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Category: Economy

  • MIL-OSI USA: Cortez Masto, Colleagues Call on Trump Administration to Crack Down on U.S. Firearms Flowing to Latin American Drug Cartels

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senator Ben Ray Luján (D-N.M.) and Congressmen Dan Goldman (D-N.Y.-10) and Rob Menendez (D-N.J.-08) in a letter to Secretary of Homeland Security Kristi Noem, Secretary of State Marco Rubio, and Attorney General Pam Bondi urging the Trump administration to use its recent designation of Latin American cartels as Foreign Terrorist Organizations (FTOs) to take aggressive action to stop the illegal trafficking of American firearms south across the Southern Border.
    “We were pleased that President Trump agreed to address the outflow of hundreds of thousands of American-made firearms across the southern border when he initially postponed the implementation of tariffs on our ally Mexico. Accordingly, we urge you to utilize the FTO designation to take aggressive action to stem the flow of American guns to the cartels,” the Members wrote. 
    The lawmakers called for a coordinated federal response to stem the flow of hundreds of thousands of American firearms that arm violent drug cartels, fuel lawlessness along the Southern Border, and bring drugs into communities across the United States. Between 200,000 and 500,000 American firearms are smuggled across U.S. borders into Mexico every year, arming Latin American criminal organizations that have used them to undermine domestic law enforcement and assert control over fentanyl and human trafficking operations back into the United States. 
    “The new FTO designation for these cartels provides additional legal tools to bolster interagency coordination, disrupt their financial networks, and impose stricter penalties on those who provide material support to these criminal enterprises. Specifically, under current statute, it is unlawful to knowingly provide material support or resources to a Foreign Terrorist Organization and those who do so can be fined or imprisoned for up to 20 years,” the Members continued. 
    The members urged the administration to effectively and strategically employ the full suite of legal options this new designation enables and offered their assistance to empower it to specifically address the “Iron River” of American firearms that are fueling violence and destruction in communities across the United States and Mexico. 
    “We hope that you move swiftly and use these new legal authorities to combat southbound arms trafficking. We stand ready to assist in this effort in any way we can, including through legislation that expands your programmatic authorities to address this critical issue,” the Members concluded. 
    Read the full letter here. 
    Senator Cortez Masto has been working to crack down on cross-border crime since she was first elected Attorney General, when she worked with Nevada’s Republican governor, law enforcement, and Mexican officials to combat the rise of methamphetamine manufacturing and cross-border drug trafficking. In the Senate, she has authored legislation to combat drug trafficking online that was signed into law, and passed critical legislation to eliminate illegal fentanyl supply chains. She has also introduced legislation to crack down on the deadly fentanyl additive xylazine. 

    MIL OSI USA News –

  • MIL-OSI USA: Luján, Markey Urge FCC to Operate Transparently with Paramount-SkyDance Merger

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Commerce, Science, and Transportation Telecommunications and Media Subcommittee, and U.S. Senator Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, wrote to Federal Communications Commission (FCC) Chairman Brendan Carr, urging the FCC to take a full Commission vote on the merger between Paramount Global and Skydance Media. Given the reports that Paramount is considering settling a frivolous lawsuit brought by President Donald Trump against CBS, a Paramount subsidiary, the senators stated that the FCC should only approve the merger with an affirmative vote by the full Commission.

    In the letter the lawmakers write, “In late October, then-candidate Trump sued CBS for $10 billion — later raising this outrageous amount to $20 billion — for supposedly deceptively editing an interview of then-Vice President Kamala Harris on its programs 60 Minutes and Face the Nation. As the transcript of the interview showed, the excerpts that CBS aired were a quintessential example of editorial decision-making. Trump’s claim that such conduct constituted ‘voter interference’ and violated Texas’s consumer protection law is both false and a clear attempt to intimidate the news media. CBS has rightfully moved to dismiss the case.”

    The lawmakers continue, “Despite the obviously frivolous nature of the lawsuit, Paramount is reportedly considering settling the case to ‘increase the odds that the Trump administration does not block or delay’ its merger with Skydance. In fact, Paramount executives and directors are reportedly concerned that such a settlement could open them up to accusations of bribery. Paramount would not be the first to settle a lawsuit brought by the President in the past few months. In the weeks following the inauguration, ABC ($16 million), Meta ($25 million), and X ($10 million) all settled cases brought by Trump. With Paramount on the hook to pay Skydance a $400 million breakup fee if the FCC blocks the deal, the company has strong financial incentives to facilitate FCC approval of the merger.”

    The lawmakers conclude, “For those reasons, this transaction has signs of a deal between a company eager for approval of a multi-billion dollar merger and a President willing to exploit his position to intimidate the media and secure a multi-million dollar payout. The unique position of this merger necessitates the utmost transparency at the FCC. A matter of this significance deserves the scrutiny of the entire Commission. We urge you to only approve this merger through a full Commission vote.”

    As Ranking Member of the Commerce, Science, and Transportation Telecommunications and Media Subcommittee, Senator Luján has pushed back against attacks on news organizations. In February, Senators Luján, Markey, and Peters wrote to Federal Communications Commission (FCC) Chairman Brendan Carr and Commissioner Nathan Simington condemning actions taken by the FCC under the Trump administration demonstrating that the FCC is weaponizing its authority over broadcasters and public media for political purposes. In March, Senators Luján, Markey, and Rosen introduced the Broadcast Freedom and Independence Act, legislation that would prohibit the Federal Communications Commission (FCC) from revoking broadcast licenses or taking action against broadcasters based on the viewpoints they broadcast.

    The text of the letter is here and below:

    Dear Chairman Carr,

    With the Federal Communications Commission (FCC) currently reviewing the proposed merger between Paramount Global and Skydance Media, we urge you to approve the transaction only with an affirmative vote by the full Commission. Although the Commission has delegated authority for its Media Bureau to decide certain matters without a full Commission vote, this transaction is unique from other mergers that have come before the Commission. In particular, Paramount is reportedly considering settling a frivolous, unrelated lawsuit filed by President Donald Trump against CBS, a Paramount subsidiary. Given the high profile of this deal and, at the very least, the appearance of impropriety, we strongly urge you to approve the merger only with a vote by the full Commission.

    The unique position of this case stems from President Trump’s ongoing, frivolous litigation against CBS. In late October, then-candidate Trump sued CBS for $10 billion — later raising this outrageous amount to $20 billion — for supposedly deceptively editing an interview of then-Vice President Kamala Harris on its programs 60 Minutes and Face the Nation. As the transcript of the interview showed, the excerpts that CBS aired were a quintessential example of editorial decision-making. Trump’s claim that such conduct constituted “voter interference” and violated Texas’s consumer protection law is both false and a clear attempt to intimidate the news media. CBS has rightfully moved to dismiss the case.

    Despite the obviously frivolous nature of the lawsuit, Paramount is reportedly considering settling the case to “increase the odds that the Trump administration does not block or delay” its merger with Skydance. In fact, Paramount executives and directors are reportedly concerned that such a settlement could open them up to accusations of bribery. Paramount would not be the first to settle a lawsuit brought by the President in the past few months. In the weeks following the inauguration, ABC ($16 million), Meta ($25 million), and X ($10 million) all settled cases brought by Trump. With Paramount on the hook to pay Skydance a $400 million breakup fee if the FCC blocks the deal, the company has strong financial incentives to facilitate FCC approval of the merger.

    For those reasons, this transaction has signs of a deal between a company eager for approval of a multi-billion dollar merger and a President willing to exploit his position to intimidate the media and secure a multi-million dollar payout. The unique position of this merger necessitates the utmost transparency at the FCC. A matter of this significance deserves the scrutiny of the entire Commission. We urge you to only approve this merger through a full Commission vote.

    Thank you for your attention to this important matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Security: Bristol Man Convicted of Violent Sex Trafficking and Related Offenses

    Source: United States Department of Justice (Human Trafficking)

    David X. Sullivan, United States Attorney for the District of Connecticut, today announced that a federal jury in Hartford has found DAVID MARSHALL, also known as “Saint,” 40, of Bristol, with sex trafficking, obstruction of justice, and violation of a protective order offenses.

    According to the evidence presented during the trial, between January and April 2022, Marshall compelled a victim into performing commercial sex for his financial benefit and repeatedly raped and beat her if she did not follow his orders.  He also controlled the victim by other means, including getting her addicted to fentanyl and threatening to harm her family.  In March 2022, the victim attempted to escape from Marshall and obtained an order of protection against him after he was arrested by Cromwell Police for threatening to kill her.

    On April 27, 2022, Marshall was arrested by police in Freeport, Maine, after he severely beat the victim.  While in jail, Marshall contacted the victim in violation of the protection order, and attempted to convince her not to cooperate with the police and to continue to prostitute herself to earn money to bail him out of jail.  Marshall also contacted another person from jail in an attempt to remotely erase the evidence on his cell phone, but he was unable to do so because the FBI had already secured the phone.

    On May 10, 2023, while he was detained in federal custody, Marshall again attempted to obstruct the investigation and prosecution of this matter by writing a letter to a family member with instructions to “harass” the victim to keep her from testifying.

    Marshall forcibly sex trafficked at least one other woman between 2017 and 2022.  With his second victim, Marshall similarly used beatings, rapes, and other means to coerce her into engaging in commercial sex acts for his financial benefit for almost two years.

    The trial began on April 30, 2025.  Yesterday, Marshall was convicted of two counts of sex trafficking by force, fraud, and coercion; two counts of attempted obstruction of sex trafficking enforcement; and one count of interstate violation of a protection order, causing serious bodily injury to the victim.  The jury found Marshall not guilty of one count of sex trafficking by force, fraud, and coercion.

    At sentencing, which is not scheduled, Marshall faces a mandatory minimum term of imprisonment of 15 years and a maximum term of imprisonment of life.

    Marshall has been detained since April 27, 2022.

    This matter has been investigated by the Federal Bureau of Investigation, with the assistance of the Newington Police Department, Cromwell Police Department, Freeport (Maine) Police Department, and Connecticut Department of Correction.  The case is being prosecuted by Assistant U.S. Attorneys Angel Krull, Shan Patel, and Alexis Beyerlein.

    U.S. Attorney Sullivan thanked the U.S. Attorney’s Office for the District of Maine for its assistance in this case.

    MIL Security OSI –

  • MIL-OSI Canada: Employment Standards Amendments Pass

    Source: Government of Canada regional news



  • MIL-OSI USA: Praetorian Shield and Two Individuals Agree to Pay $221,000 to Resolve False Claims Act Allegations Connected to Fraudulently Obtained Small Business Contracts and Kickbacks

    Source: US State of North Dakota

    Praetorian Shield Inc., formerly a Delaware company, and Grady Baker, and his wife Ranya, have agreed to pay the United States $221,000 to settle allegations that they violated the False Claims Act by fraudulently obtaining small business set-aside contracts.

    This settlement further resolves allegations that Praetorian and the Bakers violated the Anti-Kickback Act. The settlement is based on Praetorian Shields’ and the Bakers’ financial condition and ability to pay.

    “The Bakers’ conduct in fraudulently obtaining government small business contracts thwarts the purpose of the small business program, which is meant to support small and disadvantaged businesses, and deprives legitimate businesses of opportunities intended by Congress” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “This settlement demonstrates our office’s commitment to protecting the integrity of the federal contracting programs and to holding accountable those who seek to gain an unfair advantage through deception.”

    The settlement resolves allegations that between 2016 and 2023, Praetorian and the Bakers falsely represented that Praetorian was a Woman-Owned Small Business (WOSB) and a Service-Disabled Veteran Owned Small Business (SDVOSB). They made these false claims to obtain small business set-aside contracts awards from the Department of Homeland Security (DHS) for security services at federal buildings.

    Praetorian was a purported small business subcontractor to Paragon Systems Inc. (Paragon), one of the federal government’s largest security guard providers at federal buildings throughout the U.S. The U.S. alleged that Paragon, acting through former high-ranking corporate executives, knowingly engaged in a fraudulent scheme to use purported small businesses that it controlled, such as Praetorian, to obtain DHS set-aside contracts for which Paragon was itself ineligible.

    Grady Baker, who served as Paragon’s vice president of operations, allegedly instructed Ranya Baker to incorporate Praetorian using her middle and maiden names. Ranya Baker did not typically use her middle or maiden names for business or personal purposes. The Bakers controlled Praetorian, along with other high-level Paragon executives, and Grady Baker served as Praetorian’s de facto director of operations.

    Through Grady Baker and other Paragon executives’ operational control, the Bakers and Praetorian knew that Praetorian was not an eligible small business. But they forged forward with devising the scheme to obtain DHS small business contracts for Paragon.

    This settlement also resolves allegations that Praetorian and the Bakers provided more than $188,000 in kickbacks to Paragon executives and that Ms. Baker received $98,000 in kickbacks from another Paragon subcontractor, Patronus Systems Inc.

    In November 2024, the United States resolved related civil claims against Paragon, recovering $52 million. Additionally, another purported small business, Athena Services International LLC (ASI), and its joint venture with Paragon, Athena Joint Venture Services LLC (AJVS) — along with their owner, Alisa Silverman — previously agreed to pay more than $1.6 million to resolve their liability in connection with the alleged Paragon small business contracting fraud scheme.

    This settlement is the result of a coordinated effort between the Civil Division’s Fraud Section, U.S. Attorney’s Office for the District of Maryland, and DHS-OIG.  U.S. Attorney Hayes commended Assistant U.S. Attorney Sarah Marquardt and Senior Trial Counsel A. Thomas Morris, Civil Division, Commercial Litigation Branch, Fraud Section, who handled this matter.

    The claims resolved by the settlement are allegations only and there has been no determination of liability.

    MIL OSI USA News –

  • MIL-OSI Global: Mark Carney’s cabinet: A course correction on gender, but there’s more work ahead

    Source: The Conversation – Canada – By Jeanette Ashe, Visiting Senior Research Fellow, King’s College London

    Canadian Prime Minister Mark Carney has unveiled his federal cabinet in his first major opportunity to define his newly elected government’s direction.

    For academics and activists concerned with gender equity, the cabinet announcement was a crucial litmus test for Carney’s approach to inclusive governance. Overall, Carney demonstrated a significant course correction with cabinet appointments that reflect a clear commitment to gender parity going forward.

    Carney entered office amid mounting scrutiny. His first cabinet, swiftly formed following his swearing-in as prime minister to replace Justin Trudeau, broke with his predecessor’s near decade-long tradition of gender-balanced cabinets.

    Controversially, Carney also eliminated the Minister for Women and Gender Equality (WAGE) upon taking office in March. This decision prompted sharp criticism from feminist organizations, including the Canadian Research Institute for the Advancement of Women, Women’s Shelters Canada, YWCA Canada and Action Canada for Sexual Health and Rights.

    Demanded a reversal

    They wrote and signed an open letter to Carney in March at the annual gathering of the United Nations Commission on the Status of Women.

    These groups viewed the removal of WAGE not only as a symbolic loss but as one with tangible, negative policy implications for millions of women and gender-diverse individuals across Canada. They argued: “Gender equality is not an afterthought; it is the backbone of a strong economy and resilient society.”

    Investing in feminist policies, including health care, childcare and pharmacare is, in other words, good for business, they said.

    In response to this organized feminist pushback, Carney has revised his approach. His cabinet comprises 28 full ministers: 14 women and 15 men, including the prime minister. In addition, Carney appointed 10 junior ministers as secretaries of state: four women and six men. WAGE has also now been restored as a full ministry.

    Men hold the most substantive posts

    While reinstating gender parity in cabinet marks an improvement, it is not without caveats. While women now make up almost half of both cabinet tiers, it’s not sufficient. Substantive representation, in which women hold influential decision-making positions, is lacking.

    A closer look reveals Carney’s appointments may be seen as a form of gender-washing — symbolically inclusive, but not substantively so.



    Read more:
    Gender washing: seven kinds of marketing hypocrisy about empowering women

    Notably, men hold five of the six most powerful positions in his core cabinet: finance, justice and attorney general, government House leader, president of the King’s Privy Council and president of the Treasury Board. Only one of these key roles — foreign affairs — was awarded to a woman, Anita Anand.

    This reflects persistent gender trends identified by scholars like Roosmarijn de Geus and Peter Loewen, who found in 2021 that women are under-represented in Canada in the more influential or “masculine” portfolios such as finance and defence, and over-represented in those perceived as caring or social in nature.

    While women are at Canada’s cabinet table, most do not have seats with the greatest views. Equity in numbers does not yet translate to equity in influence.

    Formalizing gender parity

    Overall, Canada’s broader trends in political representation remain troubling. The 2025 election saw a decrease in both the proportion of women candidates and elected MPs.

    Canada has now slipped to 70th in the Inter-Parliamentary Union’s global ranking for women in national parliaments. With only 30.9 per cent of parliamentary seats held by women, Canada falls well below peer countries such as the United Kingdom (40.5 per cent) and New Zealand (45.5 per cent).

    Relying on the electoral fortunes of a single party to push for and uphold gender equity in Canada’s Parliament is unsustainable.

    Carney has now shown responsiveness to feminist public critique — a pragmatic move given the high number of women who supported the Liberal Party. If he wants to demonstrate ongoing commitment, his next step could be institutionalizing gender parity in ways that outlast any single leader or party. Such a change would ensure equity in politics is justice-based, not leader-based.

    More specifically, Parliament could amend the Parliament of Canada Act to require gender-balanced cabinets. Legislated gender quotas for political parties would also help ensure a minimum baseline of equitable representation in the House of Commons.



    Read more:
    Women in politics: To run or not to run?

    More than 100 countries have adopted such quotas. Canada could join them given most Canadians support their use.

    The Speaker of the House of Commons could also be tasked with producing annual gender-sensitive assessments of Parliament, policy outputs and government structures.

    Overall, Carney’s new cabinet is a win for feminist advocacy, but it cannot be the final word. Canada needs legal mechanisms, cultural shifts and institutionalized reforms to ensure its democratic institutions are truly representative.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Mark Carney’s cabinet: A course correction on gender, but there’s more work ahead – https://theconversation.com/mark-carneys-cabinet-a-course-correction-on-gender-but-theres-more-work-ahead-256541

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Dmitry Patrushev visited the vessel “Captain Sokolov”, built under the investment quota mechanism

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    During a working visit to the Murmansk Region, Deputy Prime Minister Dmitry Patrushev, together with the head of the region Andrei Chibis, visited the seaport, where he inspected the newest fishing vessel, the Captain Sokolov, built under the investment quota mechanism.

    “The fisheries complex is of great importance for the economy of the Murmansk region. The region’s users catch more than 10% of the all-Russian volumes. The region’s fishing enterprises participate in the implementation of the investment quota mechanism, which allows for the renewal of the fishing fleet, an increase in processing, and an increase in production efficiency. In general, the “keel quota” mechanism has given impetus to the revival of Russian commercial shipbuilding. Currently, 27 plants and 40 vessels have been built within the framework of the program. Of these, 23 are fishing vessels and 17 are crab vessels. During the period of the mechanism’s operation, 8 plants and 6 vessels have been built in the Murmansk region,” said Dmitry Patrushev.

    One of such objects is the fishing vessel “Captain Sokolov”. On board is a modern fish processing factory with a capacity of up to 150 tons of frozen fish and canned goods per day. The freezing equipment of the vessel is capable of storing up to 1 thousand tons of fish.

    The Deputy Prime Minister noted the innovative design of the bow of the hull. It increases the working space on the vessel, improves its seaworthiness, increases the durability of the vessel and the safety of navigation. It also creates the most comfortable conditions for the crew to live and work.

    Coordination of work on completing the construction of fishing vessels within the framework of the implementation of the mechanism for providing quotas for the extraction (catch) of aquatic bioresources for investment purposes is being carried out by the Government of Russia within the framework of incident No. 42 “Fishing vessels”.

    The “keel quota” mechanism is aimed at stimulating the development of the domestic fishing fleet.

    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: Xi Jinping Holds Talks with Brazilian President

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, May 13 (Xinhua) — Chinese President Xi Jinping held talks in Beijing on Tuesday with Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to China.

    Xi Jinping recalled that last year, on the occasion of the 50th anniversary of the establishment of diplomatic relations between China and Brazil, the two sides jointly announced the upgrading of bilateral ties to a China-Brazil community of shared future for a fairer world and a more sustainable planet.

    The Chinese President called on both sides to vigorously advance the building of a China-Brazil community with a shared future, consistently strengthen the alignment of development strategies, and jointly promote solidarity and cooperation among countries in the Global South.

    Xi Jinping stressed that China and Brazil should maintain strategic mutual trust, support each other on issues related to the two sides’ core interests and major concerns, and strengthen exchanges at all levels and in all areas.

    The Chinese leader called on the two countries to expand cooperation, deepen the effective alignment of the Belt and Road Initiative with Brazil’s development strategy, make full use of various cooperation mechanisms between the two countries, strengthen cooperation in traditional areas such as infrastructure, agriculture and energy, and explore new areas of cooperation including energy transition, digital economy, artificial intelligence, aviation and space.

    China and Brazil, Xi Jinping continued, should expand cultural and people-to-people exchanges, provide more facilities for people-to-people exchanges, and step up cooperation in culture, education, tourism, media, and at the local level.

    The two sides should maintain active interaction in multilateral forums, the Chinese leader noted, adding that as the largest developing countries in the Eastern and Western hemispheres respectively, China and Brazil should strengthen coordination and cooperation in multilateral mechanisms, uphold multilateralism, improve global governance, safeguard the international trade and economic order, and firmly oppose unilateralism, protectionism and bullying.

    L. I. Lula da Silva, for his part, stated that Brazil expects to deepen strategic cooperation with China and promote the construction of a Brazilian-Chinese community with a shared destiny.

    Brazil is willing to align its development strategy with the Belt and Road Initiative and expand cooperation between the two countries in areas such as trade, infrastructure, space and finance, the president said. He also called on the two countries to expand youth and cultural exchanges and strengthen ties and friendship between the two peoples.

    As L.I. Lula da Silva pointed out, protectionism and abuse of tariffs cannot promote development and prosperity, but instead lead to chaos. He stressed that China’s resolute stance in confronting global challenges gives strength and confidence to all countries. According to him, Brazil is ready to strengthen strategic cooperation with China in international affairs, cooperate to protect the common interests of the Global South, and uphold international fairness and justice.

    At the Great Hall of the People, the heads of the two states attended the signing of 20 documents on cooperation in such areas as the alignment of development strategies, science and technology, agriculture, digital economy, finance, customs control and quarantine supervision, and the media.

    The heads of the two states also met with the press together.

    China and Brazil on Tuesday issued a joint statement on strengthening the joint construction of a China-Brazil community of shared future for a fairer world and a more sustainable planet and jointly safeguarding multilateralism, as well as a joint statement on the Ukraine crisis.

    Before the talks, Xi Jinping and his wife Peng Liyuan held a welcoming ceremony for Luiz Inacio Lula da Silva and his wife Rosangela Lula da Silva. –0–

    MIL OSI Russia News –

  • MIL-OSI Europe: Answer to a written question – EU funding to Elon Musk’s companies – P-000905/2025(ASW)

    Source: European Parliament

    The Commission kindly refers the Honourable Member to the publicly available Financial Transparency System (FTS)[1]. The Commission makes available information of recipients of funds financed from the budget on the FTS, where the budget is implemented under direct management mode. The information for the financial year 2024 will be published in June 2025.

    According to the FTS, there are three ongoing 2023 grants to Tesla Motors Netherlands BV under the Connecting Europe Facility. This is part of the Facility’s Alternative Infrastructure programme[2] for the deployment of charging stations for Long Distance Vehicles (LDVs) along the T rans-European transport network ( TEN-T Network). The type of funding for the grants is unit contribution per charging point and relevant grid connection. The amount per project is:

    21-EU-TC-Tesla EV charging (Cohesion) — EUR 14 940 000

    21-EU-TC-Tesla EV charging (General) — EUR 133 780 000

    21-EU-TG-Tesla EV charging II — EUR 9 860 000

    SpaceX was exceptionally contracted in the name of the Commission by the European Space Agency (ESA) f or two long-scheduled launches of two Galileo Satellites each (the EU constellation of Positioning, Navigation and Timing services) in 2024. The reason was the delay of the entry into service of Ariane 6, the default launcher for Galileo. The amount of the contract was published in the Official Journal of the European Union[3]. Ariane 6 entered into service in July 2024.

    Concerning X, the Commission (including all its services and its Representations in the Member States) spent approximately EUR 630 000 on paid advertising on the platform for the period it was owned by Mr Musk. Since October 2023, the Commission has suspended all paid advertising or services on this platform. The suspension still applies.

    • [1] https://ec.europa.eu/budget/financial-transparency-system/index.html The annual publications are based on Article 38 of the Financial Regulation (OJ L 2024/2509, 26.9.2024, p. 1-239), and in accordance with the third paragraph of the article, information on recipients is not disclosed in specific cases outlined therein.
    • [2] https://cinea.ec.europa.eu/funding-opportunities/calls-proposals/cef-transport-alternative-fuels-infrastructure-facility-afif-call-proposal_en.
    • [3] https://ted.europa.eu/fr/notice/-/detail/507009-2024.
    Last updated: 13 May 2025

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Consumer NZ – Smaller banks pack a punch: Consumer’s best and worst banks in 2025

    Source: Consumer NZ

    The Co-operative Bank has topped the rankings for customer satisfaction, while ANZ finished at the bottom, according to Consumer NZ’s latest independent survey of New Zealand banking customers.

    The Co-operative Bank has taken out the top spot in Consumer’s latest banking satisfaction survey, earning a customer satisfaction score of 77%.  

    At the other end of the scale, ANZ – the country’s largest bank – scored just 57%. The average satisfaction score across all banks was 64%.

    “This is the fourth year in a row that The Co-operative Bank has won our People’s Choice award,” says Jon Duffy, CEO of Consumer NZ.  

    “It’s an impressive result, especially considering its market share – less than 1%.

    “Bigger is not necessarily better. ANZ is New Zealand’s most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey.

    Consumer’s annual independent survey measures customer satisfaction across 17 areas, including trust, value for money, digital banking, and customer service.

    Don’t bank on the big banks

    Duffy notes this year’s survey results come amid persistent concerns about the state of competition in New Zealand’s banking sector and the ever-present threat of scams.  

    Our survey also found that more than 1 in 5 New Zealanders have fallen victim to a scam that has involved their bank account or a financial service.  

    While some progress has been made by banks to address scams – following pressure from central government and advocates for banks to increase efforts to protect customers – New Zealand still lags behind other countries when it comes to banking technology.  

    “The pace of innovation in the sector has been glacial. Technologies like comprehensive open banking and real-time payments that could save consumers money and keep us safe are still on the ‘to do’ list for banks,” says Duffy.

    ”Our research also shows fewer than 3% of New Zealanders switch banks each year – one of the lowest switching rates of any service sector we monitor.

    “Low switching rates and low satisfaction scores – particularly among banks with the biggest customer bases – is never a good sign for consumers. Banks are yet to deliver improvements to their switching services, as recommended by the Commerce Commission’s market study to improve competition in the sector.  

    “This is why we publish our annual satisfaction surveys. We strongly encourage people to do their homework and switch to a bank with higher customer satisfaction. It’s easier than you might think and a powerful way to foster competition so that we can collectively raise the bar,” says Duffy.

    Key findings from Consumer’s 2025 banking satisfaction survey

    The Co-operative Bank achieved the highest overall satisfaction score (77%) delivering consistent, above-average experiences across the board, particularly around digital banking, savings interest rates, and advice

    ANZ scored the lowest customer satisfaction rating (57%), with particularly low scores for interest on savings, fees, responsible lending, advice and overall value for money

    Consumer says the 20-point gap between the survey’s top and bottom performers highlights just how much customer experience can differ between banks. The full survey results (paywalled) and methodology are available on Consumer’s website: Best and worst banks in 2025. https://consumernz.cmail20.com/t/i-l-fhdtre-ijjdkdttjk-j/

    Notes

    Our data is from a nationally representative survey of 1,920 New Zealanders, aged 18 years and older, conducted online in February 2025

    Ratings cover satisfaction across 17 key service areas. Satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied).

    Market share is based on the latest figures from the Banking Ombudsman Scheme Dashboard.

    Annual profit before tax figures are from each bank’s latest financial disclosures.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Awards – Finalists announced for 2025 ExportNZ ASB Central Region Awards

    Source: Business Central

    ExportNZ is proud to announce the finalists for the 2025 ExportNZ ASB Central Region Export Awards.
    The awards recognise exporting excellence from across the Central New Zealand Region – from Greater Wellington to Wairarapa, Horowhenua, Whanganui and Manawatū.
    This year’s new-look event is being hosted for the first time in Palmerston North, at the Palmerston North Conference and Function Centre on June 6.
    The awards are judged by a highly experienced panel of exporting specialists from ExportNZ, ASB and NZTE.
    This year’s finalists represent a wide range of businesses from across the Central region, with judges commending their innovation, creativity and endeavour amidst a challenging global market.
    ExportNZ national Chair and chief judge David Boyd says this year’s finalists are a special group:
    “Entrants in the Export Awards always amaze us with their ingenuity and innovation but I can honestly say that this year’s standards are exceptional and in all categories.
    “From groundbreaking scientific breakthroughs to excellence in constant improvement of everyday processes, our exporters are amazing!”
    This year’s category finalists are:
    DHL Best Emerging Business
    – DownUnder Honey
    – Ellen Joan Ford
    – Fleet Line Markers
    – Mana Pacific Consultants
    – Mufftech
    – Powa Products International Ltd
    Gallagher Insurance Best Established Business
    – Biophive
    – ITL
    – IPU New Zealand
    – Noske Rail
    – NZP (an ICE Pharma Company)
    – OBO
    CentrePort Excellence in Innovation
    – NovaLabs
    – Proliant Health & Biologicals
    – Sharesies
    – The Village Goldsmith
    Business Central Excellence in Sustainability
    – NZP (an ICE Pharma Company)
    – Fleet Line Markers
    – BioLumic
    All category winners are also eligible for the supreme award, ASB Exporter of the Year. In 2024, Wellington’s Lane Street Studios received both Best Emerging Business and the supreme award. Lane Street Studios CEO Kirsty Grant says:
    “Being recognised as Best Emerging Business and overall Exporter of the Year in 2024 was a significant achievement for myself and the team. We have all worked extremely hard to get our business established after building during covid and the myriad of challenges that impacted our industry.
    “As our business is considered to be a weightless export, receiving the recognition of these awards was also an acknowledgement of the substantial contribution our sector makes to the NZ economy – with so much more potential for growth.
    “We are very excited for future exporters to also be recognised for their work in supporting and further developing crucial trade relationships for NZ. Bring on the 2025 awards,” Grant said.
    Gala Dinner and Winners Announcement
    The winners in each category will be revealed during the upcoming Gala Dinner on June 6, at the Palmerston North Conference and Function Centre. Tickets for the event are available for purchase here: ExportNZ ASB Central Region Export Awards 2025 | ExportNZ
    About the ExportNZ ASB Central Region Export Awards:
    The ExportNZ ASB Central Region Export Awards recognize and honour the remarkable work of Wellington exporters, showcasing their contributions to New Zealand’s global reputation. Now in its 9 th year, the awards provide a vital role in celebrating success and fostering growth in the export sector.

    MIL OSI New Zealand News –

  • MIL-OSI Europe: EIB takes part in World Circular Economy Forum 2025 in Brazil to foster competitiveness and sustainable growth

    Source: European Investment Bank

    • EIB to participate in more than 10 sessions at WCEF 2025 from 13-16 May 2025 to discuss circular economy advances
    • EIB financing for circular economy grows to record €1.4 billion in 2024
    • EIB lending to circular economy projects amounts to €5.1 billion over the past five years

    The European Investment Bank (EIB) is participating in the World Circular Economy Forum 2025 (WCEF 2025) from 13-16 May 2025 in São Paulo, Brazil, and online around the globe. The annual WCEF, an initiative of Finland and the Finnish Innovation Fund (Sitra), is one of the world’s leading events on the circular economy, which aims to make production and consumption more sustainable by extending the life cycle of resources, materials and goods.

    The WCEF provides a platform for sharing knowledge and expertise, building networks and advancing the transition to a circular economy. This year’s edition will shed light on the bottlenecks to sustainable growth and the root causes that urgently require circular solutions.

    The EIB, one of the biggest multilateral providers of climate and environment finance, will present to conference participants its array of financing and advisory products to develop and support the circular economy. The EIB will also discuss the role of the circular economy in securing the supply of strategic materials and the benefits of pursuing projects across entire value chains.

    “We are stepping up our support for the circular economy in line with the European Union’s objectives that put circularity at the core of our decarbonisation strategy,” said EIB Vice-President Ambroise Fayolle. “In the past five years, we provided more than €5 billion to co-finance 153 circular economy projects in a variety of sectors. Circularity is key to conserve limited and strategic materials, enhance resilience and competitiveness and reduce our impact on the climate and the environment.”

    EIB lending to circular economy projects has consistently increased over the years, amounting to €5.1 billion in 2020-2024, with a record level of €1.4 billion last year alone. Recently financed projects include a €17 million loan to Europe’s largest iPhone refurbisher Swappie, venture debt financing of €25 million to Fairmat, a French company pioneering the recycling of carbon fibre composite materials, and a €75 million loan to improve solid waste management in Benin.

    Earlier this year, the EIB’s Board of Directors also approved an action plan to step up support for critical raw materials (CRM) with the aim of doubling annual financing for such projects – including circular solutions – to €2 billion. The plan also includes a new CRM Task Force and a dedicated one-stop shop to build and manage a pipeline of CRM operations and advisory activities and increased technical expertise and partnerships

    Join the EIB at WCEF 202

    Vice-President Fayolle is leading the EIB’s participation, starting with a panel at the opening plenary on 13 May. In total, EIB experts will take part in more than 10 sessions. The full list of sessions with EIB speakers is available here.

    People on site can meet staff of the EIB at its stand at the OCA in the Ibirapuera park in São Paulo on 13-14 May.

    For interview requests, please reach out to the press contact below.

    For more information about the EIB’s support to the circular economy visit: Circular economy (eib.org)

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News –

  • MIL-OSI: Alaris Equity Partners Announces $75 Million Bought Deal Offering of 6.50% Convertible Unsecured Senior Debentures

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (“Alaris” or the “Trust”) (TSX: AD.UN) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) led by National Bank Financial, CIBC Capital Markets and Desjardins Capital Markets, and including Acumen Capital Partners, Raymond James Ltd., RBC Capital Markets, Scotiabank, and Cormark Securities Inc. pursuant to which the Underwriters have agreed to purchase $75.0 million aggregate principal amount of convertible unsecured senior debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). The Trust has also granted the Underwriters an option to purchase up to an additional $11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, up to 30 days following closing of the Offering. The Offering is expected to close on or about June 2, 2025 (the “Closing Date”). Unless otherwise stated, all numbers in this press release are presented in Canadian dollars.

    The Trust intends to use the net proceeds of the Offering to partially repay outstanding indebtedness under Alaris’ subsidiary’s senior debt facility (the “Senior Debt Facility”) which may be subsequently redrawn and used to fund future investments in new Partner (as defined below) investments or general trust purposes.

    The Debentures will bear interest at a rate of 6.50% per annum, payable semi-annually in arrears on the last business day of June and December of each year commencing on December 31, 2025. The first payment will include accrued and unpaid interest for the period from the Closing Date to, but excluding, December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

    The Debentures will be direct senior unsecured obligations of the Trust and will rank subordinate to all existing and future senior secured indebtedness of the Trust and any of its subsidiaries, including pursuant to the Senior Debt Facility, and pari passu with each debenture issued under the debenture indenture governing the Debentures (the “Trust Indenture”) and with all other present and future unsubordinated indebtedness of the Trust, including the Trust’s senior unsecured debentures due March 31, 2027, as further detailed in the Trust Indenture. The payment of principal and premium, if any, of, and interest on, the Debentures will be subordinated in right of payment to all senior secured indebtedness. The Trust Indenture will not restrict the Trust or its subsidiaries from incurring additional indebtedness or from mortgaging, pledging or charging its properties to secure any indebtedness or liabilities. None of the Trust’s subsidiaries will guarantee the Debentures.

    The Debentures will be convertible at the holder’s option into units of the Trust (“Units”) at any time prior to the earlier of the close of business on the business day immediately preceding: (i) the Maturity Date June 30, 2030; and (ii) and if called for redemption, the business day immediately preceding the date fixed for redemption of the Debentures at a conversion price of $24.85 per Units, being a ratio of 40.2414 per $1,000 principal amount of Debentures, subject to adjustment in certain events. The Debentures are not redeemable by Alaris before June 30, 2028. On and after June 30, 2028 and prior to June 30, 2029, the Debentures may be redeemed in whole or in part from time to time at the option of Alaris at a price equal to their principal amount plus accrued and unpaid interest, provided that the volume weighted average trading price of the Units on the Toronto Stock Exchange for the 20 consecutive trading days ending on the fifth trading day preceding the date on which the notice of the redemption is given is not less than 125% of the Conversion Price. On and after June 30, 2029, the Debentures may be redeemed in whole or in part from time to time at the option of Alaris at a price equal to their principal amount plus accrued and unpaid interest regardless of the trading price of the Units.

    A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada, other than the province of Québec. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

    This news release is not an offer of securities of Alaris for sale in the United States. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the Debentures may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    ABOUT ALARIS

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Partners”) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Partners.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements“). Statements other than statements of historical fact contained in this news release may be forward-looking statements including, without limitation, management’s expectations, intentions and beliefs concerning: the anticipated Closing Date; the intended use of proceeds of the Offering; the anticipated terms and timing of conversion, redemption and maturity of the Debentures; expectations regarding the filing of a preliminary prospectus and the anticipated jurisdictions for the Offering. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations on which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Key assumptions include, but are not limited to, assumptions that: the required regulatory approvals for the Offering will be obtained in a timely fashion; the Debentures and trust units issued upon the conversion of the Debentures will be listed for trading on the TSX; interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms.

    Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the ability of the Trust to obtain the required regulatory approvals for the Offering; the ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in the Trust’s Management Discussion and Analysis for the year ended December 31, 2024, which is filed under the Trust’s profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

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

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6
    www.alarisequitypartners.com

    The MIL Network –

  • MIL-OSI: Satellogic Reports First Quarter 2025 Financial Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    Revenue of $3.4 million in 1Q 2025

    Domestication to U.S. Completed

    Awarded $30 Million Contract for AI-First Constellation and Closed $20 Million Registered Direct Offering

    NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and reported its financial results for the three months ended March 31, 2025.

    “The year is off to a great start with our recent announcements in April related to our $30 million low latency, near-daily AI-first constellation contract, our sovereign defense and intelligence imagery sales to Brazil and Singapore, and the closing of a registered direct offering in which we received $20 million in gross proceeds, which further strengthened our liquidity position. These milestones, coupled with the completion of our domestication during the first quarter, positions Satellogic to focus on significant growth opportunities, underscoring the value of our data insights and technology,” said Satellogic CEO, Emiliano Kargieman.

    Rick Dunn, Chief Financial Officer, added, “In terms of financial results, we ended the quarter with $17.7 million of cash on hand (which does not include the proceeds from the aforementioned offering) and continued to reduce our cash used in operations by $5.4 million, or 53%, compared to the three months ended March 31, 2024. Our revenue also increased modestly by 2% to $3.4 million compared to the prior year period.”

    “We expect that our revenue for 2025 will largely be dependent on closing opportunities within our Space Systems line of business, which we anticipate will contribute considerable per unit cash flow and strong gross margin. As we look to 2025 and beyond, management continues to focus on near-term growth opportunities and moving the Company forward on a path to profitability,” concluded Dunn.

    Financial Results for the Three Months Ended March 31, 2025

    • Revenue for the three months ended March 31, 2025, increased by $0.1 million, or 2%, to $3.4 million, as compared to revenue of $3.3 million for the three months ended March 31, 2024. The increase was driven primarily by a $0.4 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a $0.4 million decrease in revenue generated from the Space Systems business line. Revenue for the three months ended March 31, 2025 included $2.6 million attributable to our Asset Monitoring line of business, $0.4 million attributable to our Space Systems line of business, and $0.4 million attributable to our CaaS line of business compared to $2.2 million, $0.7 million and $0.4 million, respectively, in the prior period.
    • Cost of Sales, exclusive of depreciation, decreased $0.1 million, or 5%, to $1.2 million for the three months ended March 31, 2025 from $1.3 million for the three months ended March 31, 2024. The decrease was driven primarily by lower Space Systems costs on lower sales volume, partially offset by higher outsourced ground station costs. However, as a percentage of revenue, our cost of sales were 37% for the three months ended March 31, 2025, as compared to 39% for the three months ended March 31, 2024.
    • Selling, General and Administrative expenses decreased $2.9 million, or 31%, to $6.5 million during the three months ended March 31, 2025, from $9.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a $0.5 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and professional fees related to the secured convertible notes in 2024, partially offset by professional fees related to our domestication in 2025. The decrease was also partially driven by decreases in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024.
    • Engineering expenses decreased $1.9 million, or 43%, to $2.5 million for the three months ended March 31, 2025 from $4.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024. The decrease was also partially driven by other expense reductions resulting from continued cash control measures during 2024, including the termination of our high-throughput plant lease in the Netherlands.
    • Net loss for the three months ended March 31, 2025, increased by $17.4 million to $32.6 million, as compared to a net loss of $15.2 million for the three months ended March 31, 2024. The increase was primarily driven by an increase in the change in fair value of financial instruments ($21.6 million) and other (expense) income, net ($1.6 million) offset by increases in revenue and decreases in operating costs.
    • Non-GAAP Adjusted EBITDA loss for the three months ended March 31, 2025, improved by $3.1 million to $6.1 million, from an Adjusted EBITDA loss of $9.1 million for the three months ended March 31, 2024, primarily due to year-over-year increases in revenue and decreases in operating expenses.
    • Cash and Cash Equivalents were $17.7 million at March 31, 2025, compared to $22.5 million at December 31, 2024.
    • Net cash used in operating activities was $4.7 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended December 31, 2024. This decline in net cash used by operations was primarily due to workforce reduction and overall cost control initiatives.

    Use of Non-GAAP Financial Measures

    We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they provide meaningful supplemental information regarding our performance and liquidity by removing the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, depreciation, capital expenditures and other non-cash items (i.e., embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.

    We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2024 and 2023.

    We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for professional fees related to the secured convertible notes, other expense (income), net, changes in the fair value of financial instruments and stock-based compensation. Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance.

    The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.

      Three Months Ended March 31,
    (in thousands of U.S. dollars)   2025       2024  
    Net loss available to stockholders $ (32,581 )   $ (15,178 )
    Interest expense   —       9  
    Income tax expense   715       1,433  
    Depreciation expense   2,687       2,845  
    Non-GAAP EBITDA $ (29,179 )   $ (10,891 )
    Professional fees related to Secured Convertible Notes   —       971  
    Other expense (income), net   167       (1,401 )
    Change in fair value of financial instruments   22,361       752  
    Stock-based compensation   595       1,446  
    Non-GAAP Adjusted EBITDA $ (6,056 )   $ (9,123 )
     

    About Satellogic

    Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

    Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.

    With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.

    To learn more, please visit: http://www.satellogic.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategic realignment as a U.S. company, and the visibility and high growth opportunities it will provide in connection therewith. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an 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 the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for EO services, (xvii) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xviii) unknown defects or errors in our products, (xix) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules and (xxvi) the anticipated benefits of the domestication may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 10-K and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

    Contacts

    Investor Relations:

    Ryan Driver, VP of Strategy & Corporate Development
    ryan.driver@satellogic.com

    Media Relations:

    Satellogic
    pr@satellogic.com

    SATELLOGIC INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    UNAUDITED
     
      Three Months Ended March 31,
    (in thousands of U.S. dollars, except share and per share amounts)   2025       2024  
    Revenue $ 3,387     $ 3,328  
    Costs and expenses      
    Cost of sales, exclusive of depreciation shown separately below   1,237       1,305  
    Selling, general and administrative   6,485       9,389  
    Engineering   2,493       4,387  
    Depreciation expense   2,687       2,845  
    Total costs and expenses   12,902       17,926  
    Operating loss   (9,515 )     (14,598 )
    Other (expense) income, net      
    Interest income, net   177       204  
    Change in fair value of financial instruments   (22,361 )     (752 )
    Other (expense) income, net   (167 )     1,401  
    Total other (expense) income, net   (22,351 )     853  
    Loss before income tax   (31,866 )     (13,745 )
    Income tax expense   (715 )     (1,433 )
    Net loss available to stockholders $ (32,581 )   $ (15,178 )
    Other comprehensive loss      
    Foreign currency translation gain (loss), net of tax   257       (137 )
    Comprehensive loss $ (32,324 )   $ (15,315 )
           
    Basic net loss per share for the period attributable to holders of Common Stock $ (0.34 )   $ (0.17 )
    Basic weighted-average Common Stock outstanding   96,655,349       90,331,496  
    Diluted net loss per share for the period attributable to holders of Common Stock $ (0.34 )   $ (0.17 )
    Diluted weighted-average Common Stock outstanding   96,655,349       90,331,496  
    SATELLOGIC INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    UNAUDITED
     
      March 31,   December 31,
    (in thousands of U.S. dollars, except per share and par value amounts)   2025       2024  
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 17,716     $ 22,493  
    Restricted cash   305       —  
    Accounts receivable, net of allowance of $148 and $148, respectively   1,799       1,464  
    Prepaid expenses and other current assets   4,274       3,907  
    Total current assets   24,094       27,864  
    Property and equipment, net   25,802       27,228  
    Operating lease right-of-use assets   6,538       877  
    Other non-current assets   4,968       5,722  
    Total assets $ 61,402     $ 61,691  
    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY      
    Current liabilities      
    Accounts payable $ 3,742     $ 3,754  
    Warrant liabilities   14,902       11,511  
    Earnout liabilities   1,992       1,501  
    Operating lease liabilities   989       363  
    Contract liabilities   6,308       5,871  
    Accrued expenses and other liabilities   13,661       11,621  
    Total current liabilities   41,594       34,621  
    Secured Convertible Notes at fair value   96,590       79,070  
    Operating lease liabilities   5,812       516  
    Other non-current liabilities   498       516  
    Total liabilities   144,494       114,723  
    Commitments and contingencies      
    Stockholders’ (deficit) equity      
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       —  
    Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 84,451,437 shares issued and 83,883,614 shares outstanding as of March 31, 2025 and 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024   —       —  
    Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
    Treasury stock, at cost, 567,823 shares as of March 31, 2025 and 567,823 shares as of December 31, 2024   (8,603 )     (8,603 )
    Additional paid-in capital   358,511       356,247  
    Accumulated other comprehensive loss   (314 )     (571 )
    Accumulated deficit   (432,686 )     (400,105 )
    Total stockholders’ (deficit) equity   (83,092 )     (53,032 )
    Total liabilities and stockholders’ (deficit) equity $ 61,402     $ 61,691  
    SATELLOGIC INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    UNAUDITED
     
      Three Months Ended March 31,
    (in thousands of U.S. dollars)   2025       2024  
    Cash flows from operating activities:      
    Net loss $ (32,581 )   $ (15,178 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation expense   2,687       2,845  
    Operating lease expense   421       538  
    Stock-based compensation   595       1,446  
    Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes   20,691       752  
    Foreign exchange differences   (188 )     (643 )
    Loss on disposal of property and equipment   28       78  
    Expense for estimated credit losses on accounts receivable, net of recoveries   —       16  
    Non-cash change in contract liabilities   (46 )     (501 )
    Other, net   —       56  
    Changes in operating assets and liabilities:      
    Accounts receivable   (21 )     (932 )
    Prepaid expenses and other current assets   830       (377 )
    Accounts payable   569       1,764  
    Contract liabilities   438       (25 )
    Accrued expenses and other liabilities   2,024       601  
    Operating lease liabilities   (169 )     (555 )
    Net cash used in operating activities   (4,722 )     (10,115 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (1,913 )     (1,942 )
    Net cash used in investing activities   (1,913 )     (1,942 )
    Cash flows from financing activities:      
    Proceeds from issuance of Common Stock under ATM Program, net of transaction costs   1,143       —  
    Payments for withholding taxes related to the net share settlement of equity awards   (375 )     (184 )
    Proceeds from exercise of stock options   916       —  
    Net cash provided by (used in) financing activities   1,684       (184 )
    Net (decrease) increase in cash, cash equivalents and restricted cash   (4,951 )     (12,241 )
    Effect of foreign exchange rate changes on cash and cash equivalents   177       542  
    Cash, cash equivalents and restricted cash – beginning of period   23,682       24,603  
    Cash, cash equivalents and restricted cash – end of period $ 18,908     $ 12,904  

    The MIL Network –

  • MIL-OSI Security: International coalition uncovers EUR 3 million online investment fraud

    Source: Eurojust

    Using the method of cyber trading, the group was able to make considerable profits and defraud victims of their substantial savings. The criminals created a fake online trading platform that promised large profits in a short period of time. After initially transferring modest sums of money to the platform, victims are then persuaded by fake charts that they will make large profits. Using psychological pressure, fake brokers call their victims to convince them to transfer higher amounts to the platform. The money transferred by the victims is never invested and instead goes directly to the criminal group. Authorities are aware of approximately 100 victims, but they believe more people have fallen victim to the OCG. 

    German authorities started investigating the fake platform after a married couple reported the scam to the police. The initial investigation focused on the holder of the bank account to which the couple had transferred their savings. The authorities soon uncovered an international criminal group behind the fake investment platform. On 6 September 2022, during the first action day in this investigation, authorities searched multiple locations in Belgium and Latvia, arrested two suspects and seized important evidence. This evidence was instrumental in identifying seven more members of the criminal group, including the managers of the call centres used to convince victims to invest more money. 

    The second action day took place on 13 May 2025. A total of eight searches took place simultaneously in Albania, Cyprus and Israel and executed six interrogations.  During the searches, authorities seized evidence to continue the investigation such as electronic devices and documents as well as cash.  A suspect in Cyprus was arrested with the intention of either surrendering or extraditing them to Germany. Investigations into the investment fraud will continue. 

    As victims were identified across the world and the group operated globally, international cooperation was essential. Eurojust ensured that judicial authorities worked together smoothly and efficiently from the start of the investigation in 2022. For the second phase of the investigation, Eurojust facilitated all judicial cooperation requests and coordinated the action day from its headquarters in The Hague. Europol provided operational support throughout the investigation, deploying mobile offices in Israel, Albania and the United Kingdom. A virtual command post was also set up by Europol to facilitate real-time coordination and intelligence sharing.

    The following authorities carried out the operations:

    • Germany: Public Prosecutor’s Office at the Itzehoe Regional Court, Department for Combating Cybercrime; District Criminal Investigation Office Kiel
    • Cyprus: Attorney General’s Office; Cyprus Police; Unit for Combating Money Laundering (MOKAS)
    • Albania: Special Prosecution Office against Corruption and Organised Crime
    • United Kingdom: National Crime Agency
    • Israel: Israeli Police –  National Cybercrime Unit, LAHAV 433 together with the Coordination and Operational Division in the Intelligence Branch

    This operation was carried out as part of the European Multidisciplinary Platform Against Criminal Threats (EMPACT).

    EMPACT tackles the most important threats posed by organised and serious international crime affecting the European Union. EMPACT strengthens intelligence and strategic and operational cooperation between national authorities, EU institutions and bodies, and international partners. EMPACT runs in four-year cycles focusing on common EU crime priorities. Fraud, economic and financial crimes are among the priorities for the 2022-2025 Policy Cycle.

    MIL Security OSI –

  • MIL-OSI Russia: Financial news: More than 5.7 thousand Russian companies concluded transactions on the money market in April 2025

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    Russian businesses actively use the exchange infrastructure to place and attract funds on market terms with the most flexible parameters and a wide range of counterparties. The number of Russian commercial organizations that concluded transactions on the money market in April 2025 was a record and amounted to 5.7 thousand (16% since the beginning of 2025).

    The average daily open position of Russian companies in money market instruments in April 2025 increased to 1.8 trillion rubles, which is twice as high as the average daily figure in 2024.

    The volume of transactions of Russian companies with direct access to the deposit market with a central counterparty (CCP) amounted to 10.4 trillion rubles at the end of April, which is almost three times higher than the average monthly volume of their transactions in 2024.

    The volume of transactions by corporate clients using brokerage access to the Moscow Exchange repo market reached 17.6 trillion rubles in April, which is twice their average monthly volume in 2024.

    Almost 300 companies, including almost two dozen new ones entering the market in 2025, today have direct access to the deposit market with the Central Bank. 230 companies use it to conclude transactions in the deposit market with the Central Bank. MOEX Treasury web interfaceOperations in the deposit market are carried out by corporations, banks, insurance companies, management companies, pension funds, etc.

    Deposits with the Central Credit Union (CCU) are a segment of the Moscow Exchange money market that provides the opportunity to place funds on market terms without the need to set limits on individual counterparties using the exchange and settlement infrastructure of the Moscow Exchange Group. The term of the deposit is from one day to one year, the deposit currency is the Russian ruble and the Chinese yuan. Applications for the placement of funds in deposits with the CCU are matched with repo applications with clearing participation certificates (CPC) from professional participants in the securities market on the Moscow Exchange money market, which ultimately contributes to the influx of additional liquidity into the Russian exchange market.

    Operations on the repo market with the help of brokerage access allow Russian companies to use the most liquid market of the Russian Federation to place and attract funds secured by securities from the widest range of counterparties for a period from one day to one year.

    The Moscow Exchange Money Market is one of the most important segments of the Russian financial market, with the help of which both large corporations and small companies and individual investors manage their monetary liquidity. The list of money market instruments includes repo with the Central Credit Union, repo with the Central Credit Union, repo with the Bank of Russia, interdealer repo, deposits with the Central Credit Union, loans, as well as deposit and loan auctions. The Moscow Exchange acts as the organizer of trades, clearing and settlements are carried out by the National Clearing Center (NCC, part of the Moscow Exchange Group).

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI: Gevo Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Revenue Increased $25 Million Compared to First Quarter of 2024 Due to Strategic Growth Initiatives 

    Further Revenue and Adjusted EBITDA1Growth is Expected in 2025 

    Gevo to Host Conference Call Today at 4:30 p.m. ET

    ENGLEWOOD, Colo., May 13, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost-effective, renewable hydrocarbon fuels and chemicals that also can deliver significant carbon emission abatement, today announced financial results for the first quarter ended March 31, 2025.

    Recent Corporate Highlights: Continuing on a Path to Positive Adjusted EBITDA1 

    • Revenue and Adjusted EBITDA growth: Total operating revenue increased by approximately $25 million in the first quarter of 2025 compared to the first quarter of 2024.
      • This increase was primarily driven by inorganic revenue growth of $23 million during the last two months of the quarter from Gevo North Dakota (through the acquisition of substantially all of the assets of Red Trail Energy, LLC, which closed on January 31, 2025). Gevo’s consolidated financials for the first quarter of 2025 include Gevo North Dakota results for the two months of February and March 2025.
      • RNG total operating revenue increased by $1.7 million, or 42%, compared to the first quarter of 2024. This was primarily driven by receiving approval of a -339 gCO2e/MJ carbon intensity (“CI”) score for our RNG project from the California Air Resources Board (“CARB”) under their Low Carbon Fuel Standard (“LCFS”) program, partially offset by lower Renewable Identification Number (“RIN”) prices.
      • We expect further Adjusted EBITDA1 growth through the rest of 2025 as a result of the expected monetization of Section 45Z tax credits generated by our low-carbon ethanol and biogas facilities.
      • Other revenue, including sales of isooctane and software services, also increased by $0.6 million in the first quarter of 2025 compared to the first quarter of 2024.
    • Carbon abatement, a new product that can be sold: Gevo is actively developing the customers and markets for voluntary carbon abatement. Our drop-in fuel products generated total carbon abatement (i.e., emissions sequestered, reduced or avoided by using renewable instead of fossil inputs) of over 100 thousand metric tons of CO2 in the first quarter of 2025.
      • This carbon abatement includes captured and sequestered volume of approximately 29 thousand metric tons of CO2 at Gevo North Dakota during the two months of February and March 2025.
      • During the same period, Gevo North Dakota produced approximately 11.1 million gallons of low-carbon ethanol at an estimated CI of 21 gCO2e/MJ, contributing approximately 47 thousand metric tons of carbon abatement.
      • RNG had production of 79,963 MMBtu in the first quarter of 2025 and over 60,000 metric tons of carbon credits were generated in the California LCFS system.

    _________________________
    1  Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, and the change in fair value of derivative instruments to GAAP loss from operations as well as monetized tax credits, if any. A reconciliation of adjusted EBITDA to GAAP loss from operations is provided in the financial statement tables following this release. Adjusted EBITDA was referred to as “cash EBITDA” in previous periods.

    • New offtake agreements for jet fuel and carbon abatement: In April 2025, Gevo signed a pioneering offtake agreement with Future Energy Global (“FEG”), under which FEG will acquire from Gevo the Scope 1 and Scope 3 emissions credits from 10 million gallons per year of fuel to be produced at one of our planned alcohol-to-jet (“ATJ”) facilities. Additionally, we entered into an agreement with a separate undisclosed party for an additional five million gallons per year of SAF, without the carbon value or Scope 1 and Scope 3 emissions credits attached. The carbon abatement for this additional 5 million gallons has been sold to a separate party, not the fuel buyer. Note that Scope 1 and Scope 3 emissions credits are in addition to, and separate from, state and federal compliance credits. These offtake agreements are expected to be useful for financing our ATJ projects in South Dakota or North Dakota.
    • Verity: Verity is our wholly owned, data verification platform that enables traceable, audit-ready carbon abatement accounting across complex supply chains, supporting regulatory compliance and carbon market participation. In the first quarter of 2025, Verity announced agreements with two new customers, Landus and Minnesota Soybean Processors. These agreements provide access to those customers to track and verify sustainable agriculture attributes, while streamlining compliance reporting and auditability.

    2025 First Quarter Financial Highlights

    • Ended the first quarter with cash, cash equivalents and restricted cash of $134.9 million.
    • Combined operating revenue and investment income was $30.9 million for the first quarter.
      • On a standalone basis, our RNG subsidiary generated revenue of $5.7 million during the first quarter of 2025. This reflects an increase of $1.7 million compared to the previous year, driven by increased LCFS credit generation due to our carbon score for the LCFS program, partially offset by reduced RIN prices. 
    • Loss from operations of $20.1 million for the first quarter.
    • Non-GAAP Adjusted EBITDA loss1 of $15.4 million for the first quarter.
    • Sale of environmental attributes by our RNG subsidiary of $5.4 million for the first quarter.
    • Gevo RNG generated income from operations of $0.5 million, and non-GAAP Adjusted EBITDA1 of $2.7 million for the first quarter.
    • Gevo North Dakota generated income from operations of $1.1 million, and non-GAAP Adjusted EBITDA1 of $1.8 million for the first quarter.
    • Net loss per share of $0.09 for the first quarter.

    Management Comment 

    Dr. Patrick Gruber, Gevo’s Chief Executive Officer, commented, “We believe we can get to positive Adjusted EBITDA this year for the company. This is in spite of the perceived headwinds and noise in the marketplace. We have real products to sell now that we own our North Dakota plant. Gevo North Dakota produces ethanol, animal feed, corn oil, and importantly, carbon abatement. The carbon abatement value is generated by capturing CO2 and sending it more than a mile underground into what we think is the best well (or sequestration site) in the country. Having this carbon abatement available to us has opened up new doors in the marketplace as customers and partners don’t have to wait around for synthetic aviation fuel (“SAF”) projects to be built to start developing the market in a real sense. We have approval from the Internal Revenue Service to apply for the Section 45Z tax credit, so we will do that, and that should help meet our Adjusted EBITDA goals.”

    Dr. Gruber continued, “We continue to believe that SAF offers an excellent market opportunity. We see that jet fuel demand, beyond SAF, is expected to grow. We continue to believe that alcohol-to-jet offers the most scalable and lowest cost of production route. We need to get plants financed and deployed. To that end, we are doing a few things. First, we continue to be engaged with the U.S. Department of Energy on financing our ATJ-60 project, which we believe advances the stated objectives of the White House to produce more home-made energy including ethanol, biofuels and jet fuel. Second, we are translating the designs and engineering from the ATJ-60 to deploy an ATJ plant that can produce 30 million gallons per year of jet fuel at our Gevo North Dakota site (“ATJ-30”). We expect that this ATJ-30 plant will be near-fully modularized to minimize cost, construction, and start-up risks, and be able to be deployed sooner than or on a similar timeframe as ATJ-60. We already have more than 50% of the capacity of the ATJ-30 sold. Third, by driving down capital costs, we expect that there will be several opportunities for us to “sell” plants, and license our technology portfolio in the future.”

    “Unlike other companies in the ATJ space,” Dr. Gruber added, “we are using tried and true, proven at scale, unit operations to produce jet fuel. We figured out how to optimize them, integrate them, and make the jet fuel product in extremely high yield, with low production cost and a very low CI score. We have more than 100 patents covering the business system and technologies for ethanol to jet fuel and other hydrocarbons. We are pleased that Axens, who is the preeminent supplier of the various unit operations needed to make jet fuel from ethylene, including winning a Nobel prize for the trickiest step, has taken a license from Gevo for advanced ATJ processes. We are continuing to strengthen our partnership with Axens.”

    “We are also aligning our strategic goals with fiscal discipline measures that should further enable our conservation of cash and realization of our target Adjusted EBITDA growth and strong fiscal year performance.”

    Dr. Gruber concluded, “I like our position: we have operating assets that contribute Adjusted EBITDA, we have mature jet fuel projects, we have one of the few operating carbon capture and sequestration operations, we are developing markets with advanced carbon sequestration operations, we have a terrific site in North Dakota to build out capacity for jet fuel and other products, and we have a strong proprietary position given our patents and know-how.”

    2025 First Quarter Financial Results

    Operating revenue. During the three months ended March 31, 2025, operating revenue increased by $25.1 million compared to the three months ended March 31, 2024. This increase was primarily due to $22.8 million in revenue from Gevo North Dakota in the two months we have owned it, $1.7 million in additional revenue from our RNG project driven by an increase in LCFS credits generated due to our improved carbon score for the LCFS program offset by a decline in RIN prices, and $0.5 million from the sale of isooctane. During the three months ended March 31, 2025, we sold 79,963 MMBtu of RNG from our RNG project, resulting in $0.3 million in RNG sales and $5.4 million in environmental attribute sales.

    Cost of production. Cost of production increased $18.9 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to $21.7 million from Gevo North Dakota, partially offset by $3.6 million of future corn basis gains.

    Depreciation and amortization. Depreciation and amortization increased $1.2 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to $3.5 million of depreciation related to Gevo North Dakota, partially offset by a $2.6 million reduction of depreciation related to assets fully depreciated at our facility in Luverne, Minnesota (the “Luverne Facility”).

    Research and development expense. Research and development expenses decreased $0.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to decreased consulting expenses and professional fees.

    General and administrative expense. General and administrative expense decreased $1.1 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a $2.3 million decrease in stock-based compensation, partially offset by $0.5 million higher employee costs, $0.2 million increase in insurance costs and $0.2 million increase in computer and software costs.

    Project development costs. Project development costs are primarily related to our ATJ projects and Verity, which consist primarily of employee expenses, preliminary engineering costs, and technical consulting fees. Project development costs decreased $0.3 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a $1.8 million wind-down fee incurred in 2024, partially offset by $1.1 million of additional employee related costs.

    Acquisition related costs. Acquisition related costs of $4.4 million are due to our acquisition of Gevo North Dakota.

    Facility idling costs. Facility idling costs are related to the care and maintenance of our Luverne Facility and reprocessing plant. Facility idling costs decreased $0.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to utilizing the reprocessing plant for isooctane production.

    Loss from operations. The Company’s loss from operations decreased by $3.0 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to increased revenues from Gevo North Dakota and the reduction of general and administrative expenses, partially offset by the acquisition related costs.

    Interest expense. Interest expense increased $2.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the debt used to acquire Gevo North Dakota and a higher interest rate on our remarketed RNG bonds.

    Interest and investment income. Interest and investment income decreased $2.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the usage of cash for the acquisition of Gevo North Dakota and to fund our capital projects and operating costs, resulting in a lower balance of cash equivalent investments during the three months ended March 31, 2025.

    Other income (expense), net. Other income (expense), net remained flat for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

    Webcast and Conference Call Information

    Hosting today’s conference call at 4:30 p.m. ET will be Dr. Patrick R. Gruber, Chief Executive Officer, Dr. Chris Ryan, President and Chief Operating Officer, L. Lynn Smull, Chief Financial Officer, Dr. Paul Bloom, Chief Business Officer and Dr. Eric Frey, Vice President of Finance and Strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights.

    To participate in the live call, please register through the following event weblink: https://register-conf.media-server.com/register/BI14d4db26011d45b9871ce05b8b3c5a63. After registering, participants will be provided with a dial-in number and pin.

    To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/xd9v2i3x.

    A webcast replay will be available two hours after the conference call ends on May 13, 2025. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent CCS facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty ATJ fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Forward-Looking Statements

    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, the financing and the timing of our ATJ-60 project, our ATJ-30 project, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our RNG project, our sales agreements, our plans to develop our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, the ability of our products to contribute to lower greenhouse gas emissions, particulate and sulfur pollution, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Non-GAAP Financial Information

    This press release contains a financial measure that does not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted EBITDA. Non-GAAP adjusted EBITDA excludes depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation from GAAP loss from operations. Management believes this measure is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial measure also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial measure is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.

    Gevo, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share amounts)

               
      March 31, 2025   December 31, 2024
    Assets          
    Current assets          
    Cash and cash equivalents $ 65,288     $ 189,389  
    Restricted cash   1,489       1,489  
    Trade accounts receivable, net   11,746       2,411  
    Inventories   16,787       4,502  
    Prepaid expenses and other current assets   8,545       5,920  
    Total current assets   103,855       203,711  
    Property, plant and equipment, net   339,070       221,642  
    Restricted cash   68,155       68,155  
    Operating right-of-use assets   2,283       1,064  
    Finance right-of-use assets   1,540       1,877  
    Intangible assets, net   52,113       8,129  
    Goodwill   41,605       3,740  
    Deposits and other assets   69,179       75,623  
    Total assets $ 677,800     $ 583,941  
    Liabilities          
    Current liabilities          
    Accounts payable and accrued liabilities $ 28,770     $ 22,006  
    Operating lease liabilities   692       333  
    Finance lease liabilities   1,610       2,001  
    Loans payable   19,925       21  
    Total current liabilities   50,997       24,361  
    Remarketed Bonds payable, net   67,317       67,109  
    Loans payable   79,773       —  
    Operating lease liabilities   1,840       966  
    Finance lease liabilities   210       187  
    Asset retirement obligation   2,142       —  
    Other long-term liabilities   729       1,830  
    Total liabilities   203,008       94,453  
               
    Redeemable non-controlling interest   4,955       —  
               
    Equity          
    Common stock, $0.01 par value per share; 500,000,000 shares authorized; 239,562,995 and 239,176,293 shares issued and outstanding at March 31, 2025, and December 31, 2024, respectively.   2,396       2,392  
    Additional paid-in capital   1,289,406       1,287,333  
    Accumulated deficit   (821,965 )     (800,237 )
    Total stockholders’ equity   469,837       489,488  
    Total liabilities and stockholders’ equity $ 677,800     $ 583,941  
                   

    Gevo, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except share and per share amounts)

               
      Three Months Ended March 31, 
      2025   2024
    Total operating revenues $ 29,109     $ 3,990  
    Operating expenses:          
    Cost of production   21,446       2,587  
    Depreciation and amortization   5,622       4,451  
    Research and development expense   1,052       1,548  
    General and administrative expense   11,084       12,150  
    Project development costs   5,002       5,319  
    Acquisition related costs   4,438       —  
    Facility idling costs   604       1,076  
    Total operating expenses   49,248       27,131  
    Loss from operations   (20,139 )     (23,141 )
    Other (expense) income          
    Interest expense   (3,294 )     (542 )
    Interest and investment income   1,770       4,593  
    Other (expense) income, net   (110 )     215  
    Total other (expense) income, net   (1,634 )     4,266  
    Net loss   (21,773 )     (18,875 )
    Net loss attributable to non-controlling interest   (45 )     —  
    Net loss attributable to Gevo, Inc. $ (21,728 )   $ (18,875 )
               
    Net loss per share – basic and diluted $ (0.09 )   $ (0.08 )
    Weighted-average number of common shares outstanding – basic and diluted   232,027,993       240,844,334  
                   

    Gevo, Inc.
    Condensed Consolidated Statements of Stockholders’ Equity
    (In thousands, except share amounts)

                               
      For the Three Months Ended March 31, 2025 and 2024
                               
                               
      Common Stock         Accumulated    Stockholders’
      Shares      Amount      Paid-In Capital      Deficit   Equity
    Balance, December 31, 2024   239,176,293     $ 2,392     $ 1,287,333     $ (800,237 )   $ 489,488  
    Non-cash stock-based compensation   —       —       1,898       —       1,898  
    Stock-based awards and related share issuances, net   386,702       4       175       —       179  
    Net loss   —       —       —       (21,728 )     (21,728 )
    Balance, March 31, 2025   239,562,995     $ 2,396     $ 1,289,406     $ (821,965 )   $ 469,837  
                               
    Balance, December 31, 2023   240,499,833     $ 2,405     $ 1,276,581     $ (721,597 )   $ 557,389  
    Non-cash stock-based compensation   —       —       4,233       —       4,233  
    Stock-based awards and related share issuances, net   1,204,232       12       583       —       595  
    Repurchase of common stock   (2,127,661 )     (21 )     (1,376 )     —       (1,397 )
    Net loss   —       —       —       (18,875 )     (18,875 )
    Balance, March 31, 2024   239,576,404     $ 2,396     $ 1,280,021     $ (740,472 )   $ 541,945  
                                           

    Gevo, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)

               
      Three Months Ended March 31, 
      2025   2024
    Operating Activities          
    Net loss $ (21,773 )   $ (18,875 )
    Adjustments to reconcile net loss to net cash used in operating activities:          
    Stock-based compensation   1,898       4,233  
    Depreciation and amortization   5,622       4,451  
    Change in fair value of derivative instruments   (2,732 )     —  
    Other non-cash (income) expense   1,004       656  
    Changes in operating assets and liabilities, net of effects of acquisition:          
    Accounts receivable   (4,355 )     135  
    Inventories   (1,045 )     (55 )
    Prepaid expenses and other current assets, deposits and other assets   (2,264 )     (3,297 )
    Accounts payable, accrued expenses and non-current liabilities   (403 )     (3,326 )
    Net cash used in operating activities   (24,048 )     (16,078 )
    Investing Activities          
    Acquisitions of property, plant and equipment   (5,834 )     (17,512 )
    Acquisition of Red Trail Energy   (198,461 )     –  
    Net cash used in investing activities   (204,295 )     (17,512 )
    Financing Activities          
    OIC loan proceeds   105,000       —  
    Payment of debt issuance costs   (5,480 )     —  
    Non-controlling interest   5,000       —  
    Proceeds from the exercise of stock options   179       —  
    Payment of loans payable   —       (32 )
    Payment of finance lease liabilities   (457 )     (23 )
    Repurchases of common stock   —       (1,397 )
    Net cash provided by (used in) financing activities   104,242       (1,452 )
    Net decrease in cash and cash equivalents   (124,101 )     (35,042 )
    Cash, cash equivalents and restricted cash at beginning of period   259,033       375,597  
    Cash, cash equivalents and restricted cash at end of period $ 134,932     $ 340,555  
                   

    Gevo, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (In thousands)

               
      Three Months Ended March 31, 
      2025   2024
    Non-GAAP Adjusted EBITDA (Consolidated):          
    Loss from operations $ (20,139 )   $ (23,141 )
    Depreciation and amortization   5,622       4,451  
    Stock-based compensation   1,898       4,233  
    Change in fair value of derivative instruments   (2,732 )     —  
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (15,351 )   $ (14,457 )
      Three Months Ended March 31, 2025
                           
      Gevo   GevoFuels   GevoRNG   GevoND   Consolidated
    Non-GAAP Adjusted EBITDA (Consolidated):                            
    (Loss) income from operations $ (20,984 )   $ (724 )   $ 469     $ 1,100     $ (20,139 )
    Depreciation and amortization   747       —       1,403       3,472       5,622  
    Allocated intercompany expenses for shared service functions   (890 )     —       890       —       —  
    Stock-based compensation   1,937       —       (39 )     —       1,898  
    Change in fair value of derivative instruments   —       —       —       (2,732 )     (2,732 )
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (19,190 )   $ (724 )   $ 2,723     $ 1,840     $ (15,351 )
                                           
      Three Months Ended March 31, 2024
                       
      Gevo   GevoFuels   GevoRNG   Consolidated
    Non-GAAP Adjusted EBITDA (Consolidated):                      
    Loss from operations $ (20,126 )   $ (1,010 )   $ (2,005 )   $ (23,141 )
    Depreciation and amortization   3,077       —       1,374       4,451  
    Allocated intercompany expenses for shared service functions   (890 )     —       890       —  
    Stock-based compensation   4,199       —       34       4,233  
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (13,740 )   $ (1,010 )   $ 293     $ (14,457 )
                                   

    Media Contact
    Heather Manuel
    Vice President of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance and Strategy
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: AGM Group Holdings Inc. Files 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    Beijing, May 13, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the “SEC”) on May 13, 2025. 

    The annual report on Form 20-F can be accessed on the SEC’s website at www.sec.gov and on the Company’s investor relations website at www.agmprime.com. The Company will also provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders upon request.

    About AGM Group Holdings Inc.

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

    For more information, please contact:

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

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

    The MIL Network –

  • MIL-OSI: Robinhood Markets, Inc. Reports April 2025 Operating Data

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., May 13, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for April 2025.

    • Funded Customers at the end of April were 25.9 million (up approximately 120 thousand from March 2025, up approximately 2 million year-over-year).
    • Total Platform Assets at the end of April were $232 billion (up 5% from March 2025, up 88% year-over-year). Net Deposits were $6.8 billion in April, or a 37% annualized growth rate relative to March 2025 Total Platform Assets. Over the last twelve months, Net Deposits were $59.2 billion, or an annual growth rate of 48% relative to April 2024 Total Platform Assets.
    • Equity Notional Trading Volumes were $157.8 billion (up 26% from March 2025, up 123% year-over-year). Options Contracts Traded were 167.5 million (roughly flat to March 2025, up 32% year-over-year). Crypto Notional Trading Volumes were $8.6 billion (down 24% from March 2025, down 15% year-over-year).
    • Margin balances at the end of April were $8.4 billion (down 5% from the end of March 2025, up 105% year-over-year).
    • Total Cash Sweep balances at the end of April were $28.9 billion (up 2% from the end of March 2025, up 51% year-over-year).
    • Total Securities Lending Revenue in April was $25 million (up 4% from March 2025, up 19% year-over-year).
      April
    2025    		 March
    2025    		 M/M
    Change    		 April
    2024    		 Y/Y
    Change
    (M – in millions, B – in billions)          
    Funded Customer Growth (M)          
    Funded Customers 25.9 25.8 – 24.0 +8%
               
    Asset Growth ($B)          
    Total Platform Assets $232.3 $220.6 +5% $123.3 +88%
    Net Deposits $6.8 $7.6 NM $4.9 NM
               
    Trading          
    Trading Days (Equities and Options) 21 21 – 22 (5%)
    Total Trading Volumes          
    Equity ($B) $157.8 $125.6 +26% $70.7 +123%
    Options Contracts (M) 167.5 167.9 – 126.6 +32%
    Crypto ($B) $8.6 $11.3 (24%) $10.1 (15%)
               
    Daily Average Revenue Trades (DARTs) (M)        
    Equity 2.3 2.3 – 1.8 +28%
    Options 1.2 1.1 +9% 0.8 +50%
    Crypto 0.5 0.6 (17%) 0.4 +25%
               
    Customer Margin and Cash Sweep ($B)        
    Margin Book $8.4 $8.8 (5%) $4.1 +105%
    Total Cash Sweep $28.9 $28.2 +2% $19.1 +51%
    Gold Cash Sweep $26.9 $26.4 +2% $18.4 +46%
    Non-Gold Cash Sweep $2.0 $1.8 +11% $0.7 +186%
               
    Total Securities Lending Revenue ($M) $25 $24 +4% $21 +19%

    Note: Net Deposits do not include results from TradePMR.

    For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

    The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investor Relations

    ir@robinhood.com

    Media

    press@robinhood.com

    The MIL Network –

  • MIL-OSI: authID Reports Financial and Operating Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, May 13, 2025 (GLOBE NEWSWIRE) — authID® (Nasdaq: AUID) (“authID” or the “Company”), a leading provider of biometric identity verification and authentication solutions, today reported financial and operating results for the first quarter ended March 31, 2025.

    First Quarter 2025 vs. First Quarter 2024 Financial Summary

    • Total revenue for the quarter increased to $0.30 million, compared to $0.16 million a year ago.
    • Operating expenses were $4.7 million, compared to $3.3 million a year ago.
    • Net loss was $4.3 million, or $0.40 per share, compared to a loss of $3.1 million, or $0.32 per share a year ago.
    • Adjusted EBITDA Loss of $3.9 million (non-GAAP measure as defined below), compared with $2.4 million a year ago.
    • Gross bARR (Booked Annual Recurring Revenue) of $0.01 million (non-GAAP measure as defined below), compared with $0.10 million a year ago.

    “I’m incredibly excited about authID’s growth prospects in 2025 and beyond,” said Rhon Daguro, authID’s Chief Executive Officer. “We have solidified our foundation to become a leader in the evolving and fast-growing biometric authentication market while making progress on our ambitious 2025 goals. We are continuing to advance our conversations with key enterprise and platform partner prospects in order to achieve our bookings targets and are intensifying our focus on the large enterprise and large channel OEM segments as we move through the second quarter.

    “We recently secured nearly $9 million in capital through two financing rounds to improve our balance sheet, broaden our investor base and provide us with additional expertise and support as we scale our business and invest in new opportunities. Through these efforts we have also created an advisory board comprised of two new expert advisors, Eric Swider and Donald Nitti. Both leaders have extensive experience in different industry and government sectors where authID’s biometric identity solutions can address critical needs.

    “As we move through the year, we continue to expect to close multiple Fortune 500 and multi-national customers in 2025, and we are currently in the late stages of our sales cycle with these potential customers. I’m pleased with our momentum to date and remain confident that we will sign new customers and drive significant growth towards our $18 million bookings target for 2025.”

    Recent Business and Operational Highlights

    • Secured nearly $9 million dollars after expenses from existing and new shareholders through two registered direct offerings, while also creating an advisory board comprised of two new expert advisors, Eric Swider and Donald Nitti.
    • Signed a paid live production trial agreement with a Global Fortune 500 prospect to deliver authID’s solution in a controlled rollout. Upon completion, authID expects to secure a longer-term agreement.
    • Advanced to final stages with a Global Fortune 500 biometric hardware provider to embed authID into a solution offering reusable, interoperable identity credentials for employee workforces.
    • Confirmed as the selected vendor by one of the largest identity fraud platforms and are in the final stages of contract negotiations.
    • Launched efforts into the Public Sector by providing a reuseable identity platform for removing the barriers between siloed systems for government workforces.
    • Began integration with a blockchain-based data privacy and security platform to validate identity of data owners through privacy preserving biometrics which bring authID’s technology into smart cities in South America and India to start.
    • Identified new opportunities in the Indian banking sector with our Indian partner to protect high value transactions and account access with authID’s PrivacyKey technology
    • Successfully delivered a proof of concept and entered into contract negotiations with a Fortune 500 prospect to deliver identity verification and biometric solutions.
    • Named “Best ID Management Platform” Award in 2025 FinTech Breakthrough Awards for the third time. authID was recognized for its groundbreaking biometric identity verification technology, which has set a new standard for precision, speed, and data privacy in the fintech industry, as well as the verification landscape at large.

    Financial Results for the First Quarter Ended March 31, 2025

    Total revenue for the three months ended March 31, 2025 was $0.30 million, compared with $0.16 million a year ago.

    Operating expenses for the three months ended March 31, 2025, were $4.7 million, compared to $3.3 million a year ago. The 2025 increase is primarily due to increased headcount investment in sales and R&D.

    Net loss for the three months ended March 31, 2025 was $4.3 million, of which non-cash charges were $0.5 million, compared with a net loss of $3.1 million a year ago, of which non-cash charges were $0.8 million

    Loss per share for the three months ended March 31, 2025 was $0.40, compared with $0.32 a year ago.

    Adjusted EBITDA loss was $3.9 million for the three months ended March 31, 2024, compared with $2.4 million a year ago. The increase in Adjusted EBITDA loss is primarily driven by the increase in headcount investment in sales and R&D. Please refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure).

    Remaining Performance Obligation (RPO) as of March 31, 2025, was $13.85 million, of which $1.01 million is held as deferred revenue and $12.84 million is related to other non-cancellable contracted amounts, compared to RPO of $4.03 million as of March 31, 2024. The Company expects to recognize the full RPO of $13.85 million over the entire life of the contracts, which are typically signed with a 3-year term.

    The gross amount of Booked Annual Recurring Revenue or bARR, (a non-GAAP measure, as defined below), signed in the first quarter of 2025 was $0.01 million, down from $0.10 million of gross bARR a year ago. The net amount of bARR was negative $0.13 million compared to $0.10 million of net bARR signed in the comparable period in 2024. The Q1 bARR is comprised of $0 million in Committed Annual Recurring Revenue (cARR) and $0.01 million in estimated Usage Above Commitments (UAC).

    The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, due to certain customers experiencing delays in Production Go-Live timing and volume ramping. See below for further definition and explanation of ARR and bARR, non-GAAP measures.

    Conference Call

    A conference call and webcast will be held today at 5.00 p.m. EDT, hosted by authID Chief Executive Officer, Rhon Daguro and Chief Financial Officer, Ed Sellitto to discuss the financial results and provide a corporate update. To participate on the live conference call, please access this registration link and you will be provided with dial-in details. To avoid delays, participants are encouraged to dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast of the call will be available at webcast registration and on the “Events & Presentations” page of the Company’s website at investors.authid.ai. Only participants on the live conference call will be able to ask questions.

    A replay of the event and a copy of the presentation will also be available for 90 days at authID’s Investor Relations site.

    About authID Inc.

    authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented biometric identity platform. authID powers biometric identity proofing in 700ms, biometric authentication in 25ms, and account recovery with a fast, accurate, user-friendly experience. With our ground-breaking PrivacyKey Solution, authID provides a 1-to-1-billion false match rate, while storing no biometric data. authID stops fraud at onboarding, blocks deepfakes, prevents account takeover, and eliminates password risks and costs, through the fastest, most frictionless, and most accurate user identity experience demanded by today’s digital ecosystem.

    For further information please visit authid.ai

    Investor Relations Contacts
    authID Investor Relations
    investor-relations@authID.ai

    Media Contacts
    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Forward-Looking Statements

    This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, growth and sales, potential contract signings, booked Annual Recurring Revenue (bARR) (and its components cARR and UAC), Annual Recurring Revenue (ARR), cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the Company’s ability to attract and retain customers; successful implementation of the services to be provided under new customer contracts and their adoption by customers’ users; the Company’s ability to compete effectively; changes in laws, regulations and practices; the increase in international tariffs and uncertainty over international trading conditions, changes in domestic and international economic and political conditions, the impact of the wars in Ukraine and the Middle East, inflationary pressures, changes in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2024 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.

    Non-GAAP Financial Information

    The Company provides certain non-GAAP financial measures in this statement. These non-GAAP key business indicators, which include Adjusted EBITDA, bARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.

    Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors, and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management.

    Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net loss adjusted to exclude (1) interest expense and debt discount and debt issuance costs amortization expense, (2) interest income, (3) depreciation and amortization, (4) stock-based compensation expense (stock options) and certain other items management believes affect the comparability of operating results.

    Please see Table 1 below for a reconciliation of Adjusted EBITDA – continuing operations to net loss – continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.

     
     TABLE 1
    Reconciliation of Loss from Continuing Operations to Adjusted EBITDA Continuing Operations.
     
      Three Months Ended
    March 31,
      2025   2024
    Loss from continuing operations $ (4,339,467 )   $ (3,057,577 )
                   
    Addback:              
                   
    Interest expense, net   12,712       13,138  
    Other income   (51,544 )     (108,920 )
    Depreciation and amortization   30,192       43,408  
    Stock compensation   454,339       722,971  
    Adjusted EBITDA continuing operations (Non-GAAP)   (3,893,768 )     (2,386,980 )
     

    Management believes that bARR and ARR, when viewed with our results under GAAP, provide useful information about the direction of future growth trends of the Company’s revenues. We also rely on bARR as one of several primary measures to review and assess the sales performance of our Company and our management team in connection with our executive compensation. The Company defines Booked Annual Recurring Revenue or bARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned under such contracted orders, looking out eighteen months from the date of signing of each customer contract. This estimate is comprised of two components (1) Committed Annual Recurring Revenue (cARR), which represents the minimum amounts that customers are contractually committed to pay each year over the life of the contract and (2) Usage Above Commitments (UAC), which represents our estimate of the rate of annual recurring revenue arising from actual usage of our services above the contractual minimums, that we believe the Customer will achieve after 18 months. The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, which were subject to attrition, or other downward adjustments during the quarter.

    The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue recognized during the last three months of the relevant period as determined in accordance with GAAP, multiplied by four.

    bARR may be distinguished from ARR, as bARR does not take specifically into account the time to implement any contract for authID’s services, nor for any ramp in adoption, or seasonality of usage of our biometric products but is based on the assumption that 18 months after signing these matters will have been generally resolved. Furthermore, bARR is based on estimates of future revenues under particular contracts, whereas ARR, whilst also forward-looking, is based on historical revenues recognized in accordance with GAAP during the relevant period. A reconciliation of bARR to a GAAP measure is not provided as there is no comparable GAAP measure and we believe that any attempt at such reconciliation may be confusing to investors. bARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:

    • bARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as bARR or ARR at any time.
    • bARR and ARR are to be considered “forward-looking statements” and subject to the same risks, as other such statements (see note on “Forward-Looking Statements” above).
     
    authID INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
      Three Months Ended
    March 31,
      2025   2024
    Revenues, net $ 296,256     $ 157,378  
                   
    Operating Expenses:              
    General and administrative   2,645,700       2,062,361  
    Research and development   1,998,663       1,204,968  
    Depreciation amortization   30,192       43,408  
    Total operating expenses   4,674,555       3,310,737  
                   
    Loss from operations   (4,378,299 )     (3,153,359 )
                   
    Other Income (Expense):              
    Interest expense, net   (12,712 )     (13,138 )
    Other income   51,544       108,920  
    Other income (expense), net   38,832       95,782  
                   
    Net loss before income taxes   (4,339,467 )     (3,057,577 )
    Income tax expense   –       –  
    Net Loss $ (4,339,467 )   $ (3,057,577 )
                   
                   
    Net Loss Per Share – Basic and Diluted operations $ (0.40 )   $ (0.32 )
                   
    Weighted Average Shares Outstanding – Basic and Diluted   10,920,909       9,450,220  
     
    authID INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
     
        March 31,
    2025    		       December 31,
    2024    		  
    ASSETS   (Unaudited)          
    Current Assets:              
    Cash $ 2,866,347     $ 8,471,561  
    Accounts receivable, net   1,028,564       97,897  
    Contract assets   487,551       426,859  
    Deferred contract costs   595,359       617,918  
    Other current assets, net   623,475       460,192  
    Total current assets   5,601,296       10,074,427  
                   
    Intangible assets, net   185,226       213,718  
    Goodwill   4,183,232       4,183,232  
    Total assets $ 9,969,754     $ 14,471,377  
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Current Liabilities:              
    Accounts payable and accrued expenses $ 811,934     $ 1,715,410  
    Commission liability   191,519       459,657  
    Severance liability   325,000       325,000  
    Convertible debt, net   –       240,884  
    Deferred revenue   1,011,448       215,237  
    Total current liabilities   2,339,901       2,956,188  
                   
    Total liabilities $ 2,339,901     $ 2,956,188  
                   
    Commitments and Contingencies (Note 8)              
                   
    Stockholders’ Equity:              
    Common stock, $0.0001 par value, 150,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 10,920,909 shares issued and outstanding as of March 31, 2025 and December 31, 2024   1,092       1,092  
    Additional paid-in capital   185,766,847       185,312,508  
    Accumulated deficit   (178,147,996 )     (173,808,529 )
    Accumulated comprehensive income   9,910       10,118  
    Total stockholders’ equity   7,629,853       11,515,189  
    Total liabilities and stockholders’ equity $ 9,969,754     $ 14,471,377  
     
    authID INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:              
                   
    Net loss $ (4,339,467 )   $ (3,057,577 )
    Adjustments to reconcile net loss with cash flows from operations:              
    Stock-based compensation   454,339       722,971  
    Depreciation and amortization expense   30,192       43,408  
    Amortization of debt discounts and issuance costs   4,116       4,115  
                   
    Changes in operating assets and liabilities:              
    Accounts receivable   (930,667 )     (237,506 )
    Contract assets   (60,692 )     (49,713 )
    Deferred contract cost   22,559       (3,417 )
    Other current assets   (163,283 )     (9,521 )
    Commission liability   (268,138 )     (40,950 )
    Accounts payable and accrued expenses   (903,476 )     (495,357 )
    Deferred revenue   796,211       176,019  
    Net cash flows from operating activities   (5,358,306 )     (2,947,528 )
                   
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Purchase of intangible assets   (1,700 )     –  
    Net cash flows from investing activities   (1,700 )     –  
                   
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Repayment of convertible notes   (245,000 )     –  
    Net cash flows from financing activities   (245,000 )     –  
                   
    Effect of Foreign Currencies   (208 )     (3,359 )
                   
    Net Change in Cash   (5,605,214 )     (2,950,887 )
    Cash, Beginning of the Period   8,471,561       10,177,099  
    Cash, End of the Period $ 2,866,347     $ 7,226,212  
                   
    Supplemental Disclosure of Cash Flow Information:              
    Cash paid for interest $ 13,137     $ 9,023  

    The MIL Network –

  • MIL-OSI: Urgently Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., May 13, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today reported financial results for the first quarter ended March 31, 2025.

    “I am pleased with our solid start to the year, as we delivered revenue in line with our expectations and record gross margin of 26%. In addition, we achieved GAAP operating loss improvement of 71% and non-GAAP operating loss improvement of 93%, or $0.4 million, which was ahead of our guidance for non-GAAP operating loss of $1.0 million. By almost all key measures, we delivered our best quarter as a public company, and I am proud of the tireless effort across the organization to achieve these results. As we look ahead to the balance of the year, we expect to deliver positive sequential revenue growth during the third quarter, sustain our non-GAAP operating break-even and move closer to positive cash flow,” said Matt Booth, CEO of Urgently.

    First Quarter 2025 Updates:

    • Revenue of $31.3 million, a decrease of 22% year over year.
    • Gross profit of $8.0 million, a decrease of 15% year over year.
    • Gross margin of 26% compared to 23% in the prior year period.
    • GAAP operating expenses of $10.4 million, an improvement of 41%, compared to $17.7 million in the prior year period.
    • Non-GAAP operating expenses of $8.4 million, an improvement of 42%, compared to $14.5 million in the prior year period.
    • GAAP operating loss of $2.4 million compared to $8.3 million in the prior year period, an improvement of 71%.
    • Non-GAAP operating loss of $0.4 million, an improvement of 93%, compared to $5.1 million in the prior year period.
    • Approximately 189,000 dispatches completed.
    • Consumer satisfaction score of 4.6 out of 5 stars.

    Earnings Conference Call

    Urgently will host a conference call to discuss the first quarter 2025 financial results on May 13, 2025 at 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-877-317-6789 (USA) or 1-412-317-6789 (International). The replay will be available via webcast through Urgently’s Investor Relations website at https://investors.geturgently.com.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    Non-GAAP Financial Measures

    In addition to our financial information presented in accordance with GAAP, we believe Non-GAAP Operating Expenses and Non-GAAP Operating Loss are useful to investors in evaluating our operating performance. We use the non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, which could reduce the usefulness of the non-GAAP financial measures presented herein as a tool for comparison.

    A reconciliation is provided below for each of the non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to our most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. We define Non-GAAP Operating Expenses as operating expenses, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. We define Non-GAAP Operating Loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs.

    For a discussion of Non-GAAP Operating Expenses and Non-GAAP Operating Loss, please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Urgently’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which will be filed with the Securities and Exchange Commission (the “SEC”) by May 15, 2025.

    Forward Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s expected revenue growth, cash flow and non-GAAP operating loss break-even, and any assumptions underlying any of the foregoing, are forward-looking statements.

    There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with our ability to raise funds through future financings and the sufficiency of our cash and cash equivalents to meet our liquidity needs; our history of losses; our limited operating history; our ability to service our debt, comply with our debt agreements and refinance our obligations under such agreements, including by successfully deploying the capital from the new credit facility and repaying our new and existing debt facilities; our ability to retain customers and expand existing customers’ use of our platform; our ability to attract new customers; our ability to expand into new solutions, technologies and geographic regions; our ability to adequately forecast consumer demand and optimize our network of service providers; our ability to compete in the markets in which we participate; our ability to comply with laws and regulations applicable to our business; our ability to continue as a going concern; our ability to develop and maintain an effective system of internal controls and procedures and accurately report our financial results in a timely manner; our ability to maintain the listing of our common stock on the Nasdaq Stock Market LLC; and expectations regarding the impact of weather events, natural disasters or health epidemics, including the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including in our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 14, 2025, as amended by our annual report on Form 10-K/A, which was filed with the SEC on April 17, 2025, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

    Consolidated Balance Sheets
    (in thousands)
    (unaudited)

        March 31, 2025     December 31, 2024  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 6,410     $ 14,179  
    Accounts receivable, net     23,506       22,890  
    Prepaid expenses and other current assets     2,900       3,687  
    Total current assets     32,816       40,756  
    Right-of-use assets     681       810  
    Property, equipment and software, net     1,529       1,577  
    Capitalized software costs, net     5,291       4,637  
    Intangible assets, net     4,006       4,396  
    Other non-current assets     2,109       1,895  
    Total assets   $ 46,432     $ 54,071  
                 
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 3,160     $ 2,900  
    Accrued expenses and other current liabilities     15,783       19,991  
    Current lease liabilities     371       446  
    Current portion of long-term debt, net     13,198       14,257  
    Total current liabilities     32,512       37,594  
    Long-term lease liabilities     406       466  
    Long-term debt, net     40,381       39,883  
    Derivative liability     471       —  
    Other long-term liabilities     8,740       7,798  
    Total liabilities     82,510       85,741  
    Stockholders’ deficit:            
    Common stock     1       1  
    Additional paid-in capital     168,201       167,125  
    Accumulated deficit     (204,280 )     (198,796 )
    Total stockholders’ deficit     (36,078 )     (31,670 )
    Total liabilities and stockholders’ deficit   $ 46,432     $ 54,071  

    Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 31,272     $ 40,092  
    Cost of revenue     23,283       30,741  
    Gross profit     7,989       9,351  
    Operating expenses:            
    Research and development     1,968       4,243  
    Sales and marketing     703       2,019  
    Operations and support     2,411       4,321  
    General and administrative     4,368       6,014  
    Depreciation and amortization     986       1,102  
    Total operating expenses     10,436       17,699  
    Operating loss     (2,447 )     (8,348 )
    Other income (expense), net:            
    Interest expense, net     (3,277 )     (3,789 )
    Change in fair value of derivative liability     37       —  
    Change in fair value of accrued purchase consideration     77       821  
    Loss on debt extinguishment     —       (1,405 )
    Income from equity method investment     150       —  
    Other expense, net     (5 )     (255 )
    Total other expense, net     (3,018 )     (4,628 )
    Loss before income taxes     (5,465 )     (12,976 )
    Provision for income taxes     19       39  
    Net loss   $ (5,484 )   $ (13,015 )
                 
    Loss per share, basic and diluted   $ (4.69 )   $ (11.69 )

    Non-GAAP Financial Measures
    (in thousands)
    (unaudited)

    Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

        Three Months Ended March 31,  
        2025     2024  
    Operating expenses   $ 10,436     $ 17,699  
    Less: Depreciation and amortization expense     (986 )     (1,102 )
    Less: Stock-based compensation expense     (538 )     (718 )
    Less: Non-recurring transaction costs     (375 )     (726 )
    Less: Restructuring costs     (174 )     (699 )
    Non-GAAP operating expenses   $ 8,363     $ 14,454  
     

    Reconciliation of Operating Loss to Non-GAAP Operating Loss

        Three Months Ended March 31,  
        2025     2024  
    Operating loss   $ (2,447 )   $ (8,348 )
    Add: Depreciation and amortization expense     986       1,102  
    Add: Stock-based compensation expense     538       718  
    Add: Non-recurring transaction costs     375       726  
    Add: Restructuring costs     174       699  
    Non-GAAP operating loss   $ (374 )   $ (5,103 )

    The MIL Network –

  • MIL-OSI: CalPrivate Bank Announces New Chief Credit Officer

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., May 13, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX:PBAM) (“Company”), the parent company of CalPrivate Bank (“Bank”) announced the appointment of Andrew K Meitzen as the Bank’s new Executive Vice President and Chief Credit Officer. Mr. Meitzen brings impressive skills and diverse experience working in the banking industry at both community banks and the Office of the Comptroller of the Currency (OCC) with an emphasis in lending, credit, and enterprise risk management.

    Rick Sowers, President and Chief Executive Officer of the Company and Bank stated, “We are excited to have Andrew join our team bringing his expertise in disciplined credit and deal structuring, along with the technical acumen to navigate the ever-evolving credit landscape of today’s economy.”

    “I am honored to be joining the CalPrivate Team and excited to contribute to the ongoing success of the Bank and its Clients,” said Mr. Meitzen. “The core values of Relationships, Solutions and Trust resonate with me and are the perfect foundation for continued growth.”

    About Private Bancorp of America, Inc.
    Private Bancorp of America, Inc. (OTCQX: PBAM) PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and soon Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior client Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost three times higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank SBA 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    Learn more at www.calprivate.bank.

    Investor Relations Contact
    Rick Sowers
    President and CEO
    Private Bancorp of America, Inc.
    (424) 303-4894

    Safe Harbor Paragraph
    This press release contains expressions of expectations, both implied and explicit, that are “forward looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we, in good faith, believe the assumptions and bases supporting our forward-looking statements to be reasonable there can be no assurance that those assumptions and bases will prove accurate.

    The MIL Network –

  • MIL-OSI: Waldencast Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 Net Revenue of $65.4 million, (4.1)% decline from Q1 2024
    76.4% Adjusted Gross Margin, an improvement of 10 basis points
    $4.4 million of Adjusted EBITDA

    LONDON, May 13, 2025 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast” or the “Company”), a global multi-brand beauty and wellness platform, today reported operating results for the three months ended March 31, 2025 (“Q1 2025”) on Form 6-K to the U.S. Securities and Exchange Commission (the “SEC”), which are also available on our investor relations site at http://ir.waldencast.com/.

    Michel Brousset, Waldencast Founder and CEO, said: “As anticipated, in Q1 2025, Milk Makeup results were impacted by the cycling of the very successful launch of Jellies in Q1 2024, as well as the significant inventory reduction at the retail level versus a year ago.”

    “Despite a broader slowdown in the prestige beauty category in the U.S., Milk Makeup ended the quarter on a very strong note, fueled by the highly successful launch of Hydro Grip Gel Tint, which sold out shortly after release. We are also very pleased with the brand’s entry into Ulta Beauty, with retail sales beginning in late February. Both initiatives exceeded expectations and contributed to the brand’s high single-digit growth in U.S. retail sales. This solid domestic performance was offset by the contraction of international sales, which faced a difficult comparison against last year’s Q1 distribution expansion, as well as inventory reduction by retail partners. In Q1, Milk Makeup partnered with Nike Running in North America for the Nike After Dark Tour in Los Angeles, bringing sport and self-expression together to keep expanding reach and deepen community engagement.”

    “The Obagi Medical brand delivered a solid performance in the first quarter, although out of stocks in some key SKUs dampened volume growth. We are accelerating ongoing efforts to transform our supply chain—consolidating third party logistics partners and enhancing operational capabilities—to improve fulfillment, increase reliability, and support long-term, scalable growth.”

    “Despite a difficult quarter, we continue to increase our investments in marketing, up in the high teens, to fuel brand equity and set a strong foundation for delivering our long-term ambitions, starting with our 2025 objectives.”

    “We are confident in our ability to deliver a stronger performance throughout the remainder of the year, beginning in Q2. Key drivers include a robust pipeline of breakthrough innovation at both Milk Makeup and Obagi Medical, combined with restocking of Hydro Grip Gel Tint which is expected to fuel continued consumer demand. We also anticipate a meaningful uplift in Milk Makeup volumes from the successful Ulta Beauty launch. Additionally, ongoing improvements from Obagi Medical’s supply chain restructuring are expected to enhance fulfillment rates and operational resilience,” concluded Mr. Brousset.

    Q1 2025 Results Overview

    Please refer to the definitions and reconciliations set out further in this release with respect to certain adjusted non-GAAP measures discussed below which are included to provide an easier understanding of the underlying performance of the business, but should not be seen as a substitute for the U.S. GAAP numbers presented in this release.

    For the three months ended March 31, 2025 compared to the three months ended March 31, 2024:

    Net Revenue decreased 4.1% year-over-year to $65.4 million.

    Gross Profit was $47.2 million, while Adjusted Gross Profit totaled $50.0 million, or 76.4% of net revenue, an expansion of 10 basis points compared to the prior year.

    Net Loss for Q1 2025 was $20.7 million primarily driven by Depreciation and Financial charges. Non-recurring legal and advisory expenses totaled $1.5 million, continuing their decline from prior quarter.

    Adjusted EBITDA was $4.4 million, or 6.7% of net revenue. The year-over-year decline reflects sustained investments in sales and marketing, and G&A deleverage stemming from lower revenue.

    Liquidity: As previously announced, during Q1, Waldencast secured a new $205 million five-year credit facility, comprising a $175 million term loan and a $30 million revolving credit facility (“RCF”). This refinancing replaces the previous bank loans, enhances financial flexibility, and extends the Company’s debt maturity profile to March 2030, supporting long-term strategic priorities.

    As of March 31, 2025, the Company held $10.8 million in cash and cash equivalents, $172.1 million in net debt, and approximately $22.5 million in available capacity under the RCF. The increase in net debt during the quarter is primarily due to refinancing-related costs. Cash consumption reflects lower Adjusted EBITDA and an inventory build-up to support expected sales growth in future quarters.

    Outstanding Shares: As of April 30, 2025, we had 123,011,239 ordinary shares outstanding, consisting of 112,644,711 Class A shares and 10,366,528 Class B shares. As of December 31, 2024, we had 122,692,968 ordinary shares outstanding, consisting of 112,026,440 Class A shares and 10,666,528 Class B shares.

                           
    (In $ millions, except for percentages)   Q1 2025   % Sales   % Growth     Q1 2024   % Sales
    Waldencast                      
    Net Revenue   65.4   100.0%   (4.1)%     68.3   100.0%
    Adjusted Gross Profit   50.0   76.4%   (4.0)%     52.1   76.3%
    Adjusted EBITDA   4.4   6.7%   (61.5)%     11.4   16.6%
                           
    Obagi Medical                      
    Net Revenue   36.2   100.0%   7.1%     33.8   100.0%
    Adjusted Gross Profit   29.7   82.0%   7.9%     27.5   81.4%
    Adjusted EBITDA   5.9   16.3%   (12.5)%     6.7   20.0%
                           
    Milk Makeup                      
    Net Revenue   29.3   100.0%   (15.1)%     34.5   100.0%
    Adjusted Gross Profit   20.4   69.5%   (17.3)%     24.6   71.3%
    Adjusted EBITDA   4.4   14.9%   (56.4)%     10.0   29.1%
                           

    First Quarter 2025 Brand Highlights:

    Obagi Medical:

    • Net Revenue reached $36.2 million, up 7.1% from $33.8 million in Q1 2024.
    • Growth was fueled by continued strength in the direct-to-consumer channels. The benefits from transitioning to a first-party model with our primary e-commerce distributor have now fully annualized.
    • The Physician Dispense channel declined in the quarter, largely due to ongoing supply chain restructuring and temporary inventory constraints affecting key products, which limited sales during the quarter.
    • Adjusted Gross Margin of 82.0% increased 60 basis points from Q1 2024, supported by a favorable channel mix and lower promotional activity.
    • Adjusted EBITDA was $5.9 million, down 12.5% compared to Q1 2024. The Adjusted EBITDA margin declined by 370 basis points year-over-year to 16.3%, primarily due to higher marketing investments and increased supply chain costs aimed at supporting future growth.

    Milk Makeup:

    • As anticipated, Milk Makeup’s Net Revenue declined in the quarter. Net Revenue was $29.3 million, down 15.1% versus $34.5 million in Q1 2024. This result was a combination of cycling a very successful launch of Jellies in Q1 2024 and a significant reduction of retail inventory levels quarter-over-quarter.
    • Sales momentum accelerated in March, driven by the successful strategic launch of Hydro Grip Gel Tint, which significantly exceeded expectations and led to out of stocks.
    • The brand also expanded into Ulta Beauty during the quarter, with strong initial sell-out contributing to high single-digit growth in U.S. retail sales.
    • Adjusted Gross Margin declined by 180 basis points versus Q1 2024, mostly impacted by set-up costs for new retailers.
    • Adjusted EBITDA was $4.4 million, with an Adjusted EBITDA margin of 14.9%. The margin contraction was primarily driven by increased marketing investments and G&A deleverage resulting from lower sales.

    Fiscal 2025 Outlook:

    While mindful of the broader macroeconomic environment and assuming no further material changes to current tariffs, including the latest updates on China, we remain confident that our strategic initiatives position us well to deliver on our full-year guidance of mid-teens net revenue growth and an adjusted EBITDA margin in the mid-to-high teens.

    Given our high gross margin business model and limited reliance on Asian sourcing, we expect a limited increase in cost of goods with any necessary price adjustments (likely in the low-to-mid single digits) to offset the announced tariff scenario.

    Conference Call and Webcast Information

    Waldencast will host a conference call to discuss its first quarter results on Wednesday, May 14, 2025, at 8:30 AM EDT for the period ended March 31, 2025. Those interested in participating in the conference call are invited to dial (877) 704-4453. International callers may dial (201) 389-0920. A live webcast of the conference call will include a slide presentation and will be available online at https://ir.waldencast.com/. A replay of the webcast will remain available on the website until our next conference call. The information accessible on, or through, our website is not incorporated by reference into this release.

    Non-GAAP Financial Measures

    In addition to the financial measures presented in this release in accordance with U.S. GAAP, Waldencast separately reports financial results on the basis of the measures set out and defined below which are non-GAAP financial measures. Waldencast believes the non-GAAP measures used in this release provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Waldencast believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures also provide perspective on how Waldencast’s management evaluates and monitors the performance of the business.

    There are limitations to non-GAAP financial measures because they exclude charges and credits that are required to be included in GAAP financial presentation. The items excluded from GAAP financial measures such as net income/loss to arrive at non-GAAP financial measures are significant components for understanding and assessing our financial performance. Non-GAAP financial measures should be considered together with, and not alternatives to, financial measures prepared in accordance with GAAP.

    Please refer to definitions set out in the release and the tables included in this release for a reconciliation of these metrics to the most directly comparable GAAP financial measures.

    Adjusted Gross Profit is defined as GAAP gross profit excluding the impact of amortization of the supply agreement and formulation intangible assets, and the amortization of the fair value of the related party liability from the Obagi Medical China Business, which was not acquired by Waldencast at the time of the business combination with Obagi Medical and Milk Makeup (the “Business Combination”). The Adjusted Gross Profit reconciliation by Segment for each period is included in the Appendix.

    Adjusted Gross Margin is defined as Adjusted Gross Profit divided by GAAP Net Revenue.

    Adjusted EBITDA is defined as GAAP net income (loss) before interest income or expense, income tax (benefit) expense, depreciation and amortization, and further adjusted for the items as described in the reconciliation below. We believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business. Adjusted EBITDA excludes certain expenses that are required to be presented in accordance with GAAP because management believes they are non-core to our regular business. These include non-cash expenses, such as depreciation and amortization, stock-based compensation, the amortization and release of fair value of the related party liability to the Obagi Medical China Business, change in fair value of assets and liabilities, and foreign currency translation loss (gain). In addition, adjustments include expenses that are not related to our underlying business performance including (1) legal, advisory and consultant fees related to the financial restatement of previously issued financial statements and associated regulatory investigation, and (2) other non-recurring costs, primarily legal settlement costs and restructuring costs. The Adjusted EBITDA by Segment for each period is included in the Appendix.

    Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue. The Adjusted EBITDA Margin reconciliation by Segment for each period is included in the Appendix.

             
    (In thousands, except for percentages)   Three Months
    Ended March 31,
    2025    		   Three Months
    Ended March 31,
    2024
    Net Loss   $ (20,735 )   $ (3,894 )
    Adjusted For:        
    Depreciation and amortization     14,998       14,884  
    Interest expense, net     6,384       4,293  
    Income tax expense (benefit)     1,398       (685 )
    Stock-based compensation expense     2,368       1,059  
    Legal and advisory non-recurring costs(1)     1,474       7,924  
    Change in fair value of assets and liabilities     (1,167 )     (12,160 )
    Amortization and release of related party liability(2)     —       (316 )
    Other costs(3)     (353 )     246  
    Adjusted EBITDA   $ 4,366     $ 11,351  
    Net Revenue   $ 65,442     $ 68,272  
    Net Loss % of Net Revenue   (31.7 )%   (5.7 )%
    Adjusted EBITDA Margin     6.7 %     16.6 %
    (1)   Includes mainly legal, advisory and consultant fees related to the financial restatement of the 2020-2022 periods and associated regulatory investigation, and the Business Combination.
    (2)   Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination.
    (3)   Other costs include legal settlements, foreign currency translation losses and (gains), and restructuring costs.
         

    Net Debt Position is defined as the principal outstanding for the 2022 term loan and 2022 revolving credit facility minus the cash and cash equivalents as of March 31, 2025.

         
    (In thousands)   Reconciliation of
    Net Carrying
    Amount of debt to
    Net Debt
    Current portion of long-term debt   $ 7,740  
    Long-term debt     164,694  
    Net carrying amount of debt     172,434  
    Adjustments:    
    Add: Unamortized debt issuance costs     10,401  
    Less: Cash & cash equivalents     (10,782 )
    Net Debt   $ 172,053  
             

    About Waldencast plc

    Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the Business Combination. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com.

    Obagi Medical is an industry-leading, advanced skin care line rooted in research and skin biology, refined with a legacy of over 35 years’ experience. First known as leaders in the treatment of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Medical products are designed to address the appearance of premature aging, photodamage, skin discoloration, acne, and sun damage. More information about Obagi Medical is available on the brand’s website at www.obagi.com.

    Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty community for its values of self-expression and inclusion, captured by its signature “Live Your Look”, its innovative formulas, and clean ingredients. The brand creates vegan, cruelty-free, clean formulas and has its Milk Makeup HQ in Downtown NYC. Currently, Milk Makeup offers over 250 products through its U.S. website www.MilkMakeup.com, and retail partners including Sephora globally, Ulta Beauty in the U.S., Lyko in Scandinavia, Space NK and Boots in the United Kingdom and many more.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about: Waldencast’s outlook and guidance for 2025; our ability to deliver financial results in line with expectations; expectations regarding sales, earnings or other future financial performance and liquidity or other performance measures; our long-term strategy and future operations or operating results; expectations with respect to our industry and the markets in which it operates; future product introductions; developments relating to the ongoing investigation and legal proceedings; and any assumptions underlying any of the foregoing. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements.

    These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including, among others: (i) the impact of the material weaknesses in our internal control over financial reporting, including associated investigations, our efforts to remediate such material weakness and the timing of remediation and resolution of associated investigations; (ii) our ability to recognize the anticipated benefits from any acquired business, including the Business Combination; (iii) our ability to successfully implement our management’s plans and strategies; (iv) the overall economic and market conditions, sales forecasts and other information about our possible or assumed future results of operations or our performance; (v) the general impact of geopolitical events, including the impact of current wars, conflicts or other hostilities; (vi) the potential for delisting, legal proceedings or existing or new government investigation or enforcement actions, including those relating to the restatement or the subject of the Audit Committee of our Board of Directors’ review further described in our annual report filed on Form 20-F for the year ended December 31, 2022; (vii) our ability to manage expenses, our liquidity and our investments in working capital; (viii) any failure to obtain governmental and regulatory approvals related to our business and products; (ix) the impact of any international trade or foreign exchange restrictions, increased tariffs, foreign currency exchange fluctuations; (x) our ability to raise additional capital or complete desired acquisitions; (xi) our ability to comply with financial covenants imposed by the new 2025 credit agreement we entered into referenced in the section entitled “Liquidity” above and the impact of debt service obligations and restricted debt covenants; (xii) volatility of Waldencast’s securities due to a variety of factors, including Waldencast’s inability to implement its business plans or meet or exceed its financial projections and changes; (xiii) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xiv) the ability of Waldencast to implement its strategic initiatives and continue to innovate Obagi Medical’s and Milk Makeup’s existing products and anticipate and respond to market trends and changes in consumer preferences; (xv) any shifts in the preferences of consumers as to where and how they shop; (xvi) the impact of any unfavorable publicity on our business or products; (xvii) changes in future exchange or interest rates or credit ratings; (xviii) changes in, and uncertainty with respect to, laws, regulations, and policies, including as a result of the change in the U.S. administration; and (xix) social, political and economic conditions. These and other risks, assumptions and uncertainties are more fully described in the Risk Factors section of our 2024 20-F (File No. 01-40207), filed with the SEC on March 20, 2025, and in our other documents that we file or furnish with the SEC, which you are encouraged to read.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

    Contacts:

    Investors
    ICR
    Allison Malkin
    waldencastir@icrinc.com

    Media
    ICR
    Brittney Fraser/Alecia Pulman
    waldencast@icrinc.com

    Appendix

    Adjusted Gross Profit

         
        Group
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Revenue   $ 65,442     $ 68,271  
    Gross Profit     47,205       49,580  
    Gross Profit Margin     72.1 %     72.6 %
    Gross Margin Adjustments:        
    Amortization of the fair value of the related party liability(1)     —       (316 )
    Amortization impact of intangible assets(2)     2,801       2,801  
    Adjusted Gross Profit   $ 50,006     $ 52,065  
    Adjusted Gross Margin %     76.4 %     76.3 %
    (1)   Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination.
    (2)   The supply agreement and formulations intangible assets are amortized to cost of goods sold.
         
        Obagi Medical   Milk Makeup
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024    		   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Revenue   $ 36,166     $ 33,768     $ 29,276     $ 34,503  
    Gross Profit     26,851       24,989       20,354       24,597  
    Gross Profit Margin     74.2 %     74.0 %     69.5 %     71.3 %
    Gross Margin Adjustments:                
    Amortization of the fair value of the related party liability     —       (316 )     —       —  
    Amortization impact of intangible assets     2,801       2,801       —       —  
    Adjusted Gross Profit   $ 29,652     $ 27,474     $ 20,354     $ 24,597  
    Adjusted Gross Margin %     82.0 %     81.4 %     69.5 %     71.3 %
                                     

    Adjusted EBITDA Margin by Segment

        Obagi Medical   Milk Makeup
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024    		   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Loss   $ (9,056 )   $ (5,761 )   $ (1,004 )   $ 5,340  
    Adjusted For:                
    Depreciation and amortization     10,420       10,395       4,578       4,489  
    Interest expense (income), net     3,385       3,187       (3 )     (55 )
    Income tax expense (benefit)     1,369       (687 )     25       —  
    Stock-based compensation expense     (526 )     (781 )     568       357  
    Legal and advisory non-recurring costs     189       467       —       —  
    Change in fair value of assets and liabilities     14       —       —       —  
    Amortization and release of related party liability     —       (316 )     —       —  
    Other costs     104       239       206       (105 )
    Adjusted EBITDA   $ 5,900     $ 6,743     $ 4,370     $ 10,026  
    Net Revenue   $ 36,166     $ 33,768     $ 29,276     $ 34,503  
    Net Loss % of Net Revenue   (25.0 )%   (17.1 )%   (3.4 )%     15.5 %
    Adjusted EBITDA Margin     16.3 %     20.0 %     14.9 %     29.1 %
        Central costs
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Loss   $ (10,676 )   $ (3,472 )
    Adjusted For:        
    Interest expense, net     3,002       1,160  
    Income tax expense     3       2  
    Stock-based compensation expense     2,326       1,482  
    Legal and advisory non-recurring costs     1,285       7,457  
    Change in fair value of assets and liabilities     (1,181 )     (12,160 )
    Other costs     (664 )     112  
    Adjusted EBITDA   $ (5,904 )   $ (5,419 )
    Net Revenue   $ —     $ —  
    Net Loss % of Net Revenue   N/A     N/A  
    Adjusted EBITDA Margin   N/A     N/A  
                 

    The MIL Network –

  • MIL-OSI: Evolution Petroleum Reports Fiscal Third Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Fourth Quarter

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Texas, May 13, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal third quarter ended March 31, 2025. Evolution also declared its 47th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 fourth quarter.

    Financial & Operational Highlights

    ($ in thousands) Q3 2025   Q2 2025   Q3 2024     % Change vs Q3/Q2     % Change vs Q3/Q3   2025 YTD   2024 YTD  
    % Change vs YTD’24
    Average BOEPD 6,667     6,935       7,209       (4 )%     (8 )%   7,033       6,651       6 %
    Revenues $ 22,561     $ 20,275     $ 23,025       11 %     (2 )%   $ 64,732     $ 64,650       — %
    Net Income (Loss) (1) $ (2,179 )   $ (1,825 )   $ 289       NM       NM     $ (1,939 )   $ 2,845       NM  
    Adjusted Net Income (Loss) (1)(2) $ 806     $ (841 )   $ 978       NM       (18 )%   $ 701     $ 3,597       (81 )%
    Adjusted EBITDA(3) $ 7,421     $ 5,688     $ 8,476       30 %     (12 )%   $ 21,234     $ 22,011       (4 )%

    _____________________

    (1) “NM” means “Not Meaningful.”
    (2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
    (3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
       
    • Fiscal Q3 production was 6,667 average barrels of oil equivalent per day (“BOEPD”), with oil accounting for 52% of revenue, natural gas accounting for 35%, and natural gas liquids (“NGLs”) accounting for 13% of revenue during the quarter.
    • Amid market volatility in fiscal Q3, the Company benefited from its diversified energy portfolio, as reflected by a 30% increase in Adjusted EBITDA(3) versus fiscal Q2.
    • Fiscal Q3 revenue rose 11% versus Fiscal Q2, largely driven by the strength of natural gas revenue, which increased 34% during the quarter.
    • $4.1 million returned to shareholders in the form of cash dividends during fiscal Q3, and $4.0 million of principal repaid on its Senior Secured Credit Facility.
    • Activities subsequent to quarter end:
      • Four gross new wells were brought online at the Chaveroo Field under budget, with early production rates exceeding expectations.
      • Closed the highly accretive $9.0 million acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the “TexMex” acquisition).
      • As of today, production adds from the four new gross Chaveroo wells and TexMex are contributing more than 850 net BOEPD to production.

    Kelly Loyd, President and Chief Executive Officer, commented: “We are maintaining our quarterly dividend at $0.12 per share for the twelfth consecutive quarter, underscoring our commitment to sustainable shareholder returns as well as our confidence in the strength of our asset base, even in a volatile commodity price environment.

    “Our third quarter results reflect the benefits of our balanced, long-life portfolio of producing assets that are capable of both flourishing in attractive price environments and withstanding cyclical lows. Despite weather and maintenance-related downtime, which affected production, we were able to more than meet all of our capital obligations during the quarter, including ~$8.5 million in dividend and capex payments, as well as repayment of $4.0 million of principal on our Senior Secured Credit Facility.

    “Subsequent to quarter end, we closed the TexMex acquisition and turned in-line our latest four Chaveroo wells. TexMex and the four new gross Chaveroo wells are currently contributing more than 850 net BOEPD to production. We also expect to benefit from recent and ongoing drilling activities in our SCOOP/STACK area. When combined with the strength in natural gas prices, these production additions are expected to meaningfully benefit our next fiscal quarter.

    Mr. Loyd concluded, “In coordination with our Chaveroo partner, we have agreed to delay the start of our third development block until later into our fiscal year 2026. Our current focus is on acquiring oil-weighted, low-decline producing properties at discounted prices, or natural gas properties which can be hedged favorably for years to come, while strategically deferring development of our high-value, oil-weighted locations, preserving value for our shareholders until oil market conditions improve. Maintaining our dividend is a top priority, and we believe our resilient portfolio and strong financial position will enable us to continue with our dividend program well into the future.”

    Fiscal Third Quarter 2025 Financial Results

    Total revenues decreased 2% to $22.6 million compared to $23.0 million in the year-ago quarter. The decline was driven primarily by an 8% decrease in production volumes, partially offset by a 7% increase in average realized commodity prices. The decrease in production volumes was primarily due to planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines, partially offset by additional production from the Company’s SCOOP/STACK properties acquired in February 2024.

    Lease operating costs (“LOE”) increased to $13.4 million compared to $12.6 million in the year-ago quarter. The increase was driven by CO2 purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024, coupled with a full quarter of the Company’s SCOOP/STACK properties acquired in February 2024, increasing lease operating costs by $0.5 million compared to the year-ago quarter. On a per unit basis, total LOE increased 16% to $22.32 per BOE compared to $19.24 per BOE in the year-ago quarter.

    Depletion, depreciation, and accretion expense was $5.0 million compared to $5.9 million in the year-ago period. On a per BOE basis, the Company’s current quarter depletion rate decreased to $7.68 per BOE compared to $8.43 per BOE in the year-ago period due to a decrease in its depletable base.

    General and administrative (“G&A”) expenses, excluding stock-based compensation, were $1.9 million for both the current and year-ago periods. On a per BOE basis, G&A expenses increased to $3.22 compared to $2.85 in the year-ago period. The increase per unit is the result of decreased production in the current period.

    The Company reported a net loss of $2.2 million or $(0.07) per share, compared to net income of $0.3 million or $0.01 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net income was $0.8 million or $0.02 per diluted share, compared to adjusted net income of $1.0 million or $0.03 per diluted share in the prior quarter.

    Adjusted EBITDA was $7.4 million compared to $8.5 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower production and higher total operating costs due to CO2 purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024.

    Production & Pricing

    Average price per unit: Q3 2025   Q3 2024   % Change vs Q3/Q3
    Crude oil (BBL) $ 68.42     $ 73.06       (6) %
    Natural gas (MCF)   3.87       2.77       40 %
    Natural Gas Liquids (BBL)   32.28       25.26       28 %
    Equivalent (BOE)   37.60       35.10       7 %
                           

    Total production for the third quarter of fiscal 2025 decreased 7.5% to 6,667 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the third quarter of fiscal 2025 included 1,911 barrels per day (“BOPD”) of crude oil, 3,723 BOEPD of natural gas, and 1,033 BOEPD of NGLs. The decrease in total production was driven by planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines partially offset by additional production from the Company’s SCOOP/STACK properties acquired in February 2024. Total oil and natural gas liquids production generated 65% of revenue for the quarter compared to 75% in the year-ago period.

    The Company’s average realized commodity price (excluding the impact of derivative contracts) increased 7% to $37.60 per BOE, compared to $35.10 per BOE in the year-ago period. These increases were primarily driven by an increase of approximately 40% in realized natural gas prices year over year.

    Operations Update

    At SCOOP/STACK, the Company brought online 13 gross wells fiscal year-to-date, with an additional five wells in progress.

    At Chaveroo, the Company successfully completed and brought online four new gross wells in the second development block. These wells were completed on schedule and under budget. Although very early in the productive life of the wells, production rates are significantly exceeding expectations.

    In the Williston Basin, oil production was up quarter over quarter as a result of deferred oil sales at the end of Q2 to Q3. Gas and NGLs increased quarter over quarter, benefiting from a full quarter of gas sales. The Williston field continues to generate solid returns.

    At Delhi, production was temporarily affected by planned maintenance at the Delhi Central Facility, which resulted in a shutdown of the entire field for a few days and at the NGL Plant for approximately two weeks.  At the end of the quarter, the decision was made to switch from purchasing CO2 volumes to additional water injection.  The operator will continue to inject approximately 300 MMCFPD of recycled CO2.  The Company and the operator believe this will be the most economical way to run the field and will significantly reduce operating costs while maximizing cash flow.

    Jonah remained steady, with a temporary dip in volumes during February due to the impact of winter weather. However, strong winter natural gas pricing contributed positively to overall cash flow for the quarter.

    Barnett Shale delivered consistent cash-flow generation, reflecting its reliability and operational stability. Despite brief downtime in January due to winter storms, production remained steady overall, with improved realized pricing for natural gas and NGLs serving as a tailwind for financial results. These favorable pricing dynamics helped offset broader commodity price weakness and underscore Barnett’s continued role as a valuable contributor to our diversified portfolio.

    Balance Sheet, Liquidity, and Capital Spending

    On March 31, 2025, cash and cash equivalents totaled $5.6 million, with a working capital deficit of $2.7 million primarily due to unrealized losses on current derivative contracts, which vary quarter-to-quarter based on forecasted commodity prices at the end of each quarter. Evolution had $35.5 million of borrowings outstanding under its revolving credit facility and total liquidity of $20.1 million, including cash and cash equivalents. In Fiscal Q3, Evolution paid $4.1 million in common stock dividends, $4.0 million in repayments of borrowings of its Senior Secured Credit Facility, $1.8 million in deposits for its TexMex Acquisition, and $4.4 million in capital expenditures. During the quarter ended March 31, 2025, the Company sold a total of approximately 0.2 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $1.1 million, after deducting less than $0.1 million in offering costs.

    The Company has received approval from its lender, MidFirst Bank, to extend the maturity of the existing Senior Secured Credit Facility to April 2028 and increase their total commitments from $50.0 million to $55.0 million. Also, the Company expects to receive $10.0 million in additional commitments from a new lender, Prism Bank, bringing the total commitments to $65.0 million.

    Cash Dividend on Common Stock

    On May 12, 2025, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on June 30, 2025, to common stockholders of record on June 13, 2025. This will be the 47th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $130.7 million, or $3.93 per share, back to stockholders in common stock dividends.

    Conference Call

    As previously announced, Evolution Petroleum will host a conference call on Wednesday, May 14, 2025, at 10:00 a.m. CT to review its fiscal third quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ASNQRrWs or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through May 14, 2026, via the webcast link provided and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.

    About Evolution Petroleum

    Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

    Cautionary Statement

    All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

    Contact
    Investor Relations
    (713) 935-0122
    ir@evolutionpetroleum.com

           
    Evolution Petroleum Corporation

    Condensed Consolidated Statements of Operations (Unaudited)

    (In thousands, except per share amounts)
           
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    Revenues                            
    Crude oil $ 11,769     $ 14,538     $ 11,763     $ 38,269     $ 38,913  
    Natural gas   7,790       5,860       5,793       17,868       17,943  
    Natural gas liquids   3,002       2,627       2,719       8,595       7,794  
    Total revenues   22,561       23,025       20,275       64,732       64,650  
    Operating costs                            
    Lease operating costs   13,388       12,624       12,793       37,971       36,865  
    Depletion, depreciation, and accretion   5,014       5,900       5,433       16,172       14,760  
    General and administrative expenses   2,573       2,417       2,654       7,754       7,522  
    Total operating costs   20,975       20,941       20,880       61,897       59,147  
    Income (loss) from operations   1,586       2,084       (605 )     2,835       5,503  
    Other income (expense)                            
    Net gain (loss) on derivative contracts   (3,802 )     (1,183 )     (1,219 )     (3,223 )     (1,183 )
    Interest and other income   55       63       52       164       283  
    Interest expense   (705 )     (518 )     (764 )     (2,292 )     (584 )
    Income (loss) before income taxes   (2,866 )     446       (2,536 )     (2,516 )     4,019  
    Income tax (expense) benefit   687       (157 )     711       577       (1,174 )
    Net income (loss) $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
    Net income (loss) per common share:                            
    Basic $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.09  
    Diluted $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.08  
    Weighted average number of common shares outstanding:                            
    Basic   33,433       32,702       32,934       33,027       32,692  
    Diluted   33,433       32,854       32,934       33,027       32,920  
                                           
    Evolution Petroleum Corporation

    Condensed Consolidated Balance Sheets (Unaudited)

    (In thousands, except share and per share amounts)
           
      March 31, 2025   June 30, 2024
    Assets              
    Current assets              
    Cash and cash equivalents $ 5,601     $ 6,446  
    Receivables from crude oil, natural gas, and natural gas liquids revenues   10,707       10,826  
    Derivative contract assets   828       596  
    Prepaid expenses and other current assets   2,658       3,855  
    Total current assets   19,794       21,723  
    Property and equipment, net of depletion, depreciation, and impairment              
    Oil and natural gas properties, net, full-cost method of accounting, of which none were excluded from amortization   133,514       139,685  
                   
    Other noncurrent assets              
    Derivative contract assets   48       171  
    Other assets   3,038       1,298  
    Total assets $ 156,394     $ 162,877  
    Liabilities and Stockholders’ Equity              
    Current liabilities              
    Accounts payable $ 11,977     $ 8,308  
    Accrued liabilities and other   7,092       6,239  
    Derivative contract liabilities   3,453       1,192  
    State and federal taxes payable   —       74  
    Total current liabilities   22,522       15,813  
    Long term liabilities              
    Senior secured credit facility   35,500       39,500  
    Deferred income taxes   4,572       6,702  
    Asset retirement obligations   20,398       19,209  
    Derivative contract liabilities   1,742       468  
    Operating lease liability   —       58  
    Total liabilities   84,734       81,750  
    Commitments and contingencies              
    Stockholders’ equity              
    Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 34,284,369 and 33,339,535 shares as of March 31, 2025 and June 30, 2024, respectively   34       33  
    Additional paid-in capital   45,786       41,091  
    Retained earnings   25,840       40,003  
    Total stockholders’ equity   71,660       81,127  
    Total liabilities and stockholders’ equity $ 156,394     $ 162,877  
                   
    Evolution Petroleum Corporation

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (In thousands)
                                 
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    Cash flows from operating activities:                            
    Net income (loss) $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                            
    Depletion, depreciation, and accretion   5,014       5,900       5,433       16,172       14,760  
    Stock-based compensation   642       549       659       1,860       1,585  
    Settlement of asset retirement obligations   (66 )     (19 )     (182 )     (346 )     (19 )
    Deferred income taxes   (2,101 )     766       252       (2,130 )     124  
    Unrealized (gain) loss on derivative contracts   3,926       1,063       1,368       3,426       1,063  
    Accrued settlements on derivative contracts   (57 )     94       9       (114 )     94  
    Other   (4 )     (3 )     (1 )     (7 )     —  
    Changes in operating assets and liabilities:                            
    Receivables from crude oil, natural gas, and natural gas liquids revenues   (26 )     (2,495 )     29       (34 )     (4,734 )
    Prepaid expenses and other current assets   965       (1,151 )     (1,494 )     1,400       (1,425 )
    Accounts payable, accrued liabilities, and other   1,149       (1,629 )     3,471       4,382       814  
    State and federal taxes payable   —       —       —       (74 )     (365 )
    Net cash provided by operating activities   7,263       3,364       7,719       22,596       14,742  
    Cash flows from investing activities:                            
    Acquisition deposits   (1,800 )     —       —       (1,800 )     —  
    Acquisition of oil and natural gas properties   (20 )     (43,788 )     (69 )     (351 )     (43,788 )
    Capital expenditures for oil and natural gas properties   (4,404 )     (2,648 )     (758 )     (7,902 )     (8,353 )
    Net cash used in investing activities   (6,224 )     (46,436 )     (827 )     (10,053 )     (52,141 )
    Cash flows from financing activities:                            
    Common stock dividends paid   (4,109 )     (4,003 )     (4,082 )     (12,224 )     (12,037 )
    Common stock repurchases, including stock surrendered for tax withholding   (71 )     (818 )     (103 )     (262 )     (1,031 )
    Borrowings under senior secured credit facility   —       42,500       —       —       42,500  
    Repayments of senior secured credit facility   (4,000 )     —       —       (4,000 )     —  
    Issuance of common stock   1,145       —       2,259       3,404       —  
    Offering costs   (70 )     —       (236 )     (306 )     —  
    Net cash provided by (used in) financing activities   (7,105 )     37,679       (2,162 )     (13,388 )     29,432  
    Net increase (decrease) in cash and cash equivalents   (6,066 )     (5,393 )     4,730       (845 )     (7,967 )
    Cash and cash equivalents, beginning of period   11,667       8,460       6,937       6,446       11,034  
    Cash and cash equivalents, end of period $ 5,601     $ 3,067     $ 11,667     $ 5,601     $ 3,067  
                                           

    Evolution Petroleum Corporation

    Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

    (In thousands)

    Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

    We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

                                     
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025     2024   2024     2025     2024
    Net income (loss) $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
    Adjusted by:                                
    Interest expense   705       518       764       2,292       584  
    Income tax expense (benefit)   (687 )     157       (711 )     (577 )     1,174  
    Depletion, depreciation, and accretion   5,014       5,900       5,433       16,172       14,760  
    Stock-based compensation   642       549       659       1,860       1,585  
    Unrealized loss (gain) on derivative contracts   3,926       1,063       1,368       3,426       1,063  
    Adjusted EBITDA $ 7,421     $ 8,476     $ 5,688     $ 21,234     $ 22,011  
                                           
    Evolution Petroleum Corporation

    Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

    (In thousands, except per share amounts)
           
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    As Reported:                            
    Net income (loss), as reported $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
                                 
    Impact of Selected Items:                            
    Unrealized loss (gain) on commodity contracts   3,926       1,063       1,368       3,426       1,063  
    Selected items, before income taxes $ 3,926     $ 1,063     $ 1,368     $ 3,426     $ 1,063  
    Income tax effect of selected items(1)   941       374       384       786       311  
    Selected items, net of tax $ 2,985     $ 689     $ 984     $ 2,640     $ 752  
                                 
    As Adjusted:                            
    Net income (loss), excluding selected items(2) $ 806     $ 978     $ (841 )   $ 701     $ 3,597  
                                 
    Undistributed earnings allocated to unvested restricted stock   (96 )     (21 )     (100 )     (274 )     (73 )
    Net income (loss), excluding selected items for earnings per share calculation $ 710     $ 957     $ (941 )   $ 427     $ 3,524  
                                 
    Net income (loss) per common share — Basic, as reported $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.09  
    Impact of selected items   0.09       0.02       0.03       0.08       0.02  
    Net income (loss) per common share — Basic, excluding selected items(2) $ 0.02     $ 0.03     $ (0.03 )   $ 0.01     $ 0.11  
                                 
                                 
    Net income (loss) per common share — Diluted, as reported $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.08  
    Impact of selected items   0.09       0.02       0.03       0.08       0.03  
    Net income (loss) per common share — Diluted, excluding selected items(2)(3) $ 0.02     $ 0.03     $ (0.03 )   $ 0.01     $ 0.11  

    _____________________

    (1) The tax impact for the three months ended March 31, 2025 and 2024, is represented using estimated tax rates of 24.0% and 35.2%, respectively. The tax impact for the three months ended December 31, 2024, is represented using estimated tax rates of 28.0%. The tax impact for the nine months ended March 31, 2025 and 2024 is represented using estimated tax rates of 22.9% and 29.2%, respectively.
    (2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.
    (3) The impact of selected items for the three months ended March 31, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.6 million and 32.9 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the nine months ended March 31, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.2 million and 32.9 million, respectively, due to the net income (loss), excluding selected items.
       
    Evolution Petroleum Corporation

    Supplemental Information on Oil and Natural Gas Operations (Unaudited)

    (In thousands, except per unit and per BOE amounts)
                                           
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    Revenues:                                      
    Crude oil $ 11,769     $ 14,538     $ 11,763     $ 38,269     $ 38,913  
    Natural gas   7,790       5,860       5,793       17,868       17,943  
    Natural gas liquids   3,002       2,627       2,719       8,595       7,794  
    Total revenues $ 22,561     $ 23,025     $ 20,275     $ 64,732     $ 64,650  
                                           
    Lease operating costs:                                      
    Ad valorem and production taxes $ 1,473     $ 1,459     $ 1,441     $ 4,328     $ 4,009  
    Gathering, transportation, and other costs   2,913       2,527       2,889       8,592       6,926  
    Other lease operating costs   9,002       8,638       8,463       25,051       25,930  
    Total lease operating costs $ 13,388     $ 12,624     $ 12,793     $ 37,971     $ 36,865  
                                           
    Depletion of full cost proved oil and natural gas properties $ 4,607     $ 5,532     $ 5,024     $ 14,956     $ 13,680  
                                           
    Production:                                      
    Crude oil (MBBL)   172       199       179       555       519  
    Natural gas (MMCF)   2,011       2,115       2,125       6,364       6,091  
    Natural gas liquids (MBBL)   93       104       105       311       295  
    Equivalent (MBOE)(1)   600       656       638       1,927       1,829  
    Average daily production (BOEPD)(1)   6,667       7,209       6,935       7,033       6,651  
                                           
    Crude oil (BBL) $ 68.42     $ 73.06     $ 65.72     $ 68.95     $ 74.98  
    Natural gas (MCF)   3.87       2.77       2.73       2.81       2.95  
    Natural Gas Liquids (BBL)   32.28       25.26       25.90       27.64       26.42  
    Equivalent (BOE)(1) $ 37.60     $ 35.10     $ 31.78     $ 33.59     $ 35.35  
                                           
    Average cost per unit:                                      
    Ad valorem and production taxes $ 2.46     $ 2.22     $ 2.26     $ 2.25     $ 2.19  
    Gathering, transportation, and other costs   4.86       3.85       4.53       4.46       3.79  
    Other lease operating costs   15.00       13.17       13.26       13.00       14.18  
    Total lease operating costs $ 22.32     $ 19.24     $ 20.05     $ 19.71     $ 20.16  
                                           
    Depletion of full cost proved oil and natural gas properties $ 7.68     $ 8.43     $ 7.87     $ 7.76     $ 7.48  

    _____________________

    (1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
    (2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.
       
    Evolution Petroleum Corporation

    Summary of Production Volumes and Average Sales Price (Unaudited)
       
      Three Months Ended
      March 31,    December 31,
      2025   2024   2024
      Volume   Price   Volume   Price   Volume   Price
    Production:                                              
    Crude oil (MBBL)                                              
    SCOOP/STACK   28     $ 71.36       30     $ 78.71       35     $ 70.52  
    Chaveroo Field   8       56.78       15       76.39       9       67.55  
    Jonah Field   7       67.69       8       72.25       7       64.54  
    Williston Basin   34       64.35       35       70.29       30       64.64  
    Barnett Shale   3       68.03       3       73.05       2       65.99  
    Hamilton Dome Field   34       58.88       35       61.21       35       57.53  
    Delhi Field   58       76.04       73       77.08       60       68.66  
    Other   —       —       —       —       1       71.61  
    Total   172     $ 68.42       199     $ 73.06       179     $ 65.72  
    Natural gas (MMCF)                                              
    SCOOP/STACK   317     $ 4.91       214     $ 2.11       314     $ 2.89  
    Chaveroo Field   —       —       7       2.29       —       —  
    Jonah Field   758       4.02       843       3.94       803       3.21  
    Williston Basin   32       3.89       20       1.36       18       1.41  
    Barnett Shale   904       3.39       1,031       1.98       990       2.31  
    Total   2,011     $ 3.87       2,115     $ 2.77       2,125     $ 2.73  
    Natural gas liquids (MBBL)                                              
    SCOOP/STACK   13     $ 27.84       10     $ 25.14       18     $ 21.34  
    Chaveroo Field   —       —       1       22.86       —       —  
    Jonah Field   8       32.14       9       31.93       9       30.08  
    Williston Basin   8       23.74       4       23.96       2       17.86  
    Barnett Shale   49       33.48       59       22.85       57       25.86  
    Delhi Field   15       37.20       20       30.48       19       29.13  
    Other   —       —       1       25.87       —       —  
    Total   93     $ 32.28       104     $ 25.26       105     $ 25.90  
                                                   
    Equivalent (MBOE)(1)                                              
    SCOOP/STACK   94     $ 41.90       76     $ 40.56       105     $ 35.48  
    Chaveroo Field   8       56.78       17       68.40       9       67.55  
    Jonah Field   141       26.63       158       26.72       150       22.14  
    Williston Basin   47       53.08       42       61.15       35       57.00  
    Barnett Shale   203       24.13       234       15.41       224       17.29  
    Hamilton Dome Field   34       58.88       35       61.21       35       57.53  
    Delhi Field   73       68.19       93       67.21       79       59.37  
    Other   —       —       1       25.87       1       71.61  
    Total   600     $ 37.60       656     $ 35.10       638     $ 31.78  
                                                   
    Average daily production (BOEPD)(1)                                              
    SCOOP/STACK   1,044               835               1,141          
    Chaveroo Field   89               187               98          
    Jonah Field   1,567               1,736               1,630          
    Williston Basin   522               462               380          
    Barnett Shale   2,256               2,571               2,435          
    Hamilton Dome Field   378               385               380          
    Delhi Field   811               1,022               859          
    Other   —               11               12          
    Total   6,667               7,209               6,935          

    _____________________

    (1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
       
    Evolution Petroleum Corporation

    Summary of Average Production Costs (Unaudited)
       
      Three Months Ended
      March 31,    December 31,
      2025   2024   2024
      Amount   Price   Amount   Price   Amount   Price
    Production costs (in thousands, except per BOE):                                              
    Lease operating costs                                              
    SCOOP/STACK $ 1,106     $ 11.74     $ 619     $ 8.18     $ 1,050     $ 9.97  
    Chaveroo Field   128       15.77       161       9.12       122       12.92  
    Jonah Field   2,184       15.51       2,313       14.63       2,196       14.62  
    Williston Basin   1,476       31.45       1,413       33.69       1,190       34.12  
    Barnett Shale   3,739       18.47       3,767       16.07       4,030       18.03  
    Hamilton Dome Field   1,237       36.36       1,566       45.34       1,188       34.18  
    Delhi Field   3,518       48.04       2,785       30.19       3,017       38.15  
    Total $ 13,388     $ 22.32     $ 12,624     $ 19.24     $ 12,793     $ 20.05  
                                                   

    Evolution Petroleum Corporation

    Summary of Open Derivative Contracts (Unaudited)

    For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended March 31, 2025.
    The Company had the following open crude oil and natural gas derivative contracts as of May 12, 2025:

                                           
                Volumes in     Swap Price per   Floor Price per   Ceiling Price per
    Period   Commodity   Instrument   MMBTU/BBL     MMBTU/BBL   MMBTU/BBL   MMBTU/BBL
    April 2025 – June 2025   Crude Oil   Fixed-Price Swap   25,571     $ 73.49                  
    April 2025 – June 2025   Crude Oil   Collar   41,601             $ 65.00     $ 84.00  
    April 2025 – December 2025   Crude Oil   Fixed-Price Swap   32,229       72.00                  
    July 2025 – December 2025   Crude Oil   Fixed-Price Swap   81,335       71.40                  
    January 2026 – March 2026   Crude Oil   Collar   43,493               60.00       75.80  
    April 2026 – June 2026   Crude Oil   Fixed-Price Swap   17,106       60.40                  
    April 2025 – December 2025   Natural Gas   Collar   681,271               4.00       4.95  
    April 2025 – December 2026   Natural Gas   Fixed-Price Swap   3,010,069       3.60                  
    January 2026 – March 2026   Natural Gas   Collar   375,481               3.60       5.00  
    January 2026 – March 2026   Natural Gas   Collar   213,251               4.00       5.39  
    April 2025 – December 2027   Natural Gas   Fixed-Price Swap   3,729,540       3.57                  
    April 2026 – October 2026   Natural Gas   Collar   433,428               3.50       4.55  
                                           

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

    The MIL Network –

  • MIL-OSI USA: Tuberville Introduces Legislation to Help Disabled Veterans

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) introduced the Automotive Support Services to Improved Safe Transportation (ASSIST) Act, which would help disabled veterans make the vehicle modifications they need to travel safely by giving the VA greater flexibility to offer financial assistance for a wider range of necessary adaptations.
    “We take things like driving or riding in a vehicle for granted, but for some veterans, operating a vehicle can be challenging without the proper modifications,” said Senator Tuberville.“Alabama is home to more than 400,000 veterans, and we want to ensure that each of them has the necessary resources to lead safe, independent lives. The ASSIST Act is a commonsense piece of legislation that would give veterans access to needed vehicle modifications such as ramps and device lifts. I’m proud to lead the ASSIST Act in the Senate and will continue fighting to help the heroes who have sacrificed so much for us.”BACKGROUND:As Alabama’s voice on the Senate Veterans’ Affairs Committee, the ASSIST Act follows a series of bills Senator Tuberville has introduced to make small, yet meaningful changes to how the VA delivers care and benefits to veterans. Last week, the House Committee on Veterans’ Affairs passed the ASSIST Act unanimously out of committee.
    Currently, the VA is restricted to funding only a limited list of adaptive equipment, such as wheelchair tie-downs, van lifts, and raised roofs. This unintentionally limits, and in many cases prevents all together, some veterans from being able to make necessary modifications to their vehicles such as ramp and kneeling systems, mobility device lifts, and ingress or egress accessibility modifications. The ASSIST Act fixes this gap in assistance and would help ensure veterans are able to continue traveling safely and freely. 
    MORE:
    Tuberville, VA Secretary Doug Collins Discuss Streamlining Processes to Improve Outcomes for Veterans
    Tuberville, Lee Introduce Legislation to Repurpose Woke USAID Funding to Improve Veterans’ Homes
    Tuberville, Boozman Introduce Legislation to Support Defrauded Veterans
    Tuberville Reintroduces Legislation to Expand Treatment Options for Veterans
    Tuberville Introduces Legislation to Ensure Community Care Access for Veterans
    Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Security: Praetorian Shield and Two Individuals Agree to Pay $221,000 to Resolve False Claims Act Allegations Connected to Fraudulently Obtained Small Business Contracts and Kickbacks

    Source: United States Attorneys General

    Praetorian Shield Inc., formerly a Delaware company, and Grady Baker, and his wife Ranya, have agreed to pay the United States $221,000 to settle allegations that they violated the False Claims Act by fraudulently obtaining small business set-aside contracts.

    This settlement further resolves allegations that Praetorian and the Bakers violated the Anti-Kickback Act. The settlement is based on Praetorian Shields’ and the Bakers’ financial condition and ability to pay.

    “The Bakers’ conduct in fraudulently obtaining government small business contracts thwarts the purpose of the small business program, which is meant to support small and disadvantaged businesses, and deprives legitimate businesses of opportunities intended by Congress” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “This settlement demonstrates our office’s commitment to protecting the integrity of the federal contracting programs and to holding accountable those who seek to gain an unfair advantage through deception.”

    The settlement resolves allegations that between 2016 and 2023, Praetorian and the Bakers falsely represented that Praetorian was a Woman-Owned Small Business (WOSB) and a Service-Disabled Veteran Owned Small Business (SDVOSB). They made these false claims to obtain small business set-aside contracts awards from the Department of Homeland Security (DHS) for security services at federal buildings.

    Praetorian was a purported small business subcontractor to Paragon Systems Inc. (Paragon), one of the federal government’s largest security guard providers at federal buildings throughout the U.S. The U.S. alleged that Paragon, acting through former high-ranking corporate executives, knowingly engaged in a fraudulent scheme to use purported small businesses that it controlled, such as Praetorian, to obtain DHS set-aside contracts for which Paragon was itself ineligible.

    Grady Baker, who served as Paragon’s vice president of operations, allegedly instructed Ranya Baker to incorporate Praetorian using her middle and maiden names. Ranya Baker did not typically use her middle or maiden names for business or personal purposes. The Bakers controlled Praetorian, along with other high-level Paragon executives, and Grady Baker served as Praetorian’s de facto director of operations.

    Through Grady Baker and other Paragon executives’ operational control, the Bakers and Praetorian knew that Praetorian was not an eligible small business. But they forged forward with devising the scheme to obtain DHS small business contracts for Paragon.

    This settlement also resolves allegations that Praetorian and the Bakers provided more than $188,000 in kickbacks to Paragon executives and that Ms. Baker received $98,000 in kickbacks from another Paragon subcontractor, Patronus Systems Inc.

    In November 2024, the United States resolved related civil claims against Paragon, recovering $52 million. Additionally, another purported small business, Athena Services International LLC (ASI), and its joint venture with Paragon, Athena Joint Venture Services LLC (AJVS) — along with their owner, Alisa Silverman — previously agreed to pay more than $1.6 million to resolve their liability in connection with the alleged Paragon small business contracting fraud scheme.

    This settlement is the result of a coordinated effort between the Civil Division’s Fraud Section, U.S. Attorney’s Office for the District of Maryland, and DHS-OIG.  U.S. Attorney Hayes commended Assistant U.S. Attorney Sarah Marquardt and Senior Trial Counsel A. Thomas Morris, Civil Division, Commercial Litigation Branch, Fraud Section, who handled this matter.

    The claims resolved by the settlement are allegations only and there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI USA: News 05/13/2025 Blackburn, Luján Introduce Bill to Ensure U.S. Remains the World Leader in Quantum

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Ben Ray Luján (D-N.M.) introduced the Quantum Leadership in Emerging Applications and Policy (LEAP) Act which will ensure the United States remains the world leader in quantum by establishing a legislative commission to tackle the issues facing American ingenuity:
    “The United States cannot afford to fall behind to adversaries like Communist China when it comes to quantum information science and technology as global competition accelerates,” said Senator Blackburn. “The Quantum LEAP Act would establish a much-needed, expert-driven commission to equip Congress with the insights necessary to protect our national interests by keeping the United States the world leader in quantum technology. We can’t let the Chinese Communist Party take the lead.”
    “I am proud to introduce bipartisan legislation to help ensure the U.S. stays competitive in quantum science and engineering, which is crucial for national security and technological advancements,” said Senator Luján. “This legislation would create a commission to analyze and offer policy recommendations on emerging quantum sciences and technologies to Congress. New Mexico is a leader in U.S. quantum research, and this legislation will help drive innovation and economic growth in our state.”
    BACKGROUND
    Quantum information science and technology represent a technological frontier that has the potential to revolutionize computing, cybersecurity, materials science, and communications.
    U.S. leadership in quantum is more important than ever as global competition accelerates from adversaries like China. 
    The U.S. faces numerous challenges to win the quantum race, including fragmented efforts across agencies, a lack of cohesive policy direction, underdeveloped commercial pathways, and a shortage of skilled workforce. 
    Earlier this year, Senate Commerce Committee Chairman Ted Cruz (R-Texas) recognized Senator Blackburn for her leadership on advancing a reauthorization of quantum computing research programs to drive innovation, protect the nation, and create new industries.
    QUANTUM LEAP ACT
    The Quantum LEAP Act would:
    Establish a bipartisan legislative commission composed of 12 members, including both Congressional and private sector experts;
    Require an evaluation of quantum information science development needs across national security, economic competitiveness, supply chains, public-private partnerships, workforce development, and commercialization;
    Require collaboration with federal agencies such as the Departments of Commerce, Energy, Defense, National Institute of Standards and Technology, National Science Foundation, and the National Quantum Coordination Office; and
    Mandate a report to Congress within two years on legislative recommendations.
    ENDORSEMENTS
    This legislation is supported by EPB of Chattanooga, Quantinuum, IBM Quantum, the Quantum Industry Coalition, D-Wave, and the Hudson Institute Quantum Alliance Initiative.
    “EPB of Chattanooga strongly supports the creation of the Commission on American Quantum Information Science. In a city that’s already laying the groundwork for the emergence of the quantum industry by utilizing our fiber optic infrastructure to support collaborative efforts to commercialize quantum technology, we see this Commission as a vital step in aligning national policy with the rapid pace of technological development. A legislative voice will complement the work of the Quantum Advisory Council and help ensure that communities like ours will have a seat at the table as the U.S. charts its quantum future,” said David Wade, CEO of EPB of Chattanooga.
    “Quantinuum strongly supports the bipartisan Quantum LEAP Act. This landmark legislation affirms the strategic importance of quantum technologies to our national and economic security. We commend Senators Blackburn and Luján for their leadership in establishing a Commission that will unite experts across sectors to ensure U.S. leadership in this critical frontier,” said Dr. Rajeeb Hazra, President & CEO of Quantinuum.
    “The Commission on American Quantum Information Science will give Congress expert, nonpartisan guidance on this critical technology. Complementing the Executive Branch’s advisory efforts will strengthen our national approach to quantum innovation, workforce development, and international collaboration, ensuring U.S. leadership and security while developing quantum technology. We commend Senators Blackburn and Luján for their leadership in introducing this important legislation,” said Jay Gambetta, Vice President of IBM Quantum.
    “Quantum information science has profound potential for the national security and economy of the United States and requires a strategic approach.  The Quantum Industry Coalition commends Sen. Blackburn and Sen. Lujan for addressing this issue and looks forward to working with them to advance this important legislation this year,” said Paul Stimers, Executive Director of the Quantum Industry Coalition.
    RELATED
    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom’s budget to help lower drug costs, expand authority to access medication abortion through CalRx

    Source: US State of California 2

    May 13, 2025

    What you need to know: Governor Newsom will take action tomorrow to lower drug prices, increase transparency for PBMs, and expand authority for the state to acquire medication abortion.

    Sacramento, California – As part of the 2025-26 May Revision, Governor Gavin Newsom will propose two major actions to reduce prescription drug costs and safeguard reproductive freedom by expanding access to medication abortion.

    “Prescription drug prices are out of control and we’re shining a light on hidden costs — while also giving CalRX more tools to respond to supply chain disruptions, market manipulation, or politically motivated abortion restrictions.”

    Governor Gavin Newsom

    Pharmacy Benefit Managers: Pharmacy Benefit Managers (PBMs) act as middlemen between drug manufacturers, pharmacies, and insurers — often driving up costs in the process. The Governor’s May Revision proposes new state oversight to increase transparency and cut costs. Under this proposal:

    • PBMs must be licensed and regulated by the Department of Managed Health Care (DMHC).

    • They must report operational and financial details, including audited statements and will have a fiduciary duty to clients, holding PBMs to a higher ethical standard.

    • DMHC will review PBM contracts and perform regular financial audits.

    • As part of licensure, PBMs must report detailed drug pricing data to the Department of Health Care Access and Information (HCAI), the state’s health data agency.

    • DMHC will have clear authority to enforce rules and penalize violations.

    Expanding CalRx for brand-name drugs: The May Revision proposes expanding the authority of CalRx to purchase brand-name drugs. This change gives the state more tools to respond to supply chain disruptions, market manipulation, or politically motivated restrictions that could threaten access to essential medications — including medication abortion.

    By expanding CalRx’s scope, California will be better positioned to:

    • Secure affordable supply of both generic and brand-name drugs.

    • Maintain uninterrupted access to medications at risk of shortage or political interference.

    • Strengthen the state’s ability to protect reproductive health care options, including mifepristone and other medications under attack in other states.

    Members of the press who wish to attend tomorrow’s release of the revised budget plan can learn more HERE.

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    MIL OSI USA News –

  • MIL-OSI USA: InCHIP Supports Principal Investigators Amid Uncertainty in Federal Research Funding

    Source: US State of Connecticut

    On Friday, May 30, UConn’s Institute for Collaboration on Health, Intervention, and Policy (InCHIP) will hold a virtual coffee break for faculty to receive updates on the evolving federal research funding landscape and guidance for writing competitive grant applications in the current climate.

    The event will feature a panel of InCHIP principal investigators (PIs) who have submitted a federal funding proposal this year. In addition, leaders from InCHIP and the Office of the Vice President for Research will share advice from program officers at the National Institutes of Health and answer questions about the impact of federal funding on the university.

    Information for the upcoming coffee hour can be found on InCHIP’s website, chip.uconn.edu.

    This event is part of InCHIP’s recurring coffee hours, which provide faculty a space to informally discuss their experiences with federal funding changes and create a network of support.

    Caitlin Caspi, Director of Food Security Initiatives at the UConn Rudd Center for Food Policy and Health, and Associate Professor of Allied Health Sciences

    “These events are important for us to get an idea of how changes in federal funding are affecting faculty and how InCHIP can support PIs and their research,” says Caitlin Caspi, associate director of InCHIP and director of Food Security Initiatives at the UConn Rudd Center for Food Policy and Health.

    Faculty from UConn Storrs, UConn Health, regional campuses, and various schools and colleges have participated, highlighting strong interest and demand for these events.

    Caspi spearheaded the coffee hours in response to unprecedented funding cuts at the National Institutes of Health (NIH). According to the Association of American Medical Colleges (AAMC), about $1.9 billion in research and career development funding to U.S. institutions has been terminated. AAMC data shows that Connecticut has lost more than $12 million in NIH funding.

    Scientific research is a core component in the economic engine of Connecticut and the United States. Government-funded research also fuels cures for debilitating diseases and innovation.

    A 2019 study published in Science by researchers at the University of California, Berkely, the University of Connecticut, Boston University, and Harvard University quantified the impact of federal research dollars on patents. The authors found that nearly one-third of U.S. patents rely on federal research dollars and established that corporations have become more reliant on government investment.

    In addition to the impacts on innovation, the cuts have socioeconomic implications. As the largest public funder of biomedical research, the NIH provided key support for research that improves public health and well-being, especially for historically understudied populations and fields.

    Grant terminations have most heavily impacted research areas like HIV/AIDS, sexual and gender minorities, COVID-19, and climate science – many of which are InCHIP priorities. In response, leadership is working to expand support for investigators beyond the coffee hours.

    First, InCHIP continues to offer seed grant funding to support innovative pilot research that will serve as the foundation for future external funding proposals.

    Tricia Leahey of the Department of Allied Health Sciences (AHS) in the College of Agriculture, Health and Natural Resources (CAHNR), and director of the UConn Institute for Collaboration on Health, Intervention, and Policy (InCHIP)

    “InCHIP seed grants support innovative pilot research in emerging areas and PI career growth. In unstable financial times, these internal funding opportunities can act as lifelines to keep research moving forward,” says Tricia Leahey, director of InCHIP.

    For the Spring 2025 semester, InCHIP offered internal funds for projects that aim to address health challenges and concerns affecting understudied populations in Connecticut and the United States.

    Specifically, InCHIP has partnered with the UConn Gladstein Family Human Rights Institute to fund projects that explore the areas of health equity, human rights, and social justice. InCHIP expects to fund 2 projects under this opportunity.

    InCHIP also offered seed grants in environment and health, community-engaged research, and women’s health, along with core funding for career development, and team formation, bridge funding, and project completion.

    The spring application cycle has closed, but investigators are encouraged to check InCHIP’s website during the fall semester.

    InCHIP is also supporting PIs who received award termination from the NIH, from navigating logistics to providing financial support. In addition, InCHIP is helping PIs navigate the changing funding landscape through grant writing workshops and identifying non-federal funding sources.

    Next semester, InCHIP will offer a grant writing workshop focused on foundation opportunities. The goal of the workshop is to help PIs learn best practices for crafting competitive proposals. Modeled after InCHIP’s Spring 2025 NIH grant writing bootcamp, the workshop builds on this semester’s successful bootcamp and follow-up seminar, which is providing researchers hands-on experience and in-depth feedback on their grant proposals.

    Details about the foundation grants workshop will be announced on InCHIP’s website.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with St. Kitts and Nevis

    Source: IMF – News in Russian

    May 13, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for St. Kitts and Nevis[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.

    Following the post-pandemic rebound, the economy is facing challenges. Real GDP growth moderated to 1.5 percent in 2024, reflecting lower contributions from tourism and government services, while inflation eased to 1 percent. The fiscal deficit increased to 11 percent of GDP in 2024, mainly driven by a sharp decline in Citizenship-by-Investment (CBI) revenue amid recent reforms aimed at strengthening the CBI program. The current account deficit widened due to lower CBI inflows. Meanwhile, credit growth accelerated on the back of pent-up demand, especially in mortgage loans, amid increasing competition. Groundwork is ongoing for a potentially transformative geothermal project.

    In 2025, economic growth is projected to strengthen to 2 percent supported by expanding tourism, while inflation is expected to remain stable.[2] In the medium term, growth is forecast to rise to 2½ percent, benefiting from large energy projects. Nonetheless, fiscal deficits are forecasted to remain high in the medium term, driven by expectations of structurally lower CBI revenue, resulting in public debt exceeding 70 percent of GDP by 2030.

    Near-term risks to growth are tilted to the downside, but progress in fostering renewable energy provides upside potential over the medium term. The uncertainty and volatility of CBI revenue pose a significant two-sided risk, but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, global financial instability, and commodity price volatility. The economy is highly exposed to natural disasters. On the other hand, the energy projects could foster growth and fiscal revenue in the medium term.

    Executive Board Assessment[3]

    Executive Directors welcomed the authorities’ commitment to prudent policy reforms and stressed that the significant challenges the economy is facing require a multipronged approach to address low growth and fiscal sustainability, while safeguarding financial stability and the external position.

    Directors encouraged the authorities to implement a prompt and decisive fiscal consolidation to keep public debt below the regional debt ceiling and reduce reliance on the Citizenship‑by‑Investment Program (CBI). This would create space for capital expenditure, resilience against natural disasters, and contingent liabilities. Directors stressed that fiscal consolidation should be driven by tax revenue mobilization and reductions in current expenditures, anchored by fiscal rules. Greater diversification of funding sources would also help to lengthen debt maturities and lower financing costs. Directors supported the authorities’ plan to establish a Sovereign Wealth Fund to absorb upsides in CBI revenue and called for continuing improvements in the CBI framework, including its transparency. They also welcomed the authorities’ initiatives to implement reforms to improve the sustainability of the Social Security Fund.

    Directors underscored that further progress is needed to strengthen the financial sector, including to reduce NPLs and meet the ECCB’s prudential requirements. They emphasized the importance of continuing to strengthen the balance sheet of the systemic bank and to revitalize its business model. Directors also called for reforms of the Development Bank, building on the authorities’ work in this area. They stressed the need to monitor rapid credit growth and further strengthen the regulation and oversight of credit unions. It will also be important to make additional progress in strengthening the AML/CFT framework.

    Directors emphasized that structural reforms and improved preparedness for natural disasters are crucial to boost potential growth. They stressed that reforms are necessary to enhance the efficiency of government services, improve credit access, and better align labor skills with market demands. Directors noted that accelerating the energy transition would help increase competitiveness. Finally, they underscored the need to enhance the investment and the multi‑layered insurance frameworks to strengthen natural disaster preparedness.

    St. Kitts and Nevis: Selected Economic Indicators 2020-26 1/
       

    Est.

    Proj.

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    (Annual percentage change, unless otherwise specified)

    National income and prices

    Real GDP (market prices) 2/

    -14.6

    -1.7

    10.5

    4.3

    1.5

    2.0

    2.2

    Real GDP (factor cost) 2/

    -13.4

    -1.0

    8.0

    5.0

    4.3

    0.7

    0.5

    Consumer prices, period average

    -1.2

    1.2

    2.7

    3.6

    1.0

    1.7

    2.0

    Real effective exchange rate appreciation (+) (end-of-period)

    -1.0

    -3.1

    -1.4

    -0.7

    -2.4

    …

    …

    Money and credit 3/

    Broad money

    -8.1

    8.9

    3.7

    -1.9

    2.5

    13.5

    8.9

    Change in net foreign assets

    -0.4

    9.1

    -7.0

    -6.4

    -12.8

    -2.3

    -2.0

    Net credit to general government

    -18.4

    -4.8

    4.9

    0.3

    9.3

    10.3

    6.6

    Credit to private sector

    -4.0

    7.7

    5.8

    5.2

    9.8

    8.1

    6.4

    (In percent of GDP)

    Public sector 4/

    Total revenue and grants

    33.5

    46.6

    45.2

    43.0

    31.1

    32.5

    33.2

      o/w Tax revenue

    18.8

    19.0

    18.4

    19.3

    18.7

    18.2

    19.0

      o/w CBI fees

    11.3

    23.4

    25.3

    21.7

    8.1

    9.0

    9.0

    Total expenditure and net lending

    36.5

    41.2

    49.4

    43.3

    41.7

    42.2

    39.8

    Overall balance

    -3.1

    5.4

    -4.2

    -0.3

    -10.6

    -9.8

    -6.6

    Total public debt (end-of-period)

    68.0

    69.1

    60.2

    55.9

    52.2

    61.4

    65.6

    General government deposits

    (percent of GDP) 5/

    21.6

    30.4

    21.6

    20.4

    10.4

    10.3

    9.9

    External sector

    External current account balance

    -10.8

    -3.4

    -11.4

    -11.6

    -15.1

    -13.1

    -12.8

    Trade balance

    -28.0

    -24.8

    -34.7

    -32.8

    -32.7

    -32.3

    -33.3

    Memorandum items

     

     

     

     

    Net international reserves, end-of-period

     

     

     

    (in millions of U.S. dollars)

    365.4

    312.8

    270.3

    262.4

    270.7

    269.0

    267.3

     

     

     

    Nominal GDP at market prices

    (in millions of EC$)

    2,387

    2,318

    2,650

    2,850

    3,017

    3,048

    3,171

    Sources: St. Kitts and Nevis authorities; ECCB; UNDP; World Bank; and IMF staff estimates and projections.

    1/ The staff report projections are based on the information available as of March 27, 2025. Therefore, they do not reflect the impact of trade tensions since April 2, 2025.

    2/ In June 2021, the National Statistics Office revised historical GDP series.

    3/ The series for monetary aggregates have been revised consistent with the 2016 Monetary and Financial Statistics Manual and Compilation Guide.

    4/ Consolidated general government balances. Primary and overall balances are based on above-the-line data.

    5/ Includes only central government deposits at the commercial banks.
                                 

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

    [2] Since the issuance of the Staff Report, economic growth has been marked down, reflecting the impact of trade tensions combined with their effects on global policy uncertainty and global financial conditions, primarily through tourism and FDI (see the Supplement).

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez Gomez

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

    https://www.imf.org/en/News/Articles/2025/05/12/pr-25139-st-kitts-and-nevis-imf-executive-board-concludes-2025-article-iv-consultation

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