              2025       2024  
        Net sales – related parties   $ 64,647     $ —  
        Cost of sales     35,671       —  
        Gross profit     28,976       —  
        Selling, general and administrative     52,587       15,004  
        Loss from continuing operations     (23,611 )     (15,004 )
        Other income (expense):        
        Warrant liability fair value adjustment     1,567       146  
        Derivative liabilities fair value adjustment     25,229       —  
        Interest (expense) income, net     (9,853 )     1,405  
        Foreign currency transaction (loss) gain     (14 )     554  
        Other income, net     34       1,594  
        Total other income     16,963       3,699  
        Loss from continuing operations before income taxes     (6,648 )     (11,305 )
        Income tax benefit     2,513       —  
        Net loss from continuing operations     (4,135 )     (11,305 )
        Net loss from discontinued operations, net of tax     (12,104 )     (17,385 )
        Net loss     (16,239 )     (28,690 )
        Net loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Net loss attributable to common stockholders   $ (17,130 )   $ (28,543 )
                 
        Weighted average shares of common stock outstanding – basic and diluted     155,933       139,705  
        Net loss per share from continuing operations – basic and diluted   $ (0.03 )   $ (0.08 )
        Net loss per share from discontinued operations – basic and diluted   $ (0.08 )   $ (0.12 )
        Net loss per share attributable to common stockholders – basic and diluted   $ (0.11 )   $ (0.20 )
                 
        Other comprehensive income (loss):        
        Net loss   $ (16,239 )   $ (28,690 )
        Foreign currency translation adjustments     26,065       (26,044 )
        Total comprehensive income (loss)     9,826       (54,734 )
        Comprehensive loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Comprehensive income (loss) attributable to common stockholders   $ 8,935     $ (54,587 )
         
         
            Three months ended March 31,
              2025       2024  
        Cash flows from operating activities:        
        Net loss   $ (16,239 )   $ (28,690 )
        Adjustments to reconcile net loss to cash used in operating activities:        
        Share-based compensation expense     3,939       3,551  
        Depreciation and amortization     14,678       2,211  
        Change in fair value of derivative liabilities     (25,229 )     —  
        Gain on sale of property and equipment     (5,675 )     —  
        Accretion of discount on long-term debt     4,640       —  
        Reduction in the carrying amount of right-of-use assets     1,689       277  
        Warrant liability fair value adjustment     (1,567 )     (146 )
        Deferred income taxes     (995 )     —  
        Share of net loss of equity method investee     425       156  
        Foreign currency transaction net unrealized gain     251       (1,359 )
        Other     1,311       —  
        Changes in assets and liabilities:        
        Inventory     (58,483 )     —  
        Advances to suppliers and other current assets     (358 )     2,852  
        Trade accounts receivable     (18,005 )     —  
        Government grants receivable     (13,393 )     —  
        Accounts payable, accrued liabilities and other     56,827       4,930  
        Deferred revenue     11,370       —  
        Net cash used in operating activities     (44,814 )     (16,218 )
        Cash flows from investing activities:        
        Proceeds from the return of property and equipment deposits     1,202       19,021  
        Purchases of property and equipment     (29,141 )     (21,455 )
        Proceeds from the sale of property and equipment     50,000       —  
        Net cash provided by (used in) investing activities     22,061       (2,434 )
        Cash flows from financing activities:        
        Debt fees paid     (3,760 )     —  
        Net cash used in financing activities     (3,760 )     —  
        Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash     959       (4,324 )
        Net decrease in cash, cash equivalents, and restricted cash     (25,554 )     (22,976 )
        Cash, cash equivalents, and restricted cash at beginning of period     76,645       275,742  
        Cash, cash equivalents, and restricted cash at end of period   $ 51,091     $ 252,766  
         

        A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41e3f5da-8114-4e43-9b08-944982bb0e1d

      The MIL Network –

  • MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

    Operating Progress: Recent Highlights

    • Increased activity within the Katapult app marketplace
      • ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
      • Applications grew ~59% year-over-year in the first quarter
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
      • 57.4% of gross originations for the first quarter of 2025 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
      • KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
      • Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
    • Made strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
      • Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

    First Quarter 2025 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
    • Total revenue was $71.9 million, an increase of 10.6%
    • Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses2, which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
    • Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
    • Adjusted net loss2 was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
    • Adjusted EBITDA2 was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA2 of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

    Second Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

    • 25% to 30% year-over-year increase in gross originations
    • 17% to 20% year-over-year increase in revenue
    • Approximately breakeven Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

    • We expect gross originations to grow at least 20%

    This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

    Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

    Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 64.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. 

    First Quarter 2025 Financial Highlights:

    • Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
    • Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year. 
    • Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year. 
    • Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year. 
    • Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. 
    • Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024. 
    • Non-GAAP net income1 was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024. 
    • Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024. 
    • Non-GAAP diluted earnings per ADS2 were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    “Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.” 

    “This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

    First Quarter 2025 Financial Results

    Total Revenues

    Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

    Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

    Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

    Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

    Costs of Revenues

    Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

    Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

    The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

    Gross Profit and Gross Profit Margin

    Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

    Research and Development Expenses

    Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

    Sales and Marketing Expenses

    Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

    General and Administrative Expenses

    General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

    Operating (Loss)/Income

    Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

    Other Income, Net

    Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

    Net (Loss)/Income and (Loss)/Earnings Per ADS

    Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

    Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    Cash Balance

    As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

    Share Repurchase Program

    On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

    Guidance for the Second Quarter of 2025

    For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

    Conference Call Information.

    Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

    Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

    Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

    The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    About Non-GAAP Financial Measures

    To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

     
    XUNLEI LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
     
      March 31, Dec 31,
      2025 2024
      US$ US$
    Assets    
         
    Current assets:    
    Cash and cash equivalents 163,136   177,329  
    Short-term investments 111,436   110,209  
    Accounts receivable, net 40,034   32,662  
    Inventories 1,024   1,255  
    Due from related parties 30,482   31,519  
    Prepayments and other current assets 15,464   10,058  
    Total current assets 361,576   363,032  
         
    Non-current assets:    
    Restricted cash 218   218  
    Long-term investments 31,049   30,599  
    Deferred tax assets 10,720   10,528  
    Property and equipment, net 54,631   55,430  
    Intangible assets, net 8,416   8,310  
    Long-term prepayments and other assets 18,718   5,334  
    Operating lease assets 532   450  
    Total assets 485,860   473,901  
         
    Liabilities    
    Current liabilities:    
    Accounts payable 24,900   22,964  
    Due to related parties, current 17   17  
    Contract liabilities, current portion 41,253   39,936  
    Lease liabilities 331   253  
    Income tax payable 10,466   9,386  
    Accrued liabilities and other payables 61,242   52,093  
    Short-term bank borrowings and current portion of long-term bank borrowings 697   2,087  
    Total current liabilities 138,906   126,736  
         
    Non-current liabilities:    
    Contract liabilities, non-current portion 588   458  
    Lease liabilities, non-current portion 174   161  
    Deferred tax liabilities 1,090   1,154  
    Bank borrowings, non-current portion 27,166   27,127  
    Other long-term payables 711   480  
    Total liabilities 168,635   156,116  
         
    Equity    
    Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025) 78   77  
    Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively) 16   16  
    Additional paid-in-capital 477,350   477,244  
    Statutory reserves 8,718   8,718  
    Accumulated other comprehensive loss (21,412 ) (21,694 )
    Accumulated deficits (147,105 ) (146,305 )
    Total Xunlei Limited’s shareholders’ equity 317,645   318,056  
    Non-controlling interests (420 ) (271 )
    Total liabilities and shareholders’ equity 485,860   473,901  
    XUNLEI LIMITED
    Unaudited Condensed Consolidated Statements of (Loss)/Income
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
    Revenues, net of rebates and discounts 88,764   84,302   80,359  
    Business taxes and surcharges (310 ) (313 ) (379 )
    Net revenues 88,454   83,989   79,980  
    Costs of revenues (44,350 ) (40,416 ) (37,139 )
    Gross profit 44,104   43,573   42,841  
           
    Operating expenses      
    Research and development expenses (18,743 ) (18,716 ) (17,642 )
    Sales and marketing expenses (15,522 ) (12,461 ) (10,061 )
    General and administrative expenses (11,791 ) (12,102 ) (11,132 )
    Credit loss write-back/(expenses), net 65   (75 ) 26  
    Impairment of goodwill –   (20,748 ) –  
    Total operating expenses (45,991 ) (64,102 ) (38,809 )
           
    Operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Interest income 1,072   1,173   1,221  
    Interest expense (220 ) (139 ) (242 )
    Other income, net 1,234   1,541   290  
    Income/(loss) before income taxes 199   (17,954 ) 5,301  
    Income tax (expense)/benefit (1,145 ) 8,083   (1,663 )
    Net (loss)/income (946 ) (9,871 ) 3,638  
           
    Less: net loss attributable to non-controlling interest (146 ) (97 ) (1 )
    Net (loss)/income attributable to common shareholders (800 ) (9,774 ) 3,639  
           
    (Loss)/earnings per share for common shares      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    (Loss)/earnings per ADS      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  
           
           
           
    XUNLEI LIMITED
    Reconciliation of GAAP and Non-GAAP Results
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
           
    GAAP operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP operating (loss)/income (829 ) 609   4,933  
           
    GAAP net (loss)/income (946 ) (9,871 ) 3,638  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP net income 112   11,267   4,539  
           
    GAAP (loss)/earnings per share for common shares:      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    GAAP (loss)/earnings per ADS:      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Non-GAAP earnings per share for common shares:      
    Basic 0.0008   0.0362   0.0140  
    Diluted 0.0008   0.0362   0.0140  
           
    Non-GAAP earnings per ADS:      
    Basic 0.0040   0.1810   0.0700  
    Diluted 0.0040   0.1810   0.0700  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  


    CONTACT:
    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    __________________________
    1 Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
    2 Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

    The MIL Network –

  • MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

    CFO’S MESSAGE

    Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

    Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

    SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025   2024   Change  
    (C$000s, except per share amounts) ($)   ($)   (%)  
    (unaudited)      
    Revenue 370,057   330,096   12  
    Adjusted EBITDA(1) 55,317   26,057   112  
    Cash flows provided by operating activities (7,050 ) 11,958   NM  
    Capital expenditures 42,132   48,072   (12 )
    Net income (loss) 7,796   (2,903 ) NM  
    Per share – basic 0.09   (0.03 ) NM  
    Per share – diluted 0.09   (0.03 ) NM  
    As at Mar. 31, Dec. 31, Change  
      2025 2024    
    (C$000s) ($) ($) (%)  
    (unaudited)      
    Cash and cash equivalents 15,463 44,045 (65 )
    Working capital, end of period(2) 266,087 229,856 16  
    Total assets, end of period 1,254,979 1,234,840 2  
    Long-term debt, end of period 341,095 320,908 6  
    Net debt(1)(3) 348,674 300,347 16  
    Total consolidated equity, end of period 660,262 653,330 1  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
    (3)Refer to note 10 of the consolidated interim financial statements for further information.

    FIRST QUARTER OVERVIEW

    In the first quarter of 2025, the Company:

    • generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
    • reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
    • had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
    • reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
    • had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
    • reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
    • incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

    FINANCIAL OVERVIEW – CONTINUING OPERATIONS
    THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

    NORTH AMERICA

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s, except operational and exchange rate information) ($) ($) (%)  
    (unaudited)      
    Revenue 227,902 248,959 (8 )
    Adjusted EBITDA(1) 6,131 14,872 (59 )
    Adjusted EBITDA (%)(1) 2.7 6.0 (55 )
    Fracturing revenue per job ($) 25,060 33,518 (25 )
    Number of fracturing jobs 8,709 7,176 21  
    Active pumping horsepower, end of year (000s) 898 951 (6 )
    US$/C$ average exchange rate(2) 1.4352 1.3486 6  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

    The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

    Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

    ADJUSTED EBITDA

    The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

    ARGENTINA

      Three Months Ended Mar. 31,
      2025 2024 Change
    (C$000s, except operational and exchange rate information) ($) ($) (%)
    (unaudited)      
    Revenue 142,155 81,137 75
    Adjusted EBITDA(1) 53,265 16,100 231
    Adjusted EBITDA (%)(1) 37.5 19.8 89
    Fracturing revenue per job ($) 124,874 74,354 68
    Number of fracturing jobs 741 672 10
    Active pumping horsepower, end of period (000s) 153 139 10
    US$/C$ average exchange rate(2) 1.4352 1.3486 6

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

    ADJUSTED EBITDA

    The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

    SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

    Three Months Ended Jun. 30, Sep. 30, Dec. 31, Mar. 31,   Jun. 30, Sep. 30,   Dec. 31,   Mar. 31,
      2023 2023 2023 2024   2024 2024   2024   2025
    (C$000s, except per share and operating data) ($) ($) ($) ($)   ($) ($)   ($)   ($)
    (unaudited)                
    Financial                
    Revenue 466,463 483,093 421,402 330,096   426,047 430,109   381,230   370,057
    Adjusted EBITDA(1) 87,785 91,286 62,591 26,057   65,386 65,039   34,512   55,317
    Net income (loss) 50,531 97,523 13,202 (2,903 ) 24,549 (6,687 ) (6,424 ) 7,796
    Per share – basic 0.62 1.20 0.16 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Per share – diluted 0.58 1.09 0.15 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Capital expenditures 30,718 50,825 49,397 48,072   66,753 22,509   32,955   42,132

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.

    CAPITAL EXPENDITURES – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s) ($) ($) (%)  
    North America 12,941 37,174 (65 )
    Argentina 29,191 10,898 168  
    Continuing Operations 42,132 48,072 (12 )

    Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

    Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

    NON-GAAP MEASURES

    Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

    Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
         
    Net income (loss) from continuing operations 7,796   (2,903 )
    Add back (deduct):    
    Depreciation 31,922   27,995  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Restructuring charges 516   —  
    Stock-based compensation (925 ) 2,185  
    Interest, net 7,944   6,032  
    Income taxes 6,247   38  
    Adjusted EBITDA from continuing operations 55,317   26,057  
    Less: IFRS 16 lease payments (3,679 ) (3,235 )
    Less: Argentina EBITDA threshold adjustment(1) (45,397 ) (5,428 )
    Bank EBITDA for covenant purposes 6,241   17,394  

    (1)Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

    Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

    Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

    OTHER NON-STANDARD FINANCIAL TERMS

    MAINTENANCE AND EXPANSION CAPITAL

    Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

    BUSINESS RISKS

    The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

    ADDITIONAL INFORMATION

    Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

    Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

    Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

    FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

    Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

    The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

    CONSOLIDATED BALANCE SHEETS

      March 31,   December 31,  
      2025   2024  
    (C$000s) ($)   ($)  
    ASSETS    
    Current assets    
    Cash and cash equivalents 15,463   44,045  
    Accounts receivable 306,957   251,108  
    Inventories 130,596   145,506  
    Prepaid expenses and deposits 21,797   26,452  
      474,813   467,111  
    Assets classified as held for sale 47,053   45,335  
      521,866   512,446  
    Non-current assets    
    Property, plant and equipment 684,123   673,381  
    Right-of-use assets 19,990   20,013  
    Deferred income tax assets 29,000   29,000  
      733,113   722,394  
    Total assets 1,254,979   1,234,840  
    LIABILITIES AND EQUITY    
    Current liabilities    
    Accounts payable and accrued liabilities 160,129   173,974  
    Income taxes payable 23,301   9,700  
    Current portion of long-term debt 341,095   150,000  
    Current portion of lease obligations 9,833   9,536  
      534,358   343,210  
    Liabilities directly associated with assets classified as held for sale 32,677   30,945  
      567,035   374,155  
    Non-current liabilities    
    Long-term debt —   170,908  
    Lease obligations 13,209   13,948  
    Deferred income tax liabilities 14,473   22,499  
      27,682   207,355  
    Total liabilities 594,717   581,510  
    Capital stock 911,900   911,785  
    Contributed surplus 76,190   77,159  
    Accumulated deficit (373,875 ) (379,490 )
    Accumulated other comprehensive income 46,047   43,876  
    Total equity 660,262   653,330  
    Total liabilities and equity 1,254,979   1,234,840  

    CONSOLIDATED STATEMENTS OF OPERATIONS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s, except per share data) ($)   ($)  
         
    Revenue 370,057   330,096  
    Cost of sales 330,576   316,208  
    Gross profit 39,481   13,888  
    Expenses    
    Selling, general and administrative 15,677   18,011  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest, net 7,944   6,032  
      25,438   16,753  
    Income (loss) before income tax 14,043   (2,865 )
    Income tax expense (recovery)    
    Current 14,240   6,414  
    Deferred (7,993 ) (6,376 )
      6,247   38  
    Net income (loss) from continuing operations 7,796   (2,903 )
    Net (loss) income from discontinued operations (2,181 ) 750  
    Net income (loss) 5,615   (2,153 )
         
    Earnings (loss) per share – basic    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )
         
    Earnings (loss) per share – diluted    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )

    CONSOLIDATED STATEMENTS OF CASH FLOWS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
    CASH FLOWS PROVIDED BY (USED IN)   Restated
    OPERATING ACTIVITIES    
    Net income (loss) 7,796   (2,903 )
    Adjusted for the following:    
    Depreciation 31,922   27,995  
    Stock-based compensation (925 ) 2,185  
    Unrealized foreign exchange losses 1,846   2,627  
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest 7,944   6,032  
    Interest paid (12,716 ) (9,717 )
    Deferred income taxes (7,993 ) (6,376 )
    Changes in items of working capital (35,048 ) (1,644 )
    Cash flows (used in) provided by operating activities from continuing operations (7,050 ) 11,958  
    Cash flows provided by (used in) operating activities from discontinued operations 10,231   (8,185 )
    Net cash flows provided by operating activities 3,181   3,773  
    INVESTING ACTIVITIES    
    Purchase of property, plant and equipment (38,498 ) (55,727 )
    Proceeds on disposal of property, plant and equipment 1,553   11,508  
    Proceeds on disposal of right-of-use assets 206   227  
    Cash flows used in investing activities from continuing operations (36,739 ) (43,992 )
    Cash flows used in investing activities from discontinued operations (1,457 ) (678 )
    Net cash flows used in investing activities (38,196 ) (44,670 )
    FINANCING ACTIVITIES    
    Issuance of long-term debt, net of debt issuance costs 30,000   60,000  
    Long-term debt repayments (10,000 ) —  
    Lease obligation principal repayments (3,244 ) (2,840 )
    Proceeds on issuance of common shares from the exercise of stock options 71   —  
    Cash flows provided by financing activities from continuing operations 16,827   57,160  
    Cash flows provided by financing activities from discontinued operations —   —  
    Net cash flows provided by financing activities 16,827   57,160  
    Effect of exchange rate changes on cash and cash equivalents 550   (1,464 )
    (Decrease) increase in cash and cash equivalents (17,638 ) 14,799  
    Cash and cash equivalents, beginning of period 50,776   45,190  
    Cash and cash equivalents, end of period 33,138   59,989  
    Included in the cash and cash equivalents per the balance sheet 15,463   58,239  
    Included in the assets held for sale/discontinued operations 17,675   1,750  


    ADVISORIES

    FORWARD-LOOKING STATEMENTS

    In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

    In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

    These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

    Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

    Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

    For further information, please contact:

    Mike Olinek, Chief Financial Officer

    Telephone: 403-266-6000        
    www.calfrac.com

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