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  • MIL-OSI Global: Science requires ethical oversight – without federal dollars, society’s health and safety are at risk

    Source: The Conversation – USA – By Christine Coughlin, Professor of Law, Wake Forest University

    Brain organoids, pictured here, raise both many medical possibilities and ethical questions. NIAID/Flickr, CC BY-SA

    As the Trump administration continues to make significant cuts to NIH budgets and personnel and to freeze billions of dollars of funding to major research universities – citing ideological concerns – there’s more being threatened than just progress in science and medicine. Something valuable but often overlooked is also being hit hard: preventing research abuse.

    The National Institutes of Health has been the world’s largest public funder of biomedical research. Its support helps translate basic science into biomedical therapies and technologies, providing funding for nearly all treatments approved by the Food and Drug Administration from 2010 to 2019. This enables the U.S. to lead global research while maintaining transparency and preventing research misconduct.

    While the legality of directives to shrink the NIH is unclear, the Trump administration’s actions have already led to suspended clinical trials, institutional hiring freezes and layoffs, rescinded graduate student admissions, and canceled federal grant review meetings. Researchers at affected universities say that funding will delay or possibly eliminate ongoing studies on critical conditions like cancer and Alzheimer’s.

    The Trump administration has deeply culled U.S. science across agencies and institutions.

    It is clear to us, as legal and bioethics scholars whose research often focuses on the ethical, legal and social implications of emerging biotechnologies, that these directives will have profoundly negative consequences for medical research and human health, with ripple effects that will last decades. Our scholarship demonstrates that in order to contribute to knowledge and, ultimately, to biomedical treatments, medical research at every stage depends on significant infrastructure support and ethical oversight.

    Our recent focus on brain organoid research – 3D lab models grown from human stem cells that simulate brain structure and function – shows how federal support for research is key to not only promote innovation, but to protect participants and future patients.

    History of NIH and research ethics

    The National Institutes of Health began as a one-room laboratory within the Marine Hospital Service in 1887. After World War I, chemists involved in the war effort sought to apply their knowledge to medicine. They partnered with Louisiana Sen. Joseph E. Ransdell who, motivated by the devastation of malaria, yellow fever and the 1928 influenza pandemic, introduced federal legislation to support basic research and fund fellowships focusing on solving medical problems.

    By World War II, biomedical advances like surgical techniques and antibiotics had proved vital on the battlefield. Survival rates increased from 4% during World War I to 50% in World War II. Congress passed the 1944 Public Health Services Act to expand NIH’s authority to fund biomedical research at public and private institutions. President Franklin D. Roosevelt called it “as sound an investment as any Government can make; the dividends are payable in human life and health.”

    As science advanced, so did the need for guardrails. After World War II, among the top Nazi leaders prosecuted for war crimes were physicians who conducted experiments on people without consent, such as exposure to hypothermia and infectious disease. The verdicts of these Doctors’ Trials included 10 points about ethical human research that became the Nuremberg Code, emphasizing voluntary consent to participation, societal benefit as the goal of human research, and significant limitations on permissible risks of harm. The World Medical Association established complementary international guidelines for physician-researchers in the 1964 Declaration of Helsinki.

    At least 100 participants died in the Tuskegee Untreated Syphilis Study.
    National Archives

    In the 1970s, information about the Tuskegee study – a deceptive and unethical 40-year study of untreated syphilis in Black men – came to light. The researchers told study participants they would be given treatment but did not give them medication. They also prevented participants from accessing a cure when it became available in order to study the disease as it progressed. The men enrolled in the study experienced significant health problems, including blindness, mental impairment and death.

    The public outrage that followed starkly demonstrated that the U.S. couldn’t simply rely on international guidelines but needed federal standards on research ethics. As a result, the National Research Act of 1974 led to the Belmont Report, which identified ethical principles essential to human research: respect for persons, beneficence and justice.

    Federal regulations reinforced these principles by requiring all federally funded research to comply with rigorous ethical standards for human research. By prohibiting financial conflicts of interest and by implementing an independent ethics review process, new policies helped ensure that federally supported research has scientific and social value, is scientifically valid, fairly selects and adequately protects participants.

    These standards and recommendations guide both federally and nonfederally funded research today. The breadth of NIH’s mandate and budget has provided not only the essential structure for research oversight, but also key resources for ethics consultation and advice.

    Brain organoids and the need for ethical inquiry

    Biomedical research on cell and animal models requires extensive ethics oversight systems that complement those for human research. Our research on the ethical and policy issues of human brain organoid research provides a good example of the complexities of biomedical research and the infrastructure and oversight mechanisms necessary to support it.

    Organoid research is increasing in importance, as the FDA wants to expand its use as an alternative to using animals to test new drugs before administering them to humans. Because these models can simulate brain structure and function, brain organoid research is integral to developing and testing potential treatments for brain diseases and conditions like Alzheimer’s, Parkinson’s and cancer. Brain organoids are also useful for personalized and regenerative medicine, artificial intelligence, brain-computer interfaces and other biotechnologies.

    Brain organoids are built on knowledge about the fundamentals of biology that was developed primarily in universities receiving federal funding. Organoid technology began in 1907 with research on sponge cells, and continued in the 1980s with advances in stem cell research. Since researchers generated the first human organoid in 2009, the field has rapidly expanded.

    Brain organoids have come a long way since their beginnings over a century ago.
    Madeline Andrews, Arnold Kriegstein’s lab, UCSF, CC BY-ND

    These advances were only possible through federally supported research infrastructure, which helps ensure the quality of all biomedical research. Indirect costs cover operational expenses necessary to maintain research safety and ethics, including utilities, administrative support, biohazard handling and regulatory compliance. In these ways, federally supported research infrastructure protects and promotes the scientific and ethical value of biotechnologies like brain organoids.

    Brain organoid research requires significant scientific and ethical inquiry to safely reach its future potential. It raises potential moral and legal questions about donor consent, the extent to which organoids should be grown and how they should be disposed, and consciousness and personhood. As science progresses, infrastructure for oversight can help ensure these ethical and societal issues are addressed.

    New frontiers in scientific research

    Since World War II, there has been bipartisan support for scientific innovation, in part because it is an economic and national security imperative. As Harvard University President Alan Garber recently wrote, “[n]ew frontiers beckon us with the prospect of life-changing advances. … For the government to retreat from these partnerships now risks not only the health and well-being of millions of individuals but also the economic security and vitality of our nation.”

    Cuts to research overhead may seem like easy savings, but it fails to account for the infrastructure that provides essential support for scientific innovation. The investment the NIH has put into academic research is significantly paid forward, adding nearly US$95 billion to local economies in fiscal year 2024, or $2.46 for every $1 of grant funding. NIH funding had also supported over 407,700 jobs that year.

    President Donald Trump pledged to “unleash the power of American innovation” to battle brain-based diseases when he accepted his second Republican nomination for president. Around 6.7 million Americans live with Alzheimer’s, and over a million more suffer from Parkinson’s. Hundreds of thousands of Americans are diagnosed with aggressive brain cancers each year, and 20% of the population experiences varying forms of mental illness at any one time. These numbers are expected to grow considerably, possibly doubling by 2050.

    Organoid research is just one of the essential components in the process of learning about the brain and using that knowledge to find better treatment for diseases affecting the brain.

    Science benefits society only if it is rigorous, ethically conducted and fairly funded. Current NIH policy directives and steep cuts to the agency’s size and budget, along with attacks on universities, undermine globally shared goals of increasing understanding and improving human health.

    The federal system of overseeing and funding biomedical science may need a scalpel, but to defund efforts based on “efficiency” is to wield a chainsaw.

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

    – ref. Science requires ethical oversight – without federal dollars, society’s health and safety are at risk – https://theconversation.com/science-requires-ethical-oversight-without-federal-dollars-societys-health-and-safety-are-at-risk-252794

    MIL OSI – Global Reports –

  • MIL-OSI: Inuvo Posts Record Q1 2025 Revenue of $26.7M, up 57% Year-Over-Year

    Source: GlobeNewswire (MIL-OSI)

    LITTLE ROCK, Ark., May 09, 2025 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of artificial intelligence AdTech solutions, today provided a business update and announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights:

    • Revenue was a record $26.7 million; a 57% increase compared to $17.0 million in Q1. 2024; highest revenue in the Company’s history.
    • Gross profit increased 41% to $21.1 million, compared to $14.9 million in Q1 2024.
    • Net loss per share was $0.01 compared to $0.02 in the prior year.  
    • Adjusted EBITDA loss was $22 thousand, compared to a loss of $1.0 million for Q1 2024.

    First Quarter 2025 Operational Highlights:

    • The company launched the enhanced IntentKey Self-Serve Platform, an advanced AI agent for audience discovery and targeting.
    • The company added 20 new IntentKey clients and now has 15 self-service clients. 
    • The company introduced IntentKey zip code-level audience insights and targeting.
    • The company materially grew both Platform and the Agencies & Brands product lines. 

    Richard Howe, CEO of Inuvo, stated, “I’m thrilled to announce another record quarter, our second consecutive, with 57% year-over-year growth driven by both product lines. As Q1 is typically our weakest quarter, this strong performance sets a positive tone for the year ahead.” Mr. Howe added, “Our Platform product is benefiting from technology and service enhancements initiated in late 2023, while Agencies & Brands are thriving with enhanced capabilities that enable marketers to quickly identify and target virtually any audience they can conceive, in minutes.”

    Financial Results for the First Quarter Ended March 31,2025

    Net revenue for the first quarter of 2025 totaled $26.7 million, compared to $17.0 million for the same period last year. The increase in revenue for the three-month period ended March 31, 2025, compared to the same period in the prior year came from a 61% increase within Platforms and a 31% increase within Agencies & Brands.

    Cost of revenue for the first quarter of 2025 totaled $5.6 million, compared to $2.1 million for the same period last year. The increase in the cost of revenue for the three months ended March 31, 2025, as compared to the same period last year, was related to higher Platform revenue and the introduction of a new product.

    Gross profit for the three months ended March 31, 2025, totaled $21.1 million as compared to $14.9 million for the same period last year. Gross profit margin for the three months ended March 31, 2025, was 79% as compared to 87.7% for the same period last year. The lower gross margin was due to changes in product mix.

    Operating expenses for the three months ended March 31, 2025, totaled $22.9 million compared to $17 million for the same period last year. Operating expenses are composed of marketing costs, compensation and general & administrative expenses. For the three-months ended March 31, 2025, all three categories of operating expense increased year-over-year.

    Marketing costs increased due to the higher expenses associated with Platform revenue growth. Compensation expense was higher due primarily to a one-time accrual of an employee benefit of $335,000 and to higher incentive accrual. General and administrative expense was $1.1 million higher year-over-year primarily due to a reduction of the allowance for expected credit losses last year.

    Finance expense, net of interest income, for the three months ended March 31, 2025, was $28 thousand compared to $20 thousand in the same quarter last year. Finance expense this year included $77 thousand of interest income from the Internal Revenue Service (IRS) for a delayed employee retention credit.

    Other income was approximately $541 thousand for the three months ended March 31, 2025 in comparison with $0 for the same quarter in 2024. In March 2025, the Company received a payment from the IRS totaling $610 thousand in connection with an employee retention credit filed in 2023. Of the total payment, $533 thousand was recognized in other Income.

    Net loss for the first quarter of 2025 was $1.3 million, or $0.01 per basic and diluted share, as compared to net loss of $2.1 million, or $0.02 per basic and diluted share, for the same period last year.

    Adjusted EBITDA [see reconciliation table below] was near break-even at a loss of approximately $22 thousand in the first quarter of 2025 compared to a loss of approximately $1.0 million for the same period last year.

    Liquidity and Capital Resources:

    On March 31, 2025, Inuvo had $2.6 million in cash and cash equivalents, an unused working capital facility of $10.0 million and no debt.

    As of May 2, 2025, Inuvo had 144,253,434 common shares issued and outstanding.

    Conference Call Details: 

    Date: Friday, May 9, 2025
    Time: 8:30 a.m. Eastern Time
    Toll-free Dial-in Number: 1-800-717-1738
    International Dial-in Number: 1- 646-307-1865
    Conference ID: 11109974
    Webcast Link: HERE

    A telephone replay will be available through Friday, May 23, 2025. To access the replay, please dial 1- 844-512-2921 (domestic) or 1- 412-317-6671 (international). At the system prompt, please enter the code 11109974 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.

    About Inuvo
    Inuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey® AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

    Safe Harbor / Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Inuvo’s quarter-end financial close process and preparation of financial statements for the quarter that are subject to risks and uncertainties that could cause results to be materially different than expectations. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed on February 27, 2025, and our other filings with the SEC.  Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

    Inuvo Company Contact:
    Wally Ruiz
    Chief Financial Officer
    Tel (501) 205-8397
    wallace.ruiz@inuvo.com 

    (Tables follow)

    INUVO, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
        Three Months Ended
        March 31   March 31
          2025       2024  
    Net revenue   $ 26,708,032     $ 17,023,777  
    Cost of revenue     5,620,941       2,099,042  
    Gross profit     21,087,091       14,924,735  
    Operating expenses:        
    Marketing costs     17,512,994       13,102,644  
    Compensation     3,599,321       3,224,859  
    General and administrative     1,744,563       688,510  
    Total operating expenses     22,856,878       17,016,013  
    Operating loss     (1,769,787 )     (2,091,278 )
    Interest expense, net     27,929       20,380  
    Other income     (540,571 )     –  
    Income tax expense     2,676       –  
    Net loss   $                (1,259,821 )   $                (2,111,658 )
    Other comprehensive income:        
    Unrealized gain (loss) on marketable securities     –       –  
    Comprehensive income (loss)   $                (1,259,821 )   $                (2,111,658 )
                 
    Net loss per share, basic and diluted   ($ 0.01 )   ($ 0.02 )
    Weighted average shares outstanding:        
    Basic     142,719,274       138,789,669  
    Diluted     142,719,274       138,789,669  
                     
    INUVO, INC.  
    CONDENSED CONSOLIDATED BALANCE SHEETS  
               
               
        March 31   December 31  
          2025     2024  
    Assets          
               
    Cash and cash equivalent   $ 2,561,993   $ 2,459,245  
    Accounts receivable, net     12,022,440     12,545,771  
    Prepaid expenses and other current assets     738,995     639,805  
    Total current assets     15,323,428     15,644,821  
               
    Property and equipment, net     1,793,966     1,792,903  
               
    Goodwill     9,853,342     9,853,342  
    Intangible assets, net of accumulated amortization     3,777,499     3,897,875  
    Other assets     943,956     1,006,990  
               
    Total assets   $ 31,692,191   $ 32,195,931  
               
    Liabilities and Stockholders’ Equity          
               
    Current liabilities          
    Accounts payable   $ 7,257,005   $ 8,422,351  
    Accrued expenses and other current liabilities     10,221,581     9,463,537  
    Total current liabilities     17,478,586     17,885,888  
               
    Long-term liabilities     766,891     835,271  
               
    Total stockholders’ equity     13,446,714     13,474,772  
    Total liabilities and stockholders’ equity   $ 31,692,191   $ 32,195,931  
    RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
    (unaudited)
             
        Three Months Ended
        March 31   March 31
          2025       2024  
    Net loss   $                              (1,259,821 )   $                              (2,111,658 )
    Interest expense, net     27,929       20,380  
    Income tax expense     2,676       –  
    Depreciation and amortization                                        568,042                                          673,203  
    EBITDA     (661,174 )     (1,418,075 )
    Stock-based compensation     304,284       396,312  
    Non recurring items:        
    Employee Benefit     335,000       –  
    Adjusted EBITDA   $                                    (21,890 )   $                              (1,021,763 )
                     

    Reconciliation of Net Loss to EBITDA and Adjusted EBITDA 

    We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as Net loss plus (i) interest expense, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

    The MIL Network –

  • MIL-OSI: Best Sugar Baby Websites [2025] Top Sugar Daddy Sites for Sugar Babies And Sugar Daddies to Meet!

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, Nevada, May 09, 2025 (GLOBE NEWSWIRE) — Find the best sugar baby websites and top-rated sugar daddy sites trusted by millions of attractive sugar babies and affluent sugar daddies to connect safely, chat instantly, and meet on your terms.

    Las Vegas, Nevada, May 08, 2025 (GLOBE NEWSWIRE) – Sugar dating is becoming more mainstream and sophisticated than ever before. More young women and ambitious individuals are turning to sugar baby websites to build meaningful, mutually beneficial relationships with generous benefactors. These platforms, ranging from full-featured websites to mobile-friendly sugar baby apps, make it easier to find compatibility, luxury, and opportunity all in one.

    ⇒ Why Wait? Trusted, safe, and elegant – the best sugar baby site awaits!

    Whether you’re new to the scene or looking for better options, knowing which sugar baby websites are trustworthy and effective can make all the difference. In this guide, we explore how to identify the best platforms, what features to look for, and why even free sugar baby sites can sometimes offer surprising value.

    Among all the platforms available, SugarDaddy.com stands out as the best sugar daddy website with free access, offering unmatched features, verified profiles, and a safe space for sugar babies and sugar daddies alike.

    ⇒ Don’t miss your chance to meet real sugar daddies and babies – join free now!

    What Are Sugar Baby Websites?

    Sugar baby websites are online platforms where younger individuals, often college students, entrepreneurs, or lifestyle seekers, connect with financially successful and often older partners, commonly referred to as sugar daddies or sugar mommies.

    These relationships are built on open communication and mutual benefit, which may include financial support, mentorship, travel, and luxury experiences in exchange for companionship, attention, or emotional connection.

    Unlike typical dating platforms, sugar baby sites are designed with these unique expectations in mind, offering more structured and transparent arrangements.

    ⇒ Get VIP access to the best free sugar baby site – sign up now!

    Why Sugar Baby Sites Are More Popular Than Ever

    Sugar dating isn’t new, but in 2025 it’s more normalized than ever. Here’s why more sugar babies and benefactors are turning to sugar baby websites:

    • Economic Pressures: With rising tuition and living costs, many young adults are turning to sugar dating to support their goals.
    • Empowerment: Sugar babies have more control over the kind of relationships they want, setting their terms from the start.
    • Convenience: Modern sugar baby sites offer safe, fast, and discreet ways to meet high-quality matches online.

    ⇒ Your sugar daddy is waiting – join the best sugar baby site today!

    What Makes the Best Sugar Baby Websites?

    With dozens of platforms out there, it’s crucial to distinguish between reputable sugar baby websites and low-quality or scammy ones. Here are the most important features to look for:

    1. User Verification

    The best sugar baby sites require ID or photo verification to ensure all users are real. This reduces fake profiles and improves trust.

    2. Safety & Privacy Tools

    Reliable sugar baby websites offer profile visibility settings, anonymous browsing, and tools to block or report users.

    ⇒ Start dating successful partners on the best free sugar baby website today!

    3. Advanced Matching Algorithms

    Modern platforms use intelligent match-making based on preferences, arrangement types, age, income, and lifestyle compatibility.

    4. Free Signup Options

    Some of the top free sugar baby websites and sugar daddy websites offer valuable features even without a paid membership. Look for platforms that allow browsing, messaging, or profile visibility for free users.

    5. Mobile Accessibility

    With mobile-first dating on the rise, the best sugar baby websites are responsive or offer dedicated apps for both iOS and Android.

    ⇒ Join the hottest sugar baby website of 2025 – it’s free and easy!

    The Role of Free Sugar Baby Websites and Apps

    A growing number of platforms now offer free sugar baby websites, which allow users to create accounts, browse profiles, and sometimes even message potential matches without paying.

    However, not all free sugar baby sites deliver quality. The best platforms offer a freemium model—free access to essential features with optional upgrades for premium tools.

    SugarDaddy.com offers one of the best free options on the market, giving new sugar babies an excellent opportunity to get started without financial commitment.

    ⇒ Discover premium sugar dating without premium costs – join free now!

    SugarDaddy.com: The Best Sugar Baby Website in 2025

    Among all sugar baby sites in 2025, SugarDaddy.com takes the crown. With a loyal user base, top-tier features, and a reputation for excellence, it’s no surprise that this site continues to lead the industry.

    What Makes SugarDaddy.com the Best Sugar Baby Site?

    Verified Profiles Only

    All users go through a verification process, ensuring sugar babies and daddies are who they say they are.

    Real Connections, Not Scams

    SugarDaddy.com has powerful anti-fraud systems in place to detect suspicious behavior and fake profiles.

    ⇒ Free to join, easy to connect – Try sugardaddy.com today!

    Elite User Base

    The platform attracts serious benefactors and high-quality sugar babies. Many members are professionals, entrepreneurs, and influencers looking for real, respectful relationships.

    Powerful Search and Match Tools

    You can filter by income, age, appearance, location, lifestyle goals, and more to find the perfect match.

    Free Sugar Baby Website Access

    While premium features are available, SugarDaddy.com gives new users free access to create a profile, explore members, and begin connecting.

    Excellent Mobile Experience

    The mobile version of SugarDaddy.com functions like a smooth sugar baby app, ideal for users on the go.

    ⇒ Trusted by millions, sugardaddy.com is the #1 sugar baby site!

    Safety Tips for Sugar Baby Sites and Apps

    Even on trustworthy sugar baby websites like SugarDaddy.com, it’s essential to prioritize your safety:

    • Don’t Share Personal Info Too Soon
    • Always Meet in Public for the First Time
    • Use the Site’s Messaging System
    • Report Suspicious Users
    • Block Users Who Make You Uncomfortable

    SugarDaddy.com makes it easy to report or block anyone, giving you full control over your interactions.

    ⇒ Want the best sugar dating experience? Try sugardaddy.com today!

    How to Succeed on Sugar Baby Sites

    If you want to stand out and make the most of your sugar dating experience, follow these tips when using sugar baby websites:

    Optimize Your Profile

    Use high-quality photos and write a compelling, honest bio. Show off your personality and clearly state your expectations.

    Be Upfront About Your Goals

    Transparency helps both parties determine if the relationship is a fit. Be confident in what you’re looking for—whether it’s mentorship, support, companionship, or lifestyle upgrades.

    Stay Active

    Frequent activity increases your profile’s visibility on most sugar baby sites. Respond to messages promptly and keep your profile fresh.

    ⇒ Find your perfect arrangement today on the best free sugar baby site!

    Practice Online Safety

    Even on the best platforms, it’s important to:

    • Use in-platform messaging
    • Avoid sharing personal contact info early on
    • Verify profiles before meeting
    • Meet in public spaces first

    ⇒ Connect now with real sugar babies and daddies – it’s free to start!

    Top Benefits of Using Sugar Baby Websites in 2025

    Still wondering if sugar baby websites are right for you? Here are the benefits that keep users coming back:

    1. Financial Empowerment – Sugar babies can receive financial support for education, lifestyle, or goals.
    2. Emotional Fulfillment – Many sugar babies enjoy attention, support, and even romantic partnerships.
    3. Luxury Opportunities – Travel, fine dining, and upscale experiences are common in sugar dating.
    4. Mentorship & Guidance – Benefactors often provide life and career mentorship.

    Keep reading to learn how sugar baby websites work, how to find a sugar baby, and what makes these sites so effective when done right.

    ⇒ Elite sugar dating starts here – click to join the best sugar baby site!

    What Is a Sugar Baby?

    The sugar baby is normally younger and engages in a relationship with an older, more financially successful partner. Such relationships are founded on respect, clarity, and reciprocal terms. It is mostly the case that the sugar baby gets money, mentorship, or lifestyle benefits and, in turn, provides time, emotional connection, or companionship.

    Then, what is a sugar baby now? Not the kind who would ask for money. A modern sugar baby would be self-conscious, self-assured, and particular about company. It is about finding something where both parties know that they’re both contributing to and expecting something out of it.

    It is a matter of understanding the real definition of sugar baby beyond worn-out clichés. These are not unequal relationships. They are grounded in real connections established on honesty and equity.

    ⇒ Real people, real connections – join the best sugar baby website today!

    Why People Choose the Sugar Baby Lifestyle

    There are many reasons someone might choose to become a sugar baby. Some are students dealing with rising tuition costs. Others are entrepreneurs, creatives, or single parents who want more financial flexibility. A few are just tired of the stress that comes with traditional dating.

    One key motivation is mentorship. A sugar baby might be drawn to someone who has real-world experience and wisdom to share. On the flip side, sugar daddies and mommies often enjoy the energy, perspective, and companionship that younger partners bring to the relationship.

    Whether financial support or lifestyle upgrades, sugar baby dating arrangements are built on direct communication and shared goals.

    ⇒ Find elite sugar daddies on the best sugar baby site!

    Who Can Be a Sugar Baby?

    There’s no official mold for who qualifies as a sugar baby. While many are in their 20s or 30s, age isn’t the main factor. Confidence, emotional maturity, and strong communication matter far more. People from all backgrounds become sugar babies—artists, professionals, students, and even travelers looking to expand their horizons.

    How Sugar Baby Websites Help Foster Genuine Interactions

    These types of arrangements were harder to find in the past. These sugar baby websites and apps make it all easy and secure. These websites are designed for people searching for this type of arrangement and feature filters, privacy settings, and upfront profile elements where you can indicate exactly what you are looking for.

    Unlike casual dating sites, sugar baby sites attract people yearning for transparency. You’ll notice members dedicated to mutual respect and gain on a good sugar baby site—no games or confusion.

    One of the top sugar baby websites even has safety advice, verification processes, and built-in messaging systems to keep everything safe.

    ⇒ Meet your match, upgrade your life – all on the best sugar baby site!

    How to Become a Sugar Baby

    If you’re wondering how to become a sugar baby, it’s not as hard as you think. It starts by finding a good sugar baby website and making a genuine, appealing profile. Post some nice pictures, state your expectations, and be honest about what you have to offer and what you’re looking for.

    A proper sugar baby dating site allows you to connect with like-minded people. And once settled, the experience can be empowering. You dictate the boundaries, pace, and expectations.

    So, if you’re interested or even half-serious about a sugar lifestyle, here’s the thing: there’s nothing wrong with knowing your worth and choosing a relationship that fits into your life.

    ⇒ Meet generous singles on the best free sugar baby website!

    Understanding Sugar Baby Websites

    If you’ve wondered about sugar dating, you’ve probably heard of sugar baby websites. These sites aim to match sugar babies—people searching for lifestyle assistance, mentorship, or true companionship—with successful individuals open to offering money, experience, and something honest in exchange.

    Unlike conventional dating sites, sugar baby websites are based on open communication and honest intentions. There is no beating around the bush. Both parties are open about their intentions from the beginning, which leads to more solid, respectful relationships.

    ⇒ Want results? Use the best sugar baby websites trusted by millions!

    What Are Sugar Baby Sites All About?

    A sugar baby site is not your average dating site. The sites are designed to cater to mutually beneficial arrangements. Sugar babies usually provide companionship, emotional support, or even good conversation. Their partners, in return, might provide financial support, gifts, career guidance, or access to a better lifestyle.

    What is so refreshing about these sites is that they are so open about the transaction. There’s no expectation of fitting into old dating norms or games of guessing. Individuals join these communities because they want adult discussions regarding what they need and can give.

    The best sugar baby websites provide a more streamlined opportunity to meet like-minded individuals willing to accept this arrangement. There’s a huge range of users, from students and entrepreneurs to established professionals, but everyone is looking for a real partnership with clear objectives.

    ⇒ No fake profiles – just real matches on the best sugar baby site!

    The Core Principles: Privacy, Consent, and Clarity

    One of the greatest advantages of sugar baby dating websites is how they emphasize privacy and respect. Users control how much information about themselves is made available, who can reach out to them, and how they want to be contacted.

    These platforms take consent seriously. Every step in the relationship-building process is based on mutual agreement. No assumptions. No blurred lines. Just clear communication from start to finish.

    Individuals who are interested in this kind of relationship enjoy the boundaries and individual autonomy that sugar baby websites enable. You establish the parameters, set your requirements, and connect with individuals who accept your lifestyle. This method contributes to safer, more comfortable experiences for all parties involved.

    ⇒ sugardaddy.com is the #1 sugar baby site – try it for free today!

    How Sugar Baby Sites Differ From Traditional Dating Apps

    The difference between sugar baby sites and other dating sites is honesty and format. Traditional dating is always a guessing game. What are they looking for? Serious or casual? Will they be honest about what they want?

    All of those questions have been answered on a sugar baby website. Every person on the site knows they’re there and why and what type of arrangement they’re seeking. That mutual understanding eliminates the guesswork that too often accompanies conventional dating apps.

    The second main difference is in user intent. Most users of sugar baby sites aren’t here to fool around. They’re direct, normally successful, and anticipatory. That applies to sugar babies as well—they’re confident, educated, and clear about the type of life they’d wish to live.

    Thanks to this framework, sugar baby websites are respectful and safe environments. As moderation and privacy are integrated, members can communicate without worrying about harassment or misinterpretation.

    ⇒ Don’t miss your chance to meet real sugar daddies – join free now!

    Why More Individuals Are Relying on Sugar Baby Sites in 2025

    As attitudes toward relationships and dating evolve, increasing numbers of individuals look for relationships that are clear-cut and rewarding. The growth of sugar baby websites is indicative of a trend for what individuals desire—greater openness, choice, and less judgment.

    As public perception shifts, so does the popularity of the sugar lifestyle. People embrace the idea that there’s more than one method of forming meaningful connections. Sugar baby websites provide the venue for people looking for more customized, upfront relationships, with often long-lasting impact.

    Looking to experiment with something different or prepared to fully embrace the sugar lifestyle, the correct website can help open the door.

    ⇒ Try the sugar baby site that actually works – sugardaddy.com is live!

    How to Find a Sugar Baby

    Finding the ideal sugar baby is not about appearance or luxury but compatibility, integrity, and shared expectations. Most sugar mommies and daddies these days begin browsing through sugar baby websites, but offline encounters are still part of the package. Let’s break down finding a sugar baby online and offline.

    ⇒ Find serious sugar daddies on the best sugar baby sites online now!

    Steps to Find a Sugar Baby Online

    Finding a sugar baby online is easier than ever before, with numerous websites popping up that connect like-minded adults. But blind diving can lead to missed opportunities or miscommunications. Here’s how to do it the right way—step by step.

    1. Select a Reputable Sugar Baby Website

    Start by selecting a credible platform. The best sugar baby websites are designed with transparency, privacy, and user safety in mind. A good sugar baby site will offer you active profiles, filters to narrow down your options, and communication tools.

    Avoid general dating sites that aren’t meant for sugar dating. Look for sites specifically created for that kind of arrangement instead. Sites created for the sugar lifestyle attract more serious and respectful people.

    ⇒ Why settle? Join the best free sugar baby website for real rewards!

    2. Create an Honest and Appealing Profile

    Once you have chosen the right sugar baby website, take the time to develop your profile. It is your first impression. Upload a recent, good-quality photo and include a short but honest description of yourself and what you are looking for.

    Be clear about expectations. Sugar babies like someone who knows their boundaries and speaks up sooner rather than later. Being upfront also attracts people whose goals are aligned with yours.

    3. Apply Filters and Read Profiles Carefully

    Most sugar baby sites offer search functions to filter your options. Set preferences based on age, location, lifestyle, and interests. Read each profile carefully. Look for consistency in photographs, grammar, and tone—it is most likely an indication of a person serious about their profile on the site.

    4. Start Conversations with Respect and Sincerity

    When reaching out, skip the generic greetings. Be polite and personalized. Ask questions that show you have read their profile and be inquisitive. Be professional and never rush the conversation.

    A good start leads to more matches. Most people on sugar baby dating sites are looking for more than small talk—they desire connection, respect, and understanding.

    ⇒ Don’t pay to connect – the best sugar baby site lets you chat for free!

    5. Set Expectations Early

    Before anything progresses, discuss what you’re both looking for. This is the key to any successful sugar baby dating arrangement. Defining roles, boundaries, and desires upfront helps avoid confusion later.

    Be specific about your boundaries and what you’re providing. The most successful connections are made through openness and respect for one another—two cornerstones that characterize contemporary sugar dating. When both parties understand what they can expect, things usually go more smoothly and last longer.

    ⇒ The best sugar baby site is trending – don’t get left behind!

    How to Build the Perfect Sugar Baby Profile

    Creating a great profile on sugar baby sites like SugarDaddy.com can make or break your success. Here’s how to do it right:

    • Use Real, High-Quality Photos: Avoid heavy filters. Authenticity attracts more genuine offers.
    • Describe What You Want: Be upfront about your ideal arrangement and lifestyle expectations.
    • Highlight Personality and Interests: Talk about your hobbies, career goals, and values.
    • Stay Active: Update your profile regularly and log in often to show you’re engaged.

    A good sugar baby website facilitates finding matches that are present for the sake of everything, not just money. Be realistic in your expectations, and find someone who brings you true value, not merely a person searching for a free ride.

    ⇒ Click here to find real success on the best sugar baby website!

    Benefits of Sugar Baby Sites

    Sugar baby sites are designed to enable actual relationships between people who have common goals, and they do this with convenience and discretion in mind.

    Let us take a closer glance at why using sugar baby sites is typically the most secure and smartest choice.

    1. Clearly Defined Format for Meaningful Dating

    Unlike traditional apps where a lot is left to assumption, sugar baby websites offer a platform where people are open about what they require. There is no speculation or concealed agendas. Profiles typically contain open statements of expectations, lifestyle, and what the person wants to gain in the relationship. This arrangement spares both sugar daddies and sugar babies from time-wasting relationships.

    Some sites even permit people to select their preferred arrangement type—mentorship, companionship, travel, or financial support. This openness is especially useful for those wondering how to be a sugar baby or how to locate someone who truly understands the lifestyle.

    ⇒ Find what you’re looking for on the best sugar baby websites – join free!

    2. Enhanced Safety and Privacy

    Privacy is a big concern for most in the sugar baby dating scene. The best websites take this seriously. Top sugar baby websites use encryption, discreet billing, and internal messaging systems so that users are not required to divulge personal information right away.

    Some even provide reporting tools, profile verification, and photo screening to reduce scams or fake profiles. That kind of online protection is hard to come by outside the niche world of sugar baby dating sites.

    3. Better Screening and Matchmaking

    Not every match will be a connection—and that’s okay. But filtering options on most sugar baby websites get you one step closer to what you’re looking for. You can filter based on age, location, lifestyle habits, and more.

    This is a big reason why most consider these to be the best sugar baby websites—they eliminate the guessing and make it easier.

    ⇒ The best free sugar baby website is just one step away – join free!

    4. Tools of Working Communication

    Most sugar baby sites have instant messaging features, icebreakers, and filters for chat. These allow you to build more respectful, meaningful conversations from the start. They also allow you to control the pace, especially when you’re exploring the possibility of a sugar relationship.

    5. Lifestyle Compatibility

    These websites appeal to a broad audience: young professionals, students, entrepreneurs, travelers, and retirees. Regardless of where you are in life, you can locate someone whose pace and ambitions match yours.

    Some of those sites let you connect to social profiles and interests or share your ideal date with us, making it more enjoyable and intimate to find a match.

    ⇒ Join the sugar baby site everyone’s talking about – it’s 100% free!

    Sugar Baby Etiquette and Best Practices

    Navigating the space comes with its own set of social expectations. Those who understand and respect the etiquette involved in sugar dating tend to build longer-lasting, drama-free arrangements. Whether you’re new to the scene or looking to refine your approach, a few best practices go a long way when using sugar baby sites or meeting someone in person.

    Start With Respect and Honesty

    The foundation of any successful sugar baby dating connection is mutual respect. This begins with being honest about your intentions. If you’re looking for companionship, mentorship, or a financial arrangement, state it clearly—but respectfully.

    People on sugar baby websites are quite open about what they desire, so there is no use beating around the bush. Respect for the other person’s time and boundaries is a simple yet often overlooked sign of class and seriousness.

    ⇒ This is where sugar babies and daddies connect – join now!

    Communicate Clearly and Consistently

    Open communication sets expectations and keeps misunderstandings at bay. Once you’ve connected on a sugar baby site, make the first move to discuss what you want and listen to what they want. Clearly define boundaries from the start: how often you will meet, what relationship is convenient for both of you, and how you will communicate.

    If something does, tell them. This sort of honesty is what will differentiate a considerate partner from someone who just wants to exploit the arrangement.

    Be Considerate With Gifts and Compensation

    Gift-giving is generally a component of sugar dating, but it should never be coerced or come off as a transaction. It isn’t about showing off—it’s about appreciation. Give thoughtful gifts that apply to your sugar baby’s aspirations or hobbies. Some will enjoy designer gifts, while others will appreciate tuition help or the ability to travel.

    Sugar baby websites can help set the tone for those expectations because most websites allow users to specify what they are willing to accept. That openness saves confusion or embarrassment later.

    ⇒ Want luxury and love? Start with the best sugar baby websites here!

    Always Prioritize Consent

    Consent is not just physical boundaries. It’s emotional and financial boundaries, too. If you’re offering support or expecting certain things in return, those terms must be discussed and mutually agreed upon—never assumed. Healthy sugar baby dating starts and ends with enthusiastic, ongoing consent.

    Stay Wary of and Avoid Scams

    As with all online interactions, it’s best to stay cautious on sugar baby dating sites. Be cautious of members who ask for money first, avoid video chat, or refuse to meet in public. A reputable sugar baby website will have reporting features for suspicious behavior—don’t be afraid to use them if something doesn’t feel quite right.

    Go with your gut and do not be hasty. Scammers oftentimes rely on urgency and emotional manipulation, and ongoing open communication keeps you secure.

    ⇒ Find elite sugar daddies on the best sugar baby site!

    Final Thought

    Choosing the right platform can make all the difference in your sugar dating experience. With so many sugar baby websites and sugar baby sites online, it’s easy to feel overwhelmed. But the best outcomes come from using a verified, secure, and transparent sugar baby website—one that values consent, communication, and connection.

    A quality sugar baby site goes beyond flashy designs and bold promises. It provides safety features, identity verification, privacy options, and filtering tools to help users find real compatibility. These aren’t just platforms—they’re spaces where clear expectations, respectful conversations, and mature arrangements can thrive.

    The best sugar baby websites attract people who are serious about the lifestyle. This includes both experienced sugar babies and those still learning how to become a sugar baby. From profile design to personalized matches, a trusted site supports your goals without compromising safety or authenticity.

    For anyone exploring this lifestyle seriously, choosing the right sugar babies website isn’t just smart—it’s essential.

    FAQs

    This FAQ section addresses the most common questions about sugar baby sites, including details on free sugar baby websites, safety, and what makes a site the best.

    What are sugar baby websites?

    Sugar baby websites are platforms where individuals can find mutually beneficial relationships involving companionship and lifestyle support.

    What’s the best sugar baby site in 2025?

    SugarDaddy.com is considered the best sugar baby site in 2025 due to its safety features, verified profiles, and high-quality user base.

    Are sugar baby sites legal?

    Yes, sugar baby sites are fully legal and function within the bounds of consensual adult relationships.

    Can I join sugar baby sites for free?

    Yes, free sugar baby websites like SugarDaddy.com allow users to sign up and use basic features without cost.

    Is SugarDaddy.com a real sugar baby website?

    Absolutely. SugarDaddy.com is one of the most reputable sugar baby sites in the world.

    Are there legit free sugar baby websites?

    While many claim to be free, SugarDaddy.com is one of the few legitimate platforms offering functional free access.

    How do sugar baby apps work?

    Sugar baby apps are mobile-optimized versions of dating platforms that let users message, browse, and match on their phones.

    How do I stay safe on sugar baby websites?

    Use the platform’s messaging system, don’t share financial info, and always meet in public places.

    What should I write in my sugar baby profile?

    Include your lifestyle preferences, relationship expectations, and a few personal interests to stand out.

    Is SugarDaddy.com good for beginners?

    Yes, SugarDaddy.com is beginner-friendly and provides tools and guidance for new users.

    Can I use SugarDaddy.com without paying?

    Yes, the site offers a free tier that includes essential features like profile browsing and messaging.

    Are sugar baby relationships real relationships?

    Yes, many sugar relationships lead to lasting emotional connections and long-term arrangements.

    How old do you have to be to join sugar baby sites?

    You must be 18 years or older to use sugar baby websites like SugarDaddy.com.

    Do sugar baby apps offer real matches?

    Yes, especially on vetted platforms like SugarDaddy.com, where verified users are active and engaged.

    What is the difference between sugar dating and traditional dating?

    Sugar dating is based on clear, upfront expectations involving support and companionship, unlike traditional romance-based dating.

    Are sugar baby websites safe for women?

    Yes, when using trusted platforms like SugarDaddy.com that provide safety features and verification tools.

    Can I find international sugar daddies on sugar baby websites?

    Yes, SugarDaddy.com allows international connections across various countries and cities.

    What is expected from sugar babies?

    Clear communication, companionship, and respect are the most commonly expected attributes in sugar relationships.

    Is SugarDaddy.com a sugar baby app?

    While not a standalone app, SugarDaddy.com offers full mobile functionality that works like an app.

    Can I remain anonymous on sugar baby websites?

    Yes, SugarDaddy.com provides privacy settings to control what others see on your profile.

    Media Contact

    Company: Sugar Daddy

    Contact Person: Christopher A. Waldo

    Email: support@sugardaddy.com

    Address: 29 Roseburn Place, Highland Park, Manukau 2010, New Zealand

    URL: https://www.sugardaddy.com/

    Phone: +64-29-4659-632

    Content Accuracy Disclaimer
    Every effort has been made to ensure the accuracy of the information presented in this article. However, due to the dynamic nature of product formulations, promotions, and availability, details may change without notice. The publisher makes no warranties or representations as to the current completeness or accuracy of any content, including product claims, pricing, or ingredient lists.
    It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
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    The publisher only promotes products that have been independently evaluated and deemed potentially beneficial to readers. However, this compensation may influence the content, topics, or products discussed in this article. The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of any affiliate partner or product provider.
    All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.
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    Product and Trademark Rights
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    The MIL Network –

  • MIL-OSI: Skycorp Solar Group Limited Rings Nasdaq Opening Bell, Unveils Strategic Expansion into U.S. Solar Market

    Source: GlobeNewswire (MIL-OSI)

    New York, May 09, 2025 (GLOBE NEWSWIRE) — Skycorp Solar Group Limited (Nasdaq: PN) (“Skycorp” or “the Company”), a solar PV product provider engaged in the manufacture and sale of solar cables and solar connectors, marked its Nasdaq debut by ringing the Opening Bell, signaling a transformation phase in its mission to accelerate renewable energy adoption worldwide. The achievement also coincides with the Company’s plan to localize operation in the United States as Skycorp gears up to set up local team to drive growth in this high-growth market.

    “We are in a process to set up a subsidiary in the United States to seize growth opportunities offered by this burgeoning market where the installed capacity is expected to double to 375 GW by 2030 (SEIA, 2024),” said Mr. Weiqi Huang, Chief Executive Officer of the Company. “Today in the U.S., nearly 7% of the electricity already comes from solar energy, which is more than seven times that of ten years ago (SEIA, 2024). So Skycorp’s Nasdaq listing provides critical capital to help us localize operations in the country,” said Mr. Huang.

    “Skycorp also looks to form strategic partnerships with U.S. financial institutions to co-develop integrated solar-storage-charging projects and establish local teams to better support commercial and industrial clients and spearhead market research tailored for the U.S. market,” Mr. Huang added.

    Years of Innovation: From Startup to Nasdaq

    Founded in 2011 with the vision of “benefiting all human being with solar,” Skycorp has over the years become a leading provider of solar cables and connectors. The Company’s patented fire-retardant solar cables and ultra-durable waterproof connectors, which follow European International Electrotechnical Commission and TÜV production standards, serve clients across 30+ countries, while boasting a 90% customer retention rate.

    Future-Focused Initiatives

    Skycorp in its prospectus unveiled plans to launch smart junction boxes and intelligent solar charging stations for EVs by late 2025, designed to simplify renewable energy integration for consumers and enterprises.

    “The U.S. market is critical to our global strategy,” Mr. Huang continued, “By localizing innovation, we also aim to make Skycorp synonymous with affordable, American-made solar solutions.”

    About Skycorp Solar Group Limited

    Skycorp Solar Group Limited is a solar photovoltaic (PV) product provider focused on manufacturing and selling solar cables and connectors. Our operations are managed through our subsidiaries, including Ningbo Skycorp Solar Co., Ltd., in China.

    The Company’s mission is to become a green energy solutions provider by utilizing solar power and delivering eco-friendly solar PV products. By leveraging the Company’s expertise in solar technologies and relationships with worldwide clients, it aims to expand offerings of solar PV products and energy solutions for enterprise customers. For more information, please visit: https://ir.skycorp.com/.

    Forward-Looking Statement

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Skycorp Solar Group Limited
    Cathy
    Investor Relations
    Email: ir@skycorp.com
    Tel: +86 185 0252 9641 (CN)

    WFS Investor Relations Inc.
    Connie Kang
    Partner
    Email: ckang@wealthfsllc.com
    Tel: +86 1381 185 7742 (CN)

    The MIL Network –

  • MIL-OSI: NextNav Inc. Reports First Quarter 2025 Results and Operational Highlights

    Source: GlobeNewswire (MIL-OSI)

    FCC releases Notice of Inquiry (NOI) with bipartisan 4-0 vote

    NextNav Announces Appointment of Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors

    RESTON, Va., May 09, 2025 (GLOBE NEWSWIRE) — NextNav Inc. (NASDAQ: NN) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported its financial results and operational updates for the quarter ended March 31, 2025.

    “During the quarter we saw continued FCC momentum with a unanimous vote in March to further explore PNT solutions, specifically including NextNav’s,” said NextNav’s CEO, Mariam Sorond. “We remain focused on executing against our goals and addressing an urgent national security need for a terrestrial complement and backup to GPS. We look forward to working with the FCC and the rest of the industry to enable PNT resiliency.”

    Recent Operational Highlights

    • Announced Appointment of Two New Members to Board of Directors: On April 16, 2025, NextNav announced the appointment of Retired Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors, effective May 1, 2025.
    • FCC Releases Notice of Inquiry (NOI): On March 27, 2025, the FCC unanimously voted to approve the NOI titled Promoting the Development of PNT Technologies and Solutions to explore how the Commission may foster GPS backups and alternatives, underscoring the FCC’s focus on this issue. On April 28, 2025, NextNav filed comments with the FCC emphasizing the importance of at least one future-proof solution that relies on market forces to deliver a terrestrial, widescale PNT solution that is broadly available to critical infrastructure, public safety, and consumers, and has a clear path to incorporation in end-user devices.

    Three Months Ended March 31, 2025 Financial Highlights

    • Revenue: was $1.5 million in the three months ended March 31, 2025, as compared to $1.0 million in the prior year period. The increase was driven by an increase in service revenue from technology and services contracts with government and commercial customers.
    • Operating Loss: was $17.0 million in the three months ended March 31, 2025, as compared to an operating loss of $16.2 million in the prior year period, primarily driven by higher professional fees and outside consulting expenses, partially offset by reductions in software license costs and payroll-related expenses.
    • Net Loss: was $58.6 million in the three months ended March 31, 2025, including a loss on change in the fair value of derivative liability of $24.5 million and debt extinguishment loss of $14.4 million, as compared to a net loss of $31.6 million in the prior year period, including a loss on the fair value of the warrants of $13.2 million.
    • Balance Sheet: as of March 31, 2025, the Company had $150.4 million in cash and cash equivalents and $38.0 million in short term investments.  Net long term debt of $213.1 million includes derivative liability of $56.5 million, and is net of unamortized discount of $33.4 million, with a face value of $190.0 million.

    Conference Call Information

    NextNav will host a conference call for analysts and investors at 9:00 am ET on Friday, May 9, 2025.

    Registration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://registrations.events/direct/Q4I6293672417. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.

    To access the live webcast or a replay, visit the Company’s investor relations website at https://ir.nextnav.com/.

    A replay will be available through March 16, 2025. To receive replay details, please register through the link above. After registering for replay details, each participant will be provided with call details and access codes to listen to the call playback.

    About NextNav Inc.

    NextNav Inc. (Nasdaq: NN) is a leader in next generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav’s positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.

    For more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.

    Source: NN-FIN

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals, the ability to realize the broader spectrum capacity and the advancement of NextNav’s terrestrial 3D PNT services, NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav’s estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

    Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, those included in Part II, Item 1A, “Risk Factors” of the Company’s quarterly reports on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the NextNav’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Sloane & Company
    nextnav@sloanepr.com

    NEXTNAV INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (IN THOUSANDS, EXCEPT SHARE DATA)
     
        March 31, 2025 (unaudited)     December 31, 2024  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 150,422     $ 39,330  
    Short term investments     37,986       40,785  
    Accounts receivable     1,645       3,301  
    Other current assets     3,413       2,629  
    Total current assets   $ 193,466     $ 86,045  
    Property and equipment, net of accumulated depreciation of $14,725 and $13,716 at March 31, 2025 and December 31, 2024, respectively     16,972       17,974  
    Operating lease right-of-use assets     17,329       17,368  
    Goodwill     17,641       16,966  
    Intangible assets     9,454       9,589  
    Other assets     13,744       13,798  
    Total assets   $ 268,606     $ 161,740  
                     
    Liabilities and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 1,131     $ 858  
    Accrued expenses and other current liabilities     7,312       8,536  
    Operating lease current liabilities     2,795       2,462  
    Deferred revenue     310       288  
    Total current liabilities   $ 11,548     $ 12,144  
                     
    Warrants     21,425       28,707  
    Operating lease noncurrent liabilities     14,198       14,352  
    Other long-term liabilities     1,761       1,795  
    Long term debt, net     213,101       54,621  
    Total liabilities   $ 262,033     $ 111,619  
                     
    Stockholders’ equity:                
    Common stock, authorized 500,000,000 shares; 132,413,938 and 131,268,940 shares issued and 132,281,710 and 131,136,712 shares outstanding at March 31, 2025 and December 31, 2024, respectively     14       14  
    Additional paid-in capital     926,280       912,241  
    Accumulated other comprehensive income     1,657       665  
    Accumulated deficit     (920,685 )     (862,106 )
    Common stock in treasury, at cost; 132,228 shares at both March 31, 2025 and December 31, 2024     (693 )     (693 )
    Total stockholders’ equity   $ 6,573     $ 50,121  
    Total liabilities and stockholders’ equity   $ 268,606     $ 161,740  
     
    NEXTNAV INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (UNAUDITED)
    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
     
        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 1,539     $ 1,046  
    Operating expenses:                
    Cost of goods sold (exclusive of depreciation and amortization)     2,533       2,761  
    Research and development     4,038       4,670  
    Selling, general and administrative     10,520       8,446  
    Depreciation and amortization     1,452       1,319  
    Total operating expenses   $ 18,543     $ 17,196  
    Operating loss   $ (17,004 )   $ (16,150 )
    Other income (expense):                
    Interest expense, net     (2,738 )     (2,168 )
    Debt extinguishment loss     (14,434 )     —  
    Change in fair value of warrants     6,041       (13,176 )
    Change in fair value of derivative liability     (24,523 )     —  
    Other loss, net     (5,863 )     (72 )
    Loss before income taxes   $ (58,521 )   $ (31,566 )
    Provision for income taxes     58       44  
    Net loss   $ (58,579 )   $ (31,610 )
    Foreign currency translation adjustment     993       (522 )
    Comprehensive loss   $ (57,586 )   $ (32,132 )
    Net loss     (58,579 )     (31,610 )
    Net loss attributable to common stockholders   $ (58,579 )   $ (31,610 )
    Weighted average of shares outstanding – basic and diluted     131,104       111,061  
    Net loss attributable to common stockholders per share – basic and diluted   $ (0.45 )   $ (0.28 )
     
    NEXTNAV INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (IN THOUSANDS)
     
        Three Months Ended March 31,  
        2025     2024  
    Operating activities            
    Net loss   $ (58,579 )   $ (31,610 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation and amortization     1,452       1,319  
    Equity-based compensation     4,324       4,244  
    Change in fair value of warrants     (6,041 )     13,176  
    Debt extinguishment loss     13,734       —  
    Issuance of common warrants     5,766       —  
    Change in fair value of derivative liability     24,523       —  
    Realized and unrealized gain on short term investments     (338 )     (50 )
    Equity method investment loss     39       40  
    Asset retirement obligation accretion     26       16  
    Amortization of debt discount     1,739       1,442  
    Changes in operating assets and liabilities:                
    Accounts receivable     1,656       836  
    Other current assets     (749 )     (434 )
    Other assets     16       (107 )
    Accounts payable     273       878  
    Deferred revenue     22       (10 )
    Accrued expenses and other liabilities     (254 )     3,022  
    Operating lease right-of-use assets and liabilities     212       253  
    Net cash used in operating activities   $ (12,179 )   $ (6,985 )
                     
    Investing activities                
    Purchases of network assets, property, and equipment     (30 )     (32 )
    Purchase of internal use software     (101 )     (163 )
    Purchase of marketable securities     (31,463 )     (5,918 )
    Sale and maturity of marketable securities     34,600       4,000  
    Net cash provided by (used in) investing activities   $ 3,006     $ (2,113 )
                     
    Financing activities                
    Proceeds from 2028 senior convertible notes     190,000       —  
    Repayment of 2026 senior secured notes     (70,000 )     —  
    Payments towards debt issuance cost     (550 )     —  
    Payments towards debt     (27 )     (28 )
    Proceeds from exercise of common warrants     517       —  
    Proceeds from exercise of common stock options     232       544  
    Net cash provided by financing activities   $ 120,172     $ 516  
    Effect of exchange rates on cash and cash equivalents     93       21  
    Net increase (decrease) in cash and cash equivalents     111,092       (8,561 )
    Cash and cash equivalents at beginning of period     39,330       81,878  
    Cash and cash equivalents at end of period   $ 150,422     $ 73,317  
                     
    Non-cash investing and financing information                
    Capital expenditure included in Accrued expenses and other current liabilities   $ 22     $ 278  
     

    The MIL Network –

  • MIL-OSI United Kingdom: Another boost for British car industry as £1 billion secured for new Sunderland gigafactory

    Source: United Kingdom – Executive Government & Departments

    Press release

    Another boost for British car industry as £1 billion secured for new Sunderland gigafactory

    New state-of-the-art gigafactory ignites growth in industrial heartlands, supporting 1,000 jobs and powering up 100,000 electric vehicles a year

    • Chancellor visited Sunderland today following landmark economic deal with the US that saved thousands of auto jobs and slashed tariffs on car exports
    • Latest action in the Government’s Plan for Change to strengthen our industrial heartlands, make Britain a clean energy superpower and put more money in people’s pockets through good jobs

    Working people will benefit from 1,000 jobs at a new state-of-the-art gigafactory in Sunderland in a £1 billion auto deal to accelerate the transition to electric vehicles and boost growth.

    This investment is another boost for the British car industry after yesterday’s landmark economic deal with the United States saved thousands of jobs by slashing tariffs on British exports.

    The new AESC gigafactory will manufacture batteries for electric vehicles, powering up to 100,000 EVs each year – a six-fold increase on the country’s current capacity – making the UK globally competitive selling more British EVs at home and abroad and helping to achieve our net zero target.

    In the landmark transaction, the National Wealth Fund and UK Export Finance will provide financial guarantees which unlock £680 million in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. This will cover construction and operation of the new plant. The remaining £320 million has been secured through private financing in addition to new equity provided by AESC.

    In addition to this £1 billion investment, the Government’s Automotive Transformation Fund is also investing £150 million in grant funding.

    This is the Government’s Plan for Change in action, making us more competitive on the world stage, helping Britain on its way to becoming a clean energy superpower through innovation in the automotive sector, and delivering economic growth that puts more money in people’s pockets through high skilled jobs.

    Chancellor of the Exchequer, Rachel Reeves, said:

    We are going further and faster to boost our industries’ resilience and encourage their growth as part of our Plan for Change, and this investment follows hot on the heels of yesterday’s landmark economic deal with the US which will save thousands of jobs in the industry.

    This investment in Sunderland will not only further innovation and accelerate our move to more sustainable transport, but it will also deliver much-needed high quality, well-paid jobs to the North East, putting more money in people’s pockets.

    Business and Trade Secretary, Jonathan Reynolds, said:

    We’re backing our world-class car industry, and this investment is yet another vote of confidence in the North East’s thriving auto manufacturing hub which will secure a thousand well-paid jobs and boost prosperity across the region.

    Our modern Industrial Strategy will drive this growth even further, powering our high-potential sectors like advanced manufacturing so we can deliver jobs and investment in every corner of the UK and make our Plan for Change a reality.

    The Chancellor visited AESC in Sunderland today (Friday 9 May) where she met staff and local leaders to discuss how the investment will bring jobs and prosperity to the North East, and how the landmark economic deal secured with the US will secure the industry for years to come.

    The deal slashes car export tariffs from 27.5% to 10% and will apply to a quota of 100,000 UK cars – almost the total exported last year.

    This will save some car companies hundreds of millions of pounds, making high skilled jobs in industrial heartlands like Sunderland more secure.

    Shoichi Matsumoto, CEO of Japanese headquartered AESC, said:

    This investment marks a key milestone in AESC’s ongoing efforts to support the UK’s path towards decarbonisation and the expansion of its EV market.

    Through close collaboration with strategic partners, we strive to accelerate this transition while creating high-quality local jobs and building resilient, sustainable supply chain.

    We are honoured to contribute to the development of low-carbon economy with our advanced battery technologies.

    John Flint, National Wealth Fund CEO, said:

    AESC’s gigafactory will not only help to retool our car industry for net zero it will also support jobs, growth, and prosperity in the Northeast.

    This investment further demonstrates the significant role NWF is playing to crowd private capital into the industries and regions where its most needed, boosting government’s growth and clean energy missions.

    UKEF CEO, Tim Reid, said:

    This hugely exciting project is a prime example of how export financing is a powerful tool for unlocking growth opportunities for British exporters and strengthening local economies.

    We’re proud to join forces with partners to back this pioneering gigafactory that will help cement the UK’s prowess as an EV battery-making force for years to come.

    More information

    • The government continues to unlock private investment in UK automotive design, development, and manufacturing as the sector transitions to zero emission technology.
    • To date, the Automotive Transformation Fund and Advanced Propulsion Centre funding programmes have leveraged over £6 billion of investment from the private sector.
    • Last year’s Autumn Budget also confirmed over £2 billion for capital and research and development funding over five years for zero emission vehicle manufacturing and their supply chains – a vote of confidence in the UK’s automotive industry, supporting investment and productivity growth.

    Additional quotes

    Ian Stuart, UK CEO for HSBC who were joint ECA Coordinator & Structuring Bank (alongside SCB) as well as Underwriting Bank and Mandated Lead Arranger, said:

    We’re extremely proud to have played a leading role in this complex and significant deal, including as underwriter, structuring bank and joint ECA co-ordinator.

    Once operational, the gigafactory will unlock a huge increase in the UK’s EV battery production, supporting the electrification of vehicles and the wider green transition. The inward investment involved in the project will also deliver highly-skilled jobs and economic growth to North East England.

    Hideo Kawafune, CEO, Head of EMEA, SMBC Banking International plc said:

    SMBC Group is delighted to participate in the successful financing of this landmark Gigafactory project. As a lending partner we’re proud to work alongside partners such as National Wealth Fund, UK Export Finance and Sinosure, as well as existing client AESC, in order to support projects which power the energy transition.” 

    Saif Malik, CEO, UK and Head, Client Coverage, UK, Standard Chartered said:

    We are proud to support this transformative UK project. The development of AESC’s new gigafactory will deliver significant economic benefits locally while supporting the development of zero-emission technology. This is more than an investment in infrastructure, it’s a commitment to innovation, UK economic growth and sustainability. Supporting the transition to net zero is deeply embedded in how we operate as a Bank, and this project reflects how we bring that to life by supporting clients on their own sustainability journeys.

    Lenaig Trenaux, Societe Generale’s Global Head of Batteries, Mining and Industries, said:

    We are proud to have worked with AESC to deliver the first gigafactory project financing in the UK, which has benefitted from strong support from the National Wealth Fund and UK Export Finance.

    Societe Generale’s deep understanding of the EV value chain, coupled with our experience working with AESC, were instrumental in delivering the project financing.

    This is another demonstration of SG’s commitment to the green mobility and another step towards the energy transition.

    Beatriz Roa, Global Sectoral Head of Industrials at BBVA, states:

    BBVA is proudly supporting AESC in this landmark project in the UK. This gigafactory will help foster the transition to electric vehicles while supporting the buildup of an entire ecosystem around battery manufacturing in Sunderland. These are key objectives in BBVA’s efforts to support the transition to a more sustainable economy and to the auto and energy industries in particular.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Revenue of $29.1 Million up 17% YoY
    Exchange Service Revenue up 148% YoY

    (All monetary figures are expressed in Canadian dollars unless otherwise stated)

    TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM and OTCQB: ILLMF) (“illumin” or the “Company”), the advertising technology platform that enables you to win your next customer, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • First quarter 2025 revenue rose 17% year-over-year to $29.1 million, driven by higher Exchange service revenue, partially offset by lower Managed service revenue.
    • Self-service revenue was $8.4 million, up slightly compared with the year ago period and represented 29% of total revenue.
    • The Company on-boarded 18 net new Self-service clients during the quarter, reflecting sales initiatives targeting higher-spend clients and positioning the Company for continued long-term Self service revenue growth.
    • Managed service revenue was $8.7 million compared to $11.8 million in the prior year, primarily reflecting more cautious marketing spend related to geo-political and macro-economic uncertainty.
    • Exchange service revenue increased by 148% from the prior year to $12.0 million, resulting from increased demand from new customers, an enhanced supplier network, and platform improvements.
    • Gross margin was 45% compared to 47% for the same period in 2024, reflecting the change in mix to service lines with lower margins, such as Exchange service.
    • Net revenue, or gross profit (revenue less media-related costs), was $13.1 million, up 13% compared with $11.6 million in the prior year period.
    • Adjusted EBITDA loss was $0.4 million, compared to $0.0 million in the prior year period, primarily attributable to higher operating costs due to higher sales, sales support functions, and marketing costs, partly offset by higher revenue.
    • Net loss was $(1.9) million, compared to $(1.1) million in Q1 2024. The increase in the net loss was primarily a result of higher operating costs due to increased sales and marketing costs and a lower net foreign exchange gain compared to the prior year period, partially offset by higher revenue.
    • On December 23, 2024, the Company commenced a new normal course issuer bid (“2024 NCIB”) for its common shares that will remain open until December 22, 2025, or such earlier time as the 2024 NCIB is completed or terminated at the option of the Company. Under the 2024 NCIB, the Company may purchase for cancellation up to 3,914,167 common shares, representing approximately 10% of the Company’s public float as of December 10, 2024. Daily purchases are limited to 12,518 common shares. For the three months ended March 31, 2025, the company purchased nil common shares pursuant to the 2024 NCIB.

    Simon Cairns, illumin’s Chief Executive Officer, commented, “Our first quarter revenue rose 17% even after a slower start to the period than we anticipated. We responded by adjusting our marketing tests week to week and made several advances in our selling process and sales team, which enabled us to exit the quarter with solid growth, led by a 148% rise in our Exchange service revenue and supported by solid performance in Self-service.”

    “In Exchange service, we continue to create and capture both new and recurring demand at surprising levels, as a result of product and selling investments that have given us some differentiation in a very crowded market. As for Self-service, we successfully added 18 new customers in the quarter, which is in line with our key goal of adding targeted, higher-spend clients in this growth area. Self-service revenue, while up slightly year-over-year, exhibited several solid underlying trends, such as increased customer adoption, spend performance and conversion.”

    “We continue to employ the more customer-centric portfolio platform approach that we launched in the second half of 2024, where customers can pick and choose how they want to be supported. Our efforts to market and sell more effectively continue to yield initial positive results, assisted by our ability to offer our clients a broad range of solutions that fit their needs. We continue to invest in our Self-service platform and Exchange service offering, while balancing this with a focus on maintaining liquidity and cost management across our organization.”

    “We remain focused on our plan – being aggressive in generating better marketing and sales performance, removing friction from our selling processes and furthering our product stickiness as a Self-first platform supported by complimentary Managed and Exchange services,” concluded Mr. Cairns.

    Elliot Muchnik, illumin’s Chief Financial Officer, commented, “For what is typically a seasonally slower quarter, our strong year-over-year increase in total revenue reflects exceptional growth in Exchange service due to our initiatives to drive increased demand in this area. Adjusted EBITDA declined slightly despite higher revenues as we continued to make strategic investments in sales and marketing to bolster our long-term growth. As we look ahead, operational discipline continues to be a priority as we aim to grow our Adjusted EBITDA while preserving our substantial net cash position.”

    The following table presents a reconciliation of Net loss to Adjusted EBITDA for the periods ended:

          Three months ended
          March 31, March 31,
            2025     2024  
    Net loss for the period     $ (1,854 ) $ (1,138 )
    Adjustments:        
    Finance income, net       (337 )   (506 )
    Foreign exchange gain       (311 )   (1,386 )
    Depreciation and amortization       1,382     1,365  
    Income tax expense (benefit)       (63 )   378  
    Share-based compensation       737     699  
    Severance expenses       34     90  
    Nasdaq-related costs1       –     423  
    Other non-recurring expenses       1     89  
    Total adjustments       1,443     1,152  
    Adjusted EBITDA     $ (411 ) $ 14  

    (1) Nasdaq-related costs are listing fees and directors’ and officers’ insurance specific to the Company’s Nasdaq listing and have been reclassed below Adjusted EBITDA as they are not recurring.

    Conference Call Details:

    Date: Friday, May 9, 2025
    Time: 8:30AM Eastern Time

    To register for the conference call webcast and presentation, please visit:

    https://events.illumin.com/q1-2025-earnings-call

    Please connect 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.

    A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.

    Non-IFRS Measures

    This press release makes reference to certain non-IFRS Accounting Standard measures (“non-IFRS measures”). These measures are not recognized measures under IFRS Accounting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “revenue less media-related costs”, “Gross margin”, and “Adjusted EBITDA” (as well as other measures discussed elsewhere in this press release).

    The term “Gross margin” refers to the amount that “revenue less media-related costs” represents as a percentage of total revenue for a given period. Gross margin is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly, the Company believes it is useful supplemental information.

    “Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs (income), impairment loss, fair value gain, income taxes, foreign exchange loss (gain), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.

    These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures are relevant to their analysis of the Company.

    About illumin:

    illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

    Disclaimer with regard to forward looking statements

    Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

    For further information, please contact:

    Steve Hosein
    Investor Relations
    illumin Holdings Inc.
    416-218-9888 ext. 5313
    investors@illumin.com    		   David Hanover
    Investor Relations – U.S.
    KCSA Strategic Communications
    212-896-1220
    dhanover@kcsa.com


    Please note that the following financial information is an extract from the Company’s Consolidated Financial Statements for the three months ended March 31, 2025 and 2024 (the “Financial Statements”) provided for readers’ convenience and should be viewed in conjunction with the Notes to the Financial Statements, which are an integral part of the statements. The full Financial Statements and MD&A for the period may be found by accessing SEDAR+ at     www.sedarplus.com.

    illumin Holdings Inc.
    Consolidated Statements of Financial Position
    (Expressed in thousands of Canadian dollars)
    For the three months ended March 31, 2025 and 2024

        March 31,
    2025    		   December 31,
    2024
    Assets        
             
    Current assets        
    Cash and cash equivalents   $ 54,013   $ 55,952
    Accounts receivable     27,663     44,650
    Income tax receivable     417     613
    Prepaid expenses and other     3,439     2,864
             
          85,532     104,079
    Non-current assets        
    Other assets     117     115
    Property and equipment     7,102     7,406
    Intangible assets     11,099     9,352
    Goodwill     4,870     4,870
             
          108,720     125,822
             
    Liabilities        
             
    Current liabilities        
    Accounts payable and accrued liabilities     24,534     39,148
    Income tax payable     80     137
    Borrowings     15     48
    Lease obligations     1,212     1,513
             
          25,841     40,846
    Non-current liabilities        
    Deferred tax liability     661     1,241
    Lease obligations     4,553     4,702
             
          31,055     46,789
             
    Shareholders’ equity     77,283     79,033
             
          108,720     125,822
             

    illumin Holdings Inc.
    Consolidated Statements of Comprehensive Loss
    (Expressed in thousands of Canadian dollars, except share amounts)
    For the three months ended March 31, 2025 and 2024

            2025     2024  
             
    Revenue     $ 29,081   $ 24,952  
             
    Media-related costs       15,935     13,327  
             
    Gross profit       13,146     11,625  
             
    Operating expenses        
    Sales and marketing       7,348     5,753  
    Technology       4,338     4,086  
    General and administrative       1,906     2,374  
    Share-based compensation       737     699  
    Depreciation and amortization       1,382     1,365  
             
            15,711     14,277  
             
    Loss from operations       (2,565 )   (2,652 )
             
    Finance income, net       (337 )   (506 )
    Foreign exchange gain       (311 )   (1,386 )
             
            (648 )   (1,892 )
             
    Net loss before income taxes       (1,917 )   (760 )
             
    Income tax expense (benefit)       (63 )   378  
             
    Net loss for the period       (1,854 )   (1,138 )
             
             
    Basic and diluted net loss per share       (0.04 )   (0.02 )
             
    Other Comprehensive Loss        
             
    Items that may be subsequently reclassified to net loss:        
    Exchange loss on translating foreign operations       (389 )   (164 )
             
    Comprehensive loss for the period       (2,243 )   (1,302 )

    illumin Holdings Inc.
    Consolidated Statements of Cash Flows
    (Expressed in thousands of Canadian dollars)
    For the three months ended March 31, 2025 and 2024

          2025       2024  
    Cash provided by (used in)        
             
    Operating activities        
    Net loss for the period   $ (1,854 )   $ (1,138 )
    Adjustments to reconcile net loss to net cash flows        
    Depreciation and amortization     1,382       1,365  
    Finance income, net     (337 )     (506 )
    Share-based compensation     737       699  
    Foreign exchange gain     (311 )     (1,386 )
    Severance expense     34       90  
    Income tax expense (benefit)     (63 )     378  
    Change in non-cash operating working capital        
    Accounts receivable     16,769       10,447  
    Prepaid expenses and other     (522 )     427  
    Other assets     –       (1 )
    Accounts payable and accrued liabilities     (14,759 )     (6,151 )
    Income taxes paid, net     (349 )     (52 )
    Interest received     363       495  
             
          1,090       4,667  
             
    Investing activities        
    Additions to property and equipment     (47 )     (775 )
    Additions to intangible assets     (2,465 )     (1,761 )
             
          (2,512 )     (2,536 )
             
    Financing activities        
    Repayment of international loans     (33 )     (33 )
    Payment of leases     (533 )     (510 )
    Repurchase of common shares for cancellation     –       (1,912 )
    Proceeds from the exercise of stock options     138       4  
             
          (428 )     (2,451 )
             
    Decrease in cash and cash equivalents     (1,850 )     (320 )
             
    Impact of foreign exchange on cash and cash equivalents     (89 )     405  
             
    Cash and cash equivalents – beginning of period     55,952       55,455  
             
    Cash and cash equivalents – end of period     54,013       55,540  
             
    Supplemental disclosure of non-cash transactions        
    Unpaid additions (reversals) to property and equipment, net     313       (734 )
             

    The MIL Network –

  • MIL-OSI: Plains All American Reports First-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

    First-Quarter Results

    • Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
    • Delivered Adjusted EBITDA attributable to PAA of $754 million
    • Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
    • Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

    Business Highlights

    • Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
    • Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
    • Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
    • Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

    “Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

    Plains All American Pipeline

    Summary Financial Information (unaudited)
    (in millions, except per unit data)

        Three Months Ended
    March 31,    		   %
    GAAP Results   2025
    		   2024
    		   Change
    Net income attributable to PAA (1)   $ 443     $ 266       67 %
    Diluted net income per common unit   $ 0.49     $ 0.29       69 %
    Diluted weighted average common units outstanding     704       701       — %
    Net cash provided by operating activities   $ 639     $ 419       53 %
    Distribution per common unit declared for the period   $ 0.3800     $ 0.3175       20 %
                             
        Three Months Ended
    March 31,    		   %
    Non-GAAP Results (2)   2025   2024   Change
    Adjusted net income attributable to PAA (1)   $ 375     $ 354       6 %
    Diluted adjusted net income per common unit   $ 0.39     $ 0.41     (5 )%
    Adjusted EBITDA   $ 881     $ 847       4 %
    Adjusted EBITDA attributable to PAA (1)   $ 754     $ 718       5 %
    Implied DCF per common unit and common unit equivalent   $ 0.66     $ 0.67     (1 )%
    Adjusted Free Cash Flow (3)   $ (308 )   $ 70     **
    Adjusted Free Cash Flow after Distributions (3)   $ (639 )   $ (217 )   **
    Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (3)   $ (169 )   $ 262     **
    Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (3)   $ (500 )   $ (25 )   **

    _____________________

    ** Indicates that variance as a percentage is not meaningful.
    (1) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
    (2) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
    (3) The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.
       

    Summary of Selected Financial Data by Segment (unaudited)
    (in millions)

      Segment Adjusted EBITDA
      Crude Oil   NGL
    Three Months Ended March 31, 2025 $ 559     $ 189  
    Three Months Ended March 31, 2024 $ 553     $ 159  
    Percentage change in Segment Adjusted EBITDA versus 2024 period   1 %     19 %
                   

    First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

    First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

    Plains GP Holdings

    PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

    Conference Call and Webcast Instructions

    PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

    To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

    Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

    Non-GAAP Financial Measures and Selected Items Impacting Comparability

    To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

    Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

    Non-GAAP Financial Performance Measures

    Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

    Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

    Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

    Non-GAAP Financial Liquidity Measures

    Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

    We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per unit data)
       
      Three Months Ended
    March 31,
        2025       2024  
    REVENUES $ 12,011     $ 11,995  
           
    COSTS AND EXPENSES      
    Purchases and related costs   10,761       10,917  
    Field operating costs   368       358  
    General and administrative expenses   100       96  
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )     —  
    Total costs and expenses   11,478       11,625  
           
    OPERATING INCOME   533       370  
           
    OTHER INCOME/(EXPENSE)      
    Equity earnings in unconsolidated entities   103       95  
    Gain on investments in unconsolidated entities, net   31       —  
    Interest expense, net (1)   (127 )     (95 )
    Other income/(expense), net (1)   26       (5 )
           
    INCOME BEFORE TAX   566       365  
    Current income tax expense   (46 )     (53 )
    Deferred income tax (expense)/benefit   (4 )     39  
           
    NET INCOME   516       351  
    Net income attributable to noncontrolling interests   (73 )     (85 )
    NET INCOME ATTRIBUTABLE TO PAA $ 443     $ 266  
           
    NET INCOME PER COMMON UNIT:      
    Net income allocated to common unitholders — Basic and Diluted $ 343     $ 203  
    Basic and diluted weighted average common units outstanding   704       701  
    Basic and diluted net income per common unit $ 0.49     $ 0.29  

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED BALANCE SHEET DATA
    (in millions)
           
      March 31,
    2025    		   December 31,
    2024
    ASSETS      
    Current assets (including cash and cash equivalents of $427 and $348, respectively) $ 4,735     $ 4,802  
    Property and equipment, net   16,062       15,424  
    Investments in unconsolidated entities   2,745       2,811  
    Intangible assets, net   1,675       1,677  
    Linefill   988       968  
    Long-term operating lease right-of-use assets, net   321       332  
    Long-term inventory   289       280  
    Other long-term assets, net   244       268  
    Total assets $ 27,059     $ 26,562  
           
    LIABILITIES AND PARTNERS’ CAPITAL      
    Current liabilities $ 4,691     $ 4,950  
    Senior notes, net   8,131       7,141  
    Other long-term debt, net   73       72  
    Long-term operating lease liabilities   301       313  
    Other long-term liabilities and deferred credits   1,003       990  
    Total liabilities   14,199       13,466  
           
    Partners’ capital excluding noncontrolling interests   9,632       9,813  
    Noncontrolling interests   3,228       3,283  
    Total partners’ capital   12,860       13,096  
    Total liabilities and partners’ capital $ 27,059     $ 26,562  
                   

    DEBT CAPITALIZATION RATIOS
    (in millions)

      March 31,
    2025    		   December 31,
    2024
    Short-term debt $ 478     $ 408  
    Long-term debt   8,204       7,213  
    Total debt $ 8,682     $ 7,621  
           
    Long-term debt $ 8,204     $ 7,213  
    Partners’ capital excluding noncontrolling interests   9,632       9,813  
    Total book capitalization excluding noncontrolling interests (“Total book capitalization”) $ 17,836     $ 17,026  
    Total book capitalization, including short-term debt $ 18,314     $ 17,434  
           
    Long-term debt-to-total book capitalization   46 %     42 %
    Total debt-to-total book capitalization, including short-term debt   47 %     44 %
                   
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT (1)
    (in millions, except per unit data)
       
      Three Months Ended
    March 31,
      2025   2024
    Basic and Diluted Net Income per Common Unit      
    Net income attributable to PAA $ 443     $ 266  
    Distributions to Series A preferred unitholders   (39 )     (44 )
    Distributions to Series B preferred unitholders   (18 )     (19 )
    Amounts allocated to participating securities   (1 )     (1 )
    Impact from repurchase of Series A preferred units (2)   (43 )     —  
    Other   1       1  
    Net income allocated to common unitholders $ 343     $ 203  
           
    Basic and diluted weighted average common units outstanding (3) (4)   704       701  
           
    Basic and diluted net income per common unit $ 0.49     $ 0.29  

    _____________________

    (1) We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
    (2) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
    (3) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
    (4) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED CASH FLOW DATA
    (in millions)
       
      Three Months Ended
    March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES      
    Net income $ 516     $ 351  
    Reconciliation of net income to net cash provided by operating activities:      
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )     —  
    Deferred income tax expense/(benefit)   4       (39 )
    Equity earnings in unconsolidated entities   (103 )     (95 )
    Distributions on earnings from unconsolidated entities   125       132  
    Other   (13 )     8  
    Changes in assets and liabilities, net of acquisitions   (139 )     (192 )
    Net cash provided by operating activities   639       419  
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Net cash used in investing activities (1)(2)   (1,149 )     (261 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Net cash provided by/(used in) financing activities (1)   590       (273 )
           
    Effect of translation adjustment   (1 )     (4 )
           
    Net increase/(decrease) in cash and cash equivalents and restricted cash   79       (119 )
           
    Cash and cash equivalents and restricted cash, beginning of period   348       450  
    Cash and cash equivalents and restricted cash, end of period $ 427     $ 331  

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
    (2) The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
       

    CAPITAL EXPENDITURES
    (in millions)

      Net to PAA (1)   Consolidated
      Three Months Ended
    March 31,    		   Three Months Ended
    March 31,
      2025
    		   2024
    		   2025
    		   2024
    Investment capital expenditures:              
    Crude Oil $ 89     $ 65     $ 120     $ 90  
    NGL   41       14       41       14  
    Total Investment capital expenditures   130       79       161       104  
    Maintenance capital expenditures   38       53       41       57  
      $ 168     $ 132     $ 202     $ 161  

    _____________________

    (1) Excludes expenditures attributable to noncontrolling interests.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    NON-GAAP RECONCILIATIONS
    (in millions, except per unit and ratio data)
       
    Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1):
       
      Three Months Ended
    March 31,
      2025   2024
    Basic and Diluted Adjusted Net Income per Common Unit      
    Net income attributable to PAA $ 443     $ 266  
    Selected items impacting comparability – Adjusted net income attributable to PAA (2)   (68 )     88  
    Adjusted net income attributable to PAA $ 375     $ 354  
    Distributions to Series A preferred unitholders   (39 )     (44 )
    Distributions to Series B preferred unitholders   (18 )     (19 )
    Amounts allocated to participating securities   (1 )     (2 )
    Impact from repurchase of Series A preferred units (3)   (43 )     —  
    Other   1       1  
    Adjusted net income allocated to common unitholders $ 275     $ 290  
           
    Basic and diluted weighted average common units outstanding (4) (5)   704       701  
           
    Basic and diluted adjusted net income per common unit $ 0.39     $ 0.41  

    _____________________

    (1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
    (2) See the “Selected Items Impacting Comparability” table for additional information.
    (3) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
    (4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
    (5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
       

    Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

      Three Months Ended
    March 31,
      2025   2024
    Basic and diluted net income per common unit $ 0.49     $ 0.29  
    Selected items impacting comparability per common unit (1)   (0.10 )     0.12  
    Basic and diluted adjusted net income per common unit $ 0.39     $ 0.41  

    _____________________

    (1)   See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:
       
      Three Months Ended
    March 31,
      2025   2024
    Net income $ 516     $ 351  
    Interest expense, net of certain items (1)   107       95  
    Income tax expense   50       14  
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )     —  
    Gain on investments in unconsolidated entities, net   (31 )     —  
    Depreciation and amortization of unconsolidated entities (2)   20       19  
    Selected items impacting comparability – Adjusted EBITDA (3)   (30 )     114  
    Adjusted EBITDA $ 881     $ 847  
    Adjusted EBITDA attributable to noncontrolling interests   (127 )     (129 )
    Adjusted EBITDA attributable to PAA $ 754     $ 718  
           
    Adjusted EBITDA $ 881     $ 847  
    Interest expense, net of certain non-cash and other items (4)   (104 )     (90 )
    Maintenance capital   (41 )     (57 )
    Investment capital of noncontrolling interests (5)   (30 )     (25 )
    Current income tax expense   (46 )     (53 )
    Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (6)   (2 )     12  
    Distributions to noncontrolling interests (7)   (132 )     (100 )
    Implied DCF $ 526     $ 534  
    Preferred unit distributions paid (7)   (64 )     (64 )
    Implied DCF Available to Common Unitholders $ 462     $ 470  
           
    Weighted Average Common Units Outstanding   704       701  
    Weighted Average Common Units and Common Unit Equivalents   767       772  
           
    Implied DCF per Common Unit (8) $ 0.66     $ 0.67  
    Implied DCF per Common Unit and Common Unit Equivalent (9) $ 0.66     $ 0.67  
           
    Cash Distribution Paid per Common Unit $ 0.3800     $ 0.3175  
    Common Unit Cash Distributions (7) $ 267     $ 223  
    Common Unit Distribution Coverage Ratio 1.73x   2.11x
           
    Implied DCF Excess $ 195     $ 247  

    _____________________

    (1) Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
    (2) Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
    (3) See the “Selected Items Impacting Comparability” table for additional information.
    (4) Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
    (5) Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
    (6) Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
    (7) Cash distributions paid during the period presented.
    (8) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
    (9) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Basic net income per common unit $ 0.49     $ 0.29  
    Reconciling items per common unit (1) (2)   0.17       0.38  
    Implied DCF per common unit $ 0.66     $ 0.67  
           
    Basic net income per common unit $ 0.49     $ 0.29  
    Reconciling items per common unit and common unit equivalent (1) (3)   0.17       0.38  
    Implied DCF per common unit and common unit equivalent $ 0.66     $ 0.67  

    _____________________

    (1)  Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
    (2)  Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
    (3)  Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:
       
      Three Months Ended
    March 31,
        2025       2024  
    Net cash provided by operating activities $ 639     $ 419  
    Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:      
    Net cash used in investing activities (1)(2)   (1,149 )     (261 )
    Cash contributions from noncontrolling interests   4       12  
    Cash distributions paid to noncontrolling interests (3)   (132 )     (100 )
    Proceeds from the issuance of related party notes (1)   330       —  
    Adjusted Free Cash Flow (4) $ (308 )   $ 70  
    Cash distributions (5)   (331 )     (287 )
    Adjusted Free Cash Flow after Distributions (4) (6) $ (639 )   $ (217 )
           
      Three Months Ended
    March 31,
        2025       2024  
    Adjusted Free Cash Flow (4) $ (308 )   $ 70  
    Changes in assets and liabilities, net of acquisitions (7)   139       192  
    Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (8) $ (169 )   $ 262  
    Cash distributions (5)   (331 )     (287 )
    Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (8) $ (500 )   $ (25 )

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
    (2) The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
    (3) Cash distributions paid during the period presented.
    (4) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
    (5) Cash distributions paid to preferred and common unitholders during the period.
    (6) Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
    (7) See the “Condensed Consolidated Cash Flow Data” table.
    (8) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    SELECTED ITEMS IMPACTING COMPARABILITY
    (in millions)
       
      Three Months Ended
    March 31,
      2025   2024
    Selected Items Impacting Comparability: (1)      
    Derivative activities and inventory valuation adjustments (2) $ 34     $ (159 )
    Long-term inventory costing adjustments (3)   3       33  
    Deficiencies under minimum volume commitments, net (4)   7       12  
    Equity-indexed compensation expense (5)   (9 )     (9 )
    Foreign currency revaluation (6)   —       9  
    Transaction-related expenses (7)   (5 )     —  
    Selected items impacting comparability – Adjusted EBITDA $ 30     $ (114 )
    Gain on investments in unconsolidated entities, net   31       —  
    Gain on asset sales, net   13       —  
    Tax effect on selected items impacting comparability   (3 )     30  
    Aggregate selected items impacting noncontrolling interests   (3 )     (4 )
    Selected items impacting comparability – Adjusted net income attributable to PAA $ 68     $ (88 )

    _____________________

    (1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
    (2) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
    (3) We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
    (4) We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
    (5) Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
    (6) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
    (7) Primarily related to acquisitions completed during the first quarter of 2025.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    SELECTED FINANCIAL DATA BY SEGMENT
    (in millions)
             
      Three Months Ended
    March 31, 2025    		     Three Months Ended
    March 31, 2024
      Crude Oil   NGL     Crude Oil   NGL
    Revenues (1) $ 11,439     $ 638       $ 11,582     $ 507  
    Purchases and related costs (1)   (10,488 )     (339 )       (10,665 )     (346 )
    Field operating costs (2)   (292 )     (76 )       (266 )     (92 )
    Segment general and administrative expenses (2) (3)   (79 )     (21 )       (73 )     (23 )
    Equity earnings in unconsolidated entities   103       —         95       —  
                     
    Other segment items: (4)                
    Depreciation and amortization of unconsolidated entities   20       —         19       —  
    Derivative activities and inventory valuation adjustments   (24 )     (10 )       37       122  
    Long-term inventory costing adjustments   —       (3 )       (28 )     (5 )
    Deficiencies under minimum volume commitments, net   (7 )     —         (12 )     —  
    Equity-indexed compensation expense   9       —         9       —  
    Foreign currency revaluation   —       —         (17 )     (4 )
    Transaction-related expenses   5       —         —       —  
    Segment amounts attributable to noncontrolling interests (5)   (127 )     —         (128 )     —  
    Segment Adjusted EBITDA $ 559     $ 189       $ 553     $ 159  
                     
    Maintenance capital expenditures $ 31     $ 10       $ 46     $ 11  

    _____________________

    (1)   Includes intersegment amounts.
    (2)   Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
    (3)   Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
    (4)  Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
    (5)  Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    OPERATING DATA BY SEGMENT (1)
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Crude Oil Segment Volumes              
    Crude oil pipeline tariff (by region)              
    Permian Basin (2)   6,869       6,428  
    South Texas / Eagle Ford (2)   492       378  
    Mid-Continent (2)   415       486  
    Gulf Coast (2)   214       202  
    Rocky Mountain (2)   495       499  
    Western   247       259  
    Canada   354       348  
    Total crude oil pipeline tariff (2)   9,086       8,600  
                   
    NGL Segment Volumes              
    NGL fractionation   157       128  
    NGL pipeline tariff   234       214  
    Propane and butane sales   147       128  

    _____________________

    (1) Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
    (2) Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    NON-GAAP SEGMENT RECONCILIATIONS
    (in millions)
       
    Supplemental Adjusted EBITDA attributable to PAA Reconciliation:
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Crude Oil Segment Adjusted EBITDA $ 559     $ 553  
    NGL Segment Adjusted EBITDA   189       159  
    Adjusted other income, net (1)   6       6  
    Adjusted EBITDA attributable to PAA (2) $ 754     $ 718  

    _____________________

    (1)    Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
    (2)    See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.
       
    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
    (in millions, except per share data)
             
      Three Months Ended
    March 31, 2025    		     Three Months Ended
    March 31, 2024
          Consolidating             Consolidating    
      PAA   Adjustments (1)   PAGP     PAA   Adjustments (1)   PAGP
    REVENUES $ 12,011     $ —     $ 12,011       $ 11,995     $ —     $ 11,995  
                             
    COSTS AND EXPENSES                        
    Purchases and related costs   10,761       —       10,761         10,917       —       10,917  
    Field operating costs   368       —       368         358       —       358  
    General and administrative expenses   100       1       101         96       1       97  
    Depreciation and amortization   262       —       262         254       —       254  
    Gain on asset sales, net   (13 )     —       (13 )       —       —       —  
    Total costs and expenses   11,478       1       11,479         11,625       1       11,626  
                             
    OPERATING INCOME   533       (1 )     532         370       (1 )     369  
                             
    OTHER INCOME/(EXPENSE)                        
    Equity earnings in unconsolidated entities   103       —       103         95       —       95  
    Gain on investments in unconsolidated entities, net   31       —       31         —       —       —  
    Interest expense, net   (127 )     20       (107 )       (95 )     —       (95 )
    Other income/(expense), net   26       (20 )     6         (5 )     —       (5 )
                             
    INCOME BEFORE TAX   566       (1 )     565         365       (1 )     364  
    Current income tax expense   (46 )     —       (46 )       (53 )     —       (53 )
    Deferred income tax (expense)/benefit   (4 )     (23 )     (27 )       39       (14 )     25  
                             
    NET INCOME   516       (24 )     492         351       (15 )     336  
    Net income attributable to noncontrolling interests   (73 )     (335 )     (408 )       (85 )     (209 )     (294 )
    NET INCOME ATTRIBUTABLE TO PAGP $ 443     $ (359 )   $ 84       $ 266     $ (224 )   $ 42  
                             
    Basic and diluted weighted average Class A shares outstanding     198                 197  
                             
    Basic and diluted net income per Class A share   $ 0.42               $ 0.21  

    _____________________

    (1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
       

     

    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATING BALANCE SHEET DATA
    (in millions)
             
      March 31, 2025     December 31, 2024
          Consolidating             Consolidating    
      PAA   Adjustments (1)   PAGP     PAA   Adjustments (1)   PAGP
    ASSETS                        
    Current assets $ 4,735     $ (6 )   $ 4,729       $ 4,802     $ (26 )   $ 4,776  
    Property and equipment, net   16,062       —       16,062         15,424       —       15,424  
    Investments in unconsolidated entities   2,745       —       2,745         2,811       —       2,811  
    Intangible assets, net   1,675       —       1,675         1,677       —       1,677  
    Deferred tax asset   —       1,199       1,199         —       1,220       1,220  
    Linefill   988       —       988         968       —       968  
    Long-term operating lease right-of-use assets, net   321       —       321         332       —       332  
    Long-term inventory   289       —       289         280       —       280  
    Other long-term assets, net   244       —       244         268       —       268  
    Total assets $ 27,059     $ 1,193     $ 28,252       $ 26,562     $ 1,194     $ 27,756  
                             
    LIABILITIES AND PARTNERS’ CAPITAL                        
    Current liabilities $ 4,691     $ (7 )   $ 4,684       $ 4,950     $ (26 )   $ 4,924  
    Senior notes, net   8,131       —       8,131         7,141       —       7,141  
    Other long-term debt, net   73       —       73         72       —       72  
    Long-term operating lease liabilities   301       —       301         313       —       313  
    Other long-term liabilities and deferred credits   1,003       —       1,003         990       —       990  
    Total liabilities   14,199       (7 )     14,192         13,466       (26 )     13,440  
                             
    Partners’ capital excluding noncontrolling interests   9,632       (8,276 )     1,356         9,813       (8,462 )     1,351  
    Noncontrolling interests   3,228       9,476       12,704         3,283       9,682       12,965  
    Total partners’ capital   12,860       1,200       14,060         13,096       1,220       14,316  
    Total liabilities and partners’ capital $ 27,059     $ 1,193     $ 28,252       $ 26,562     $ 1,194     $ 27,756  

    _____________________

    (1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
       
    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)    		  
    COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
    (in millions, except per share data)
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Basic and Diluted Net Income per Class A Share      
    Net income attributable to PAGP $ 84     $ 42  
    Basic and diluted weighted average Class A shares outstanding   198       197  
           
    Basic and diluted net income per Class A share $ 0.42     $ 0.21  
                   

    Forward-Looking Statements

    Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

    • general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
    • declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
    • fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
    • unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
    • the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
    • the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
    • the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
    • environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
    • negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
    • the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
    • weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
    • the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
    • negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
    • the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
    • the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
    • loss of key personnel and inability to attract and retain new talent;
    • disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
    • the effectiveness of our risk management activities;
    • shortages or cost increases of supplies, materials or labor;
    • maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
    • our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
    • the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
    • failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
    • tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
    • the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
    • the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
    • the currency exchange rate of the Canadian dollar to the United States dollar;
    • the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
    • significant under-utilization of our assets and facilities;
    • increased costs, or lack of availability, of insurance;
    • fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
    • risks related to the development and operation of our assets; and
    • other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

    About Plains:

    PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

    PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

    PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

    Contacts:

    Blake Fernandez
    Vice President, Investor Relations
    (866) 809-1291

    Michael Gladstein
    Director, Investor Relations
    (866) 809-1291

    The MIL Network –

  • MIL-OSI: Best 5 Tribal Loans Direct Lender Guaranteed Approval For Bad Credit with No Credit Check – Payday Ventures

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Payday Ventures, a leading provider of online payday loans, owns multiple providers offering tribal loans direct lender guaranteed approval with no credit check, helping Americans with urgent financial needs get fast access to cash even with poor or no credit history. These providers specialize in tribal payday loans, tribal installment loans direct lenders no credit check, and tribal loans for bad credit, ensuring borrowers can secure up to $5000 with instant approval, flexible terms, and no teletrack verification. Whether you need $500 tribal installment loans or higher amounts, applications are 100% online and take just minutes to complete.

    Easiest Tribal Loans to Get Online for Bad Credit 2025

    • Heart Paydays – Best for Tribal Loans Online Up to $50,000 with Guaranteed Approval
    • Low Credit Finance – Top Choice for Tribal Payday Loans No Credit Check with Fast Payout
    • Green Dollar Loans – Easiest Tribal Loans to Get Online with Direct Lender Matching
    • Viva Payday Loans – Ideal for Tribal Installment Loans for Bad Credit with No Teletrack
    • Loan Raptor – Quick and Easy Tribal Loans for Bad Credit and Self-Employed Borrowers

    In 2025, online tribal loans have emerged as one of the easiest tribal loans to get, thanks to relaxed eligibility criteria and fast turnaround times. Since these guaranteed tribal loans are offered by lenders on Native American tribal land, they are not bound by traditional state regulations—allowing for more lenient terms for people with low credit scores. In this guide, we cover the top 5 best tribal loans direct lender guaranteed approval, including platforms that specialize in easy tribal loans for bad credit, tribal loans no credit check, and tribal loans online guaranteed approval.

    Click Here to Apply for Tribal Loans >>

    What Are Tribal Loans?

    Tribal loans are short-term or installment loans provided by lenders operating under the sovereign laws of Native American tribes. Unlike traditional loans, tribal loans direct lender guaranteed approval options often have relaxed requirements, making them ideal for borrowers with bad credit.

    Features of Guaranteed Tribal Loans Offered by These Providers

    The top tribal loan platforms like Super Personal Finder, Viva Payday Loans, and Green Dollar Loans offer fast, flexible, and hassle-free loan options. Borrowers can get tribal loans no credit check with approval in minutes and funding in 24 – 48 hours. These platforms support tribal installment loans for bad credit, allow loan amounts up to $50,000.

    Click Here to Apply for Tribal Loans >>

    Types of Direct Tribal Loans USA

    $500 Tribal Installment Loans Direct Lenders Only – Great for short-term needs. Get up to $500 with no credit check and repay over several months.

    Tribal Payday Loans No Credit Check – Perfect for emergencies. Fast approval with minimal eligibility requirements and no hard credit pull.

    Tribal Installment Loans for Bad Credit – Ideal for borrowers with poor credit scores. Borrow up to $5,000 and repay in affordable monthly installments.

    Tribal Loans Online Guaranteed Approval No Teletrack – Avoid credit databases like Teletrack. Get approved based on your income and repayment ability.

    Easy Tribal Loans for Bad Credit Self-Employed – Designed for gig workers and freelancers. Use bank statements or tax returns to qualify.

    Online Tribal Loans with Same Day Deposit – Apply online and receive funds as soon as the same business day after approval.

    Name: Mukesh Bhardwaj
    Email: mukesh@paydayventures.com

    Disclaimer: This announcement contains general information about Payday Ventures loan services and should not be considered financial advice. Loans are available to US residents only.

    The MIL Network –

  • MIL-OSI China: China, Russia pledge to join forces against bullying, power politics

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

    MOSCOW, May 9 — China will work with Russia to shoulder the special responsibilities entrusted by the times, Chinese President Xi Jinping told his Russian counterpart, Vladimir Putin, during their talks here on Thursday, as global uncertainties are exerting more pressure on the global economy.

    Today, in the face of unilateralist countercurrents, bullying and acts of power politics, China is working with Russia to shoulder the special responsibilities of major countries and permanent members of the UN Security Council, Xi said.

    Putin, for his part, criticized the imposition of high tariffs, saying it defies common sense, has no legal basis, and will only backfire.

    In early April, the United States rolled out so-called “reciprocal” tariffs against almost all of its trading partners worldwide, triggering widespread opposition and concerns over a possible global economic recession. Many countries have vowed to retaliate.

    On Thursday, the European Commission launched a public consultation targeting U.S. imports worth 95 billion euros (107.2 billion U.S. dollars), warning that retaliatory measures could take effect if ongoing negotiations with the United States over the so-called “reciprocal” tariffs fail to yield an agreement.

    A meeting on economic and trade affairs between Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent will take place at the request of the U.S. side, during He’s May 9-12 visit to Switzerland. China’s Commerce Ministry stressed that China will not seek to reach any agreement at the expense of sacrificing its principles or the cause of international fairness and justice.

    Following their Thursday talks, Xi and Putin signed a joint statement on further deepening the China-Russia comprehensive strategic partnership of coordination for a new era. In the document, China and Russia voice firm opposition against unilateral and unlawful restrictive measures such as trade and financial restrictions.

    The statement said that certain countries, under various pretexts, have arbitrarily imposed tariffs on their trading partners, seriously infringing upon the legitimate rights and interests of other countries, gravely violating WTO rules, severely undermining the rules-based multilateral trading system, and profoundly disrupting the stability of the global economic order.

    The two countries condemned acts of bypassing the UN Security Council to implement measures that violate the UN Charter and international law, obstruct justice and violate the rules of the WTO.

    They also pledged to continue to jointly deal with the downward pressure on the world economy, and facilitate the participation of more Global South countries in international and regional trade.

    In today’s world, China and Russia collaborate to establish a more just, sustainable and multipolar world order, said Vladimir Petrovskiy, chief researcher at the Institute of China and Contemporary Asia at the Russian Academy of Sciences.

    To this end, China and Russia have been working closely in mechanisms like BRICS and the Shanghai Cooperation Organization, which are vital platforms for Global South countries to address development challenges and promote universal peace, he said.

    Xi is in Moscow for a state visit to Russia and celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War. He and Putin have met over 40 times on various occasions.

    On Thursday, Xi and Putin held back-to-back small-group and large-group talks, and also had a chat over tea at the presidential office in the Kremlin.

    When the two presidents met the press following their talks, Xi described his talks with Putin as “in-depth, cordial and fruitful,” adding that they reached many important new consensuses. Putin said Xi’s visit is of great significance, and will inject strong momentum into the development of bilateral ties.

    The two presidents also witnessed the exchange of over 20 bilateral cooperation documents, covering areas such as global strategic stability, upholding the authority of international law, investment protection, digital economy, quarantine and film cooperation.

    In 2024, trade between China and Russia reached 244.8 billion dollars. China has remained Russia’s largest trading partner for 15 consecutive years.

    Russia-China relations are built on equality and mutual respect, Putin said during talks with Xi. It is neither directed against any third party nor swayed by any transient matters, Putin noted.

    The political trust between Russia and China is unparalleled in the world, said Alexander V. Lomanov, a researcher at the Institute of World Economy and International Relations, Russian Academy of Sciences.

    In this context, there is vast potential to further facilitate the movement not only of tourists, but also of experts, scientists and cultural figures between the two countries, he noted.

    “There is much more we can do to deepen our exchanges,” he said. “The more frequent these interactions become, the stronger our mutual understanding will grow.”

    MIL OSI China News –

  • MIL-OSI Europe: OSCE helps to institutionalize cyber hygiene training programs in Ukraine’s law enforcement universities

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE helps to institutionalize cyber hygiene training programs in Ukraine’s law enforcement universities

    Four cyber hygiene training facilities were officially opened in educational institutions of the Ministry of Internal Affairs of Ukraine on 6 and 7 May 2025 with the support of the OSCE Secretariat Extra-Budgetary Support Programme for Ukraine (SPU). The rooms will serve to educate the future law enforcers – cadets of the Lviv State University of Internal Affairs, Lviv State University of Life Safety, Kharkiv National University of Internal Affairs, and Donetsk State University of Internal Affairs – about the safe and responsive use of digital tools. The new in-person cyber hygiene training course designed for cadets and students includes practical assignments, case studies, and hands-on training.
    The four training facilities complement a broader educational package developed by the SPU in co-operation with the Ministry. In addition to the in-person and online cyber hygiene training programmes for cadets and students, the SPU also trained 50 trainers (ToT), namely educators and the Ministry’s staff. It is complemented by an instructor manual and learning tools, including the educational board game CyberAlias.
    “The human factor is the weakest link in any cyber-attack (e.g., email phishing, malware distribution) and good practices such as strong passwords, two-factor authentication, and regular software updates can dramatically reduce cyber risks,” said Pierre Baussand, Chief of Operations of the OSCE Secretariat Extra-Budgetary Support Programme. “In today’s digital war, investing in cyber hygiene education is not only about defending networks — it is about safeguarding the integrity of strategic rule of law institutions, and Ukraine’s democratic future.”
    The initiative comes at a time of mounting urgency. According to the State Service of Special Communications and Information Protection of Ukraine, in 2024, Ukraine experienced a nearly 70% increase in cyber incidents, with 4,315 cases recorded, up from 2,541 the previous year. Hackers are increasingly targeting critical sectors, including energy, government services, law enforcement, and telecommunications. This upward trend continues into 2025, exacerbating threats to civilian infrastructure posed by the ongoing war in Ukraine.
    These efforts are part of a project implemented by the OSCE Secretariat Extra-Budgetary Support Programme for Ukraine in partnership with the Ministry of Internal Affairs of Ukraine and with financial support from Organisation’s participating States and partners, full list of the Programme’s donors is available here. 

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Council commemorates 80th anniversary of VE Day

    Source: Northern Ireland City of Armagh

    The Vice Lord Lieutenant, Richard Hamilton-Stubber, Deputy Lord Mayor Councillor Kyle Savage and council chief executive Roger Wilson along with local elected members pictured at the beacon lighting ceremony, which formed part of council’s VE Day 80th anniversary celebration event.

    Armagh City, Banbridge and Craigavon Borough Council commemorated the 80th anniversary of Victory in Europe (VE) Day with a series of events that paid tribute to this pivotal historical moment and honoured those who made immense sacrifices during World War II.

    A national Service of Remembrance and Thanksgiving took place at St. Patrick’s Church of Ireland Cathedral in Armagh on Wednesday 07 May from 7.30pm, which marked the beginning of the anniversary commemorations in the borough.

    Organised by the cathedral, the service saw around 400 people in attendance, including His Majesty’s Lord Lieutenant for County Armagh, The Earl of Caledon; Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage; and local elected representatives.

    The service, which was led by The Very Reverend Shane Forster, Dean of Armagh featured acts of remembrance, prayers, choir music and the lighting of the Lamp Light, symbolising the ‘light of peace’ that emerged from the darkness of war.

    Commemorations continued the morning of Thursday 08 May, with the raising of a VE Day flag at the council’s three civic headquarters, which provided a visual reminder of this historic occasion.

    Later that evening a special celebratory event took place at the Craigavon Civic and Conference Centre, with over 200 people attending. The event featured musical entertainment from the Corcrain Flute Band and the Jenny Chambers School of Speech and Drama choir as well as a classic wartime treat of fish and chips.

    Attendees also got to hear an insightful speech from local historian Richard Edgar before The Vice Lord Lieutenant, Richard Hamilton-Stubber read the special VE Day tribute.

    Joined by the Deputy Lord Mayor Councillor Kyle Savage and local representatives, the evening concluded with a symbolic beacon lighting ceremony at Craigavon Lakes at 9.30pm.

    Reflecting on the VE Day 80th anniversary commemorations, Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage commented: 

    “As Deputy Lord Mayor, it was a profound honour to participate in our local commemorative events for the 80th anniversary of VE Day. This significant milestone allowed us to pause, reflect, and pay tribute to the immense sacrifices made by those during World War II.”

    An exhibition at Armagh County Museum, which features both digital and physical archives, offering visitors a window into local life during World War II, will remain open until Saturday 05 July.

    While local community groups continue to host their own VE Day celebration events across the borough, following £40,000 provided through the council’s financial assistance programme.

    For more information about national VE Day 80th anniversary events, click here.

    See gallery of images from these VE Day 80th anniversary commemoration events below.

    MIL OSI United Kingdom –

  • MIL-OSI: TeraWulf Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025.

    Initiated process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026.

    Energized Miner Building 5, bringing total capacity to 245 MW and increasing hashrate to 12.2 EH/s, up 52.5% year-over-year.

    Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s.

    Held $219.6 million in cash and bitcoin holdings as of March 31, 2025.

    Repurchased $33 million of Common Stock to date in 2025.

    EASTON, Md., May 09, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 GAAP Operational & Financial Highlights

    • Revenue was $34.4 million, compared to $42.4 million in Q1 2024.
    • Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024.
    • Self-mining capacity grew 52.5% year-over-year to  12.2 EH/s.
    Key GAAP Metrics ($ in thousands) Three Months Ended Q1 2025 Three Months Ended Q1 2024
     Revenue $ 34,405   $ 42,433  
     Cost of revenue (exclusive of depreciation) $ 24,553   $ 14,408  
     Cost of revenue as % of revenue   71.4 %   34.0 %
                 

    First Quarter 2025 Non-GAAP Operational and Financial Highlights

    • Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024.
    • Total value of self-mined bitcoin1 was $34.4 million, compared to $56.5 million in Q1 2024.
    • Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex.
    • Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024.
    Key Non-GAAP Metrics2 Three Months Ended Q1 2025 Three Months Ended Q1 2024
     Bitcoin Self-Mined3   372     1,051  
     Value per Bitcoin Self-Mined4 $ 92,600   $ 53,750  
     Power Cost per Bitcoin Self-Mined $ 66,084   $ 15,501  
     Avg. Operating Hash Rate (EH/s)5   7.3     8.0  
                 

    Management Commentary

    “TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both Bitcoin mining and high-performance computing. As outlined during our fourth quarter 2024 earnings call, our key priorities for 2025 include energizing Miner Building 5 and deploying our upgraded mining fleet, delivering Core42’s contracted 72.5 MW of HPC capacity on schedule, securing financing for our initial HPC data center buildout, and signing additional customers to reach between 200 and 250 megawatts of contracted HPC capacity by the end of 2026,” said Paul Prager, Chief Executive Officer of TeraWulf.

    “We’ve made meaningful progress on each of these fronts. In late Q1 and early Q2, we energized Miner Building 5, bringing total capacity at Lake Mariner to 245 MW. We remain on track to deliver the Core42 deployment this year and have initiated the financing process to support our next phase of HPC growth.”

    Prager added, “We continue to see robust medium- and long-term demand for high-density, energy-efficient digital infrastructure. In this environment, TeraWulf’s vertically integrated energy platform provides a distinct competitive advantage. We are focused on building a high-value, durable business that is designed to scale with demand and deliver long-term returns.”

    Patrick Fleury, Chief Financial Officer, commented, “With $219.6 million in cash and bitcoin holdings at quarter-end, we are well-capitalized to fund our near-term growth. HPC hosting revenue is expected to begin in the second quarter of 2025 as our data halls come online. We also returned $33 million to shareholders during the quarter through share repurchases, reflecting our continued commitment to disciplined capital allocation.”

    First Quarter 2025 GAAP Financial Results

    Revenue for the first quarter decreased 19% year-over-year to $34.4 million, reflecting anticipated headwinds from the April 2024 halving, increased network difficulty, and elevated power prices, partially offset by a higher average bitcoin price and expanded mining capacity.

    Cost of revenue, exclusive of depreciation, increased 70%  year-over-year to $24.6 million, driven by greater infrastructure utilization and temporary increases in power costs due to extreme winter weather in Upstate New York.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company held $219.6 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company’s 2.75% convertible senior notes due 2030. As of May 7, 2025, TeraWulf had 384,584,010 shares of common stock outstanding.

    As part of the Company’s regular review of its capital management activities, our Board of Directors recently approved:

    • A new $200 million At-the-Market (ATM) common equity offering program, to replace the existing ATM facility.
    • A refreshed authorization for a $200 million common stock repurchase program, providing continued flexibility to return capital to shareholders when appropriate.

    These programs are intended to preserve flexibility in managing the Company’s capital structure and liquidity position.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its Q1 2025 earnings conference call today, Friday, May 9, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). The call will include prepared remarks followed by a live Q&A with management.

    The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Non-GAAP Measures

    We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

    Investors: 
    Investors@terawulf.com

    Media: 
    media@terawulf.com

    CONSOLIDATED BALANCE SHEETS
    AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
    (In thousands, except number of shares, per share amounts and par value)

      March 31,
    2025    		   December 31,
    2024
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 218,162     $ 274,065  
    Digital currency   1,400       476  
    Prepaid expenses   4,799       2,493  
    Other receivables   5,101       3,799  
    Other current assets   585       598  
    Total current assets   230,047       281,431  
    Property, plant and equipment, net   509,888       411,869  
    Operating lease right-of-use asset   85,299       85,898  
    Finance lease right-of-use asset   7,200       7,285  
    Other assets   8,728       1,028  
    TOTAL ASSETS   841,162       787,511  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   54,901       24,382  
    Accrued construction liabilities   19,526       16,520  
    Accrued compensation   1,512       4,552  
    Accrued interest   5,997       2,559  
    Other accrued liabilities   6,432       2,414  
    Other amounts due to related parties   571       1,391  
    Current portion of deferred rent liability   31,960       —  
    Current portion of operating lease liability   26       25  
    Current portion of finance lease liability   2       2  
    Total current liabilities   120,927       51,845  
    Deferred rent liability, net of current portion   58,040       —  
    Operating lease liability, net of current portion   3,420       3,427  
    Finance lease liability, net of current portion   291       292  
    Convertible notes   488,109       487,502  
    TOTAL LIABILITIES   670,787       543,066  
           
    Commitments and Contingencies (See Note 10)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2025 and December 31, 2024; 9,566 issued and outstanding at March 31, 2025 and December 31, 2024; aggregate liquidation preference of $12,924 and $12,609 at March 31, 2025 and December 31, 2024, respectively   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 authorized at March 31, 2025 and December 31, 2024, respectively; 408,198,263 and 404,223,028 issued and outstanding at March 31, 2025 and December 31, 2024, respectively   408       404  
    Additional paid-in capital   705,897       685,261  
    Treasury stock at cost, 24,468,750 and 18,568,750 at March 31, 2025 and December 31, 2024, respectively   (151,509 )     (118,217 )
    Accumulated deficit   (393,694 )     (332,276 )
    Total stockholders’ equity   170,375       244,445  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 841,162     $ 787,511  
                   
                   

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
    (In thousands, except number of shares and loss per common share)

      Three Months Ended March 31,
      2025   2024
    Revenue $ 34,405     $ 42,433  
           
    Costs and expenses:      
    Cost of revenue (exclusive of depreciation shown below)   24,553       14,408  
    Operating expenses   1,144       785  
    Operating expenses – related party   1,748       888  
    Selling, general and administrative expenses   46,573       12,289  
    Selling, general and administrative expenses – related party   3,571       2,620  
    Depreciation   15,574       15,088  
    Loss (gain) on fair value of digital currency, net   870       (1,329 )
    Total costs and expenses   94,033       44,749  
           
    Operating loss   (59,628 )     (2,316 )
    Interest expense   (4,049 )     (11,045 )
    Loss on extinguishment of debt   —       (2,027 )
    Interest income   2,259       500  
    Loss before income tax and equity in net income of investee   (61,418 )     (14,888 )
    Income tax benefit   —       —  
    Equity in net income of investee, net of tax   —       5,275  
    Net loss $ (61,418 )   $ (9,613 )
           
    Loss per common share:      
    Basic and diluted $ (0.16 )   $ (0.03 )
           
    Weighted average common shares outstanding:      
    Basic and diluted   383,149,511       290,602,725  
                   
                   

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
    (In thousands)

      Three Months Ended March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net loss $ (61,418 )   $ (9,613 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   607       7,593  
    Stock-based compensation expense   38,674       6,931  
    Depreciation   15,574       15,088  
    Amortization of right-of-use asset   685       252  
    Revenue recognized from digital currency mined and hosting services   (34,417 )     (41,537 )
    Loss (gain) on fair value of digital currency, net   870       (1,329 )
    Proceeds from sale of digital currency   —       54,391  
    Loss on extinguishment of debt   —       2,027  
    Equity in net income of investee, net of tax   —       (5,275 )
    Changes in operating assets and liabilities:      
    (Increase) decrease in prepaid expenses   (2,306 )     567  
    Increase in other receivables   (1,302 )     (667 )
    Decrease (increase) in other current assets   13       (67 )
    (Increase) decrease in other assets   (7,700 )     22  
    Increase (decrease) in accounts payable   13,844       (1,686 )
    Increase (decrease) in other accrued liabilities   4,359       (3,906 )
    (Decrease) increase in other amounts due to related parties   (990 )     67  
    Increase in deferred rent liability   90,000       —  
    Decrease in operating lease liability   (6 )     (12 )
    Net cash provided by operating activities   56,487       22,846  
           
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Purchase of and deposits on plant and equipment   (93,687 )     (46,979 )
    Proceeds from sale of digital currency   32,623       —  
    Net cash used in investing activities   (61,064 )     (46,979 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Principal payments on long-term debt   —       (33,412 )
    Payments of prepayment fees associated with early extinguishment of long-term debt   —       (314 )
    Principal payments on insurance premium and property, plant and equipment financing   —       (827 )
    Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0   —       50,722  
    Purchase of treasury stock   (33,292 )     —  
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (18,034 )     (651 )
    Net cash (used in) provided by financing activities   (51,326 )     15,518  
           
    Net change in cash and cash equivalents   (55,903 )     (8,615 )
    Cash and cash equivalents at beginning of period   274,065       54,439  
    Cash and cash equivalents at end of period $ 218,162     $ 45,824  
           
    Cash paid during the period for:      
    Interest $ 5     $ 3,726  
    Income taxes $ —     $ —  
                   

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense and amortization of right-of-use asset, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; and (v) loss on extinguishment of debt, which is not reflective of the Company’s general business performance. The Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

    Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

    The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

    The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

      Three Months Ended March 31,
      2025   2024
    Net loss $ (61,418 )   $ (9,613 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Equity in net (income) loss of investee, net of tax   —       (5,275 )
    Distributions from investee, related to Nautilus   —       12,022  
    Income tax benefit   —       —  
    Interest income   (2,259 )     (500 )
    Loss on extinguishment of debt   —       2,027  
    Interest expense   4,049       11,045  
    Depreciation   15,574       15,088  
    Amortization of right-of-use asset   685       252  
    Stock-based compensation expense   38,674       6,931  
    Non-GAAP Adjusted EBITDA $ (4,695 )   $ 31,977  

    1 Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin produced at the Nautilus Cryptomine Facility in Q1 2024.

    2 The Company’s share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q1 2024 is reflected within “Equity in net income (loss) of investee, net of tax” in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates.

    3 Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company.

    4 Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned.

    5 While nameplate inventory for the Lake Mariner Facility was 12.2 EH/s and 8.0 EH/s as of Q1 2025 and Q1 2024, respectively, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair. Note the 8.0 EH/s in the table in Q1 2024 is nameplate capacity and average operating hashrate was 6.8 EH/s.

    The MIL Network –

  • MIL-OSI: Onex Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    All amounts in U.S. dollars unless otherwise stated

    TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced its financial results for the first quarter ended March 31, 2025.

    “Onex continues to make progress and is benefitting from recent operational enhancements and a focus on areas where we have a proven right to compete,” said Bobby Le Blanc, CEO and President. “Our Private Equity and Credit teams have raised an aggregate of $2.5 billion in fee-generating capital since the start of the year, and our teams continue to advance their near- and long-term value creation plans. Our debt-free balance sheet includes $1.6 billion of liquidity, providing additional security and flexibility, including for ongoing share repurchases.”

    Financial Results
    ($ millions except per share amounts)    		 Quarter Ended March 31
      2025
    		   2024  
    Net earnings $ 168   $ 10  
    Net earnings per diluted share $ 2.36   $ 0.13  
               
    Investing segment net earnings $ 123   $ 54  
    Asset management segment net earnings (loss)   25     (26 )
    Total segment net earnings(1) $ 148   $ 28  
    Total segment net earnings per fully diluted share(2) $ 2.05   $ 0.33  
    Asset management fee-related earnings (loss)(3) $ 11   $ (4 )
    Total fee-related earnings (loss)(4) $ 2   $ (12 )
    Distributable earnings(5) $ 38   $ 45  
                 

    Highlights

    • Onex had approximately $8.3 billion of investing capital, or $116.97 (C$168.28) per fully diluted share(6) at March 31, 2025. Onex’ investing capital per fully diluted share returned 3% for the quarter and 9% for the 12 months ended March 31, 2025 (3% and 16%, respectively, in Canadian dollars). Over the last five years, investing capital per fully diluted share has had a compound annual return of 17%.
    • Onex’ private equity investments had net gains of $96 million or a 2% return in the first quarter of 2025 (Q1 2024: $30 million or a 1% return). Investments in Credit strategies generated net gains of $11 million or a 1% return in the first quarter of 2025 (Q1 2024(7) : $11 million or a 1% return).
    • Onex raised approximately $2.5 billion in fee-generating capital across its Private Equity and Credit platforms in the first quarter of 2025.
    • Onex Partners Opportunities Fund achieved its final close, raising aggregate commitments of approximately $1.2 billion for a two-year investing period, including affiliated vehicles, exceeding its initial target.
    • ONCAP V achieved its final close with $1.3 billion in total commitments. ONCAP V achieved several key objectives relative to its prior fund, including growing total commitments, increasing third-party capital by 54%, and adding many new investors to the platform. ONCAP V has completed five investments to date and the fund is approximately 50% deployed.
    • Onex Credit continues to build on its momentum and has priced ten CLO transactions through April, including five new issues. In total, the team raised or extended approximately $5.3 billion of fee-generating assets under management across its tactical allocation and structured credit strategies.
    • Onex repurchased 1,379,506 Subordinate Voting Shares in the first quarter at a cost of $98 million(8) (C$141 million(8)) or an average cost per share of $71.17 (C$102.09). In April, Onex renewed its normal course issuer bid permitting Onex to purchase for cancellation up to 10% of the public float in its Subordinate Voting Shares.
    • Onex had $36.9 billion of FGAUM at March 31, 2025, a 17%(7) increase over the last 12 months. Run-rate management fees(9) increased to $202 million as of March 31, 2025.
    • Unrealized carried interest from funds managed by Onex totaled $308 million as of March 31, 2025.
    • Onex’ cash and near-cash(10) balance was $1.6 billion or 19% of Onex’ investing capital as of March 31, 2025 (December 31, 2024 – $1.6 billion or 19%).

    Dividend Declaration

    The Board of Directors has declared a second quarter dividend of C$0.10 per Subordinate Voting Share payable on July 31, 2025, to shareholders of record on July 10, 2025.

    Webcast

    Onex management will host a webcast to review Onex’ first quarter 2025 results on Friday, May 9, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

    Additional Information

    Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three months ended March 31, 2025. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

    About Onex

    Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $53.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

    Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

    Forward-Looking Statements

    This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

    Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

    For Further Information:

    Jill Homenuk
    Managing Director – Shareholder
    Relations and Communications
    Tel: +1 416.362.7711    		 Zev Korman
    Vice President, Shareholder
    Relations and Communications
    Tel: +1 416.362.7711
       
     
    Supplementary Financial Schedules
      Quarter ended March 31
      2025(i)
    		 2024(i)
    		  
    (Unaudited)($ millions except per share amounts) Investing   Asset Management   Total   Total
    		  
    Segment income $ 123   $ 78   $ 201   $ 94  
    Segment expenses   –     (53 )   (53 )   (66 )
    Segment net earnings $ 123   $ 25   $ 148   $ 28  
                     
    Stock-based compensation recovery (expense)   26     (10 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets   (3 )   (5 )
    Restructuring recovery (expenses), net   (1 )   3  
    Unrealized performance fee and carried interest included in segment net earnings – Credit   –     (7 )
    Other   (2 )   1  
    Net earnings           $ 168   $ 10  
                     
    Segment net earnings per fully diluted share $ 1.70   $ 0.35   $ 2.05   $ 0.33  
    Net earnings per share                
    Basic           $ 2.36   $ 0.13  
    Diluted           $ 2.36   $ 0.13  
    (i) Refer to pages 17 and 18 of Onex’ Q1 2025 Interim MD&A for further details concerning the composition of segmented results.
     
    Investing Capital(i)
         
    (Unaudited)($ millions except per share amounts) March 31, 2025
    		   December 31, 2024
    		  
    Private Equity            
    Onex Partners Funds $ 4,735   $ 4,659  
    ONCAP Funds   732     795  
    Carried Interest   286     264  
        5,753     5,718  
    Private Credit            
    Investments   934     924  
    Carried Interest   22     22  
        956     946  
    Cash and Near-Cash   1,564     1,578  
    Other Net Assets   26     31  
    Investing Capital $ 8,299   $ 8,273  
    Investing Capital per fully diluted share (U.S. dollars)(ii) $ 116.97   $ 113.70  
    Investing Capital per fully diluted share (Canadian dollars)(ii) $ 168.28   $ 163.54  
    (i) Refer to the glossary in Onex’ Q1 2025 Interim MD&A for further details concerning the composition of investing capital.
    (ii) Fully diluted shares for investing capital per share were 71.0 million at March 31, 2025.
     
    Fee-Related Earnings (Loss) and Distributable Earnings
             
    (Unaudited)($ millions) Quarter Ended
    March 31, 2025
    		   Quarter Ended
    March 31, 2024
    		  
    Private Equity            
    Management and advisory fees $ 29   $ 22  
    Total fee-related revenues from Private Equity $ 29   $ 22  
    Compensation expense   (16 )   (22 )
    Support and other net expenses   (8 )   (10 )
    Net contribution $ 5   $ (10 )
             
    Structured Credit        
    Management and advisory fees $ 23   $ 17  
    Total fee-related revenues from Structured Credit $ 23   $ 17  
    Compensation expense   (7 )   (6 )
    Support and other net expenses   (4 )   (3 )
    Net contribution $ 12   $ 8  
             
    Other Credit          
    Management and advisory fees $ 3   $ 11  
    Performance fees   –     4  
    Total fee-related revenues from Other Credit $ 3   $ 15  
    Compensation expense   (3 )   (8 )
    Support and other net expenses   (6 )   (9 )
    Net contribution $ (6 ) $ (2 )
             
    Asset management fee-related earnings (loss) $ 11   $ (4 )
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (5 ) $ (4 )
    Other net expenses   (4 )   (4 )
    Total expenses $ (9 ) $ (8 )
             
    Total fee-related earnings (loss) $ 2   $ (12 )
             
    Realized carried interest(i) $ 5   $ 3  
    Realized gain on corporate investments and interest income   31     54  
    Distributable earnings $ 38   $ 45  
    (i) Includes carried interest Onex is entitled to from the Falcon Funds.
     

    Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings to fee-related earnings (loss) and distributable earnings during the quarters ended March 31, 2025 and 2024.

    (Unaudited)($ millions) Quarter Ended
    March 31, 2025    		   Quarter Ended
    March 31, 2024
    		  
    Net earnings $ 168   $ 10  
    Stock-based compensation expense (recovery)   (26 )   10  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets   3     5  
    Restructuring expenses (recovery), net   1     (3 )
    Unrealized performance fees and carried interest included in segment net earnings – Credit   –     7  
    Other   2     (1 )
    Total segment net earnings   148     28  
    Investing segment net earnings   (123 )   (54 )
    Net loss (gain) from carried interest(i)   (23 )   14  
    Total fee-related earnings (loss) $ 2   $ (12 )
    Realized carried interest(i)   5     3  
    Realized gain on corporate investments and interest income   31     54  
    Total distributable earnings $ 38   $ 45  
    (i) Includes carried interest Onex is entitled to from the Falcon Funds.
     

    Cash and Near-Cash

    The table below provides a breakdown of cash and near-cash at Onex as at March 31, 2025 and December 31, 2024.

    (Unaudited)($ millions) March 31, 2025
    		   December 31, 2024
    		  
    Cash and cash equivalents – Investing segment(i) $ 529   $ 840  
    Management fees and recoverable fund expenses receivable(ii)   491     464  
    Cash and cash equivalents within Investment Holding Companies(iii)   226     156  
    Treasury investments   169     83  
    Subscription financing and rebalancing receivable from ONCAP V(iv)   149     35  
    Cash and near-cash $ 1,564   $ 1,578  
    (i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation and outstanding unhedged DSUs, PSUs and RSUs ($40 million (December 31, 2024 – $89 million)).
    (ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from.
    (iii) Cash and cash equivalents are reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $36 million (December 31, 2024 – $36 million) and $2 million payable by the Investment Holding Companies for Onex’ management incentive programs related to a private equity realization (December 31, 2024 – $2 million).
    (iv) Includes $65 million of subscription financing receivable, including interest receivable, attributable to third-party investors in ONCAP V and a Credit Fund (December 31, 2024 – $35 million attributable to third-party investors in Onex Partners V and ONCAP V), and an $84 million receivable from ONCAP V related to the rebalancing of the fund (December 31, 2024 – nil).
     

    The table below provides a reconciliation of the change in cash and near-cash from December 31, 2024 to March 31, 2025.

    (Unaudited)($ millions)    
    Cash and near-cash at December 31, 2024 $ 1,578  
    Private equity realizations and distributions   125  
    Private equity investments   (38 )
    Net private credit strategies investment activity   1  
    Repurchase of share capital of Onex Corporation   (105 )
    Cash dividends paid   (5 )
    Net other, including cash flows from asset management activities, operating costs and changes in working capital   8  
    Cash and near-cash at March 31, 2025 $ 1,564  
           

    _________________________________________

    (1) Refer to pages 17 and 18 of Onex’ Q1 2025 Interim MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings is provided in the supplementary financial schedules in this press release.
    (2) Refer to the glossary in Onex’ Q1 2025 Interim MD&A for details concerning the composition of fully diluted shares.
    (3) Asset management fee-related earnings (loss) excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).
    (4) Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings. Refer to the 2025 Year-to-date Results & Activity section of Onex’ Q1 2025 Interim MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss).
    (5) Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings. Refer to the 2025 Year-to-date Results & Activity section of Onex’ Q1 2025 Interim MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.
    (6) Refer to the glossary in Onex’ Q1 2025 Interim MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.
    (7) Adjusted to exclude the impact from the transfer of Onex Falcon.
    (8) Additionally, Onex incurred expenses of $2 million (C$3 million) related to a share repurchase tax.
    (9) Refer to the glossary in Onex’ Q1 2025 Interim MD&A for details concerning the composition of run-rate management fees.
    (10) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $569 million at March 31, 2025 (December 31, 2024 – $929 million). Refer to the Cash and Near-Cash section of Onex’ Q1 2025 Interim MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.

    The MIL Network –

  • MIL-OSI: Top Tribal Loans with Guaranteed Approval for Bad Credit – IOnline Payday Loans

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., May 09, 2025 (GLOBE NEWSWIRE) — If your credit score isn’t perfect, the search for financial assistance can seem to be very frustrating— but it doesn’t have to be. Tribal loans direct lenders guaranteed approval have proven to be a convenient, easy, and reliable alternative to traditional loans for people with really bad credit, offering quick approval and effortless procedures. In this guide, we’ll cover the best tribal loans for bad credit and introduce you to iOnline Payday Loans, one of its top providers that provides a quick, secure, and entirely online process of tribal loans direct lender guaranteed approval no teletrack.

    >> Click Here to Apply for No Credit Check Loans >>

    According to their website, iOnline Payday Loans is a reliable source that can connect you with tribal lenders who can get you approved for a loan within 24 hours or even less if you’ve been turned down in the past. Moreover, their service is made to help your credit struggles, as opposed to taking advantage of them, you can access the funds you need without fearing you won’t be approved. Keep reading as we discuss the pros, cons, and simple steps to apply, which can help you determine if this is the right choice for your financial situation.

    >> Click Here to Apply for No Credit Check Loans >>

    What Are Tribal Loans?

    Tribal loans no credit check are a form of short-term loan that are typically issued by lenders that are based on tribal land and are operated by the Native American community. Due to the principle of tribal sovereignty, these lenders aren’t subject to the same state-backed regulation that rules the world of traditional financial organisations. This makes it possible for them to provide loans to people with poor credit or no credit, which is attractive to borrowers who have faced difficulties obtaining funds from banks and other lenders.

    >> Click Here to Apply for No Credit Check Loans >>

    Tribal installment loans direct lenders generally have fast approval times and less strict credit standards. Their accessibility, however, can come at a higher interest rate compared to conventional loans. The money from these loans can be used for a variety of things, including unexpected medical bills or car repairs. Keep in mind that tribal payday loans, by definition, will vary by lender since each tribe has their own set of rules and regulations. So, when taking out a guaranteed tribal loan for bad credit, be sure to know all the terms and costs to avoid being scammed.

    Types of Tribal Loans For Bad Credit

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      These loans offer a quick and hassle-free borrowing experience for people struggling with bad credit.

    How Tribal Loans Work: iOnline Payday Loans

    At iOnline Payday Loans, we want these tribal loans for bad credit to be as accessible as possible for the fastest financial relief. Allow us to simplify the process, so you can secure financing quickly. Here’s how it works:

    1. Loans through Tribal Lenders Available: iOnline Payday Loans links you with a direct lender based out of sovereign tribal lands, which means that your line of credit will be void by the time you successfully repay your loan.
    2. Ease of the Online Application System: The applicant completes a brief online form with minimal personal, employment and income information; there is no paperwork and no in-person visit is required.
    3. No Hard Credit Checks: Tribal lenders typically don’t do a hard credit pull, so this is good news if you have bad credit or no credit.
    4. Fast Approval and Funding: If approved, money is deposited directly into the borrower’s bank account — usually by the next business day.
    5. Flexible Loan Types Offered: With options ranging from payday and personal loans to instalment and auto loans, borrowers can easily find the loan that fits them best and get that loan in the same business day.
    6. Repayment in Instalments: iOnline tribal loans are repaid over time in instalments, rather than paying off the loan in one big single payment.
    7. Regulated by Tribal Laws: Because the loans are subject to tribal law, loan terms may provide for benefits not otherwise available under state-regulated loans.

    Why do iOnline Payday Loans offer the Best Tribal Loans for Bad Credit?

    iOnline Payday Loans has now emerged as a credit favourite for those with a poor score by providing quick, friendly and amazing tribal lending options. Here’s why they stand out:

    1. Easy Application: The application procedure at iOnline Payday Loans is also 100% online and designed to be quick, simple, and to save time. Borrowers can apply in minutes without needing a lot of documentation. This easy system is very helpful for those people who desperately need fast cash and do not want to go through the long process.

    2. No Credit Check Requirement: Unlike conventional loan providers, the advances from iOnline Payday Loans are not determined by credit scores. It enables people with bad credit or no credit to get a loan, so even though it is not always applicable, it is sometimes the best option for people whose applications have been denied elsewhere because of their credit.

    3. Flexible Loan Options: iOnline is a direct lender that has a range of loan options (payday, instalment, personal, and auto loans) to fit everyone’s financial needs. A variety of choices in repayments and loan amounts gives borrowers the ability to select a loan structure they can afford and manage.

    4. Fast Fund Disbursement: After a loan is approved, iOnline Payday Loans guarantee immediate delivery of funds, usually on the same or following business day. This speed is perfect for prospective borrowers who need access to cash right away due to an emergency expense like medical fees or urgent home repair.

    5. Wide Variety of Borrowers are Eligible: iOnline does consider applications from people with a range of financial circumstances, including people on low incomes, those who are self-employed and applicants with previous credit issues. Their accessible lending requirements allow more people to qualify, as not only do they cater to more than just a traditional financial borrower with a 40-hour week job, but they have multiple guidelines for different borrowers.

    6. Clear and simple terms: The details of all loan costs and interest rates are displayed on the iOnline platform so that borrowers can make well-informed decisions. This high level of transparency means there are no hidden costs or shady clauses, a prerequisite for trust between the parties and preventing future repayment disputes.

    7. Secure and Confidential: iOnline Payday Loans is extremely concerned about your security. The site is built with strong encryption and privacy features to keep your personal and financial data secure. Borrowers can rest assured that their information is dealt with safely as they go through the application, approval and repayment process.

    How to Apply for Tribal Payday Loans at iOnline Payday Loans?

    It is quick and easy to apply for a tribal payday loan through iOnline Payday Loans, and the process was created to make it easy for those with bad credit to get approved. It’s all done online and just takes a couple of basic steps:

    1. Visit the Official Website: Go to https://ionlinepaydayloans.com/. This is the site for processing all tribal loans. Please make sure you are on the right site to apply for a safe and secure application.

    2. Click on “Apply Now”: Click the big “Apply Now” button on the homepage. This will direct you to their official application page, from which you can start the process of applying for a tribal loan.

    3. Fill Out the Online Form: Fill out the online loan application form by providing us with all the personal details. They’ll likely ask for:

    • Name and contact 
    • Full Address
    • Current employment status
    • Monthly income estimate
    • Bank account info

    4. Choose Loan Amount: Choose the amount of loan you would like to apply for. iOnline will get you connected to a network of tribal loan providers, so ensure you are borrowing an amount you are comfortable paying back.

    5. Submit the Form for Review: After you fill out the form correctly, click to send. The service will then search through its network of tribal lenders to find the one that best fits your needs.

    6. Receive Loan Offer and Review Terms: If you are matched with a lender, you’ll be presented with a loan offer that includes APR, loan amount, repayment period, fees and any other terms that are specific to the loan. Please read these terms and conditions carefully before you accept them.

    7. E-sign and Accept the Loan: If you are happy with the lender’s terms, you can sign the agreement digitally to accept the loan. Documents don’t have to be sent by fax or mail — it’s all processed online.

    8. Get Money in your Bank Account: Upon approval, your money will be transferred to your bank account by the next business day. It may take your bank a little time to process the disbursement.

    Pros & Cons of Best Tribal Loans: iOnline Payday Loans

    Pros:

    • Fast Funds Access: iOnline Payday Loans provides fast approvals and faster processing times of your loan, so that you can receive your money on the same or next business day.
    • Minimal Documentation: Their application process has less paperwork than normal loans, making it more user-friendly and resulting in faster approval and payout of money.
    • Flexibility & Accessibility: iOnline Payday Loans offers loan amounts and repayment schedules that can be customised to fit borrowers’ specific needs.
    • Consideration of Bad Credit: You can be accepted for a loan if you have a poor credit history in many instances.
    • Quick & Fast: This type of loan is called an unsecured loan, meaning you do not have equity, and they are not protected by a financial institution that grants you the loan, and this type of loan can be as little as $1000 or as much as $25,000.
    • Online Convenience: The whole loan application process is purely online, providing ease and convenience to borrowers.

    Cons:

    • High-Interest Rates & Costs: Payday loans can also be costly, as they generally come with extremely high interest rates and fees.
    • Short Repayment Period: Borrowers who are unable to repay a payday loan when they get paid may require assistance in repaying the loan by the time they receive their next paycheck.
    • Potential Debt Cycle: Some borrowers end up in a “debt trap”, meaning that they continually take out new cash advance loans to cover the costs of previous ones (due to the high fees and the extremely short terms of repayment).
    • Limited Consumer Protections: Because of tribal sovereignty, some tribal loans could have fewer consumer protections than classic loans.

    Other Types of Loans for Bad Credit at iOnline Payday Loans

    iOnline Payday Loans specialises in providing a variety of bad credit loans. Every type of credit loan is made to help you in a financial emergency with minimum qualifications. The following is the type of loan:

    1. Best Payday Loans for Bad Credit: The best payday loan for bad credit is a short-term loan designed to help you handle your current financial commitments. Unlike long-term loans there are fast payout, with a short-term period and an applicant is not stuffed with collateral. They’re dependent on the borrower’s work, paid back if they reach their next wage. Payday loans are available to needy industrious and those with blemishes on their credit.

    2. Personal Loans: Top Personal loans no credit check provide a huge sum of cash that can be used for any purpose, like debt consolidation, medical expenses, or large purchases. These loans often have longer terms for repayment and may have either fixed or variable interest rates. There is a personal loan for borrowers who need a moderate amount of loan with an easy repayment plan.

    3. Installment Loans: best Installment loans no credit check lend you a certain amount of money, to be repaid in a set series of scheduled payments. These loans are great for people who want a simple repayment plan with a set monthly payment and repayment timeline. You can use installment loans however you need them — just like the loans for bad credit.

    4. Auto Loans: Auto loans are meant for anyone wishing to buy a car. These are loans that have competitive interest rates and a great repayment plan. Borrowers can buy a new or used car with the loan, and the vehicle is used as collateral for the purchase. Also, Car financing for all types of credit.

    Eligibility Criteria & Details For Tribal Loans At iOnline Payday Loans

    To be approved in iOnline Payday Loans application process you need to be eligible and to give right information using the online form. The process is meant to be easy, quick, and open to people with bad credit.

    Eligibility Criteria:

    1. Age Criteria: You should have 18 years of age.
    2. Residence: Must have a legal U.S. residence and a verifiable residential address.
    3. Proof of income: You have to be able to demonstrate verifiable income (employment, benefits or self-employment).
    4. Active Bank Account: You must have an account under your name to get the loan amount disbursed.
    5. Real Contact Information: Include a phone number and email to be able to communicate.

    Details Needed

    1. Full legal name.
    2. Date of birth.
    3. Social Security Number (SSN).
    4. Housing (whether you rent or own, ZIP code).
    5. Source of income.
    6. Monthly gross income.
    7. Desired loan amount.

    Conclusion

    If you have bad credit and are in need of a quick and dependable financial assistance, iOnline Payday Loans is a reliable service to consider. Their connection with tribal lenders afford them the ability to accept your loan application fast, fund fast, and control the whole loan process online. For ease and inclusivity, iOnline puts you in touch with the right loan – without all the credit checks or traditional red tape. Whether it is a short-term payday loan, installment loan, or convenient Title loan, they guarantee a hassle free experience that fits your financial situation.

    Frequently Asked Questions—Best Tribal Loans For Bad Credit

    What are tribal payday loans?

    Tribal payday loans are loans offered by lenders that are based on Native American tribal land and that operate under tribal law. Unlike standard loans, they may even have more flexible credit requirements and terms that are ideal for borrowers who have little or no credit.

    Can I qualify for a tribal loan if I have a bad credit at iOnline Payday Loans?

    Yes, iOnline Payday Loans is a lender connecting service, and most of the lenders in its network consider applications from individuals who have bad credit. The decision is more about income and ability to repay than it is about credit score.

    How much can I borrow with a tribal loan?

    The amount of the loan differs by lender and can be any amount from $100 to $5,000. The specific offer will vary based on your income and other eligibility factors.

    Are tribal loans legal and regulated?

    Yes, tribal loans are legal. They are subject to the sovereignty-based tribal law of the Native American tribe that issues them, not state lending laws. But whether or not it is actually legal can depend on rules specific to each state.

    Do I have to fax documents to apply?

    No faxing is needed. iOnline Payday Loans IOnline Payday Loans has a completely online application that can provide all the information that you need to the lender.

    Media Contact:
    Company Name: IOnline Payday Loans
    Registered Office Address: 1095 Sugar View Dr Ste 500 Sheridan, WY 82801
    Company Website: https://ionlinepaydayloans.com/
    Email: mria@ionlinepaydayloans.com
    Phone: 307-777-7311
    Contact person name: Mria

    Disclaimer: This announcement contains general information about IOnline payday loan services and should not be considered financial advice. Ionline Payday Loans does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c02c7d42-6784-4504-889d-e2bf3bff1469

    https://www.globenewswire.com/NewsRoom/AttachmentNg/05822a34-ec00-4f97-9ae1-9f589c4117f7

    The MIL Network –

  • MIL-OSI Global: Missile strikes and drone attacks heighten South Asian crisis – 8 questions answered over the role of Pakistan’s military in responding

    Source: The Conversation – Global Perspectives – By Ayesha Jalal, Professor of History, Tufts University

    A mosque lies in ruins after an Indian airstrike in Muzaffarabad, the capital of Pakistan-administered Kashmir, on May 7, 2025. Zubair Abbasi/Middle East Images//AFP via Getty Images

    Pakistan’s government has pledged to respond “at a time, place and manner of its choosing” following an air attack from India that killed 31 people in Pakistan on May 6, 2025.

    The missile strike comes at a time of increased tension between the two South Asian neighbors following a terror attack in Indian-controlled Kashmir on April 22 that resulted in the deaths of 26 Indian tourists.

    India blamed the assault on its neighbor although has yet to provide any solid proof of a link between the assailants and the Pakistani state.

    To understand more about how Pakistan’s powerful military is viewing the incident, and weighing a response, The Conversation U.S. turned to Ayesha Jalal, an expert on South Asian history and politics who is the Mary Ricardson Professor of History at Tufts University.

    Who will makes the decisions over how Pakistan responds?

    This is clearly a defense issue, so the Pakistani military is going to take the lead. Any decision over how to respond to the Indian airstrikes will have to be done in consultation with the civilian government. But ultimately it will be the powerful Pakistani generals that will be making the decisions.

    In Pakistan, this is the usual way of doing things. The military has dominated politics in Pakistan for decades. Partly, this is due to the very dynamic we are seeing now. From the creation of Pakistan onward, there has been tension with India, including over Kashmir. Indeed the two countries went to war over Kashmir within a year of the partition of India soon after the creation of Pakistan. So the military has always been seen as central to Pakistan’s view of itself as an independent nation.

    Then in 1958, the Pakistani army toppled the civilian government in the country’s first of several military coup attempts, three of which have been successful.

    Since that time onward, no civilian government has been able to govern successfully for long without the support of the army. Recent political developments in the country – the ouster and arrest of former Prime Minister Imran Khan and a 2024 election that resulted in a weak coalition government – have only strengthened the hand of Pakistan’s military.

    What do we know about Pakistan’s army chief Gen. Syed Asim Munir?

    Despite the Pakistani Army’s position of power, Gen. Syed Asim Munir, the Chief of Army Staff, is someone who has tried to keep out of the spotlight. He is known as a very religious character – he is a Hafiz, meaning he has memorized the Quran. And he is seen as a tough, fairly inaccessible soldier.

    He is also a hawk when it comes to relations with India. Speaking after the Kashmir attack and before India’s airstrikes, Munir warned, “Let there be no ambiguity: Any military misadventure by India will be met with a swift, resolute, and notch-up response.”

    Chief of Army Staff Syed Asim Munir on July 16, 2023.
    Iranian Presidency/Anadolu Agency via Getty Images

    This approach is somewhat of a departure from that of the man he replaced in 2022, former Army Chief Qamar Javed Bajwa. Bajwa was more inclined to look for a peaceful resolution with India over Kashmir and other issues.

    Munir, by contrast, presents a a more belligerent front in the face of what many in Pakistan see as Indian aggression, while framing the rivalry between the two nations in religious terms.

    What role has he and the Pakistani army played so far in the crisis?

    A lot has been made, especially in India, of comments that Munir made a few days before the attack in Pahalgam.

    Munir described Kashmir as Pakistan’s “jugular vein” and framed the long-running animosity between Pakistan and India in religious terms, invoking the “two-nation” theory that states that India is a homeland for Hindus; Pakistan is one for Muslims. The theory, conveyed by much of India’s media, is that Munir’s was an inflammatory statement that encouraged the Pahalgam attack.

    But there is nothing in what he said that was entirely original or new: This has been the narrative of the Pakistani military for several decades. It is simply how they talk.

    Is there evidence that Pakistan’s military played a role in the attack?

    None that India has presented as yet.

    India has blamed Pakistan for supporting the Kashmiri militants responsible – but hasn’t articulated what the actual relationship is between Pakistan and the militant group, The Resistance Front.

    Certainly, Pakistan has in the past had ties to some of the many militant groups in Kashmir. For some groups, that has meant crossing over from Indian-controlled Kashmir to Pakistan for training.

    But the argument that “Pakistan used to do it, so they must be doing it now” seems unsupported – certainly, Indian hasn’t presented solid evidence to any international body.

    What has the reaction of the international community been?

    India is not on as strong of ground as it was in 2019, when a suicide bomber in Pulwama, Indian-administerd Kashmir, killed 40 members of the Central Reserve Police Force. On that occasion, the international community swung behind India, with the U.S. offering counterterrorism support while calling on Pakistan to stop sheltering terrorists.

    Without firm evidence of a link between the attack and Pakistan this time around, the international community has found it difficult to go with India’s narrative of the attack. The U.S. has called on both sides to find a “peaceful resolution.”

    Meanwhile China has indicated that it is standing by Pakistan in a statement in which it expressed “regret over India’s military actions” while also calling on both India and Pakistan to “avoid taking actions that further complicate the situation.”

    What pressures will the Pakistani army be under to respond?

    In Pakistan, the view is this is India attempting to assert its dominance and create what analysts have called a “new normal” in relationships between the two countries – one in which India will retaliate to any perceived Pakistani-linked terror attack with missile strikes on Pakistan’s territory.

    The theory here is that India doesn’t mind escalation, in fact it is seen as serving the Hindu nationalist aims of India’s Prime Minister Narendra Modi.

    But I wouldn’t describe it as public pressure on Pakistan’s military to respond, it is more strategic pressure. Pakistan will need to prevent this “new normal” happening, and so will, in my view, very likely respond in kind to the Indian airstrikes.

    What can Pakistan do in response?

    Well, for starters it has, in theory, the capacity to hit over 200 Indian cities with its arsenal of missiles. But Pakistan Defense Minister Khawaja Muhammad Asif has already said that strikes would only target Indian military targets and not civilians. Pakistan also has to weigh how India may respond to any retaliatory strikes.

    But India has expanded the usual terms of engagement when it comes to Kashmir. Typically in recent years, fighting has been contained along the “line of control” – the border between Indian- and Pakistani-controled Kashmir.

    But the Indian airstrike was deep within Pakistan. India says that the targets were all terrorist, but civilians were killed in the process – and Pakistan’s military will not be able to just leave it at that. A response is very much expected, especially now that India has upped the ante by using Israeli made Harop drones in an attempt to target the Pakistani air defense system. Pakistan claims it has shot down 25 of these drones.

    What are the risks of escalation for Pakistan?

    Obviously the most pressing risk is that Pakistan and India are both nuclear states. If Pakistan retaliates in an escalatory way, and then India responds in a similar fashion, this gets to a point where the use of nuclear weapons is a very real risk.

    War would also hit Pakistan’s economy at a time when it is seen to be improving after years of crisis. But that will likely be of secondary importance in the decision-making process for Pakistan’s military if it believes that the country’s integrity is being threatened.

    In addition, Pakistan’s generals will likely be of the view that India, in attacking Pakistan, is trying to thwart any economic recovery in Pakistan – with the belief being that India’s government fears a powerful, more economically stable rival.

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

    – ref. Missile strikes and drone attacks heighten South Asian crisis – 8 questions answered over the role of Pakistan’s military in responding – https://theconversation.com/missile-strikes-and-drone-attacks-heighten-south-asian-crisis-8-questions-answered-over-the-role-of-pakistans-military-in-responding-256185

    MIL OSI – Global Reports –

  • MIL-OSI Banking: Economic uncertainty and rising tariffs drag down US consumer confidence, says GlobalData

    Source: GlobalData

    Economic uncertainty and rising tariffs drag down US consumer confidence, says GlobalData

    Posted in Consumer

    In the 2025 World Happiness Report, the US fell to its lowest-ever ranking, 24th globally, continuing a downward trajectory from 15th in 2023 and 23rd in 2024. While happiness is shaped by a variety of factors, economic uncertainty and rising living costs have emerged as critical contributors to this decline. A key driver behind these pressures is the escalating trade tensions and widespread tariff policies impacting both businesses and households, says GlobalData, a leading data and analytics company.

    Prerana Manral,  Senior Consumer Analyst at GlobalData, comments: “Tariffs are no longer just a policy debate; they are a real-time input cost multiplier. Fast-moving consumer goods (FMCG) brands, especially those with global supply chains, now face a tough choice: absorb shrinking margins or pass costs on to consumers at the risk of demand deflation.”

    According to the Guardian, major consumer goods companies such as Procter & Gamble, Nestlé, and Unilever have reported significant cost increases driven by tariffs, prompting price hikes on everyday essentials. For example, Kraft Heinz recently revised its financial outlook downward, citing a volatile business environment shaped by tariffs and inflation. PepsiCo and Procter & Gamble have also lowered their earnings forecasts, attributing reduced performance to tariff-driven inflation and softening consumer demand.

    The broader macroeconomic outlook reflects this fragility. In April, the International Monetary Fund (IMF) downgraded the US growth forecast for 2025 from 2.7% in January to 1.8%, the steepest cut among major economies. These pressures have not gone unnoticed by the public. According to recent research by AP-NORC, three-quarters of Americans expect tariffs to drive up prices, and many express growing concerns about the risk of recession.

    Manral adds: “This sentiment is echoed in the GlobalData 2025 Q1 survey* results. In the US, 56% of consumers say they are “extremely” or “quite concerned” about the impact of trade wars and import tariffs on product pricing. Similarly, the Michigan Consumer Sentiment Index sank to its lowest level since 2022, as Americans brace for higher inflation and continued economic strain. Persistent inflation, amplified by tariffs, is fueling consumer anxiety, curbing discretionary spending, and increasing price sensitivity and country-of-origin awareness.”

    The ripple effects of tariffs extend beyond pricing. GlobalData’s survey* also revealed that 55% of consumers are now more attentive to the country of origin of the products they buy due to ongoing political events. This reflects a growing wave of political consumerism, where purchase decisions are increasingly influenced by ideology as well as affordability.

    Prerana concludes: “Tariffs are not only inflating operational costs but also reshaping consumer expectations, trust, and purchasing behavior. The decline in the US happiness ranking is a multifaceted issue, but the correlation with economic factors, particularly those influenced by trade policies and tariffs, is evident. As consumers face higher prices and companies navigate increased costs and uncertainty, this impacts the collective sense of well-being.

    “In this context, FMCG brands must prepare for more volatile policy environments and design strategies that address both the economic and emotional dimensions of consumer behavior. This includes resilient pricing models, localized sourcing, and transparent consumer engagement that builds trust and loyalty in uncertain times.”

    *GlobalData 2025 Q1 US consumer survey, 22,000 respondents

    MIL OSI Global Banks –

  • MIL-OSI Banking: Indonesia credit and charge card payments market to grow by 3.2% in 2025, forecasts GlobalData

    Source: GlobalData

    Indonesia credit and charge card payments market to grow by 3.2% in 2025, forecasts GlobalData

    Posted in Banking

    Indonesia’s credit and charge card payments market is expected to register a growth of 3.2% to reach IDR441.8 trillion ($27.9 billion) in 2025. This growth will be driven by the rising consumer spending and increasing consumer preference for cashless transactions. Enhanced by value-added incentives such as cashback offers, flexible repayment options, and installment facilities, the market is set to maintain an upward trajectory, despite the evolving global economic challenges, reveals GlobalData, a leading data and analytics company.

    GlobalData’s Payment Cards Analytics reveals that credit and charge card payment value in Indonesia registered a growth of 7.8% in 2024, driven by the rise in consumer spending.

    Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Public awareness of the advantages associated with credit card usage is gradually rising in Indonesia. The launch of domestic credit card scheme like Kartu Kredit Indonesia (KKI) has also contributed to the rising adoption of credit cards. Consumers frequently utilize these cards to capitalize on benefits, including cashback offers and rewards programs.”

    While credit and charge card penetration is low compared to debit cards, consumers are increasingly using credit and charge cards for payments, with the frequency of payments per card standing at 24.2 times in 2024 (compared to 3.9 for debit cards) and is anticipated to further rise to 30.9 in 2029. This is driven by banks offering flexible repayment options and value-added benefits such as cashback, reward points, discounts, and installment facilities.

    Bank Mandiri offers an installment facility to Visa Credit Card Shopee and Mastercard Livin’ Everyday credit card holders. Likewise, Bank Negara Indonesia offers BNI installment plan allowing its credit card holders to convert purchases into three, six, nine, 12, 18, 24, and 36 monthly installments.

    Meanwhile, to mitigate the risk of over-indebtedness, banks provide debt consolidation programs. HSBC Indonesia, for instance, presents a Debt Management service to clients who have utilized credit cards or personal loans. This service includes options to lower the amount of each installment, extend the repayment term, or decrease the total amount owed by waiving interest or fees. These measures are designed to assist customers in managing their financial obligations more effectively.

    Gradual improvement in payment infrastructure is also contributing to the rise of credit and charge cards in the country, with the total number of POS terminals rising from 1.4 million in 2020 to 2.2 million in 2024. The figure is expected to reach 3 million by 2029. Overall, the number of POS terminals per million inhabitants in Indonesia stood at 7,793 in 2024, which is higher compared to some of its peers such as India (6,964), Vietnam (5,988), the Philippines (4,891), and Cambodia (2,477), though there is significant room for further expansion of POS infrastructure.

    Challa concludes: “While the market size for credit and charge cards is smaller compared to debit cards, it is experiencing notable growth. This is due to growing consumer spending, and growth in e-commerce payments. However, challenges such as the ongoing global trade tariff dispute among major countries, and geopolitical uncertainties remain bottlenecks to the market. Overall, the value of credit and charge card payments is forecast to register a slower compound annual growth rate (CAGR) of 9.8% between 2025 and 2029 to reach IDR622.3 trillion ($39.2 billion) in 2029.”

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: New reports examine impact of nuclear decommissioning in Scotland

    Source: United Kingdom – Executive Government & Departments

    Press release

    New reports examine impact of nuclear decommissioning in Scotland

    Research offers a positive outlook for communities impacted by the decommissioning process.

    A new study has revealed that Scotland’s £25 billion nuclear decommissioning programme could deliver significant long-term economic and social benefits at both national and local levels over the next 90 years and beyond.

    The research – led by the National Decommissioning Centre (NDC), in collaboration with the Nuclear Decommissioning Authority (NDA) – has highlighted potential economy-wide gains in employment, skills development, household income and consumption offering a positive outlook for communities impacted by the decommissioning process.

    The study has helped inform politicians and key policy makers on the opportunities and has contributed to the formation of a cross-party committee on nuclear decommissioning in the Scottish Parliament.

    As one of the UK’s key nuclear decommissioning sites, Dounreay plays a crucial role in the NDA’s long-term efforts to safely decommission early nuclear facilities. It has been a stable employer since it was established in the 1950s but the decommissioning process brings uncertainty for the surrounding communities about the future.

    Interviews were carried out with residents and stakeholders in Caithness and North Sutherland directly impacted by decommissioning at Dounreay. The responses were that the issues are compounded by underinvestment in essential infrastructure, rural depopulation, and remoteness. At the same time, the presence of the skilled workforce as well as the increased interest in the region’s renewable energy resources means that decommissioning can be a driver for building future skills and capacities for economic diversification and local resilience.

    Heather Barton, Cross Industry Learning Manager at the NDA, said:

    It has been great to engage with another area of the University of Aberdeen, the Just Transition Lab, through our partnership with the NDC.

    A real strength of working with the NDC is that there are numerous areas where we can collaborate to achieve our goals of decommissioning the UK’s nuclear sites safely, securely, sustainably and cost effectively.

    This study will help inform politicians and policy makers on key economic development opportunities and enable discussions around support for communities including skills and training.

    To view the full reports, visit:

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: £25 billion powered Wales Pension Partnership pool to deliver growth and jobs for Wales

    Source: United Kingdom – Executive Government & Departments

    Press release

    £25 billion powered Wales Pension Partnership pool to deliver growth and jobs for Wales

    People from Cardiff to Carmarthen will see a boost to their local communities and job opportunities, thanks to the Wales Pension Partnership (WPP) launching a new investment company that pools £25 billion of assets.

    • Biggest ever Welsh pension fund to be established with £25 billion pooled into a new investment company that can deliver growth as part of our Plan for Change
    • The Wales Pension Partnership is being transformed – by pooling the pension funds of 22 Local Authorities it will unleash the full potential of the Local Government Pension Scheme to act as an engine for growth in Wales
    • Success of the Partnership is reflected in schemes like Uskmouth Power Station in Newport – supporting 300 jobs with benefits to the local community and economy

    The WPP is being transformed so that the Local Government Pension Scheme (LGPS) pool, which will consolidate the assets of 22 Local Authorities’ schemes representing 412,000 members, will be the biggest pension fund in Welsh history, capable of delivering huge investments felt first-hand by businesses and communities in Wales. 

    By setting up this investment company in Wales, the investment decisions the fund makes can reflect the unique cultural and economic climate of Wales, collaborating with local businesses to invest in communities and delivering growth – making sure the LGPS is delivering for those whose hard-earned money it guards, and their communities.

    To see an example of this, Minister for Pensions Torsten Bell today visited Uskmouth Power Station which has benefited from £6.5 million of investment from the WPP for its redevelopment from a coal fired power station into a sustainable energy site –supporting 300 new full-time jobs during construction driving economic growth and prosperity for the community.

    UK Minister for Pensions Torsten Bell MP said: 

    Pensions are a massive part of the economy – and we’re seeing this brought to life here in Wales, where a successful Local Government Pension Scheme is investing in the right places to drive opportunity and growth for the local community.

    I’m delighted to visit Uskmouth Power Station in Newport, which has had a £6 million boost from the Wales Pension Partnership, creating 300 jobs which mean opportunity and prosperity at a local level.

    Making sure everyone can benefit from the potential of larger pension pools ties into the ambitions of our Plan for Change to boost investment in communities across the country, bringing long-term economic benefits.

    The Wales Pension Partnership said:

    The Wales Pension Partnership investment in Uskmouth Battery Energy Storage Systems demonstrates our ambitions to attract investment into crucial Welsh infrastructure and secure national energy supplies.

    This investment shows our commitment to working with Quinbrook and our strategic partner GCM Grosvenor to: deliver strong investment returns for our pensioners, ensure long-term energy security, reduce carbon emissions, provide jobs and regeneration opportunities across Wales. This is one of many projects that we have in our investment pipeline and will be unveiling over the next 12 months.

    Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans MS said:

    We have long recognised the benefits of a strong single Welsh Local Government Pension Scheme pool.  We want to see the Wales Pensions Partnership continue to go from strength to strength delivering returns for members and able to invest in economic growth for Wales and the UK.

    UK Minister of State for Local Government and English Devolution, Jim McMahon OBE MP said:

    We are determined to get the best value out of taxpayers’ money, which is why we are reforming the Local Government Pensions Scheme pools in Wales and England to be more efficient, fit-for-purpose and deliver for public servants and their communities.

    The scheme plays a vital role in boosting investment and growth across Wales and ultimately putting more money in working people’s pockets as part of our Plan for Change.

    The site, once a coal fired power station, is being repurposed to provide up to 460 megawatt hours of electricity storage capacity for the National Grid and bring a retired rail line back into service to deliver materials, saving nearly 8,400 heavy good vehicles from the local road network. 

    The investment embraces the spirit of change the government has asked to see from LGPS pools with the wider pooling process for the UK’s world-class LGPS set to conclude in March 2026. Reforms will see the LGPS punching its weight globally, while bringing benefits to local communities through dedicated investment strategies and improving transparency for its members. 

    These reforms will ensure the Local Government Pension Scheme is fit for the future, and boost investment to drive the economic growth and prosperity promised by the Plan for Change.

    Additional Information

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Castellum, Inc. Reports First Year-Over-Year Organic Revenue Growth with Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., May 09, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (“Castellum” or the “Company”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain highlights of its operating results for its first quarter ended March 31, 2025.

    Revenue for the first quarter of 2025 was $11.7 million, an increase from $10.3 million in the fourth quarter of 2024 and up from $11.3 million in the first quarter of 2024. This marks the Company’s first year-over-year organic revenue growth as a listed company, signaling a significant turning point in its operational trajectory.

    The Company reported a smaller operating loss of $(1.1) million, including non-cash and non-recurring charges, compared to $(1.6) million in Q4 2024 and $(4.0) million in Q1 2024 – reflecting both improved cost discipline and enhanced operating leverage.

    In addition to the top-line growth, Castellum ended the quarter with a record cash balance of $13.3 million as of March 31, 2025, up from $12.3 million at December 31, 2024, reinforcing its commitment to financial strength and operational efficiency.

    “I’m very encouraged by the momentum in Q1,” said Glen Ives, President and Chief Executive Officer. “Posting our first year-over-year organic revenue growth is a milestone for Castellum. It reflects stronger execution, increased customer confidence, and a more focused approach to delivering results.”

    During the quarter, the Company began executing on the previously announced contract supporting the U.S. Navy’s PMA-290 program, a strategic win aligned with Castellum’s long-term growth objectives.

    “This five-year, $103 million contract win was a key achievement for our team and is already contributing to our 2025 performance,” said Ives. “It fortifies our rock-solid business base and underscores the strength and unmatched talents and professionalism of our people, our in-demand world-class capabilities, the trust our customers place in us, and the strong and steady progress we’re making in building a more resilient, opportunity-rich business for the long term.”

    Castellum’s full financial results for the three months ending March 31, 2025, are expected to be filed later today on Form 10-Q, which will be available at www.sec.gov.

    About Castellum, Inc. (NYSE-American: CTM):

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com/

    Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2lE of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “in a position,” “looking to,” “pursue,” “positioned,” “will,” “likely,” “would,” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth, new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Contact:

    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com
    http://castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/565801af-f40f-4c42-8d0b-d2b74f7e74f6

    The MIL Network –

  • MIL-OSI USA: Kugler, Assessing Maximum Employment

    Source: US State of New York Federal Reserve

    Thank you, Francine, and thank you to the Central Bank of Iceland for the invitation to speak to you today.1
    My subject is the Federal Reserve’s mandate of maximum employment. In the Fed’s monetary policymaking, maximum employment and stable prices are linked in the mandate assigned to the Federal Reserve by U.S. law, which we refer to as the dual mandate. Icelanders, I know, are a seafaring people, and those here will understand what I mean when I say that the dual mandate is our “lodestar,” a word our two languages share. It is our goal and our guide in setting monetary policy.
    There is an important distinction between our dual-mandate goals. For reasons that I will explain, while the Federal Open Market Committee (FOMC) has defined “stable prices” as 2 percent annual inflation, such numerical precision is not possible in defining maximum employment.
    To achieve price stability, the Fed adopted a numerical target for inflation in 2012 that hasn’t changed. It has remained unchanged because the Committee has repeatedly reaffirmed the judgment that it made in 2012 that 2 percent inflation is the rate most consistent with its statutory mandate. In contrast, the Federal Reserve has not spelled out a numerical goal for the unemployment rate or some other measure of employment because maximum employment can move up and down over time and is not directly measurable, and also because the different factors that determine it are either difficult or impossible to measure in real time.
    Plan of the TalkThe unemployment rate is the statistic that the public most often uses to form views about labor market conditions, and it is also the statistic that economists most often use to try to infer maximum employment. And economists frequently refer to u* as the unemployment rate that corresponds to maximum employment. That said, in my speech today, I would like to offer historical examples of why u* varies over time and why it would be a mistake to assume that it is a fixed number.2 Then, I will review the evolution of the unemployment rate over the past two decades and show that this rate has varied over time, moved by the interplay of myriad factors such as demographics, labor market regulations, changes in business or consumer confidence, or cyclical changes in aggregate demand and monetary policy shocks. In contrast, u* is moved mostly by either structural changes, such as skill deterioration or capital depreciation, or by long-run factors in the labor market, such as the demographic and skill composition of the population. As a result, u* does not move as much as the unemployment rate over time.3 This is significant because monetary policy is aimed at managing the business cycle to minimize deviations from maximum employment.
    In reviewing the unemployment rate, I will also note that it certainly bears valuable information, but, in many cases, this needs to be complemented with other labor market indicators to have a fuller picture of the state of the economy.
    As I have noted, maximum employment is not directly measurable. Likewise, we cannot observe u* directly, and it has to be inferred by statistical techniques, which I’ll review.4 One element common to all the approaches that I review is that they use a number of labor market indicators in addition to the unemployment rate in forming their estimates of maximum employment. Another element in common to some of the approaches is that they try to separate transient factors, or higher-frequency variation, from a more permanent, long-run feature of the economy that can be interpreted as u*.
    Case Study: The Assumption of a Fixed Maximum Employment in the 1970sA common assumption in the economics profession during the 1960s was that u* was 4 percent.5
    While this number might have been a decent approximation of u* during that period, it did not consider the possibility of meaningful changes in that value and, specifically, changes due to the rapid growth in labor supply from the post–World War II baby boomers entering the workforce. Especially because younger workers have higher levels of unemployment, the advent of the baby boomers meant that u* in the 1970s was surely higher than 4 percent. The Federal Reserve was slow in revising its estimate of u*. The high unemployment rate and too low fixed estimate of u* minimum unemployment, in conjunction with the failure to recognize the slowdown in trend productivity, led the Federal Reserve to exaggerate the estimate of slack in the economy and maintain monetary policy that was too loose, adding to other factors driving persistently high inflation over that decade.6 This experience led the Federal Reserve to recognize that a fixed 4 percent value for u* was a poor basis for understanding the cyclical position of the economy.
    The experience of the 1960s and 1970s made it clear that demographic changes need to be considered in estimating u*—a topic I will explore further in my speech.
    The U.S. Labor Market over the Past Two DecadesThe U.S. labor market over the past two decades provides some valuable circumstantial evidence for how maximum employment can change over time. Let me start by discussing the Great Recession, which began in late 2007 and was driven by a severe financial crisis. In the months before the recession began, the unemployment rate reached a low of 4.4 percent and then peaked at 10 percent in October 2009. Although the unemployment rate is a useful metric of the severity of that event, an additional variable that reflects the depth and persistence of the downturn in the labor market after the Great Recession was the share of long-term unemployed—the percentage of unemployed people out of work for 27 weeks or more—which was nearly twice as high as during the deep recession of the 1980s. Longer spells of unemployment can generate persistence because the longer the duration of unemployment for workers, the more their skills erode and the harder it is to become reemployed, leading, in turn, to higher unemployment, a phenomenon known as hysteresis. While some have argued that only workers unemployed for shorter durations should be counted in estimating the slack in the economy, hysteresis is an important part of slack during periods with high unemployment.7 Instead, the experience of the Great Recession reinforced the value of consulting other useful measures of slack.
    After the Great Recession, it took eight years for the unemployment rate to reach the pre-recession low, but when it did, in 2016, it continued to fall, reaching 3.5 percent in 2019 and remaining close to this level until the beginning of the COVID-19 recession in 2020. One thing that was remarkable about this period was that this low level of unemployment occurred without any escalation of inflation. Personal consumption expenditures inflation ran well below an annual rate of 2 percent for almost all of the decade after the Great Recession, when monetary policy was highly accommodative. One could infer that u* had moved down over this period.
    Turning to the pandemic recession, the unemployment rate rose to nearly 15 percent in two months, but a distinguishing feature of this increase was that a large fraction of the unemployed were temporarily laid off.8 Economic research suggests that those who lose their jobs via temporary layoffs have a high likelihood of being recalled, with the latest estimates suggesting a 60 percent probability.9 Considering this, it was not surprising that the post-pandemic recovery was characterized by a fast decline in the unemployment rate.10 In this sense, the unemployment rate alone was not a sufficient indicator of the true state of the labor market. In the post-pandemic recovery, the unemployment rate fell to 3.4 percent by April 2023. Again, for a second time we saw the unemployment rate falling to levels that were in the past associated with price pressures, whereas in this case inflation was also falling.
    In summary, the past two recessions underscored that there are useful statistics beyond the unemployment rate that help inform a reading of maximum employment, and the past two recoveries suggest that the U.S. economy may sustain unemployment as low as 3.5 percent.
    Turning to the current state of the labor market, the unemployment rate has risen only very slowly, and it has moved within a tight range of around 4.2 percent, which is its current reading. In addition, temporary layoffs are back at their pre-pandemic level, and vacancies and quits have leveled off. As a consequence, I judge the labor market to be stable. Most likely, the labor market is also close to maximum employment given that the estimates of u* from some of the models that I will consider in the rest of this speech are in the vicinity of 4.2 percent.
    I have used some historical examples to illustrate how the unemployment rate has changed over time, and I have made some informal inference on the movements of u* in certain periods. Now let me explore different ways of estimating maximum employment. I will cover three separate methods: a method that uses the demographic composition of the population; a definition that considers the unemployment rate in conjunction with inflation in order to get closer to a definition of u* consistent with stable prices; and, lastly, a definition that focuses on maximum employment that one can obtain by taking into account that workers take time to find jobs and firms take time to fill job openings. Some of the models that I review also consider the labor force participation rate, as structural variation in this rate also affects maximum employment. Historical experience with the different forces that can move around maximum employment indicates that all three of these approaches could be helpful in the future when trying to estimate maximum employment.11
    Estimation of Maximum Employment Using DemographicsIn describing the impact of the baby boomers on the labor market, I have already provided an example of how the demographic composition of the workforce may affect maximum employment. More generally, the age distribution in the population or educational attainment or skill distribution are always important factors in evaluating the potential workforce. Beyond the composition of the workforce, developments within specific demographic subgroups also may be relevant for maximum employment. For instance, the increase in labor force participation of women over the past 50 years has been an important factor that has augmented the available workforce. Granular data from the Labor Department’s monthly survey of household employment known as the Current Population Survey, sometimes in conjunction with data on job openings and flows in and out of employment, can add demographic details to the estimation of maximum employment.
    The models that exploit demographic data separate the trend or structural factors in both the unemployment rate and labor force participation rate from transient factors in individual demographic groups, allowing an estimate of maximum employment.12 I think of this as a “bottom up” approach.13
    One can add an additional layer of complexity in working with demographic groups. One important aspect of the unemployment rate is its characteristic countercyclical dynamics—that is, the way this rate increases at the onset of recessions due to an increase in the flow out of employment or layoffs, and its decline in expansions as more unemployed workers find jobs and flow into employment. In recognition of the importance of these flows, one alternative to extracting trends by demographic group is to extract trends in the flows by demographic groups and reconstruct u* dynamics from those flows. The implicit assumption is that the trend components of flows into and out of unemployment capture structural characteristics of the labor market, including market imperfections and the cost of job searches for both workers and employers.14 The models in this class estimate a trend unemployment rate in the range between 4.1 and 4.3 percent in the fourth quarter of 2024.15
    Estimation of Maximum Employment Consistent with Stable PricesAs I mentioned, the dual mandate includes stable prices. The models that I have just described do not contain information on prices. However, one may include price information by adding inflation as a measure of aggregate price pressures in order to come up with an estimate of maximum employment consistent with stable prices.16 A higher unemployment rate signals more workers are available to work, indicating more slack. As more workers are employed, the economy is moving to a situation of fewer resources being available for additional output and most likely to more price pressures. Maximum employment consistent with stable prices ideally strikes a balance between additional workers being hired and additional increases in prices. I have alluded to this concept in an informal way when arguing that in the period after the Great Recession, u* may have moved down through 2019.
    In practice, inflation information is folded into the model by adding a relationship between prices and the unemployment rate known as the Philips curve. There is a long tradition in extracting trend employment consistent with stable prices using a various labor market and output measures. I will draw upon that heritage and briefly describe a model that like the statistical methods that I have already reviewed also aims at estimating maximum employment by separating the unemployment rate from cyclical factors, but it does so by using numerous output and labor market indicators in conjunction with price information.17 Output indicators include both gross domestic product and gross domestic income. Among labor market indicators, in addition to the unemployment rate, there are payrolls, the workweek, and labor force participation, which means that the model is not limited to just the unemployment rate in inferring trend unemployment. The purpose of using many indicators is the belief that all of them follow the same cycle, and that it is easier to identify and separate the cycle from trend using a large set of indicators. Coming back to the Phillips curve, I would note that models that estimate u* are somewhat sensitive to the specification of the Phillips curve. For instance, the model that I have just described has a u* estimate of about 5 percent in the fourth quarter of 2024, but alternative Phillips curve specifications may lower it below 5 percent.18
    Estimation of the Efficient Level of EmploymentA third, often less mentioned concept of full employment is the “efficient” level of unemployment. This concept starts with the idea that it is inefficient for society to have unemployed workers and job openings. Society as a whole would gain by matching those workers with those job openings in a productive way. Of course, it is impossible to instantaneously reduce unemployed workers and job openings to zero. Newly unemployed workers take time to find a job, and vacancies take time to fill as firms find and screen applicants with the right skills. The empirical relationship between the unemployment rate and the job openings rate is summarized by the Beveridge curve, a downward-sloping curve along which more unemployed workers are associated with fewer job openings. The Beveridge curve is a structural aspect of the labor market, and it is effectively a constraint on the relationship between the unemployment rate and the job openings rate. However, given the Beveridge curve, monetary policymakers can try to move the economy along the curve closer to a point at which the total number of vacancies plus unemployed is minimized. One can show that this happens somewhere in between the two, precisely around a value of the unemployment rate equal to the geometric average of the unemployment and vacancy rate.19 The current estimate of this full employment concept places the unemployment rate at 4.2 percent in the fourth quarter of 2024.
    Conclusion and Policy MessageI want to draw some conclusions from the points I have made today.
    My discussion has touched upon many different statistics of the labor market, including the possibility of using data that exploits the heterogeneity of different demographic groups, which I judge to be very informative about u*. The reason is that different business cycles are generated by different shocks that affect the economy in different ways, so that useful indicators of slack in past cycles may not be as insightful in the future. For instance, when there is slack in the labor market, measures taking into account unemployment duration can be more informative about the persistence of unemployment and future slack. By contrast, when labor markets are tight, measures of flows into, out of, and across jobs will give a better measure of the job opportunities for workers and potential upward pressures on wages. Similarly, the vacancy and unemployment ratio combination used in the definition of efficient u* can provide an alternative measure of maximum employment.
    Of course, any one of the estimation techniques that I have reviewed has limitations. For instance, there are constraints on the number of indicators that each model can process. This implies that some models will be better at capturing some drivers of maximum employment than others. That is why I cannot point to the best statistic or best model of maximum employment. I can only acknowledge that a rich set of models and indicators only benefits the policymaker. Given the uncertainty in estimating maximum employment in real time and the many options available, I consider it undesirable to adopt one particular measure to guide monetary policy. This is something to bear in mind as I approach the current review of the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which we call our framework.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. In fact, early on, economists have embarked to estimate the time-varying maximum employment in the economy. At least since Perry (1970), it was noted that u* can vary over time; see George L. Perry (1970), “Changing Labor Markets and Inflation,” (PDF) Brookings Papers on Economic Activity, no. 3, pp. 411–48. Return to text
    3. Consistent with the view that u* moves less than the unemployment rate over time, in this speech, most of the models that I review assume that u* is the trend component of the unemployment rate. For an alternative view that challenges the weaker cyclicality of u* relative to the unemployment rate, see Robert E. Hall and Marianna Kudlyak (2023), “The Active Role of the Natural Rate of Unemployment,” NBER Working Paper Series 31848 (Cambridge, Mass.: National Bureau of Economic Research, November; revised December 2024). Return to text
    4. For some early examples of the use of advanced statistical techniques such as the application of Kalman filtering techniques, see, for instance, the early examples of Peter K. Clark (1987), “The Cyclical Component of U.S. Economic Activity,” Quarterly Journal of Economics, vol. 102 (November), pp. 797–814; and Kenneth N. Kuttner (1994), “Estimating Potential Output as a Latent Variable,” Journal of Business & Economic Statistics, vol. 12 (July), pp. 361–68. For a recent summary of the literature, see Alessandro Barbarino, Travis J. Berge, and Andrea Stella (2024), “The Stability and Economic Relevance of Output Gap Estimates,” Journal of Applied Econometrics, vol. 39 (September/October), pp. 1065–81. Return to text
    5. See Arthur M. Okun (1962), “Potential GNP: Its Measurement and Significance,” Proceedings of the Business and Economics Statistics Section, pp. 98–104. Return to text
    6. See Athanasios Orphanides (2003), “The Quest for Prosperity without Inflation,” Journal of Monetary Economics, vol. 50 (April), pp. 633–63. Return to text
    7. See, for instance, Olivier J. Blanchard and Lawrence H. Summers (1987), “Hysteresis in Unemployment,” European Economic Review, vol. 31 (February–March), pp. 288–95. Return to text
    8. In addition, the rise in temporary layoffs was considered by the Bureau of Labor Statistics to be understated, because many respondents to the Current Population Survey misreported their status as employed but not at work—that is, the properly measured unemployment rate would have risen by much more than was actually reported; see, for example, page 6 of the May 2020 Employment Situation report, which is available on the Bureau of Labor Statistics’ website at https://www.bls.gov/news.release/archives/empsit_06052020.pdf. Return to text
    9. See the classic study of David M. Lilien (1980), “The Cyclical Pattern of Temporary Layoffs in United States Manufacturing,” Review of Economics and Statistics, vol. 62 (February), pp. 24–31. For a more recent paper that makes use of matched employer–employee data, see Arash Nekoei and Andrea Weber (2015), “Recall Expectations and Duration Dependence,” American Economic Review, vol. 105 (May), pp. 142–46. Return to text
    10. Moreover, academic research also suggests that the extent of firms’ recourse to temporary layoffs is correlated with firms’ expectations of near-term economic activity. This would have suggested in real time that a sharp rise in temporary layoffs was not as worrisome as a similar increase in permanent job losses. See Arash Nekoei and Andrea Weber (2020), “Seven Facts about Temporary Layoffs,” CEPR Discussion Paper 14845 (London: Centre for Economic Policy Research, June 3). Return to text
    11. Some studies distinguish long-run unemployment, which would fall in the first category of models that use demographic information, from stable price unemployment, which also adds a Phillips curve to the model. For a recent review, see Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2020), “Unemployment Rate Benchmarks,” Finance and Economics Discussion Series 2020-072 (Washington: Board of Governors of the Federal Reserve System, August). Return to text
    12. The resulting unemployment rate trend can be thought of as a “natural rate.” The first reference to a “natural rate” of unemployment is from Milton Friedman in 1968. Friedman made it clear that he used the term to try and separate real forces from monetary forces, which are assumed to be more transient; therefore, it seems appropriate to use the term “natural rate” for estimates from demographic trends. See Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1–17. That said, such a concept is controversial; see Richard Rogerson (1997), “Theory Ahead of Language in the Economics of Unemployment,” Journal of Economic Perspectives, vol. 11 (Winter), pp. 73–92. Return to text
    13. See, for instance, Stephanie Aaronson, Bruce Fallick, Andrew Figura, Jonathan Pingle, and William Wascher (2006), “The Recent Decline in the Labor Force Participation Rate and Its Implications for Potential Labor Supply,” (PDF) Brookings Papers on Economic Activity, pp. 69–154; Daniel Aaronson, Luojia Hu, Arian Seifoddini, and Daniel G. Sullivan (2015), “Changing Labor Force Composition and the Natural Rate of Unemployment,” Chicago Fed Letter 338 (Chicago: Federal Reserve Bank of Chicago); Andreas Hornstein and Marianna Kudlyak (2019), “Aggregate Labor Force Participation and Unemployment and Demographic Trends,” February 28, https://ssrn.com/abstract=3347310; and Didem Tüzemen (2019), “Job Polarization and the Natural Rate of Unemployment in the United States,” Economics Letters, vol. 175 (February), pp. 97–100. Return to text
    14. See, for instance, Mary C. Daly, Bart Hobijn, Ayşegül Şahin, and Robert G. Valletta (2012), “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” Journal of Economic Perspectives, vol. 26 (Summer), pp. 3–26. Return to text
    15. See Murat Tasci (2012), “The Ins and Outs of Unemployment in the Long Run: Unemployment Flows and the Natural Rate,” Working Paper 12-24 (Cleveland: Federal Reserve Bank of Cleveland, November). See also Richard K. Crump, Stefano Eusepi, Marc Giannoni, and Ayşegül Şahin (2019), “A Unified Approach to Measuring u*,” (PDF) BPEA Conference Drafts, March 7–8. Ahn adds unemployment duration in conjunction with flows to estimate u*; see Hie Joo Ahn (2023), “Duration Structure of Unemployment Hazards and the Trend Unemployment Rate,” Journal of Economic Dynamics and Control, vol. 151 (June), 104664. Return to text
    16. Estimates that use prices are sometimes referred to as the non-accelerating inflation rate of unemployment, or NAIRU, although NAIRU is somewhat of a misnomer. In fact, the inflation process in the Great Moderation is not described well by an accelerationist Phillips curve but rather by a mean reverting process around a stable trend, conveniently proxied by long-run inflation expectations. In that case, it would be more accurate to talk about “NIRU,” or non-inflationary rate of unemployment. Return to text
    17. The estimate that I report are from a variant of the model in Charles A. Fleischman and John M. Roberts (2011), “From Many Series, One Cycle: Improved Estimates of the Business Cycle from a Multivariate Unobserved Components Model,” (PDF) Finance and Economics Discussion Series 2011-46 (Washington: Board of Governors of the Federal Reserve System, October). Return to text
    18. For instance, the Phillips curve could be non-linear as in Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April). Return to text
    19. The efficient level of unemployment is also referred to as the “full employment rate of unemployment” or FERU; see Pascal Michaillat and Emmanuel Saez (2024), “u* = √uv: The Full-Employment Rate of Unemployment in the United States,” (PDF) BPEA Conference Draft, September 26–27. Return to text

    MIL OSI USA News –

  • MIL-OSI: Hyperscale Data Subsidiary Bitnile.com Launches Nile Coin on the Solana Blockchain   

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 09, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its indirectly owned subsidiary BitNile.com, Inc. (“Bitnile.com”), officially launched the Nile Coin (NILE) (“Nile Coin”) on the Solana Blockchain on May 3, 2025.

    Bitnile.com, a U.S.-based social gaming platform, minted 500 billion Nile Coin and the current market capitalization as of May 8, 2025, is approximately $164.5 million, based upon a recent price of $0.000329 on Solana-based decentralized exchanges, supported by its primary liquidity pool on Raydium. BitNile.com initially provided 100 million Nile Coin and 11 SOL to the liquidity pool, from which Bitnile.com has sold approximately 76.6 million Nile Coin of the total amount minted to date; the remaining approximately 23.4 million NILE and 47 SOL in the pool are still represented by the Company’s liquidity pool tokens.

    Some additional facts about the Nile Coin:

    • Whitepaper URL — Whitepaper – BitNile.com, Inc.;
    • Link to Nile Coin — NILE/SOL Real-time On-chain Raydium (CPMM) DEX Data
    • Coin Mint Address — 7evZ2P7uyerbqtVMjvFav4Gr4KnmPtYEGALJoRKVpgFz (Solana SPL);
    • Initial Liquidity Seed — Pool began with 100 million NILE paired against ≈ 11 SOLANA;
    • Token Supply & Specifications — Fixed supply 500 billion NILE, 6 decimals, mint & freeze authorities revoked;
    • Bitnile.com Current Treasury Balance — as of May 8, 2025, the treasury wallet holds 3,229,851,188.29 Nile Coin; and

    Vesting schedule — ≈ 498.9 B NILE (99.8 % of supply) secured in a Streamflow-audited smart contract, vesting linearly with ~0.46 B NILE released daily over 36 months back to the treasury wallet.

    “We are very pleased with the initial launch of the Nile Coin and are excited to integrate the Nile Coin into our social gaming platform,” said Joe Spaziano, Chief Executive Officer of Bitnile.com. “By accepting the Nile Coin as a form of payment on Bitnile.com, we hope to provide users with an additional onboarding option and enhance the accessibility of the offerings on the platform. We expect to begin accepting the Nile Coin as a form of payment on or around June 1, 2025.”

    This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Nile Coins in any state or other jurisdiction in which such offer, solicitation or sale or such assets or securities would be unlawful under the laws of any such state or other jurisdiction.

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

    About Hyperscale Data, Inc.

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

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

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

    Forward-Looking Statements

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

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

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

    The MIL Network –

  • MIL-OSI: Outbrain Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand following Outbrain’s acquisition of Teads in February 2025, announced today financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Key Financial Metrics1:

      Three Months Ended
    March 31,
    (in millions USD)   2025       2024     % Change
    Revenue $ 286.4     $ 217.0     32  %
    Gross profit   82.7       41.6     99  %
    Net loss   (54.8 )     (5.0 )   NM
    Net cash (used in) provided by operating activities   (1.0 )     8.6     (111 )%
               
    Non-GAAP Financial Data*          
    Ex-TAC gross profit   103.1       52.2     98  %
    Adjusted EBITDA   10.7       1.4     665  %
    Adjusted net loss   (15.3 )     (4.9 )   (211 )%
    Free cash flow   (6.6 )     4.6     (242 )%

    _____________________________

    1 Incorporates the results of operations for legacy Teads from February 3, 2025 through March 31, 2025
    * See non-GAAP reconciliations below
    NM Not meaningful

    “We are off to a strong start following the completion of the combination with Teads. In the first quarter, we delivered financial results above the mid-range of our guidance, while closing the acquisition, issuing five-year senior secured notes, and reaching many major milestones of integration and synergy realization. We are in the early days, but the feedback to our brandformance platform strategy from the hundreds of advertisers and media owners we have met has been highly encouraging,” said David Kostman, CEO of Teads.

    First Quarter 2025 Business Highlights:

    • Completed the acquisition of Teads, for total consideration of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company is operating under the name Teads.
    • Expect to realize approximately $65 million to $75 million of synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 90% of the estimated compensation-related synergies already actioned. For 2025, expect to realize a benefit from cost synergies of approximately $40 million, which represents an increase from initial expectations.
    • Initial cross-selling of legacy Outbrain performance solutions to legacy Teads enterprise brand customers launched in Q2 with several campaigns sold.
    • New strategic Joint Business Partnerships (JBPs) with Ferrero, Haleon, Philip Morris International, and Beiersdorf.
    • ~500 advertisers spending at least a half a million dollars on a rolling 12 month basis, with an average spend of over $2 million annually, which represents approximately 70% of total customer spend.
    • CTV experienced more than 100% year-over-year growth in Q1 2025, and now represents approximately 5% of total ad spend.
    • Continued strong adoption of Moments vertical video offering launched in Q3 2024 and is now live on over 70 publishers, including Axel Springer, Fox News, and Webedia.
    • Premium supply competitive wins include Godo (Spain) WWS (Japan), and renewals include Conde Nast and TMZ (US), Ansa (Italy), Webedia (France) and Sankei (Japan).

    First Quarter 2025 Financial Highlights:

    • Revenue of $286.4 million, an increase of $69.4 million, or 32%, compared to $217.0 million in the prior year period primarily due to the acquisition, including net unfavorable foreign currency effects of approximately $2.6 million.
    • Gross profit of $82.7 million, an increase of $41.1 million, or 99%, compared to $41.6 million in the prior year period. Gross margin increased to 28.9%, compared to 19.2% in the prior year period, reflecting the higher gross margin profile of the acquired business.
    • Ex-TAC gross profit of $103.1 million, an increase of $50.9 million, or 98%, compared to $52.2 million in the prior year period, primarily due to the acquisition. Our Ex-TAC gross margin increased to 36.0%, compared to 24.0% in the prior year period, reflecting the higher margin profile of the acquired business.
    • Net loss of $54.8 million, compared to net loss of $5.0 million in the prior year period. Net loss in the current period includes pre-tax acquisition-related costs of $16.4 million, impairment charges of $15.6 million primarily related to the discontinuance of the vi product offering, restructuring charges of $7.3 million related to our previously announced restructuring plan to streamline operations and reduce duplicative roles post-acquisition, and bridge facility related costs of $12.0 million.
    • Adjusted net loss of $15.3 million, compared to adjusted net loss of $4.9 million in the prior year period.
    • Adjusted EBITDA of $10.7 million, compared to Adjusted EBITDA of $1.4 million in the prior year period.
    • Net cash used in operating activities of $1.0 million, compared to net cash provided by operating activities of $8.6 million in the prior year period. Free cash flow was $(6.6) million, as compared to $4.6 million in the prior year period, primarily related to cash outflows related to transaction costs and restructuring charges of $16.2 million.
    • Cash, cash equivalents and investments in marketable securities were $155.9 million, comprised of cash and cash equivalents of $136.3 million and short-term investments in marketable securities of $19.6 million as of March 31, 2025.
    • Total debt obligations were $627.0 million, including the $610.8 million carrying value of the 10% senior secured notes due 2030 issued in February 2025 (principal amount of $637.5 million, net of unamortized discount and deferred financing costs) and $16.2 million outstanding under a short-term overdraft facility assumed in the acquisition.
    • Entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility, which expires on February 3, 2030, which may be used for working capital and other general corporate purposes. The prior revolving credit facility with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021 was terminated.

    Second Quarter Guidance

    The following forward-looking statements reflect our expectations for the second quarter and full year of 2025.

    For the second quarter ending June 30, 2025, we expect:

    • Ex-TAC gross profit of $141 million to $150 million
    • Adjusted EBITDA of $26 million to $34 million

    For the full year ending December 31, 2025, we continue to expect:

    • Adjusted EBITDA of at least $180 million

    The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

    Conference Call and Webcast Information

    Outbrain will host an investor conference call this morning, Friday, May 9 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13753068. The replay will be available until May 23, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Non-GAAP Financial Measures

    In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with GAAP.

    Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

    The Company is also providing second quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

    Ex-TAC Gross Profit

    Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

    We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with GAAP.

    Adjusted EBITDA

    We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, acquisition-related costs, restructuring, and impairment charges. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

    We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Adjusted Net Income (Loss) and Adjusted Diluted EPS

    Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with GAAP.

    Free Cash Flow

    Free cash flow is defined as cash flow provided by (used in) operating activities, less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; our ability to attract and retain customers, management and other key personnel; the volatility of the market price of the Common Stock, $.001 par value per share (the “Common Stock”); overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, tariffs and trade wars and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in the U.S., and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the ongoing conflict between Israel and Hamas and any conflicts with other terrorist organizations or other countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company

    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 36 countries.

    Media Contact
    press@outbrain.com

    Investor Relations Contact
    IR@outbrain.com
    (332) 205-8999

    OUTBRAIN INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except for share and per share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
    Revenue   $ 286,357     $ 216,964  
    Cost of revenue:        
    Traffic acquisition costs     183,235       164,810  
    Other cost of revenue     20,472       10,559  
    Total cost of revenue     203,707       175,369  
    Gross profit     82,650       41,595  
    Operating expenses:        
    Research and development     13,979       9,193  
    Sales and marketing     53,737       23,617  
    General and administrative     36,477       15,215  
    Impairment charges     15,614       —  
    Restructuring charges     7,279       167  
    Total operating expenses     127,086       48,192  
    Loss from operations     (44,436 )     (6,597 )
    Other (expense) income:        
    Interest expense     (23,124 )     (937 )
    Other (expense) income and interest income, net     (484 )     1,405  
    Total other (expense) income, net     (23,608 )     468  
    Loss before income taxes     (68,044 )     (6,129 )
    Benefit from income taxes     (13,201 )     (1,088 )
    Net loss   $ (54,843 )   $ (5,041 )
             
    Weighted average shares outstanding:        
    Basic     77,954,579       49,265,012  
    Diluted     77,954,579       49,265,012  
             
    Net loss per common share:        
    Basic   $ (0.70 )   $ (0.10 )
    Diluted   $ (0.70 )   $ (0.10 )
    OUTBRAIN INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except for number of shares and par value)
     
      March 31,
    2025    		   December 31,
    2024
      (Unaudited)    
    ASSETS:      
    Current assets:      
    Cash and cash equivalents $ 136,312     $ 89,094  
    Short-term investments in marketable securities   19,567       77,035  
    Accounts receivable, net of allowances   328,386       149,167  
    Prepaid expenses and other current assets   49,817       27,835  
    Total current assets   534,082       343,131  
    Non-current assets:      
    Property, equipment and capitalized software, net   47,879       45,250  
    Operating lease right-of-use assets, net   26,874       15,047  
    Intangible assets, net   391,022       16,928  
    Goodwill   587,494       63,063  
    Deferred tax assets   49,957       40,825  
    Indemnification asset   26,556       —  
    Other assets   24,176       24,969  
    TOTAL ASSETS $ 1,688,040     $ 549,213  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    Current liabilities:      
    Accounts payable $ 274,060     $ 206,920  
    Accrued compensation and benefits   50,760       19,430  
    Deferred revenue   13,066       6,932  
    Short-term debt   16,202       —  
    Accrued and other current liabilities   118,457       56,189  
    Total current liabilities   472,545       289,471  
    Non-current liabilities:      
    Long-term debt   610,816       —  
    Operating lease liabilities, non-current   20,356       11,783  
    Deferred tax liabilities   62,099       1,554  
    Contingent tax liabilities   36,632       9,343  
    Other liabilities   10,927       5,719  
    TOTAL LIABILITIES $ 1,213,375     $ 317,870  
           
    STOCKHOLDERS’ EQUITY:      
    Common stock, par value of $0.001 per share − one billion shares authorized; 94,349,511 shares issued and 94,293,190 shares outstanding as of March 31, 2025; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024   94       64  
    Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
    Additional paid-in capital   674,442       484,541  
    Treasury stock, at cost − 56,321 shares as of March 31, 2025 and 13,413,160 shares as of December 31, 2024   (242 )     (74,289 )
    Accumulated other comprehensive income (loss)   24,707       (9,480 )
    Accumulated deficit   (224,336 )     (169,493 )
    TOTAL STOCKHOLDERS’ EQUITY   474,665       231,343  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,688,040     $ 549,213  
    OUTBRAIN INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net loss   $ (54,843 )   $ (5,041 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:        
    Depreciation and amortization of property and equipment     1,935       1,639  
    Amortization of capitalized software development costs     2,472       2,409  
    Amortization of intangible assets     8,466       852  
    Amortization of discount on marketable securities     (425 )     (642 )
    Stock-based compensation     2,941       2,927  
    Non-cash operating lease expense     2,307       1,195  
    Provision for credit losses     298       1,693  
    Amortization of debt issuance costs     12,843       —  
    Deferred income taxes     (17,786 )     (174 )
    Impairment of assets     15,614       —  
    Unrealized foreign currency transaction (gains) losses     1,688       312  
    Other     30       26  
    Changes in operating assets and liabilities:        
    Accounts receivable     37,605       30,398  
    Prepaid expenses and other current assets     5,901       7,262  
    Accounts payable and other current liabilities     (22,374 )     (31,875 )
    Operating lease liabilities     (2,614 )     (1,205 )
    Deferred revenue     (830 )     (1,471 )
    Other non-current assets and liabilities     5,806       300  
    Net cash (used in) provided by operating activities     (966 )     8,605  
             
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Acquisition of a business, net of cash acquired     (598,319 )     (181 )
    Purchases of property and equipment     (2,921 )     (1,335 )
    Capitalized software development costs     (2,699 )     (2,627 )
    Purchases of marketable securities     (16,602 )     (31,578 )
    Proceeds from sales and maturities of marketable securities     74,221       31,492  
    Net cash used in investing activities     (546,320 )     (4,229 )
             
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Proceeds from the Bridge Facility     625,000       —  
    Repayments of borrowings under the Bridge Facility     (625,000 )     —  
    Proceeds from senior secured notes     625,305       —  
    Payment of deferred financing costs     (28,155 )     —  
    Payment of stock issuance costs     (775 )     —  
    Treasury stock repurchases and share withholdings on vested awards     (355 )     (4,015 )
    Principal payments on finance lease obligations     —       (255 )
    Proceeds from bank overdrafts, net     74       —  
    Net cash provided by (used in) financing activities     596,094       (4,270 )
    Effect of exchange rate changes     (57 )     363  
    Net increase in cash, cash equivalents and restricted cash   $ 48,751     $ 469  
    Cash, cash equivalents and restricted cash — Beginning     89,725       71,079  
    Cash, cash equivalents and restricted cash — Ending   $ 138,476     $ 71,548  
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2025       2024  
    Revenue $ 286,357     $ 216,964  
    Traffic acquisition costs   (183,235 )     (164,810 )
    Other cost of revenue   (20,472 )     (10,559 )
    Gross profit   82,650       41,595  
    Other cost of revenue   20,472       10,559  
    Ex-TAC gross profit $ 103,122     $ 52,154  
           
    Gross margin (gross profit as % of revenue)   28.9 %     19.2 %
    Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)   36.0 %     24.0 %
     
    The following table presents the reconciliation of net loss to Adjusted EBITDA, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2025       2024  
    Net loss $ (54,843 )   $ (5,041 )
    Interest expense   23,124       937  
    Other expense (income) and interest income, net   484       (1,405 )
    Benefit from income taxes   (13,201 )     (1,088 )
    Depreciation and amortization   12,873       4,900  
    Stock-based compensation   2,941       2,927  
    Acquisition-related costs   16,418       —  
    Restructuring charges   7,279       167  
    Impairment charges   15,614       —  
    Adjusted EBITDA $ 10,689     $ 1,397  
           
    Net loss as % of gross profit (66.4 )%   (12.1 )%
    Adjusted EBITDA as % of Ex-TAC Gross Profit   10.4  %     2.7  %
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of net loss and diluted EPS to adjusted net loss and adjusted diluted EPS, respectively, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2024       2023  
    Net loss $ (54,843 )   $ (5,041 )
    Adjustments:      
    Acquisition-related costs   16,418       —  
    Restructuring charges   7,279       167  
    Impairment charges   15,614       —  
    Bridge facility costs   11,996       —  
    Total adjustments, before tax   51,307       167  
    Income tax effect   (11,759 )     (41 )
    Total adjustments, after tax   39,548       126  
    Adjusted net loss $ (15,295 )   $ (4,915 )
           
    Basic and diluted weighted-average shares   77,954,579       49,265,012  
           
    Diluted net loss per share – reported $ (0.70 )   $ (0.10 )
    Adjustments, after tax   0.50       —  
    Diluted loss per share – adjusted $ (0.20 )   $ (0.10 )
    The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:
     
      Three Months Ended March 31,
        2025       2024  
    Net cash (used in) provided by operating activities $ (966 )   $ 8,605  
    Purchases of property and equipment   (2,921 )     (1,335 )
    Capitalized software development costs   (2,699 )     (2,627 )
    Free cash flow $ (6,586 )   $ 4,643  

    The MIL Network –

  • MIL-OSI United Kingdom: Funding boost for Clean Industry Bonus as bids smash expectations

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Funding boost for Clean Industry Bonus as bids smash expectations

    Industrial communities set to benefit from new jobs and growth in their towns and cities, as funding is more than doubled for the Clean Industry Bonus.  

    • Industry backs government’s clean energy superpower mission with double the number of bids expected for the Clean Industry Bonus
    • Energy Secretary increases budget to £544 million, backing clean energy growth in UK’s industrial heartlands and coastal communities
    • Follows the Prime Minister’s £300 million announcement to support offshore wind supply chains, building Britain’s clean energy future through Plan for Change

    Hundreds of bids have come through from the UK’s offshore wind sector, in a strong signal that industry supports the government’s clean power by 2030 mission. Following higher than expected demand, the Energy Secretary has increased the bonus from an initial £200 million to £544 million.

    The Clean Industry Bonus will provide financial rewards for offshore wind developers, on the condition they prioritise investment in regions that need it most or in cleaner supply chains, including traditional oil and gas communities, ex-industrial areas and ports and coastal towns.

    It will support cleaner manufacturers, new upgraded factories, port infrastructure and more business for UK supply chains, whilst supporting highly skilled jobs such as engineers, electricians and welders on the clean energy transition.  

    It is expected that for every £1 spent on the bonus, it could leverage up to £17 of private sector investment, mainly into some of the UK’s most deprived communities – providing a huge return for communities from clean energy projects.  

    This comes after the Prime Minister’s announcement last month to bring forward a £300 million investment through Great British Energy to win global offshore wind investment for the UK, building Britain’s clean energy future through the Plan for Change.  

    Government support is expected to leverage up to £9.3 billion in private sector investment over the next four years, creating economic growth by backing the clean energy supply chain that make offshore wind blades and cables and develop low carbon factories.  

    Energy Secretary Ed Miliband said: 

    Industry have backed our clean energy superpower mission, and we are helping them to deliver it.  

    This is the type of muscular industrial policy Britain needs to create jobs, drive growth and transform the fortunes of industrial towns and cities, delivering our Plan for Change.

    Claire Mack, Chief Executive at Scottish Renewables, said:

    This announcement makes clear that clean energy offers a strong return on investment for the country. It also demonstrates that Scotland’s offshore wind sector has the potential to deliver transformational benefits for our supply chains, skilled workforces and coastal communities.

    Now is the time to go further and faster to capture this unrivalled opportunity for green industrial growth. Scottish Renewables will work closely with the UK government to ensure funding from the Clean Industry Bonus can be maximised through the successful deployment of Scotland’s offshore wind pipeline in the years ahead.

    RenewableUK’s Executive Director of Policy Ana Musat said:

    This additional funding has the potential to help secure billions in private investment in new factories manufacturing components for the offshore wind industry across the UK. Importantly for the country, these investments will create new jobs in coastal communities which need fresh opportunities.

    The expansion of the offshore wind supply chain will, in turn, enable us to deliver the massive pipeline of offshore wind projects planned for installation in UK waters at the lowest cost for billpayers in the years ahead. 

    The Clean Industry Bonus is a good starting point as part of a wider industrial strategy which the government is due to unveil in full this summer, and which we hope will be complimented by new policies to support the expansion of UK ports. With larger ports, we could secure even more investment in offshore wind manufacturing and turbine assembly”.  

    Adam Berman, Director of Policy and Advocacy at Energy UK, said:

    The UK’s continued growth in offshore wind is delivering jobs and business opportunities up and down the country.

    Every new, large offshore wind farm adds £2-3 billion to the UK’s economy and – if deployment is accelerated – the sector could boost it by a further £25 billion between now and 2035.

    Ensuring that the people and businesses located near to projects benefit is as important as ensuring wider economic growth. The transformation of regions like the Humber demonstrates the positive impact these projects can have.

    We welcome the government’s focus and support in making sure that communities reap the rewards of this burgeoning sector. Industry is fully aligned with government on the need to capture the full benefits of clean power for both local communities and British businesses building the supply chain that underpins these projects.

    Funding comes ahead of the government’s modern Industrial Strategy, which will turbocharge growth in the UK’s key sectors including clean energy.  

    The application window for the Clean Industry Bonus is now closed, with the winners expected to be announced after the final budget in May.  

    Notes to editors 

    The budget is expressed in 2025 prices. All CIB payments will be indexed using the Consumer Price Index. Funding is allocated competitively through an auction: proposals that unlock the biggest investments, for the cheapest amount of revenue support, score the highest.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Gravity Reports First Quarter of 2025 Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, May 09, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the first quarter ended March 31, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

    FIRST QUARTER 2025 HIGHLIGHTS

    • Total revenues were KRW 137,464 million (US$ 93,231 thousand), representing a 6% increase from the fourth quarter ended December 31, 2024 (“QoQ”) and a 14.8% increase from the first quarter ended March 31, 2024 (“YoY”).
    • Operating profit was KRW 24,730 million (US$ 16,772 thousand), representing a 55% increase QoQ and an 8% decrease YoY.
    • Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand), representing a 12.1% increase QoQ and a 12.5% decrease YoY.
    • Net profit attributable to parent company was KRW 22,038 million (US$ 14,947 thousand), representing a 4.6% decrease QoQ and an 18% decrease YoY.

    REVIEW OF FIRST QUARTER 2025 FINANCIAL RESULTS

    Revenues

    Online game revenues for the first quarter of 2025 were KRW 18,806 million (US$ 12,755 thousand), representing a 5.1% decrease QoQ from KRW 19,822 million and a 4.1% increase YoY from KRW 18,065 million. The decrease QoQ was mainly attributable to decreased revenues from Ragnarok Online in Thailand. Such decrease was partially offset by increased revenue from Ragnarok Online in Japan. The increase YoY was largely due to increased revenues from Ragnarok Online in Thailand and China.

    Mobile game revenues were KRW 115,486 million (US$ 78,325 thousand) for the first quarter of 2025, representing a 9.4% increase QoQ from KRW 105,586 million and a 17.2% increase YoY from KRW 98,548 million. The increase QoQ attributed to initial revenues from Ragnarok M: Classic which was launched in Southeast Asia on February 14, 2025 and Ragnarok Idle Adventure Plus launched in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025. Such increase was partially offset by decreased revenues from Ragnarok Origin in Southeast Asia and THE RAGNAROK in Southeast Asia. The increase YoY was due to initial revenue from Ragnarok M: Classic in Southeast Asia, THE RAGNAROK in Southeast Asia launched on October 31, 2024 and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau launched on October 31, 2024. This increase was partially offset by decreased revenues from Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau and North, Central and South America.

    Other revenues were KRW 3,172 million (US$ 2,151 thousand) for the first quarter of 2025, representing a 26.5% decrease QoQ from KRW 4,315 million and a 0.2% increase YoY from KRW 3,166 million.

    Cost of Revenue

    Cost of revenue was KRW 87,458 million (US$ 59,316 thousand) for the first quarter of 2025, representing a 8% increase QoQ from KRW 81,008 million and a 18.8% increase YoY from KRW 73,628 million. The increase QoQ was mainly due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia. The increase YoY was primarily due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia, THE RAGNAROK in Southeast Asia and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau.

    Operating Expenses

    Operating expenses were KRW 25,276 million (US$ 17,143 thousand) for the first quarter of 2025, representing a 22.9% decrease QoQ from KRW 32,765 million and a 31.1% increase YoY from KRW 19,282 million. The decrease QoQ was mainly due to decreased advertising expenses for THE RAGNAROK in Southeast Asia and salaries. The increase YoY was mainly due to increased advertising expenses for Ragnarok Idle Adventure Plus in Global, Ragnarok V: Returns in Thailand, Indonesia and Philippines and Ragnarok Begins in Taiwan, Hong Kong and Macau.

    Profit Before Income Tax Expenses

    Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand) for the first quarter of 2025 compared with profit before income tax expense of KRW 25,377 million for the fourth quarter of 2024 and profit before income tax expenses of KRW 32,498 million for the first quarter of 2024.

    Net Profit

    As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 22,038 million (US$ 14,947 thousand) for the first quarter of 2025 compared with net profit attributable to parent company of KRW 23,099 million for the fourth quarter of 2024 and a net profit attributable to parent company of KRW 26,866 million for the first quarter of 2024.

    Liquidity

    The balance of cash and cash equivalents and short-term financial instruments was KRW 577,163 million (US$ 391,446 thousand) as of March 31, 2025.

    Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,474.44 to US$ 1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    GRAVITY BUSINESS UPDATES

    Ragnarok Online IP-based Games

    • Ragnarok M: Classic, an MMORPG Mobile game

    Ragnarok M: Classic was officially launched in Southeast Asia on February 14, 2025 and Taiwan, Hong Kong and Macau on April 16, 2025.

    • Ragnarok Idle Adventure Plus, a Vertical Idle MMORPG Mobile game

    Ragnarok Idle Adventure Plus was launched in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025 and is underway for its launch in Taiwan, Hong Kong and Macau in the second quarter of 2025 and Korea in the second half of 2025.

    • Ragnarok X: Next Generation, an MMORPG Mobile and PC game

    Ragnarok X: Next Generation was officially launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025 and will be launching in Europe (except England, Portugal, Spain and Ireland) in the second quarter of 2025.

    • THE RAGNAROK, an MMORPG game

    THE RAGNAROK (Chinese title: 巴風特之怒) will be launched on WeChat (H5) Mini Programs in China in the second quarter of 2025.

    • Ragnarok: Dawn (tentative English title), an Idle MMORPG game

    Ragnarok: Dawn (tentative English title) was officially launched on WeChat Mini Programs in China on February 20, 2025, and mobile app version will be launched in Taiwan, Hong Kong and Macau in the second half of 2025.

    • Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

    Ragnarok V: Returns was officially launched in Thailand, Indonesia and Philippines on March 27, 2025.

    • Ragnarok: Back to Glory, a 3D MMORPG Mobile game

    Ragnarok: Back to Glory was officially launched in Korea and re-launched in Southeast Asia on April 17, 2025 and will be launched in China in the third quarter of 2025.

    • Ragnarok Crush, a Puzzle and Tower Defense Mobile game

    Ragnarok Crush will be launched in Global in July 2025.

    • Ragnarok Online America Latina, an MMORPG PC game

    Ragnarok Online America Latina is scheduled to be direct-serviced in Latin America on May 28, 2025.

    • Ragnarok Zero, an RPG PC game

    Ragnarok Zero is being prepared to be launched in Taiwan in July 2025.

    • Ragnarok Libre, a Time Effective MMORPG Telegram game

    Ragnarok Libre is underway for its launch in Global in the second quarter of 2025.

    Ragnarok Online IP-based Blockchain Game

    • Ragnarok Landverse, an MMORPG Blockchain and PC game

    Ragnarok Landverse will be launched in Latin America in the second half of 2025.
    Ragnarok Landverse Genesis, a global new server integrated with RONIN platform, ranked first in trading volume after its official release in Global on March 29, 2025.

    Other IP-based games

    • JLPGA Heroine Collection, a Sports Mobile game

    JLPGA was officially launched in Japan on March 25, 2025.

    • Shambles: Sons of Apocalypse, a Deck-building Roguelike Mobile game

    Shambles: Sons of Apocalypse, was officially launched in Global except for China, Vietnam and Taiwan on March 27, 2025

    • Twilight Monk, a 2.5D Action RPG Console game

    Twilight Monk, was officially launched in Global on March 27, 2025

    • Snow Brothers 2 Special, an Action and Platformer Console game

    Snow Brothers 2 Special, was officially launched in Global on April 10, 2025

    • Meow Star Acers 2, a Farm Simulation Mobile game

    Meow Star Acers 2, is scheduled to be launched in Global in the second half of 2025.

    • Dragonica Origin, an MO Action RPG PC game

    Dragonica Origin will be launched in Southeast Asia in June 2025.

    • Gunbound, an MMO Turned-based Artillery PC game

    Gunbound is underway for its launch in Southeast Asia and Latin America in the second quarter of 2025.

    Expansion of Ragnarok IP-business

    Ragnarok Golf Monsters is an indoor-screen golf brand based on the Ragnarok monster characters. Gravity Communications Co., Ltd. opened the first facility of Ragnarok Golf Monsters in Taipei, Taiwan on February 27, 2025.

    Our New Subsidiary

    Gravity established Gravity Game Unite Sdn. Bhd. (“Gravity Game Unite”), a subsidiary in Malaysia, on March 12, 2025. Gravity will expand various game services including Ragnarok Online IP based games throughout Gravity Game Unite in Malaysian regions.

    Investor Presentation

    Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the first quarter in 2025 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

    About GRAVITY Co., Ltd. —————————————————
    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Forward-Looking Statements:

    Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7800

    GRAVITY Co., Ltd.
    Consolidated Statements of Financial Position

    (In millions of KRW and thousands of US$)

        As of
        31-Dec-24     31-Mar-25
        KRW     US$     KRW     US$
        (audited)     (unaudited)     (unaudited)     (unaudited)
    Assets                              
    Current assets:                              
    Cash and cash equivalents          228,898          155,244          201,367          136,572
    Short-term financial instruments          324,304         219,951           375,796           254,874
    Accounts receivable, net            81,152           55,039            74,469            50,507
    Other receivables, net              1,572             1,066              2,162              1,466
    Prepaid expenses               8,115             5,504              6,669              4,523
    Other current financial assets              6,602             4,478              6,033               4,092
    Other current assets              2,967              2,012               3,091               2,096
    Total current assets          653,610         443,294          669,587           454,130
    Property and equipment, net              9,957              6,753            10,576              7,173
    Intangible assets, net              7,057              4,786               6,414               4,350
    Deferred tax assets              5,617              3,810               6,294               4,269
    Other non-current financial assets                  1,767                1,198                   670                   454
    Other non-current assets              8,451             5,732             9,366              6,352
    Total assets          686,459         465,573          702,907          476,728
    Liabilities and Equity                              
    Current liabilities:                              
    Accounts payable            67,930           46,072            63,048            42,761
    Deferred revenue            26,761            18,150            24,015            16,288
    Withholdings              1,588              1,077              1,635               1,109
    Accrued expense              2,651             1,798              2,168              1,470
    Income tax payable              6,507             4,413              8,782              5,956
    Other current liabilities              3,212             2,178              3,390              2,299
    Total current liabilities              108,649              73,688            103,038              69,883
    Long-term account payables                 220                149                 220                 149
    Long-term deferred revenue              2,572             1,744              1,322                  897
    Other non-current liabilities              5,361              3,636              5,904               4,003
    Deferred tax liabilities              1,294               878              1,294                  878
    Total liabilities           118,096           80,095          111,778             75,810
    Share capital              3,474             2,356              3,474               2,356
    Capital surplus                26,979              18,298              26,979              18,298
    Other components of equity            23,801           16,143            24,507             16,621
    Retained earnings          513,418          348,212           535,456           363,159
    Equity attributable to owners of the Parent Company          567,672          385,009          590,416           400,434
    Non-controlling interest                 691                 469                  713                  484
    Total equity          568,363          385,478          591,129           400,918
    Total liabilities and equity          686,459         465,573          702,907           476,728

    * For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,474.44 to US$ 1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    GRAVITY Co., Ltd.
    Consolidated Statements of Comprehensive Income

    (In millions of KRW and thousands of US$ except for share and ADS data)

        Three months ended
        31-Dec-24     31-Mar-24     31-Mar-25
        (KRW)   (US$)     (KRW)   (US$)     (KRW)   (US$)
        (unaudited)   (unaudited)     (unaudited)   (unaudited)     (unaudited)   (unaudited)
    Revenues:                            
    Online games   19,822   13,444                    18,065   12,252                    18,806   12,755
    Mobile games   105,586   71,611                    98,548   66,838                   115,486   78,325
    Other revenue   4,315   2,927                      3,166   2,147                      3,172   2,151
    Total net revenue   129,723   87,982                   119,779   81,237                  137,464   93,231
    Cost of revenue   81,008   54,942                    73,628   49,936                    87,458   59,316
    Gross profit   48,715   33,040                    46,151   31,301                    50,006   33,915
    Operating expenses:                            
    Selling, general and administrative expenses   28,311   19,201                    15,747   10,680                    21,859   14,825
    Research and development   3,669   2,488                      3,601   2,442                      3,431   2,327
    Others, net                            785                       534                               (66)                      (45)                               (14)                         (9)
    Total operating expenses   32,765   22,223                    19,282   13,077                    25,276   17,143
    Operating profit   15,950   10,817                    26,869   18,224                    24,730   16,772
    Finance income(costs):                            
    Finance income                     9,801               6,647                      6,297   4,271                    10,717   7,269
    Finance costs                          (374)                     (254)                            (668)                    (453)                         (6,997)                 (4,746)
    Profit before income tax   25,377   17,210                    32,498   22,042                    28,450   19,295
    Income tax expense   2,274   1,542                      5,615   3,808                      6,372   4,322
    Profit for the year   23,103   15,668                    26,883   18,234                    22,078   14,973
    Profit attributable to:                            
    Non-controlling interest                                 4                           3                                 17                        12                                 40                         26
    Owners of Parent company   23,099   15,665                    26,866   18,222                    22,038   14,947
    Earning per share                            
    – Basic and diluted                      3,324                 2.25                      3,866   2.62                      3,171   2.15
    Weighted average number of shares outstanding                            
    – Basic and diluted               6,948,900        6,948,900               6,948,900   6,948,900               6,948,900   6,948,900
    Earning per ADS                            
    – Basic and diluted                      3,324                2.25                     3,866   2.62                    3,171   2.15

    * For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,474.44 to US$1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.
    (1) Each ADS represents one common share.

    The MIL Network –

  • MIL-OSI United Kingdom: Your City Needs You: Birmingham Launches Drive to Inspire New Local Leaders

    Source: City of Birmingham

    Published: Friday, 9th May 2025

    Birmingham City Council, in partnership with the Local Government Association (LGA), is launching a citywide campaign to encourage residents from all backgrounds to consider standing as a councillor.

    The Be a Councillor Birmingham campaign aims to raise awareness of what councillors do, demystify the role, and support a new wave of local leaders who reflect Birmingham’s rich diversity. With all 101 seats across 69 wards up for election, this creates an opportunity to strengthen democratic representation and support the Council’s improvement journey. 

    As part of the campaign, a tailored programme of events and resources — including community workshops, a dedicated webpage, mentoring support and outreach to under-represented groups — will help residents explore whether local leadership could be their next step. Alongside this, residents are invited to attend one of four free taster sessions at the Council House to inspire and support them in creating change in their communities and to understand more about the role of a councillor. Interest for taster sessions can be registered here.  

    Councillor John Cotton, Leader of Birmingham City Council, said: “Birmingham is a diverse city — vibrant, youthful and rich in talent. We want our council chambers to reflect the people who live here and understand their lived experiences. Through this campaign, we’re inviting residents to see themselves as local leaders — whether they’ve been active in their communities for years or are just beginning to think about public service. We want to open the door wider, remove the myths, and support people from all backgrounds to step forward and help shape the future of our city.” 

    The Be A Councillor campaign also offers insight into key areas like council finance, community advocacy, legal responsibilities, and how to campaign — making it easier than ever for residents to get informed, get involved, and take action. 

    The Council will work with political parties, independents, and community organisations to ensure the campaign reaches every corner of the city. 

    For more information about the campaign visit: https://www.local.gov.uk/be-councillor. 

    NOTES TO EDITORS: 

    • The campaign officially begins in Spring 2025 and will run up to the 2026 local elections. 
    • Birmingham is home to 187 nationalities and over 50% of the population are from ethnically diverse backgrounds. 
    • The current cabinet is 60% female, reflecting a commitment to diverse leadership. 
    • Further information, event listings, and resources will be available via the campaign webpage at https://www.local.gov.uk/be-councillor. 

    MIL OSI United Kingdom –

  • MIL-OSI: Outdoor Holding Company Announces Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., May 09, 2025 (GLOBE NEWSWIRE) — Outdoor Holding Company (Nasdaq: POWW, POWWP) (“Outdoor Holding Company,” “OHC,” or the “Company”) the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that the holders of record of the Company’s 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) as of the close of business on June 1, 2025 will receive a cash dividend equal to $0.546875 per Series A Preferred Stock share. The cash dividend will be paid on June 16, 2025.

    About Outdoor Holding Company.

    With its corporate offices headquartered in Scottsdale, Arizona, Outdoor Holding Company is a publicly traded corporation that owns and operates subsidiaries serving outdoor enthusiasts, including GunBroker.com

    About GunBroker.com

    GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

    Forward Looking Statements

    This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

    Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports filed on Form 8-K.

    Investor Contact:
    CoreIR
    Phone: (212) 655-0924
    IR@ammo-inc.com

    Source: Outdoor Holding Company

    The MIL Network –

  • MIL-OSI: Bitget Announces Strategic Partnership with SWEAT to Boost Movement Economy in Web3

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, May 09, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced its strategic partnership with SWEAT, the pioneering movement economy ecosystem, lowering entry barriers for Web2 audiences while seamlessly connecting them to Web3. The alliance was unveiled at Dubai Esports Festival 2025 (DEF), where attendees experienced the future first-hand through interactive activities that turn physical activity into crypto rewards.

    From Dubai Airport to Sheikh Zayed Road, the city’s most prominent billboards now carry a powerful message: Walk into Crypto—Step. Sweat. Score. “We’re turning physical activity into financial empowerment,” declared SWEAT Co-founder and CEO Oleg Fomenko. “This is about rewarding the most natural human behavior, movement, with digital ownership.”

    Bitget COO Vugar Usi Zade added, “Our mission has always been to bridge Web2 and Web3, and what better way than through something as universal as movement? This partnership makes crypto accessible in the most human way possible—through the natural movement we do every day,” he added.

    The collaboration debuts cutting-edge innovations, including SWEAT’s AI movement coach, Mia, and expanded multi-chain wallet capabilities. At the same time, for Bitget, this partnership represents another strategic step in its vision to seamlessly connect traditional and decentralized digital economies. “We’re building bridges, not walls,” emphasized Vugar. “By meeting users where they already are, in this case, through their daily movement, we’re creating the most natural on-ramps to Web3. Whether you’re a fitness enthusiast or crypto curious, this partnership makes the transition effortless and rewarding.”

    This isn’t just another industry collaboration—it’s a fitness-meets-finance movement that redefines how people interact with digital assets. SWEAT and Bitget are writing the next chapter of mainstream crypto adoption by transforming routine activity into financial opportunity. As Dubai’s skyline lights up with SWEAT x Bitget billboards, one thing’s clear: The future of Web3 isn’t just about sitting and staring at charts. Sometimes, you’ve gotta move it to prove it.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    About SWEAT

    SWEAT is a Web3 platform that encourages physical activity by rewarding users for moving. It uses $SWEAT, a token earned through steps, to turn movement into value to be used, grown, traded and spent in the Movement Economy. The token is stored in the SWEAT Wallet, a mobile app with 20+ million downloads and over 3 million monthly active users. By downloading SWEAT Wallet for free, users globally can start to earn $SWEAT and join the Movement Economy, where every step counts.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e37dd931-a554-44f4-a1e6-35fb8a75835d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c91c386f-00b7-4219-9ff7-d9aa4e90def2

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d44445dc-c37e-4e45-9984-adc3d21e757f

    The MIL Network –

  • MIL-OSI: Municipality Finance issues EUR 40 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    9 May 2025 at 1:00 pm (EEST)

    Municipality Finance issues EUR 40 million notes under its MTN programme  

    Municipality Finance Plc issues EUR 40 million notes on 12 May 2025. The maturity date of the notes is 14 May 2029. The notes bear interest at a floating rate equal to 3-month EURIBOR plus 22.5 bps per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 12 May 2025.

    DNB Bank ASA acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –