Category: Economy

  • MIL-OSI: Gabelli Announces Partnership with Keeley’s Asset and Wealth Management Services

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn. and CHICAGO, May 01, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) announced today that it has reached an agreement with Teton Advisors, Inc. (OTC Pink: TETAA) for the investment management services business of Keeley – Teton Advisors, LLC (“Keeley”). Keeley consists of four mutual funds and approximately 500 separately managed accounts (SMAs) with assets under management (“AUM”) of close to $1.0 billion.

    As part of the transaction, employees of Chicago-based Keeley — which include research, portfolio management, and client service professionals — will continue to operate under the Keeley name and service existing clients. Keeley is led by Kevin M. Keeley, son of founder, John L. Keeley, Jr..

    “Our history with Keeley began in the mid-1960s when John L. Keeley, Jr. and I were both sell side analysts,” said Mario Gabelli, founder of Gabelli. “John and I were always of the mindset that clients come first, and that philosophy still holds true today. John L. Keeley, Jr. and I were among a handful that started firms in the mid-1970s. It is with great pleasure that we welcome Keeley clients and teammates to our firm and look forward to continue serving as trusted stewards to our customers.”

    “Today’s announcement marks a pivotal milestone for Keeley and highlights our commitment to delivering long-term value for our customers and stakeholders,” said Kevin M. Keeley, CEO of Keeley. “While we have been a partner to Gabelli for many years, we are pleased to now be more closely aligned to such a highly regarded asset manager. We look forward to continuing to offer best in-class service to our clients.”

    About Gabelli

    Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst™). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

    Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact: Kieran Caterina
      SVP, Chief Accounting Officer
      (914) 921-5149
       
      For further information please visit
      www.gabelli.com

    The MIL Network

  • MIL-OSI: Bimini Capital Management Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025.

    First Quarter 2025 Highlights

    • Net income of $0.6 million, or $0.06 per common share
    • Book value per share of $0.74
    • Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET

    Management Commentary 

    Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “While economic data and events generally are never uniformly stable or consistent, the first quarter of 2025 was relatively uneventful.  Interest rates were generally range bound, and volatility was low for most of the quarter.  These are ideal conditions for a levered investment strategy in Agency RMBS.  Accordingly, the Company and the Agency RMBS market generated attractive returns for the period.  Orchid Island Capital’s stock also traded well during the quarter – at least until the last week of the quarter. Orchid was able to take advantage of these conditions and the performance of its common stock price and raise additional capital, enhancing the Company’s advisory service revenues going forward. 

    “Although we did not add to the RMBS portfolio at our Royal Palm Capital subsidiary this quarter we did several times during 2024, and with funding costs down as a result of Fed rates cuts late in 2024, our net interest income, inclusive of dividends from our holdings of Orchid, increased substantially.

    “While the first quarter market conditions were very supportive of our two operating segments, conditions so far in the second quarter have been challenging.  At the moment, there remains considerable uncertainty about how the tariffs introduced by the new administration will ultimately impact the economy and markets. To the extent the economy slows, leading to potential additional rate cuts by the Fed, and/or longer-term interest rates rise as a result of the inflationary impacts of the tariffs, both the Company’s investment portfolio as well as Orchid’s could benefit from enhanced net interest margins resulting from the steeper interest rate curve.”

    Details of First Quarter 2025 Results of Operations

    Orchid reported net income for the first quarter 2025 of $17.1 million and generated a 2.60% return on its book value for the quarter – not annualized. Orchid also raised $205.4 million during the quarter and its shareholders equity increased from $668.5 million at December 31, 2024 to $855.9 million at March 31, 2025. As a result, Bimini’s advisory service revenues of approximately $3.6 million represented a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024. 

    Royal Palm did not add to the RMBS portfolio during the first quarter of 2025 but did so several times during 2024, and interest revenue increased 25% over the first quarter of 2024 and 4% over the fourth quarter of 2024.  With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 64% over the first quarter of 2024 and by approximately 35% over the fourth quarter of 2024.  Note these figures represent just the net interest income from the investment portfolio, and do not include interest charges on our trust preferred or other long-term debt.

    Interest charges on the preferred trust and other long-term debt of $0.54 million were down 8% from the fourth quarter of 2024 and 12% from the first quarter of 2024. Expenses of $2.92 million increased 4% from the fourth quarter of 2024 and decreased 3% from the first quarter of 2024.  Bimini recorded an income tax provision of $0.2 million for the first quarter of 2025.

    Management of Orchid Island Capital, Inc.

    Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended March 31, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended March 31, 2025, Bimini recorded $3.6 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.7 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

    Book Value Per Share

    The Company’s book value per share on March 31, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At March 31, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

    Capital Allocation and Return on Invested Capital

    The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

    Portfolio Activity for the Quarter  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Market Value – December 31, 2024 $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Securities purchased                            
    Return of investment   n/a       (77,876 )     (346 )     (78,222 )     (78,222 )
    Pay-downs   (2,793,832 )     n/a       n/a       n/a       (2,793,832 )
    Discount accreted due to pay-downs   19,415       n/a       n/a       n/a       19,415  
    Mark to market gains   1,423,056       45,169       1,368       46,537       1,469,593  
    Market Value – March 31, 2025 $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  

    The tables below present the allocation of capital between the respective portfolios at March 31, 2025 and December 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended March 31, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

    Capital Allocation  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    March 31, 2025                                      
    Market value $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  
    Cash equivalents and restricted cash   5,500,438                         5,500,438  
    Repurchase agreement obligations   (115,510,999 )                       (115,510,999 )
    Total $ 8,693,794     $ 2,252,898     $ 7,871     $ 2,260,769     $ 10,954,563  
    % of Total   79.4 %     20.5 %     0.1 %     20.6 %     100.0 %
    December 31, 2024                                      
    Market value $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Cash equivalents and restricted cash   7,422,746                         7,422,746  
    Repurchase agreement obligations   (117,180,999 )                       (117,180,999 )
    Total $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    % of Total   81.8 %     18.2 %     0.1 %     18.2 %     100.0 %

    The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 4.6% and 3.7%, respectively, for the three months ended March 31, 2025. The combined portfolio generated a return on invested capital of approximately 4.4%.

    Returns for the Quarter Ended March 31, 2025  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Interest income (net of repo cost) $ 397,204     $ 38,427     $ 43     $ 38,470     $ 435,674  
    Realized and unrealized gains   1,442,471       45,169       1,368       46,537       1,489,008  
    Hedge losses   (1,368,795 )     n/a       n/a       n/a       (1,368,795 )
    Total Return $ 470,880     $ 83,596     $ 1,411     $ 85,007     $ 555,887  
    Beginning capital allocation $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    Return on invested capital for the quarter(1)   4.6 %     3.7 %     20.6 %     3.7 %     4.4 %
    (1 ) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.


    Prepayments

    For the first quarter of 2025, the Company received approximately $2.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 7.3%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

      PT Structured  
      MBS Sub- MBS Sub- Total
    Three Months Ended Portfolio Portfolio Portfolio
    March 31, 2025 7.5 6.2 7.3
    December 31, 2024 10.9 12.5 11.1
    September 30, 2024 6.3 6.7 6.3
    June 30, 2024 10.9 5.5 10.0
    March 31, 2024 18.0 9.2 16.5


    Portfolio

    The following tables summarize the MBS portfolio as of March 31, 2025 and December 31, 2024:

    ($ in thousands)   
                    Weighted  
            Percentage       Average  
            of   Weighted   Maturity  
      Fair   Entire   Average   in Longest
    Asset Category Value   Portfolio   Coupon   Months Maturity
    March 31, 2025                  
    Fixed Rate MBS $ 118,704   98.1 % 5.60 % 338 1-Jan-55
    Structured MBS   2,261   1.9 % 2.86 % 279 15-May-51
    Total MBS Portfolio $ 120,965   100.0 % 5.27 % 337 1-Jan-55
    December 31, 2024                  
    Fixed Rate MBS $ 120,056   98.1 % 5.60 % 341 1-Jan-55
    Structured MBS   2,292   1.9 % 2.85 % 281 15-May-51
    Total MBS Portfolio $ 122,348   100.0 % 5.26 % 340 1-Jan-55
    ($ in thousands)  
      March 31, 2025   December 31, 2024  
          Percentage of       Percentage of  
    Agency Fair Value Entire
    Portfolio
      Fair Value Entire
    Portfolio
     
    Fannie Mae $ 31,705 26.2 % $ 32,692 26.7 %
    Freddie Mac   89,260 73.8 %   89,656 73.3 %
    Total Portfolio $ 120,965 100.0 % $ 122,348 100.0 %
      March 31, 2025 December 31, 2024
    Weighted Average Pass Through Purchase Price $ 102.72 $ 102.72
    Weighted Average Structured Purchase Price $ 4.48 $ 4.48
    Weighted Average Pass Through Current Price $ 100.85 $ 99.63
    Weighted Average Structured Current Price $ 14.02 $ 13.71
    Effective Duration (1)   3.257   3.622
    (1 ) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.257 indicates that an interest rate increase of 1.0% would be expected to cause a 3.257% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

    As of March 31, 2025, the Company had outstanding repurchase obligations of approximately $115.5 million with a net weighted average borrowing rate of 4.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $121.4 million. At March 31, 2025, the Company’s liquidity was approximately $4.5 million, consisting of unpledged MBS and cash and cash equivalents.

    We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at March 31, 2025.

    ($ in thousands)  
    Repurchase Agreement Obligations
              Weighted   Weighted
      Total     Average   Average
      Outstanding % of   Borrowing   Maturity
    Counterparty Balances Total   Rate   (in Days)
    South Street Securities, LLC $ 25,952 22.5 % 4.46 % 21
    Marex Capital Markets Inc.   24,040 20.8 % 4.45 % 39
    DV Securities, LLC Repo   19,282 16.7 % 4.45 % 21
    Mirae Asset Securities (USA) Inc.   18,870 16.3 % 4.51 % 51
    Clear Street LLC   16,365 14.2 % 4.46 % 49
    Mitsubishi UFJ Securities, Inc.   11,002 9.5 % 4.49 % 49
      $ 115,511 100.0 % 4.47 % 36


    Summarized Consolidated Financial Statements

    The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the three months ended March 31, 2025 and 2024. Amounts presented are subject to change.

    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
      March 31, 2025   December 31, 2024
    ASSETS          
    Mortgage-backed securities $ 120,965,124   $ 122,348,170
    Cash equivalents and restricted cash   5,500,438     7,422,746
    Orchid Island Capital, Inc. common stock, at fair value   4,279,414     4,427,372
    Accrued interest receivable   587,536     601,640
    Deferred tax assets, net   15,750,116     15,930,953
    Other assets   4,356,674     4,122,776
    Total Assets $ 151,439,302   $ 154,853,657
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Repurchase agreements $ 115,510,999   $ 117,180,999
    Long-term debt   27,362,762     27,368,158
    Other liabilities   1,191,564     3,483,093
    Total Liabilities   144,065,325     148,032,250
    Stockholders’ equity   7,373,977     6,821,407
    Total Liabilities and Stockholders’ Equity $ 151,439,302   $ 154,853,657
    Class A Common Shares outstanding   10,005,457     10,005,457
    Book value per share $ 0.74   $ 0.68
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
      Three Months Ended March 31,  
      2025     2024  
    Advisory services $ 3,582,289     $ 2,929,261  
    Interest and dividend income   1,947,040       1,598,965  
    Interest expense   (1,844,020 )     (1,815,678 )
    Net revenues   3,685,309       2,712,548  
    Other (expense) income   (27,745 )     926,731  
    Expenses   2,924,157       3,029,395  
    Net income before income tax provision   733,407       609,884  
    Income tax provision   180,837       396,776  
    Net income $ 552,570     $ 213,108  
                   
    Basic and Diluted Net (Loss) Income Per Share of:              
    CLASS A COMMON STOCK $ 0.06     $ 0.02  
    CLASS B COMMON STOCK $ 0.06     $ 0.02  
      Three Months Ended March 31,  
    Key Balance Sheet Metrics 2025     2024  
    Average MBS(1) $ 121,656,646     $ 90,697,087  
    Average repurchase agreements(1)   116,345,999       85,752,999  
    Average stockholders’ equity(1)   7,097,692       8,234,295  
                   
    Key Performance Metrics              
    Average yield on MBS(2)   5.73 %     6.15 %
    Average cost of funds(2)   4.49 %     5.63 %
    Average economic cost of funds(3)   4.13 %     5.54 %
    Average interest rate spread(4)   1.24 %     0.52 %
    Average economic interest rate spread(5)   1.60 %     0.61 %
    (1 ) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2 ) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3 ) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4 ) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5 ) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

    Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

    Forward Looking Statements

    Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

    Earnings Conference Call Details

    An earnings conference call and live audio webcast will be hosted Friday, May 2, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIa731c864bb5447568e7b00d74642ab23. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/cq5fazei or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

    CONTACT:
    Bimini Capital Management, Inc.
    Robert E. Cauley, 772-231-1400
    Chairman and Chief Executive Officer
    https://ir.biminicapital.com

    The MIL Network

  • MIL-OSI USA: LaMalfa Resolution Overturning Longfin Smelt ESA Listing Passes House

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Today, Congressional Western Caucus Members celebrated passage of H.J. Res. 78. This Congressional Review Act (CRA) resolution, introduced by Congressional Western Caucus Chairman Doug LaMalfa (CA-01), repeals the Biden Administration’s listing of the longfin smelt as endangered under the Federal Endangered Species Act. Once enacted into law, this resolution will halt the proposed designation of critical habitat for this fish species, as well as ensure California’s water remains available for those who need it most, families and farmers.
     

    “The Biden Administration and activist judges have used this listing as a political tool to block progress on California water policy,” said Chairman LaMalfa. “This listing is based on cherry picked scientific anecdotes and even Stanford’s Center for Water California Resources Policy and Management questioned the science of the listing. It adds yet another layer of conflicting regulations that dump tens of millions of acre feet of water out to the Pacific Ocean, with farmers receiving only 40% to 50% of their promised federal and state water. Congress isn’t going to stand by while bureaucrats and environmental lawsuits continue to wreck the water system that feeds our farms, our families, and our economy. I’m glad to see the House take a stand and push back with real solutions that help us grow food, provide water, and keep our economy strong.”

     
    “In the wake of litigation from radical environmentalists, the Biden administration ignored scientific data and inaccurately listed the longfin smelt as endangered,” said House Natural Resources Committee Chairman Bruce Westerman (AR-04). “This decision only created another layer of red tape, cutting off Californians from water resources that are essential to agriculture and daily life. Thanks to Congressman LaMalfa and the entire California Republican delegation’s work, today the House voted to overturn this flawed rule and restore common sense to California while ensuring farmers and communities can access their vital resources.” 

    “California is already facing a water crisis made worse each year by wildfires, drought, and mismanagement. This endangered species listing adds yet another roadblock to delivering water to the communities that need it most,” said Vice Chair Jay Obernolte (CA-23). “I was proud to see this resolution pass the House to stop an unnecessary mandate that would send vital water out to sea instead of to California’s future.”
     
    “California House Republicans are once again taking steps to secure a reliable and affordable water supply for our constituents and farmers,” said Representative Ken Calvert (CA-41). “H.J. Res. 78 will reverse a Biden administration action that was pursued by radical environmentalists to abuse federal regulations in an attempt to limit water supplies for California families and our farms. By restoring commonsense water solutions we can ensure California has the water supplies it needs.”
     
    “Working with Congressman Doug LaMalfa, we are advancing legislation that prioritizes commonsense water solutions for our state,” said Representative Vince Fong (CA-20). “Instead of wasting vital resources to protect a fish that never belonged on the endangered species list, this resolution will restore essential water allocations to support our region. This is a win for our communities to ensure we have reliable and stable water supplies for our homes, businesses, and farms.”
     
    “The Biden Administration’s unnecessary decision to list the longfin smelt as an endangered species is yet another example of an environmental policy not grounded in science that puts fish over people,” said Representative David Valadao (CA-22). “Our families and farmers are already struggling with burdensome regulations that restrict water deliveries and threaten the future of agriculture in the Central Valley, and this rule would have ensured even more of our water is sent out to sea. By passing this resolution, the House is taking an important step forward in rolling back draconian water restrictions that directly affect our farmers, families, and rural communities, and I’m happy to see common sense won.”
     

    This designation, driven by litigation from an environmental group, by the U.S. Fish and Wildlife Service during the Biden Administration threatens California’s water supply by imposing new restrictions on the Central Valley Project (CVP) and State Water Project (SWP). This listing resulted in subsequent burdensome requirements imposed on the CVP that will divert even more water to the Pacific Ocean instead of supplying farms and families across the state.

     
    Read the resolution here.

    MIL OSI USA News

  • MIL-OSI USA: Strickland, Randall Re-Launch Puget Sound Recovery Caucus

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Washington, D.C. – Today, during the annual Puget Sound Day on the Hill, U.S. Representatives Marilyn Strickland (WA-10) and Emily Randall (WA-06) announced the re-launch of the Puget Sound Recovery Caucus for the 119th Congress.

    The Caucus, which was founded in 2013 by then-Representatives Denny Heck and Derek Kilmer, focuses on recovering Puget Sound through steps like preventing pollution from urban stormwater runoff, protecting and restoring habitat, and restoring and re-opening shellfish beds. Representative Emily Randall, who was elected in 2024, replaces Kilmer as Co-Chair.

    “The Puget Sound is a national treasure, not only because of its breathtaking beauty, but also because of how critical it is to our economy, jobs, tribal treaty rights, and the environment. We all know how vital the Puget Sound is to our fish and wildlife habitat, biodiversity, and water supply – which is all the more reason to act now. I look forward to the re-launch of the Puget Sound Recovery Caucus, alongside my colleague, Congresswoman Randall, to ensure that we have federal support for the Puget Sound’s recovery and revitalization,” said Strickland.

    “I am elated to join Rep. Strickland in co-leading the Puget Sound Recovery Caucus. The Puget Sound is a cornerstone of our region’s natural beauty, and a vital ecosystem whose health is inextricably linked to our communities, culture, and economy. Yet, it faces persistent and growing threats that demand urgent and sustained action,” said Rep. Emily Randall. “Through the work of this Caucus, we hope to help direct the federal government’s enduring commitment to protecting and restoring this irreplaceable resource — from revitalizing salmon populations and safeguarding critical habitats to advancing broader climate resilience. I am deeply grateful to our partners for their unwavering dedication to preserving the Puget Sound for generations to come.”

    “The Puget Sound Recovery Caucus has long been a strong advocate in Congress for the recovery and protection of Puget Sound, and we are proud to support the relaunch of this important effort,” said Larry Epstein, Deputy Director of the Puget Sound Partnership. “We are fortunate to have such dedicated leadership in our congressional delegation. Through their support, we can continue making investments that protect public health, strengthen local economies, restore vital salmon habitats, and build resilience against flooding.”

    “We welcome the continued leadership of Rep. Marilyn Strickland and fresh energy from Rep. Emily Randall as they carry on the work that Reps. Denny Heck and Derek Kilmer began when they created the Puget Sound Recovery Caucus in 2013,” said Ed Johnstone, Chairman of the Northwest Indian Fisheries Commission. “Recovering Puget Sound is absolutely essential to the protection and continued exercise of our treaty-protected rights. The Puget Sound Recovery Caucus can help us build climate resilience and face ongoing challenges from unchecked human development and recreational impacts from an ever-expanding population.”

    ###

    MIL OSI USA News

  • MIL-OSI USA: Congresswoman Harshbarger Joins Senator Cruz to Help Americans Save

    Source: United States House of Representatives – Representative Diana Harshbarger (R-TN)

    WASHINGTON — Today, Congresswoman Diana Harshbarger joined Senator Ted Cruz (R-TX) in introducing the House companion bill of the Universal Savings Account (USA) Act.

    This legislation is an innovative tax policy reform to reduce taxes on savings and help families build their own financial security through a single, flexible savings account.

    The USA Act would be all-purpose tax-advantaged accounts that allow individuals to decide what to use their savings for and when, without the government micromanaging their choices.

    Congresswoman Harshbarger issued the following statement.

    “It’s an honor to partner with Senator Cruz on this commonsense legislation to empower Americans to take control of their financial futures. The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend — without government interference or penalties.

    “Washington shouldn’t be in the business of micromanaging how people use their own money. This bill is a win for working families, a win for personal freedom, and a win for financial independence.”

    Senator Cruz added the following.

    “A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity. This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans.”

    Learn more about the legislation by clicking HERE.

    View the bill text HERE

    MIL OSI USA News

  • MIL-OSI: Skyward Specialty Insurance Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported first quarter 2025 net income of $42.1 million, or $1.01 per diluted share, compared to $36.8 million, or $0.90 per diluted share, for the same 2024 period.

    Adjusted operating income(1) for the first quarter of 2025 was $37.3 million, or $0.90 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period.

    Highlights for the first quarter included:

    • Gross written premiums of $535.3 million, an increase of 16.7% compared to 2024;
    • Combined ratio of 90.5%;
    • Ex-Cat combined ratio of 88.3%;
    • Annualized return on equity of 20.5%; and,
    • Book value per share of $21.06, an increase of 6% compared to December 31, 2024.
    (1)See “Reconciliation of Non-GAAP Financial Measures”

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “We delivered outstanding first quarter results, including adjusted operating income(1) which increased over 20% to $37.3 million, which is the best in Company history, and we achieved annualized return on equity of 20.5%. We continued our consistent and strong record of growth in underwriting performance as gross written premiums increased by approximately 17%, and we delivered a 90.5% combined ratio inclusive of 2.2 points of catastrophe losses. Our strong growth this quarter highlights the strength of our diversified business portfolio, with our global agriculture unit and our accident & health division each having a breakout quarter; we have highlighted these two areas as part of our intentional strategy to grow in areas less exposed to the P&C market.”

    “As we look out to the remainder of the year, we remain confident that the strength of our diversified business portfolio, the power of our Rule Our Niche strategy, our investment in technology and talent, and our track record for consistent execution, positions us to continue to deliver strong financial results that create long-term value for our shareholders.”

    Results of Operations

    Underwriting Results

    Premiums            
    ($ in thousands)   Three months ended March 31,
    unaudited     2025       2024     %
    Change
    Gross written premiums   $ 535,326     $ 458,620     16.7 %
    Ceded written premiums   $ (192,055 )   $ (171,520 )   12.0 %
    Net retention     64.1 %     62.6 %   NM (1)
    Net written premiums   $ 343,271     $ 287,100     19.6 %
    Net earned premiums   $ 300,366     $ 236,342     27.1 %
    (1)Not meaningful            
                 

    The increase in gross written premiums for the first quarter of 2025, when compared to the same 2024 period, was driven by double-digit premium growth primarily from the agriculture and credit (re)insurance, accident & health and specialty programs divisions, partially offset by a decrease in gross written premiums in the global property division.

    During the first quarter 2025, the Company updated its underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. The Company added a ninth division, Agriculture and Credit (Re)insurance, which includes the Global Agriculture unit, previously reported with Global Property, and the Mortgage and Credit units, and focuses on specialty classes for which reinsurance provides a more attractive market entry. The Industry Solutions division is now the Construction & Energy Solutions division and the Inland Marine unit is now included in the Transactional E&S division. Programs is now Specialty Programs. Prior reporting periods have been conformed to reflect the new presentation.

    Combined Ratio   Three months ended March 31,
    (unaudited)   2025   2024
    Non-cat loss and LAE   60.2 %   60.6 %
    Cat loss and LAE(1)   2.2 %   0.4 %
    Prior accident year development – LPT   0.0 %   (0.1) %
    Loss Ratio   62.4 %   60.9 %
    Net policy acquisition costs   14.8 %   13.6 %
    Other operating and general expenses   14.0 %   16.0 %
    Commission and fee income   (0.7) %   (0.9) %
    Expense ratio   28.1 %   28.7 %
    Combined ratio   90.5 %   89.6 %
    Ex-Cat Combined Ratio(2)   88.3 %   89.2 %
             
    (1)Current accident year
    (2)Defined as the combined ratio excluding cat loss and LAE(1)        
             

    The loss ratio for the first quarter of 2025 increased 1.5 points when compared to the same 2024 period, due to higher catastrophe losses, primarily from convective storms in the Midwest and the California wildfires. Partially offsetting the increase in the cat loss and LAE ratio was improvement in the non-cat loss and LAE ratio driven by the business mix shift.

    The expense ratio for the first quarter improved 0.6 points when compared to the same 2024 period due to earnings leverage partially offset by higher acquisition costs due to the business mix shift.

    The expense ratios for the first quarters of 2025 and 2024 exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

    Investment Results

    Net Investment Income        
    $ in thousands   Three months ended March 31,
    (unaudited)     2025       2024  
    Short-term investments & cash and cash equivalents   $ 4,041     $ 5,088  
    Fixed income     16,730       12,478  
    Equities     657       627  
    Alternative & strategic investments     (2,097 )     104  
    Net investment income   $ 19,331     $ 18,297  
    Net unrealized gains on securities still held   $ 5,491     $ 8,991  
    Net realized gains (losses)     1,350       (688 )
    Net investment gains   $ 6,841     $ 8,303  
     

    Net investment income for the first quarter of 2025 increased $1.0 million when compared to the same 2024 period, driven by increased income from our fixed income portfolio due to a higher yield and larger asset base. Partially offsetting the increase in income from our fixed income portfolio were (i) losses from the alternative and strategic investments portfolio due to the decline in the fair value of limited partnership investments, and (ii) less income from short-term investments driven by a lower yield.

    Stockholders’ Equity

    Stockholders’ equity was $850.7 million at March 31, 2025 which represented an increase of 7.1% when compared to stockholders’ equity of $794.0 million at December 31, 2024. The increase in stockholders’ equity was primarily due to an increase in the market value of our investment portfolio and net income.

    Conference Call

    At 9:30 a.m. eastern time tomorrow, May 2, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    Non-GAAP Financial Measures

    This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

    We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

    About Skyward Specialty Insurance Group, Inc.

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    Forward-Looking Statements

    Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Skyward Specialty Insurance Group, Inc.

    Investor contact:
    Natalie Schoolcraft,
    nschoolcraft@skywardinsurance.com
    614-494-4988

    or

    Media contact:
    Haley Doughty
    hdoughty@skywardinsurance.com
    713-935-4944

    Consolidated Balance Sheets        
    ($ in thousands, except share and per share amounts)        
    (unaudited)   March 31,
    2025
      December 31,
    2024
    Assets        
    Investments:        
    Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,410,269 and $1,320,266, respectively)   $ 1,397,508     $ 1,292,218  
    Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $250 and $243, respectively)     37,519       39,153  
    Equity securities, at fair value     108,075       106,254  
    Mortgage loans, at fair value     16,012       26,490  
    Equity method investments     88,588       98,594  
    Other long-term investments     37,646       33,182  
    Short-term investments, at fair value     308,042       274,929  
    Total investments     1,993,390       1,870,820  
    Cash and cash equivalents     112,916       121,603  
    Restricted cash     40,590       35,922  
    Premiums receivable, net     417,542       321,641  
    Reinsurance recoverables, net     902,970       857,876  
    Ceded unearned premium     232,147       203,901  
    Deferred policy acquisition costs     126,439       113,183  
    Deferred income taxes     26,984       30,486  
    Goodwill and intangible assets, net     87,089       87,348  
    Other assets     90,566       86,698  
    Total assets   $ 4,030,633     $ 3,729,478  
    Liabilities and stockholders’ equity        
    Liabilities:        
    Reserves for losses and loss adjustment expenses   $ 1,871,491     $ 1,782,383  
    Unearned premiums     708,347       637,185  
    Deferred ceding commission     45,544       40,434  
    Reinsurance and premium payables     243,083       177,070  
    Funds held for others     113,748       102,665  
    Accounts payable and accrued liabilities     78,154       76,206  
    Notes payable     100,000       100,000  
    Subordinated debt, net of debt issuance costs     19,545       19,536  
    Total liabilities     3,179,912       2,935,479  
    Stockholders’ equity        
    Common stock, $0.01 par value, 500,000,000 shares authorized, 40,402,879 and 40,127,908 shares issued and outstanding, respectively     404       401  
    Additional paid-in capital     721,186       718,598  
    Accumulated other comprehensive loss     (10,047 )     (22,120 )
    Retained earnings     139,178       97,120  
    Total stockholders’ equity     850,721       793,999  
       Total liabilities and stockholders’ equity   $ 4,030,633     $ 3,729,478  
             
    Condensed Consolidated Statements of Operations and Comprehensive Income
    ($ in thousands)   Three months ended March 31,
    (unaudited)     2025       2024  
             
    Revenues:        
    Net earned premiums   $ 300,366     $ 236,342  
    Commission and fee income     1,976       2,026  
    Net investment income     19,331       18,297  
    Net investment gains     6,841       8,303  
    Other income     13        
    Total revenues     328,527       264,968  
    Expenses:        
    Losses and loss adjustment expenses     187,309       143,914  
    Underwriting, acquisition and insurance expenses     86,551       69,774  
    Interest expense     1,834       2,727  
    Amortization expense     337       388  
    Other expenses     1,061       1,188  
    Total expenses     277,092       217,991  
    Income before income taxes     51,435       46,977  
    Income tax expense     9,377       10,193  
    Net income     42,058       36,784  
    Comprehensive income:        
    Net income   $ 42,058     $ 36,784  
    Other comprehensive income:        
    Unrealized gains and losses on investments:        
    Net change in unrealized gains (losses) on investments, net of tax     12,255       (5,418 )
    Reclassification adjustment for losses on securities no longer held, net of tax     (182 )     (908 )
    Total other comprehensive income (loss)     12,073       (6,326 )
    Comprehensive income   $ 54,131     $ 30,458  
             
    Share and Per Share Data        
    ($ in thousands, except share and per share amounts)   Three months ended March 31,
    (unaudited)     2025       2024  
             
    Weighted average basic shares     40,196,416       39,108,351  
    Weighted average diluted shares     41,680,595       41,085,136  
             
    Basic earnings per share   $ 1.05     $ 0.94  
    Diluted earnings per share   $ 1.01     $ 0.90  
    Basic adjusted operating earnings per share   $ 0.93     $ 0.79  
    Diluted adjusted operating earnings per share   $ 0.90     $ 0.75  
             
    Annualized ROE(1)     20.5 %     21.7 %
    Annualized adjusted ROE(2)     18.2 %     18.3 %
    Annualized ROTE(3)     22.9 %     25.0 %
    Annualized adjusted ROTE(4)     20.3 %     21.1 %
             
        March 31   December 31
          2025       2024  
             
    Shares outstanding     40,402,879       40,127,908  
    Fully diluted shares outstanding     42,234,957       42,059,182  
             
    Book value per share   $ 21.06     $ 19.79  
    Fully diluted book value per share   $ 20.14     $ 18.88  
    Fully diluted tangible book value per share   $ 18.08     $ 16.80  
             
    (1)Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (2)Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (3)Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
    (4)Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period


    Adjusted operating income
    – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.        

    ($ in thousands)   Three months ended March 31,
    (unaudited)     2025       2024  
        Pre-tax   After-tax   Pre-tax   After-tax
    Income as reported   $ 51,435     $ 42,058     $ 46,977     $ 36,784  
    Less (add):                
    Net investment gains     6,841       5,594       8,303       6,501  
    Net impact of loss portfolio transfer                 241       189  
    Other income     13       11              
    Other expenses     (1,061 )     (868 )     (1,188 )     (930 )
    Adjusted operating income   $ 45,642     $ 37,321     $ 39,621     $ 31,024  
                     


    Underwriting income
    – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

    ($ in thousands)   Three months ended March 31,
    (unaudited)   2025   2024
    Income before income taxes   $ 51,435   $ 46,977
    Add:        
    Interest expense     1,834     2,727
    Amortization expense     337     388
    Other expenses     1,061     1,188
    Less:        
    Net investment income     19,331     18,297
    Net investment gains     6,841     8,303
    Other income     13    
    Underwriting income   $ 28,482   $ 24,680
             


    Tangible Stockholders’ Equity
    – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

    ($ in thousands)   March 31,   December 31,
    (unaudited)   2025   2024   2024
    Stockholders’ equity   $ 850,721   $ 692,272   $ 793,999
    Less: Goodwill and intangible assets     87,089     88,137     87,348
    Tangible stockholders’ equity   $ 763,632   $ 604,135   $ 706,651
                 
        Three months ended March 31,
    ($ in thousands)   2025   2024   % Change
    Accident & Health   $ 63,169   $ 40,901   54.4 %
    Agriculture and Credit (Re)insurance     87,847     43,321   102.8 %
    Captives     68,401     68,408   %
    Construction & Energy Solutions     75,571     74,222   1.8 %
    Global Property     46,686     57,312   (18.5) %
    Professional Lines     41,166     42,239   (2.5) %
    Specialty Programs     62,675     52,178   20.1 %
    Surety     37,798     33,842   11.7 %
    Transactional E&S     52,006     46,232   12.5 %
    Total gross written premiums(1)   $ 535,319   $ 458,655   16.7 %
    (1)Excludes exited business            

    The MIL Network

  • MIL-OSI: Asure Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Reports First Quarter 2025 Total Revenues of $34.9 million

    Recurring Revenues Grew 10% from Prior Year

    AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenue of $34.9 million, up 10% year over year, excluding ERTC revenue up 13% from the prior year first quarter
    • Recurring revenue of $33.2 million versus $30.3 million during the prior year first quarter
    • Net loss of $2.4 million versus a net loss of $0.3 million during the prior year first quarter
    • EBITDA(1) of $4.1 million versus $4.4 million during the prior year first quarter
    • Adjusted EBITDA(1) of $7.3 million versus $6.8 million during the prior year first quarter
    • Gross profit of $24.6 million versus $22.6 million during the prior year first quarter
    • Non-GAAP gross profit(1) of $26.3 million (Non-GAAP gross margin(1) of 75%) versus $23.8 million (and 75% in prior year first quarter)

    Recent Business Highlights

    • New Payroll Tax Management solution launched which is designed specifically for large Canadian companies and global enterprises with employees in Canada. Our ability to serve enterprise clients with international workforces with this innovative solution creates further opportunities to grow our business and the seamless integration of payroll tax services into major platforms such as Workday, Oracle, and SAP is a key benefit. The Canadian payroll tax solution addresses critical compliance needs for organizations managing cross-border payroll processes, reducing complexity and ensuring accurate, timely filing.
    • In April 2025 we entered into a credit agreement primarily with MidCap Financial Trust, whereby the Company may borrow up to $60 million. At closing, which occurred on April 10, we received $20 million of gross proceeds.

    (1)This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

    Management Commentary

    “We are excited to be off to a great start to 2025 with healthy results for our first quarter of 2025 with our revenues increasing 10% from the prior year first quarter. Our results were driven by strong performance coming from our Payroll Tax Management and initial contribution from our recently acquired product offerings,” said Asure Chairman and CEO Pat Goepel.

    “Our team is focused on continuing to execute our growth strategy. Our revenues are now more than 95% recurring, our contracted revenue backlog sits at an all-time high, and we believe that the investments we have made in the business will continue to drive greater adoption of our broadened product suite for the remainder of 2025.”

    Second Quarter 2025 and Full Year 2025 Revenue Guidance Ranges

    The Company is providing the following guidance for the second quarter of 2025 and the full year 2025 based on the Company’s year-to-date results and recent business trends. The guidance for our second quarter of 2025 and the full year 2025 excludes any contribution from future potential acquisitions.

    Guidance for 2025

    Guidance Range   Q2-2025   FY-2025
    Revenue $ 30.0 M – 32.0 M $ 134.0 M -138.0 M
    Adjusted EBITDA(1) $ 5.0 M -6.0 M   23% -24%
             

    Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does.

    Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

    Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

    Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

    Conference Call Details

    Asure management will host a conference call on Thursday, May 1, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

    About Asure Software, Inc.

    Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com

    Non-GAAP and Adjusted Financial Measures

    This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

    Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

    Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

    Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

    Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

    EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

    Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

    All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

    Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

    Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

    Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

    Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

    Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

    Income Taxes. The Company excludes income taxes, both at the federal and state levels.

    One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

    Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

    Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

    Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

    Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

    Use of Forward-Looking Statements

    This press release contains certain statements made by management that may constitute “forward- looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

    The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of the Company’s security measures; risks related to material weaknesses; possible fluctuations in the Company’s financial and operating results; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; risk of our software and solutions not functioning adequately; interruptions, delays or changes in the Company’s services or the Company’s Web hosting; may incur debt to meet future capital requirements; volatility and weakness in bank and capital markets; access to additional capital; significant costs as a result of operating as a public company; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims and the corresponding cash collections of existing receivables; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of the Company’s services and technological developments; customer’s nonrenewal of their agreements and other similar changes could negatively impact revenue, operating results and financial conditions; the exposure of market, interest, credit and liquidity risk on client funds held int rust; the Company’s operation in highlight competitive markets; risk that our clients could have insufficient funds that could result in limitations in the ability to transmit ACH transactions; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; various financial aspects of the Company’s Software-as-a-Service model; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to the Company; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet; factors affecting the Company’s deferred tax assets and ability to value and utilize them; the nature of the Company’s business model; inability to adopt new or correctly interpret existing money service and money transmitter business status; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; interruptions to supply chains and extended shut down of businesses; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; risks associate with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders.

    Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025.

    The forward-looking statements, including the financial guidance and 2025 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2025 Asure Software, Inc. All rights reserved

     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)
           
      March 31, 2025   December 31, 2024
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 14,076     $ 21,425  
    Accounts receivable, net of allowance for credit losses of $6,545 and $6,328 at March 31, 2025 and December 31, 2024, respectively   15,800       18,154  
    Inventory   220       195  
    Prepaid expenses and other current assets   5,970       4,888  
    Total current assets before funds held for clients   36,066       44,662  
    Funds held for clients   257,019       192,615  
    Total current assets   293,085       237,277  
    Property and equipment, net   20,999       19,669  
    Goodwill   94,724       94,724  
    Intangible assets, net   73,003       69,114  
    Operating lease assets, net   4,403       4,041  
    Other assets, net   12,727       11,813  
    Total assets $ 498,941     $ 436,638  
    LIABILITIES AND STOCKHOLDERSEQUITY      
    Current liabilities:      
    Current portion of notes payable $ 7,948     $ 7,008  
    Accounts payable   2,475       1,364  
    Accrued compensation and benefits   2,911       4,485  
    Operating lease liabilities, current   1,432       1,438  
    Other accrued liabilities   6,071       6,600  
    Deferred revenue   4,662       8,363  
    Total current liabilities before client fund obligations   25,499       29,258  
    Client fund obligations   258,586       194,378  
    Total current liabilities   284,085       223,636  
    Long-term liabilities:      
    Deferred revenue   3,321       3,430  
    Deferred tax liability   2,903       2,612  
    Notes payable, net of current portion   6,172       5,709  
    Operating lease liabilities, noncurrent   3,892       3,578  
    Other liabilities   905       358  
    Total long-term liabilities   17,193       15,687  
    Total liabilities   301,278       239,323  
    Stockholders’ equity:      
    Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding          
    Common stock, $0.01 par value; 44,000 shares authorized; 27,122 and 26,671 shares issued, 27,122 and 26,671 shares outstanding at December 31, 2024 and December 31, 2023, respectively   271       267  
    Treasury stock at cost, zero(1)at March 31, 2025 and December 31, 2024          
    Additional paid-in capital   507,149       504,849  
    Accumulated deficit   (309,624 )     (307,226 )
    Accumulated other comprehensive loss   (133 )     (575 )
    Total stockholders’ equity   197,663       197,315  
    Total liabilities and stockholders’ equity $ 498,941     $ 436,638  
    (1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.
     
     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (in thousands, except per share amounts)
     
      Three Months Ended
    March 31,
      2025   2024
           
    Revenue:      
    Recurring $ 33,187     $ 30,273  
    Professional services, hardware and other   1,667       1,379  
    Total revenue   34,854       31,652  
    Cost of sales   10,246       9,045  
    Gross profit   24,608       22,607  
    Operating expenses:      
    Sales and marketing   8,386       7,767  
    General and administrative   11,900       10,063  
    Research and development   2,029       1,769  
    Amortization of intangible assets   4,308       3,449  
    Total operating expenses   26,623       23,048  
    Loss from operations   (2,015 )     (441 )
    Interest income   171       336  
    Interest expense   (451 )     (180 )
    Other income, net   188       10  
    Loss from operations before income taxes   (2,107 )     (275 )
    Income tax expense   291       33  
    Net loss   (2,398 )     (308 )
    Other comprehensive income (loss):      
    Unrealized gain (loss) on marketable securities   442       (244 )
    Comprehensive loss $ (1,956 )   $ (552 )
           
    Basic and diluted loss per share      
    Basic $ (0.09 )   $ (0.01 )
    Diluted $ (0.09 )   $ (0.01 )
           
    Weighted average basic and diluted shares      
    Basic   26,961       25,334  
    Diluted   26,961       25,334  
                   
     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
       
      Three Months Ended March 31,
      2025   2024
           
    Cash flows from operating activities:      
    Net loss $ (2,398 )   $ (308 )
    Adjustments to reconcile loss to net cash provided by (used in) operations:      
    Depreciation and amortization   5,972       4,860  
    Amortization of operating lease assets   374       335  
    Amortization of debt financing costs and discount   253       142  
    Non-cash interest expense   197        
    Net accretion of discounts and amortization of premiums on available-for-sale securities   (110 )     (78 )
    Provision for expected losses   93       46  
    Provision for deferred income taxes   291       24  
    Net realized gains on sales of available-for-sale securities   (656 )     (652 )
    Share-based compensation   1,863       1,902  
    Changes in operating assets and liabilities:      
    Accounts receivable   2,261       (919 )
    Inventory   (24 )     (50 )
    Prepaid expenses and other assets   (1,049 )     (473 )
    Operating lease right-of-use assets         30  
    Accounts payable   903       (960 )
    Accrued expenses and other long-term obligations   (1,737 )     (2,665 )
    Operating lease liabilities   (427 )     (141 )
    Deferred revenue   (3,810 )     (5,040 )
    Net cash provided by (used in) operating activities   1,996       (3,947 )
    Cash flows from investing activities:      
    Acquisition of intangible assets   (6,346 )     (710 )
    Purchases of property and equipment   (192 )     (240 )
    Software capitalization costs   (2,769 )     (2,435 )
    Purchases of available-for-sale securities   (6,589 )     (3,516 )
    Proceeds from sales and maturities of available-for-sale securities   3,266       2,406  
    Net cash used in investing activities   (12,630 )     (4,495 )
    Cash flows from financing activities:      
    Payments made on amounts due for the acquisition of intangibles   (723 )     (236 )
    Net proceeds from issuance of common stock   441       176  
    Net change in client fund obligations   64,207       21,122  
    Net cash provided by financing activities   63,925       21,062  
    Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents   53,291       12,620  
    Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period   145,712       177,622  
    Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 199,003     $ 190,242  
                   
     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
    (in thousands)
       
      Three Months Ended March 31,
      2025
      2024
           
    Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Condensed Consolidated Balance Sheets
    Cash and cash equivalents $ 14,076     $ 23,166  
    Restricted cash and restricted cash equivalents included in funds held for clients   184,927       167,076  
    Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 199,003     $ 190,242  
           
    Supplemental information:      
    Cash paid for interest $ 125     $  
           
    Non-cash investing and financing activities:      
    Acquisition of intangible assets $ 750     $ 6,345  
    Notes payable issued for acquisitions $ 1,150     $ 827  
    Shares issued for acquisitions $     $ 4,494  
                   
     
    ASURE SOFTWARE, INC.
    RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES
    (unaudited)
                     
    (in thousands) Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23
    Revenue(1) $ 34,854   $ 30,792   $ 29,304   $ 28,044   $ 31,652   $ 26,264   $ 29,334   $ 30,420  
                     
    Gross Profit to non-GAAP Gross Profit                
    Gross Profit $ 24,608   $ 20,928   $ 19,704   $ 18,868   $ 22,607   $ 17,839   $ 21,280   $ 22,018  
    Gross Margin   70.6 %   68.0 %   67.2 %   67.3 %   71.4 %   67.9 %   72.5 %   72.4 %
                     
    Share-based Compensation   44     44     44     43     40     32     28     46  
    Depreciation   1,369     1,190     1,232     1,145     1,110     921     984     1,309  
    Amortization – intangibles   50     50     50     50     50     50     50     50  
    One-time expenses                
    Settlements, penalties & interest   29     25     2     3         (6 )   8      
    Acquisition and transaction costs   167     221     367     264     39              
    Other non-recurring expenses       84                          
    Non-GAAP Gross Profit $ 26,267   $ 22,542   $ 21,399   $ 20,373   $ 23,846   $ 18,836   $ 22,350   $ 23,423  
    Non-GAAP Gross Margin   75.4 %   73.2 %   73.0 %   72.6 %   75.3 %   71.7 %   76.2 %   77.0 %
                     
    Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
    Sales and Marketing Expense $ 8,386   $ 6,945   $ 6,680   $ 6,924   $ 7,767   $ 6,422   $ 6,597   $ 8,515  
                     
    Share-based Compensation   322     251     269     237     243     180     210     149  
    Depreciation   1         1         1     1          
    One-time expenses                
    Settlements, penalties & interest   51     78     (5 )   5     18     6     30     4  
    Acquisition and transaction costs   30     9     68     37     11              
    Other non-recurring expenses       52                         180  
    Non-GAAP Sales and Marketing Expense $ 7,982   $ 6,555   $ 6,347   $ 6,645   $ 7,494   $ 6,235   $ 6,357   $ 8,182  
                     
    General and Administrative Expense to non-GAAP General and Administrative Expense
    General and Administrative Expense $ 11,900   $ 9,940   $ 10,378   $ 10,118   $ 10,063   $ 9,747   $ 9,294   $ 10,336  
                     
    Share-based Compensation   1,407     1,081     1,187     1,122     1,535     980     936     1,298  
    Depreciation   244     269     264     256     251     225     200     234  
    One-time expenses                
    Settlements, penalties & interest   492     142     377     304     98     284     101     432  
    Acquisition and transaction costs   491     282     371     245     57     51          
    Other non-recurring expenses   136     220     253         86     53         453  
    Non-GAAP General and Administrative Expense $ 9,130   $ 7,946   $ 7,926   $ 8,191   $ 8,036   $ 8,154   $ 8,057   $ 7,919  
                     
    Research and Development Expense to non-GAAP Research and Development Expense
    Research and Development Expense $ 2,029   $ 2,103   $ 1,973   $ 1,962   $ 1,769   $ 1,739   $ 1,803   $ 1,325  
                     
    Share-based Compensation   90     87     90     86     85     69     76     89  
    Depreciation   1       $   $   $   $   $   $  
    One-time expenses                
    Settlements, penalties & interest   9     21         27     31              
    Acquisition and transaction costs   91     153     195     369     147              
    Other non-recurring expenses       29                          
    Non-GAAP Research and Development Expense $ 1,838   $ 1,813   $ 1,688   $ 1,480   $ 1,506   $ 1,670   $ 1,727   $ 1,236  
                     

    (1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

     
    ASURE SOFTWARE, INC.
    RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.)
    (unaudited)
                     
    (in thousands) Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23
    Revenue(1) $ 34,854   $ 30,792   $ 29,304   $ 28,044   $ 31,652   $ 26,264   $ 29,334   $ 30,420  
                     
    GAAP Net Loss to Adjusted EBITDA
    GAAP Net Loss $ (2,398 ) $ (3,204 ) $ (3,901 ) $ (4,360 ) $ (308 ) $ (3,582 ) $ (2,206 ) $ (3,765 )
                     
    Interest expense, net   280     211     109     (53 )   (156 )   (24 )   782     1,593  
    Income taxes   291     499     170     231     33     (158 )   (123 )   627  
    Depreciation   1,614     1,460     1,497     1,402     1,361     1,148     1,185     1,542  
    Amortization – intangibles   4,358     4,482     4,345     4,096     3,499     3,743     3,384     3,343  
    EBITDA $ 4,145   $ 3,448   $ 2,220   $ 1,316   $ 4,429   $ 1,127   $ 3,022   $ 3,340  
    EBITDA Margin   11.9 %   11.2 %   7.6 %   4.7 %   14.0 %   4.3 %   10.3 %   11.0 %
                     
    Share-based Compensation   1,863     1,463     1,591     1,488     1,902     1,260     1,251     1,582  
    One Time Expenses                
    Settlements, penalties & interest   581     266     375     339     147     283     140     436  
    Acquisition and transaction costs   779     665     1,001     914     254     51          
    Other non-recurring expenses   136     385     253         86     53         633  
    Other expense (income), net   (188 )   2             (10 )   1     1,800     93  
    Adjusted EBITDA $ 7,316   $ 6,229   $ 5,440   $ 4,057   $ 6,808   $ 2,775   $ 6,213   $ 6,084  
    Adjusted EBITDA Margin   21.0 %   20.2 %   18.6 %   14.5 %   21.5 %   10.6 %   21.2 %   20.0 %
                                                     

    (1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

    Investor Relations Contact
    Patrick McKillop
    Vice President, Investor Relations
    617-335-5058
    patrick.mckillop@asuresoftware.com 

    The MIL Network

  • MIL-OSI: Monolithic Power Systems Earnings Commentary for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — MPS will report its results after the market closes on May 1, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/92570889542.

    Q1 2025 Financial Summary  (Unaudited)
      GAAP
      Q1’25
      Q4’24
      Q1’24
        QoQ Change YoY Change
    Revenue ($k) $ 637,554   $ 621,665   457,885     Up 2.6% Up 39.2%
    Gross Margin 55.4%   55.4%   55.1%     Flat Up 0.3 pts
    Opex ($k) $ 184,471   $ 181,101   156,954     Up 1.9% Up 17.5%
    Operating Margin 26.5%   26.3%   20.9%     Up 0.2 pts Up 5.6 pts
    Net income ($k) $ 133,791   $ 1,449,363   92,541     Down 90.8% Up 44.6%
    Diluted EPS $ 2.79   $ 29.88   1.89     Down 90.7% Up 47.6%
      Non-GAAP
      Q1’25
      Q4’24
      Q1’24
        QoQ Change YoY Change
    Revenue ($k) $ 637,554   $ 621,665   $ 457,885     Up 2.6% Up 39.2%
    Gross Margin 55.7%   55.8%   55.7%     Down 0.1 pts Flat
    Opex ($k) $ 133,526   $ 126,117   $ 103,426     Up 5.9% Up 29.1%
    Operating Margin 34.7%   35.5%   33.1%     Down 0.8 pts Up 1.6 pts
    Net income ($k) $ 193,813   $ 198,401   $ 137,492     Down 2.3% Up 41.0%
    Diluted EPS $ 4.04   $ 4.09   $ 2.81     Down 1.2% Up 43.8%
    Tax Rate 15.0%   12.5%   12.5%     Up 2.5 pts Up 2.5 pts
    Revenue by End Market
     
        Revenue   YoY Change   % of Revenue
    End Market ($M)   Q1’25
    Q1’24   $   %     Q1’25   Q1’24  
    Storage & Computing   $ 188.5 $ 106.1   $ 82.4   77.7%     29.6 23.2
    Automotive   144.9 87.1   57.8   66.4%     22.7   19.0  
    Enterprise Data   132.9 149.7   (16.8 (11.2%   20.8   32.7  
    Communications   71.8 46.7   25.1   53.7%     11.3   10.2  
    Consumer   56.9 38.1   18.8   49.3%     8.9   8.3  
    Industrial   42.6 30.2   12.4   41.1%     6.7   6.6  
    Total   $ 637.6 $ 457.9   $ 179.7   39.2%     100 100
                               

    Ongoing Business Conditions

    In Q1 2025, MPS achieved record quarterly revenue of $637.6 million, slightly higher than revenue in the fourth quarter of 2024 and 39.2% higher than revenue in the first quarter of 2024.

    Our performance during the quarter reflected the continued strength of our diversified market strategy and a continued trend of the ordering patterns we saw at the end of 2024.

    Q1 2025 highlights include:

    • At our March 20th investor day, we showcased MPS innovation across a range of areas including new opportunities in Robotics, Automotive, Data Center, Building Automation, Medical, and Audio.
    • In Q1, Storage and Computing segment revenue increased 38% quarter-over-quarter on strong demand for both memory and notebook solutions.
    • We continue to win designs across all major Enterprise Data customers with revenue ramps expected in the second half of this year.
    • Finally, Q1 ’25 Automotive revenue increased 13% from Q4’24, the third consecutive quarter of sequential double-digit growth.

    MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

    Q1’25 Revenue Results

    MPS reported first quarter revenue of $637.6 million, slightly higher than the fourth quarter of 2024 and 39.2% higher than the first quarter of 2024. Compared with the fourth quarter of 2024, sales in Storage & Computing, Automotive, Communication and Industrial improved sequentially.

    First quarter 2025 Storage and Computing revenue of $188.5 million increased 38.1% from the fourth quarter of 2024. The sequential increase was primarily driven by higher sales of power solutions for storage and notebooks. First quarter 2025 Storage and Computing revenue was up 77.7% year over year. Storage and Computing revenue represented 29.6% of MPS’s first quarter 2025 revenue compared with 22.0% in the fourth quarter of 2024.

    First quarter Automotive revenue of $144.9 million increased 12.9% from the fourth quarter of 2024 primarily from higher sales in ADAS, body electronics, and infotainment power solutions. First quarter 2025 Automotive revenue was up 66.4% year over year. Automotive revenue represented 22.7% of MPS’s first quarter 2025 revenue compared with 20.6% in the fourth quarter of 2024.

    First quarter 2025 Communications revenue of $71.8 million was up 12.3% from the fourth quarter of 2025 primarily on higher sales into networking and optical solutions. First quarter 2025 Communications revenue was up 53.7% year over year. Communications sales represented 11.3% of our total first quarter 2025 revenue compared with 10.3% in the fourth quarter of 2024.

    First quarter 2025 Industrial revenue of $42.6 million increased 4.3% from the fourth quarter of 2024 primarily due to higher sales for industrial meters. First quarter 2025 Industrial revenue was up 41.1% year over year. Industrial revenue represented 6.7% of our total first quarter 2025 revenue compared with 6.6% in the fourth quarter of 2024.

    First quarter Consumer revenue of $56.9 million decreased 0.6% from the fourth quarter of 2024 primarily from lower sales in gaming partially offset by higher sales for TV solutions. First quarter 2025 Consumer revenue was up 49.3% year over year. Consumer revenue represented 8.9% of MPS’s first quarter 2025 revenue compared with 9.2% in the fourth quarter of 2024.

    In our Enterprise Data market, first quarter 2025 revenue of $132.9 million decreased 31.8% from the fourth quarter of 2024. First quarter 2025 Enterprise Data revenue was down 11.2% year over year. Enterprise Data revenue represented 20.8% of MPS’s first quarter 2025 revenue compared with 31.3% in the fourth quarter of 2024.

    Q1’25 Gross Margin & Operating Income

    GAAP gross margin was 55.4%, flat to the fourth quarter of 2024. Our GAAP operating income was $168.8 million compared to $163.3 million reported in the fourth quarter of 2024.

    Non-GAAP gross margin for the first quarter of 2025 was 55.7%, down 0.1 percentage points compared to the fourth quarter of 2024. Our non-GAAP operating income was $221.5 million compared to $220.7 million reported in the fourth quarter of 2024.

    Q1’25 Operating Expenses

    Our GAAP operating expenses were $184.5 million in the first quarter of 2025 compared with $181.1 million in the fourth quarter of 2024.

    Our Non-GAAP operating expenses were $133.5 million, up from $126.1 million in the fourth quarter of 2024.

    The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan income.

    Total stock-based compensation and related expenses, including approximately $1.7 million charged to cost of goods sold, was $53.8 million compared with $56.3 million recorded in the fourth quarter of 2024.

    The Bottom Line

    First quarter 2025 GAAP net income was $133.8 million or $2.79 per fully diluted share, compared with $1.4 billion or $29.88 per share in the fourth quarter of 2024. Fourth quarter 2024 GAAP net income and EPS included the recognition of a tax benefit granted to a foreign subsidiary.

    First quarter 2025 non-GAAP net income was $193.8 million or $4.04 per fully diluted share, compared with $198.4 million or $4.09 per fully diluted share in the fourth quarter of 2024.

    The first quarter 2025 non-GAAP tax rate increased to 15% from 12.5% in the fourth quarter of 2024.

    There were 48.0 million fully diluted shares outstanding at the end of the first quarter of 2025.

    Balance Sheet and Cash Flow

    Cash, cash equivalents and short-term investments were $1,026.7 million at the end of the first quarter of 2025 compared to $862.9 million at the end of the fourth quarter of 2024. For the first quarter of 2025, MPS generated operating cash flow of $256.4 million compared with the fourth quarter of 2024 operating cash flow of $167.7 million.

    Accounts receivable at the end of the first quarter of 2025 were $214.9 million, representing 31 days of sales outstanding, which was 6 days higher than the 25 days reported at the end of the fourth quarter of 2024.

    Our internal inventories at the end of the first quarter of 2025 were $454.8 million, up from $419.6 million at the end of the fourth quarter of 2024. Days of inventory of 146 days at the end of the first quarter of 2025 was 8 days higher than at the end of the fourth quarter of 2024.

    We have carefully managed our internal inventories throughout the year, balancing the uncertainty in the market with being prepared to capture market upturns when they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the first quarter of 143 days was 9 days higher than at the end of the fourth quarter of 2024.

    Selected Balance Sheet and Inventory Data (Unaudited)
           
      Q1’25 Q4’24 Q1’24
    Cash, Cash Equivalents, and Short-Term Investments $ 1,026.7 M $ 862.9 M $ 1,286.4 M
    Operating Cash Flow $ 256.4 M $ 167.7 M $ 248.0 M
    Accounts Receivable $ 214.9 M $ 172.5 M $ 194.4 M
    Days of Sales Outstanding 31 Days 25 Days 39 Days
    Internal Inventories $ 454.8 M $ 419.6 M $ 396.0 M
    Days of Inventory (current quarter revenue) 146 Days 138 Days 175 Days
    Days of Inventory (next quarter revenue) 143 Days 134 Days 159 Days
           

    Q2’25 Business Outlook

    For the second quarter of 2025 ending June 30, we are forecasting:

    • Revenue in the range of $640 million to $660 million.
    • GAAP gross margin in the range of 54.9% to 55.5%.
    • Non-GAAP gross margin in the range of 55.2% to 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • Total stock-based compensation and related expenses in the range of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
    • GAAP operating expenses between $189 million and $195 million.
    • Non-GAAP operating expenses in the range of $132.6 million to $136.6 million. This estimate excludes stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
    • Interest and other income in the range from $6.2 million to $6.6 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding in the range of 47.9 to 48.3 million shares.

    For further information, contact:

    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com 

    Safe Harbor Statement

    This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q2’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

    Non-GAAP Financial Measures

    This CFO Commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended March 31,
        2025   2024
    Net income   $ 133,791     $ 92,541  
                     
    Adjustments to reconcile net income to non-GAAP net income:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income), net     (6 )     47  
    Tax effect     5,897       (7,156 )
    Non-GAAP net income   $ 193,813     $ 137,492  
                     
    Non-GAAP net income per share:                
    Basic   $ 4.05     $ 2.83  
    Diluted   $ 4.04     $ 2.81  
                     
    Shares used in the calculation of non-GAAP net income per share:                
    Basic     47,851       48,635  
    Diluted     48,006       48,928  
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Gross profit   $ 353,230     $ 252,441  
    Gross margin     55.4 %     55.1 %
                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                
    Stock-based compensation and related expenses     1,706       1,900  
    Amortization of acquisition-related intangible assets     287       258  
    Deferred compensation plan expense (income)     (163 )     440  
    Non-GAAP gross profit   $ 355,060     $ 255,039  
    Non-GAAP gross margin     55.7 %     55.7 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024
    Total operating expenses   $ 184,471     $ 156,954  
                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                
    Stock-based compensation and related expenses     (52,105 )     (49,869 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )
    Deferred compensation plan income (expense)     1,193       (3,626 )
    Non-GAAP operating expenses   $ 133,526     $ 103,426  
                     
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024
    Total operating income   $ 168,759     $ 95,487  
                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income)     (1,356 )     4,066  
    Non-GAAP operating income   $ 221,534     $ 151,613  
                     
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024  
    Total other income, net   $ 5,131     $ 9,540  
                   
    Adjustments to reconcile other income, net to non-GAAP other income, net:              
    Deferred compensation plan expense (income)     1,350       (4,019 )
    Non-GAAP other income, net   $ 6,481     $ 5,521  
                     
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024
    Total income before income taxes   $ 173,890     $ 105,027
                   
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:              
    Stock-based compensation and related expenses     53,811       51,769
    Amortization of acquisition-related intangible assets     320       291
    Deferred compensation plan expense (income), net     (6 )     47
    Non-GAAP income before income taxes   $ 228,015     $ 157,134
                   
    2025 SECOND QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
        Three Months Ending
    March 31, 2025
                     
        Low   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ending
    March 31, 2025
                     
        Low   High
    Operating expenses   $ 189,000     $ 195,000  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (56,400 )     (58,400 )
    Non-GAAP operating expenses   $ 132,600     $ 136,600  
                     

    The MIL Network

  • MIL-OSI: Viper Energy, Inc. Announces Closing of Drop Down Transaction

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ: VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it and its operating subsidiary, Viper Energy Partners LLC (the “Operating Company”), have closed their previously announced acquisition of all of the equity interests in certain mineral and royalty interest-owning subsidiaries of Diamondback (the “Drop Down”). The total consideration for the Drop Down consisted of (i) $1.0 billion in cash and (ii) the issuance (the “Equity Issuance”) of 69,626,640 units representing limited liability company interests in the Operating Company and an equivalent number of shares of Viper’s Class B Common Stock, in each case, subject to transaction costs and certain customary post-closing adjustments.

    The mineral and royalty interests acquired by the Operating Company in the Drop Down represent approximately 22,847 net royalty acres in the Permian Basin, approximately 69% of which are currently operated by Diamondback. Viper funded the cash consideration for the Drop Down with (i) proceeds from its previously announced underwritten public offering of shares of its Class A Common Stock, completed on February 3, 2025, and (ii) borrowings under the Operating Company’s revolving credit facility. Immediately following the completion of the Drop Down, Diamondback beneficially owned approximately 53.7% of Viper’s outstanding voting common stock.

    The Drop Down was approved by Viper’s audit committee comprised of all independent directors and the full board of directors, in each case, on January 30, 2025, and by the majority of the Company’s stockholders, other than Diamondback and its subsidiaries, at the special meeting of the Company’s stockholders held on May 1, 2025 (the “Special Meeting”). At the Special Meeting, Viper’s stockholders also approved the Equity Issuance, as required under the rules of The Nasdaq Stock Market LLC.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news 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, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Drop Down and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Investor Contact:
    Chip Seale
    +1 432.247.6218
    cseale@viperenergy.com

    The MIL Network

  • MIL-OSI: Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended March 31, 2025.

    The financial results for the quarter ended March 31, 2025 were as follows:

    • Revenue was $637.6 million for the quarter ended March 31, 2025, a 2.6% increase from $621.7 million for the quarter ended December 31, 2024 and a 39.2% increase from $457.9 million for the quarter ended March 31, 2024.
    • GAAP gross margin was 55.4% for the quarter ended March 31, 2025, compared with 55.1% for the quarter ended March 31, 2024.
    • Non-GAAP gross margin (1) was 55.7% for the quarter ended March 31, 2025, excluding the impact of $1.7 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan income, compared with 55.7% for the quarter ended March 31, 2024, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.4 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
    • GAAP operating expenses were $184.5 million for the quarter ended March 31, 2025, compared with $157.0 million for the quarter ended March 31, 2024.
    • Non-GAAP operating expenses (1) were $133.5 million for the quarter ended March 31, 2025, excluding $52.1 million for stock-based compensation and related expenses and $1.2 million for deferred compensation plan income, compared with $103.4 million for the quarter ended March 31, 2024, excluding $49.9 million for stock-based compensation and related expenses and $3.6 million for deferred compensation plan expense.
    • GAAP operating income was $168.8 million for the quarter ended March 31, 2025, compared with $95.5 million for the quarter ended March 31, 2024.
    • Non-GAAP operating income (1) was $221.5 million for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses, $1.4 million for deferred compensation plan income and $0.3 million for amortization of acquisition-related intangible assets, compared with $151.6 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $4.1 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
    • GAAP other income, net was $5.1 million for the quarter ended March 31, 2025, compared with $9.5 million for the quarter ended March 31, 2024.
    • Non-GAAP other income, net (1) was $6.5 million for the quarter ended March 31, 2025, excluding $1.4 million for deferred compensation plan expense, compared with $5.5 million for the quarter ended March 31, 2024, excluding $4.0 million for deferred compensation plan income.
    • GAAP income before income taxes was $173.9 million for the quarter ended March 31, 2025, compared with $105.0 million for the quarter ended March 31, 2024.
    • Non-GAAP income before income taxes (1) was $228.0 million for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets, compared with $157.1 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets.
    • GAAP net income was $133.8 million and $2.79 per diluted share for the quarter ended March 31, 2025. Comparatively, GAAP net income was $92.5 million and $1.89 per diluted share for the quarter ended March 31, 2024.
    • Non-GAAP net income (1) was $193.8 million and $4.04 per diluted share for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $5.9 million for related tax effects, compared with $137.5 million and $2.81 per diluted share for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $7.2 million for related tax effects.

    The following is a summary of revenue by end market (in thousands):

        Three Months Ended March 31,
    End Market   2025   2024
    Storage and Computing   $ 188,511   $ 106,121
    Automotive     144,904     87,092
    Enterprise Data     132,924     149,727
    Communications     71,671     46,645
    Consumer     56,947     38,074
    Industrial     42,597     30,226
    Total   $ 637,554   $ 457,885

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS. 

    Business Outlook

    The following are MPS’s financial targets for the second quarter ending June 30, 2025:

    • Revenue in the range of $640.0 million to $660.0 million.
    • GAAP gross margin between 54.9% and 55.5%. Non-GAAP gross margin (1) between 55.2% and 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • GAAP operating expenses between $189.0 million and $195.0 million. Non-GAAP operating expenses (1) between $132.6 million and $136.6 million, which excludes estimated stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
    • Total stock-based compensation and related expenses of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
    • Interest and other income in the range of $6.2 million to $6.6 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding between 47.9 million and 48.3 million.

    (1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

    Earnings Commentary
    Earnings commentary on the results of operations for the quarter ended March 31, 2025 is available under the Investor Relations page on the MPS website.

    Earnings Webinar
    MPS plans to host a question-and-answer webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, May 1, 2025. The live event will be held via a Zoom webcast, which can be accessed at: https://mpsic.zoom.us/j/92570889542. The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 92570889542. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

    Safe Harbor Statement
    This press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying earnings webinar are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying earnings webinar.

    About Monolithic Power Systems
    Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries. 

    Contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com

    Monolithic Power Systems, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in thousands, except par value)
        March 31,   December 31,
        2025   2024
    ASSETS                
    Current assets:                
    Cash and cash equivalents   $ 637,354     $ 691,816  
    Short-term investments     389,310       171,130  
    Accounts receivable, net     214,866       172,518  
    Inventories     454,793       419,611  
    Other current assets     92,063       109,978  
    Total current assets     1,788,386       1,565,053  
    Property and equipment, net     527,348       494,945  
    Acquisition-related intangible assets, net     9,651       9,938  
    Goodwill     25,944       25,944  
    Deferred tax assets, net     1,318,457       1,326,840  
    Other long-term assets     135,974       194,377  
    Total assets   $ 3,805,760     $ 3,617,097  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Current liabilities:                
    Accounts payable   $ 127,310     $ 102,526  
    Accrued compensation and related benefits     74,785       63,918  
    Other accrued liabilities     161,306       128,123  
    Total current liabilities     363,401       294,567  
    Income tax liabilities     69,535       65,193  
    Other long-term liabilities     105,814       111,570  
    Total liabilities     538,750       471,330  
    Commitments and contingencies                
    Stockholders’ equity:                
    Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,877 and 47,823, respectively     764,959       706,817  
    Retained earnings     2,545,375       2,487,461  
    Accumulated other comprehensive loss     (43,324 )     (48,511 )
    Total stockholders’ equity     3,267,010       3,145,767  
    Total liabilities and stockholders’ equity   $ 3,805,760     $ 3,617,097  
    Monolithic Power Systems, Inc.
    Condensed Consolidated Statements of Operations

    (Unaudited, in thousands, except per share amounts)
        Three Months Ended March 31,
        2025   2024
    Revenue   $ 637,554     $ 457,885  
    Cost of revenue     284,324       205,444  
    Gross profit     353,230       252,441  
    Operating expenses:                
    Research and development     92,227       75,990  
    Selling, general and administrative     92,244       80,964  
    Total operating expenses     184,471       156,954  
    Operating income     168,759       95,487  
    Other income, net     5,131       9,540  
    Income before income taxes     173,890       105,027  
    Income tax expense     40,099       12,486  
    Net income   $ 133,791     $ 92,541  
                     
    Net income per share:                
    Basic   $ 2.80     $ 1.90  
    Diluted   $ 2.79     $ 1.89  
    Weighted-average shares outstanding:                
    Basic     47,851       48,635  
    Diluted     48,006       48,928  
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
        Three Months Ended March 31,
        2025   2024
    Net income   $ 133,791     $ 92,541  
                     
    Adjustments to reconcile net income to non-GAAP net income:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income), net     (6 )     47  
    Tax effect     5,897       (7,156 )
    Non-GAAP net income   $ 193,813     $ 137,492  
                     
    Non-GAAP net income per share:                
    Basic   $ 4.05     $ 2.83  
    Diluted   $ 4.04     $ 2.81  
                     
    Shares used in the calculation of non-GAAP net income per share:                
    Basic     47,851       48,635  
    Diluted     48,006       48,928  
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Gross profit   $ 353,230     $ 252,441  
    Gross margin     55.4 %     55.1 %
                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                
    Stock-based compensation and related expenses     1,706       1,900  
    Amortization of acquisition-related intangible assets     287       258  
    Deferred compensation plan expense (income)     (163 )     440  
    Non-GAAP gross profit   $ 355,060     $ 255,039  
    Non-GAAP gross margin     55.7 %     55.7 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Total operating expenses   $ 184,471     $ 156,954  
                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                
    Stock-based compensation and related expenses     (52,105 )     (49,869 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )
    Deferred compensation plan income (expense)     1,193       (3,626 )
    Non-GAAP operating expenses   $ 133,526     $ 103,426  
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Total operating income   $ 168,759     $ 95,487  
                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income)     (1,356 )     4,066  
    Non-GAAP operating income   $ 221,534     $ 151,613  
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Total other income, net   $ 5,131     $ 9,540  
                     
    Adjustments to reconcile other income, net to non-GAAP other income, net:                
    Deferred compensation plan expense (income)     1,350       (4,019 )
    Non-GAAP other income, net   $ 6,481     $ 5,521  
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Total income before income taxes   $ 173,890     $ 105,027  
                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income), net     (6 )     47  
    Non-GAAP income before income taxes   $ 228,015     $ 157,134  
    2025 SECOND QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
        Three Months Ending
        June 30, 2025
        Low   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ending
        June 30, 2025
        Low   High
    Operating expenses   $ 189,000     $ 195,000  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (56,400 )     (58,400 )
    Non-GAAP operating expenses   $ 132,600     $ 136,600  

    The MIL Network

  • MIL-OSI: GSI Technology, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its fourth fiscal quarter and fiscal year ended March 31, 2025.

    Summary Financial Results Table (in thousands, except per share amounts)

      Three Months Ended 12 Months Ended
      Mar. 31,
    2025
    Dec. 31,
    2024
    Mar. 31,
    2024
    Mar. 31,
    2025
    Mar. 31,
    2024
    Net revenues $ 5,883     $ 5,414     $ 5,152     $ 20,518     $ 21,765  
    Gross margin (%)   56.1 %     54.0 %     51.6 %     49.4 %     54.3 %
    Operating expenses $ 5,575     $ 6,978     $ 7,172     $ 20,975     $ 32,254  
    Operating loss $ (2,276 )   $ (4,055 )   $ (4,514 )   $ (10,835 )   $ (20,431 )
    Net loss $ (2,230 )   $ (4,029 )   $ (4,321 )   $ (10,639 )   $ (20,087 )
    Net loss per share, diluted $ (0.09 )   $ (0.16 )   $ (0.17 )   $ (0.42 )   $ (0.80 )
                                           

    Lee-Lean Shu, Chairman and Chief Executive Officer, stated, “Our fourth quarter revenue increased 14% year-over-year and 9% sequentially to $5.9 million, reflecting strong demand for our legacy SRAM chips. This performance, combined with disciplined cost management, led to a significantly reduced net loss and lower cash burn for the quarter.”

    Mr. Shu continued, “ I am excited to announce that we secured an initial order for our radiation-hardened SRAM from a North American prime contractor, with follow-on orders expected in fiscal 2026. This sale also carries a significantly higher gross margin than our traditional SRAM chips. In parallel, we are actively pursuing heritage status for this chip, which will improve our market readiness and open important new sales channels. On the APU front, we expect to receive production-ready Gemini-II chips and Leda-2 boards by the end of the first quarter of fiscal 2026. In addition, our Gemini-II SBIR programs with the Space Development Agency (SDA) and US Air Force Research Laboratory (AFRL) remain on schedule. We delivered a server with a Leda-2 board to AFRL and will soon ship a Gemini-II card to SDA. Funds from these programs are offsetting our R&D expenditures for Gemini-II.”

    Mr. Shu concluded, “We are especially excited about a recent enhancement to Plato: adding the integration of a camera interface directly into the chip. This and other enhanced connectivity features create a compact, all-in-one optimized AI and LLM engine for edge devices, particularly well suited for agents requiring object recognition. With the ability to process data locally, without relying on cloud infrastructure, Plato now offers a powerful and flexible accelerator for next-generation edge computing applications. The new capability has increased strategic interest in Plato, and we are currently in preliminary discussions with multiple parties to secure partnerships to fund the next phase of development.”

    Commenting on the outlook for GSI’s first quarter of fiscal 2026, Mr. Shu stated, “Our current expectations for the upcoming first quarter of fiscal 2026 is for net revenues in a range of $5.5 million to $6.3 million, with gross margin of approximately 56% to 58%.”

    Fiscal Year 2025 Summary Financials

    The Company reported net revenues of $20.5 million for the fiscal year ended March 31, 2025, compared to $21.8 million for fiscal 2024. Gross margin was 49.4% for fiscal 2025 compared to 54.3% in fiscal 2024. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on the fixed costs in our cost of revenues.

    Total operating expenses were $21.0 million in fiscal 2025, compared to $32.3 million in fiscal 2024. Research and development expenses were $16.0 million, compared to $21.7 million in the prior fiscal year. Selling, general and administrative expenses were $10.8 million, compared to $10.6 million in fiscal 2024. The decline in research and development expenses was primarily due to cost reductions announced in August 2024. Research and development expense in fiscal 2024 included pre-production mask costs of $2.4 million related to our Gemini-II product.

    Research and development expenses in fiscal 2025 and fiscal 2024 were reduced by $1.2 million and $440,000, respectively, reflecting government funding under the SBIR programs. Operating expenses in fiscal 2025 include a gain on the sale of assets of $5.8 million from the sales of the Company’s headquarters building in Sunnyvale, CA, in a sales and leaseback transaction.

    The operating loss for fiscal 2025 was $(10.8) million compared to an operating loss of $(20.4) million in the prior year. The fiscal 2025 net loss included interest and other income of $326,000 and a tax provision of $130,000, compared to $414,000 in interest and other income and a tax provision of $70,000 in the prior fiscal year.

    Net loss for fiscal 2025 was $(10.6) million, or $(0.42) per diluted share, compared to a net loss of $(20.1) million, or $(0.80) per diluted share, for fiscal 2024.

    Fourth Quarter Fiscal Year 2025 Summary Financials

    The Company reported net revenues of $5.9 million for the fourth quarter of fiscal 2025, compared to $5.2 million for the fourth quarter of fiscal 2024 and $5.4 million for the third quarter of fiscal 2025. Gross margin was 56.1% in the fourth quarter of fiscal 2025 compared to 51.6% in the fourth quarter of fiscal 2024 and 54.0% in the preceding third quarter of fiscal 2025. The sequential increase in gross margin in the fourth quarter of fiscal 2025 was primarily due to higher revenue and product mix.

    In the fourth quarter of fiscal 2025, sales to KYEC were $1.7 million, or 29.5% of net revenues, compared to $544,000, or 10.6% of net revenues, in the same period a year ago and $1.2 million, or 22.7% of net revenues, in the prior quarter. In the fourth quarter of fiscal 2025, sales to Nokia were $444,000, or 7.5% of net revenues, compared to $694,000, or 13.5% of net revenues, in the same period a year ago and $239,000, or 4.4% of net revenues, in the prior quarter. Military/defense sales were 30.7% of fourth quarter shipments compared to 35.5% of shipments in the comparable period a year ago and 30.0% of shipments in the prior quarter. SigmaQuad sales were 39.3% of fourth quarter shipments compared to 42.4% in the fourth quarter of fiscal 2024 and 39.1% in the prior quarter.

    Total operating expenses in the fourth quarter of fiscal 2025 were $5.6 million, compared to $7.2 million in the fourth quarter of fiscal 2024 and $7.0 million in the prior quarter. Research and development expenses were $3.0 million, compared to $4.8 million in the prior-year period and $4.0 million in the prior quarter. Research and development expenses in the fourth quarter of fiscal 2025 were reduced by $870,000, reflecting government funding under the SBIR programs. Selling, general and administrative expenses were $2.6 million in the quarter ended March 31, 2025, compared to $2.4 million in the prior year quarter and $3.0 million in the previous quarter.

    Fourth quarter fiscal 2025 operating loss was $(2.3) million compared to an operating loss of $(4.5) million in the prior-year period and $(4.1) million in the prior quarter. Fourth quarter fiscal 2025 net loss included interest and other income of $52,000 and a tax provision of $6,000, compared to $108,000 in interest and other income and a tax benefit of $(85,000) for the same period a year ago. In the preceding third quarter, net loss included interest and other income of $70,000 and a tax provision of $44,000.

    Net loss in the fourth quarter of fiscal 2025 was $(2.2) million, or $(0.09) per diluted share, compared to a net loss of $(4.3) million, or $(0.17) per diluted share, for the fourth quarter of fiscal 2024 and a net loss of $(4.0) million, or $(0.16) per diluted share, for the third quarter of fiscal 2025.

    Total fourth quarter pre-tax stock-based compensation expense was $512,000 compared to $693,000 in the comparable quarter a year ago and $429,000 in the prior quarter.

    At March 31, 2025, the Company had $13.4 million in cash and cash equivalents, compared to $14.4 million at March 31, 2024. Working capital was $16.4 million as of March 31, 2025 versus $24.7 million at March 31, 2024. Stockholders’ equity as of March 31, 2025 was $28.2 million, compared to $36.0 million as of the fiscal year ended March 31, 2024.

    Conference Call

    Management will conduct a conference call to review the Company’s financial results for the fourth quarter and fiscal year 2025 and its current outlook for the first quarter of fiscal 2026 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.

    To participate in the call, please dial 1-877-407-3982 in the U.S. or 1-201-493-6780 for international approximately 10 minutes prior to the above start time and provide Conference ID 13753362. The call will also be streamed live via the internet at www.gsitechnology.com.

    A replay will be available from May 1, 2025, at 7:30 p.m. Eastern Time through May 8, 2025, at 11:59 p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921 or international 1-412-317-6671 and entering pin number 13753362. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.

    About GSI Technology

    Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-I, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California, and has sales offices in the Americas, Europe, and Asia. For more information, please visit www.gsitechnology.com.

    Forward-Looking Statements

    The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly and fiscal year-end closing process. Examples of risks that could affect our current expectations regarding future revenues and gross margins include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; global public health crises that reduce economic activity; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; intensive competition; the continued availability of government funding opportunities; delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology and the establishment of new markets and customer and partner relationships for the sale of such products; and delays or unexpected challenges related to the establishment of customer relationships and orders for GSI Technology’s radiation-hardened and tolerant SRAM products. Many of these risks are currently amplified by and will continue to be amplified by, or in the future may be amplified by, economic and geopolitical conditions, such as changing interest rates, worldwide inflationary pressures, policy unpredictability, the imposition of tariffs and other trade barriers, military conflicts and declines in the global economic environment. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.

    Source: GSI Technology, Inc.

    Contacts:

    Investor Relations:

    Hayden IR
    Kim Rogers
    385-831-7337
    kim@haydenir.com

    Media Relations:

    Finn Partners for GSI Technology
    Ricca Silverio
    415-348-2724
    gsi@finnpartners.com

    Company:

    GSI Technology, Inc.
    Douglas M. Schirle
    Chief Financial Officer
    408-331-9802

           
    GSI TECHNOLOGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (Unaudited)
                 
      Three Months Ended   Twelve Months Ended
      March 31, Dec. 31, March 31, March 31, March 31,
        2025     2024     2024       2025     2024  
                 
    Net revenues $ 5,883   $ 5,414   $ 5,152     $ 20,518   $ 21,765  
    Cost of goods sold   2,584     2,491     2,494       10,378     9,942  
                 
    Gross profit   3,299     2,923     2,658       10,140     11,823  
                 
    Operating expenses:            
                 
    Research & development   2,966     4,037     4,818       16,005     21,689  
    Selling, general and administrative   2,609     2,997     2,354       10,763     10,565  
    Gain from sale of assets       (56 )         (5,793 )    
    Total operating expenses   5,575     6,978     7,172       20,975     32,254  
                 
    Operating loss   (2,276 )   (4,055 )   (4,514 )     (10,835 )   (20,431 )
                 
    Interest and other income (expense), net   52     70     108       326     414  
                 
    Loss before income taxes   (2,224 )   (3,985 )   (4,406 )     (10,509 )   (20,017 )
    Provision (benefit) for income taxes   6     44     (85 )     130     70  
    Net loss $ (2,230 ) $ (4,029 ) $ (4,321 )   $ (10,639 ) $ (20,087 )
                 
                 
    Net loss per share, basic $ (0.09 ) ($ 0.16 ) $ (0.17 )   $ (0.42 ) $ (0.80 )
    Net loss per share, diluted $ (0.09 ) ($ 0.16 ) $ (0.17 )   $ (0.42 ) $ (0.80 )
                 
    Weighted-average shares used in            
    computing per share amounts:            
                 
    Basic   25,604     25,546     25,297       25,498     25,144  
    Diluted   25,604     25,546     25,297       25,498     25,144  
                 
                 
    Stock-based compensation included in the Condensed Consolidated Statements of Operations:
                 
      Three Months Ended   Twelve Months Ended
      March 31, Dec. 31, March 31,   March 31, March 31,
        2025     2024     2024       2025     2024  
                 
    Cost of goods sold $ 42   $ 50   $ 53     $ 199   $ 228  
    Research & development   263     121     331       1,010     1,411  
    Selling, general and administrative   207     258     309       1,053     1,199  
      $ 512   $ 429   $ 693     $ 2,262   $ 2,838  
                 
    GSI TECHNOLOGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
    (Unaudited)
             
        March 31, 2025 March 31, 2024
    Cash and cash equivalents   $ 13,434   $ 14,429
    Accounts receivable     3,169     3,118
    Inventory     3,891     4,977
    Other current assets     2,961     1,954
    Assets held for sale     0     5,629
    Net property and equipment     808     1,148
    Operating lease right-of-use assets     9,547     1,553
    Other assets     9,507     9,656
    Total assets   $ 43,317   $ 42,464
             
    Current liabilities   $ 7,074   $ 5,365
    Long-term liabilities     8,017     1,129
    Stockholders’ equity     28,226     35,970
    Total liabilities and stockholders’ equity   $ 43,317   $ 42,464

    The MIL Network

  • MIL-Evening Report: Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back

    Source: The Conversation (Au and NZ) – By Maldwyn John Evans, Senior Research Fellow, Fenner School of Environment and Society, Australian National University

    Old growth mountain ash forest in the Maroondah water supply catchment, Victoria. Chris Taylor

    Following the end of native logging in Victoria on January 1 2024, the state’s majestic forests might be expected to regenerate and recover naturally. But our new research shows that’s not always the case.

    We quantified the extent of regeneration following logging in the eucalypt forests of southeastern Australia between 1980 and 2019. This included nearly 42,000 hectares of logged mountain ash forest in Victoria’s Central Highlands.

    We analysed satellite data, logging records, on-ground surveys and drone photography, and discovered that nearly 20% of logged areas failed to regenerate. This represents more than 8,000 hectares of forest lost. All that remains in these areas are grassy clearings, dense shrublands or bare soils.

    We also found the rate of regeneration failure has increased over the past decade. While failure was rare in the 1980s, it became much more common over time – affecting more than 80% of logged sites by 2019.

    These regeneration failures weren’t random. They were found mostly in close proximity to each other, on areas with steep slopes, relatively low elevation, and where the area of clear-felled forest was long and narrow.

    Our research shows more needs to be done to restore Victoria’s forest after logging.

    Failed regeneration in the Upper Thomson water supply catchment.
    Chris Taylor/Lachie McBurnie

    Restoring majestic forests and their vital services

    Victoria is home to some of the most spectacular forests on the planet. They include extensive stands of mountain ash, the tallest flowering plant on Earth, which can grow to almost 100 metres in height. Alpine ash, another giant, can grow up to 60m tall.

    These forests have great cultural significance to Indigenous people and support many recreational and tourism activities.

    Healthy forest ecosystems also deliver clean water and carbon storage services. In fact, mountain ash forests contain more carbon per hectare than most other forests around the world.

    But Victoria’s forests have long been logged for timber and pulp. The main method of logging – clearfelling – scars the landscape, leaving large areas devoid of trees if natural tree regeneration fails.

    Mountain ash is especially vulnerable

    Our research revealed 19.2% of areas logged between 1980 and 2019 in our study area (8,030ha out of 41,819ha cut) failed to regenerate naturally.

    We also found strong evidence of a significant increase in the extent of failed regeneration over 40 years, increasing from less than two hectares per cutblock in 1980 (about 7.5%) to more than nine hectares per cutblock in 2019 (about 85%), on average.

    We found regeneration failure was more likely in mountain ash forests compared with other forest types.

    This adds to the case for listing the mountain ash forests of the Central Highlands of Victoria as a threatened ecological community.

    The presence of non-eucalypt categories of vegetation indicates large areas of regeneration failure in forest near Mt Matlock, in the Central Highlands of Victoria.
    Chris Taylor

    A responsibility to restore

    Under Victoria’s Code of Forest Practice for Timber Production, logged native forests must be properly regenerated within two to three years of harvest.

    That’s because it is nearly impossible for the native forest to regenerate after three years without human intervention. The young trees face too much competition from grass and shrubs.

    These degraded areas no longer hold the value they once did and they cannot provide the same level of ecosystem services such as carbon storage, water purification, or habitat for wildlife.

    With no current government restoration plan, these landscapes will remain degraded indefinitely. The Victorian government retains legal responsibility to restore these degraded forests, but currently lacks any large-scale restoration strategy, making action urgently required.

    Photographs of vegetation categories on logged sites: Eucalyptus regeneration near Toolangi (A), grass-dominated area near Mt Matlock (B), shrubby vegetation at Ballantynes Saddle (C), Daviesia vegetation near Mt Matlock (D), Acacia near Mt Baw Baw (E), and bare earth near Mt Matlock (F).
    Chris Taylor

    A way forward: using green bonds to fund regeneration

    Our research shows the regeneration of forests after logging is not guaranteed. Nature often needs a helping hand. But we need to find ways to fund these projects.

    Globally, governments have used “green bonds” to lower the cost of borrowing tied explicitly to measurable environmental results.

    Victoria already has green bonds “to finance new and existing projects that offer climate change and environmental benefits”. But funds are typically used to finance investments in transport, renewable energy, water and low carbon buildings.

    As part of a coalition of researchers, environmental organisations, and finance sector partners we proposed a A$224 million green bond for forest regeneration. This proposal was put to the Victorian government via the Treasury Corporation of Victoria.

    Green bond funding would help leverage co-investment from the Commonwealth government and philanthropic partners to improve monitoring and biodiversity outcomes in native forests.

    As part of the proposed green bond, areas of logged forest where natural regeneration has failed would be restored.

    Other investments under the green bond could include creating tourism ventures (and associated jobs), controlling feral animals such as deer, and biodiversity recovery – creating habitat for endangered species such as the southern greater glider and Leadbeater’s possum, for example.

    The $224 million required for the ten years of the green bond — or around $22.4 million per year — is less than the substantial losses Victoria incurred on its investment in VicForests over the past decade.

    Our research suggests leaving nature to its own devices would mean losing a fifth of the forests logged over the past 40 years. Bringing the trees back has multiple benefits and would be well worth the investment.

    Maldwyn John Evans receives funding from the Australian Government.

    David Lindenmayer receives funding from The Australian Government, the Australian Research Council and the Victorian Government. He is a Councillor with the Biodiversity Council and a Member of Birdlife Australia.

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

    ref. Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back – https://theconversation.com/logging-devastated-victorias-native-forests-and-new-research-shows-20-has-failed-to-grow-back-254465

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: How the US ‘war on woke’ and women risks weakening its own military capability

    Source: The Conversation (Au and NZ) – By Bethan Greener, Associate Professor of Politics, Te Kunenga ki Pūrehuroa – Massey University

    US Defense Secretary Pete Hegseth during a visit with Michigan Air National Guard troops, April 29. Getty Images

    With US Secretary of Defense Pete Hegseth’s “proud” cancellation this week of the military’s Women, Peace and Security (WPS) program, the “war on woke” has found its latest frontier – war itself.

    Stemming from a United Nations Security Council resolution in 2000, the WPS initiative aimed to increase the participation of women in public institutions, including in the security sector and in peace-making roles.

    The WPS agenda aims to better understand how women, men, boys and girls experience war, peace and security differently. It increases operational effectiveness and supports the underlying goal of gender equality, described by the UN as the “number one predictor of peace”.

    In the military context, it emphasises the need to increase the participation of women and to better protect non-combatant women in war, particularly from the prevalence of conflict-related sexual violence.

    The decision to end the program as part of a wider war on diversity, equity and inclusion seems to assume national security and military power are incompatible with the promotion of racial and gender equality.

    In other words, it assumes certain types of people aren’t really cut out to be “warfighters”. And it asserts that anything other than basic skill (such as weapons handling) undermines readiness and ability in warfare.

    History and the available evidence suggest both ideas are wrong.

    The archetypal warrior envisaged by Hegseth and others is one who relies on very traditional concepts of what constitutes a warrior and who that might be: not female, definitely not transgender, ideally also not gay.

    Recent bans on transgender personnel in the US military, the removal of mandatory mental resilience training, and the
    disappearance” from US museums and memorials of the records of the military contribution of women and minorities, reinforce these ideas.

    The ideal soldier, according to the new doctrine, is straight, white, physically fit, stoic and male. Yet people of all stripes have served their countries ably and with honour.

    Hard-won progress in retreat

    Military service is allocated a privileged kind of status in society, despite (or perhaps because of) the ultimate sacrifice it can entail. That status has long been the preserve of men, often of a particular class or ethnicity.

    But women and minorities around the world have fought for the right to enter the military, often as part of broader campaigns for greater equality within society in general.

    But there remains resistance to these “interlopers”. No matter their individual capabilities, women are painted as too physically weak, as a threat to combat unit cohesion, or a liability because of their particular health needs.

    Women, in particular, are often perceived as being too emotional or lacking authority for military command. Minorities are seen as requiring distracting rules about cultural sensitivity, presenting language challenges, or are stereotyped as not cut out for leadership.

    But problem solving – a key military requirement – is best tackled with a range of views and approaches. Research from the business world shows diverse teams are more successful, including delivering higher financial returns.

    At a more granular level, we also know that minority groups have often outperformed other military units, as exemplified by the extraordinary feats of the New Zealand Māori Pioneer Battalion in World War I and the 28th Māori Battalion in World War II.

    Women, too, have proved themselves many times over, most recently in the wars in Iraq and Afghanistan. As well as matching the skills of their male counterparts, they also had different, useful approaches to roles such as intelligence gathering in conflict zones.

    US Marines on a military exercise – but history shows us there’s more than one type of successful soldier.
    Getty Images

    The ‘woke warrior’

    The competence of military personnel is not determined by sex, gender, sexuality or ethnicity. Rather, competence is determined by a combination of learned skills, training, education, physical ability, mental agility, resilience, experience, interpersonal skills and leadership qualities.

    Any suggestion that military units are best served by being made up of only heterosexual men with “alpha” tendencies is undermined by the evidence. In fact, a monocultural, hypermasculine military may increase the potential for harrassment, bullying or worse.

    Modern military roles also involve a much wider range of skills than the traditional and stereotypically male infantry tasks of digging, walking with a pack, firing guns and killing an enemy.

    In modern warfare, personnel may also need to engage in “hearts and minds” counterinsurgency, or in “grey zone” tactics, where specialisations in intelligence, cyber or drone piloting are more highly prized. Militaries are also much more likely to be deployed to non-warfighting roles, such as humanitarian aid and disaster relief.

    This isn’t to say “controlled aggression” and other traditionally alpha-male attributes don’t have their place. But national military strategies increasingly stress the need to train ethical and compassionate soldiers to successfully carry out government objectives.

    The evolution of war requires the evolution of the military forces that fight them. The cancellation of the Women, Peace and Security program in the US threatens to put a stop to this process, at least in that country.

    Despite Pete Hegseth’s claim to be increasing “warfighting” capability, then, there is a real chance the move will decrease operational effectiveness, situational awareness and problem solving in conflict situations.

    Far from being peripheral, the Women, Peace and Security program is central to the future of all military activity, and to developing conceptions of war, peace and security. Hegseth’s “proud moment” looks less like winning a “war on woke” and more like a retreat from an understanding of the value a diverse military has created.

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

    ref. How the US ‘war on woke’ and women risks weakening its own military capability – https://theconversation.com/how-the-us-war-on-woke-and-women-risks-weakening-its-own-military-capability-255710

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: SCHUMER REVEALS: ‘DOGE’ & TRUMP JUST SLASHED $26+ MILLION FOR AMERICORPS PUBLIC SERVICE COMMUNITY PROJECTS ACROSS NEW YORK, AXING 3,600 AMERICORPS NATIONAL SERVICE MEMBERS, WITH MORE DEVASTATING CUTS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Thousands Of AmeriCorps Members Were Just Fired By ‘DOGE’ And NY Community Grants Ripped Away, Cancelling Funds To Help Build Houses, Provide Rural Health Care, Respond To Disasters, Tutor Students, And More
    Every Year Over 22,000 AmeriCorps National Service Participants Work On 1,700+ Projects In Every Corner Of NY, But Now Grants Are Being Cancelled Across The State With Even More Cuts Expected – Senator Breaks Down Impact Region By Region Thus Far And Demands Funding Be Restored
    Schumer: Calling Service-Led Community Projects ‘Government Waste’ Makes No Sense, AmeriCorps Is One Of The Best Bang For Your Buck Programs That Helps NY Communities In Need
    After Trump and ‘DOGE’ placed a majority of AmeriCorps employees on leave and terminated nearly $400 million in AmeriCorps grants nationally earlier this month, U.S. Senator Chuck Schumer today revealed this has impacted over 3,600 NY community service members slashing over $26 million in federal funding for local community projects in every corner of New York State, and with more potential cuts on the horizon the senator broke down the impacts region by region to show just how deep these cuts go. 
    Schumer said this is the first step towards dismantling AmeriCorps entirely would devastate New York, which has over 1,700 AmeriCorps projects, and is demanding that NY House Republicans stand up to protect this vital public service and join him in his push to immediately reverse these cuts. All of these AmeriCorps programs have long-standing bipartisan support having been previously authorized by Congress and funded by the annual appropriations bill passed by Congress and signed into law, making ‘DOGE’s’ cuts unlawful.
    “AmeriCorps is one of the world’s greatest service programs, and one of the best bang for your buck federal investments in addressing community needs and in the future of our country. But across New York hundreds of AmeriCorps community service participants were just egregiously fired and had their funding ripped away halting their critical work helping the communities they serve. This is funding that provides rural healthcare in the Southern Tier, helps children learn to read in Buffalo, expands job training opportunities in Albany, and so much more to fill in the gaps by linking national service participants with opportunities to gain experience serving their country. This critical work will now cease as these members are dismissed and funding is ripped away from our communities by Trump and ‘DOGE,’” said Senator Schumer. “I am all for cutting out inefficiency, but you use a scalpel, not a chainsaw. You don’t dismiss thousands of members who have dedicated their time to public service and giving back to underserved communities – it makes no sense. These are community projects that wouldn’t happen without AmeriCorps and we need these cuts reversed NOW and for NY Republicans to stand up in opposition to eliminating funding for AmeriCorps.”
    In recent days, Trump and ‘DOGE’ cut roughly 75% of full-time AmeriCorps employees and dismissed thousands of national service participants working on projects in every corner of the country, including over 3,600 community service participants across New York and cancelling over $26 million in grant funding, meaning in many instances these projects will not continue. You can find a full list of cut projects across Upstate NY according to AmeriCorps linked HERE. Some projects cut or facing threats by the Trump administration include:
    In Buffalo, AmeriCorps members were tutoring more than 2,500 students across 4 schools in the school district through City Year, helping students improve attendance and academic performance. In addition, more AmeriCorps members were building homes through Habitat for Humanity.
    In the Southern Tier, AmeriCorps members based in Binghamton were providing health care services to rural communities across the Southern Tier through the Rural Health Network of South Central New York.
    In Rochester, AmeriCorps members were improving academic engagement and college and career readiness throughout the Rochester City School District through Monroe Community College and providing public health apprenticeships through Flower City Public Health Corps.
    In the Capital Region, AmeriCorps members were providing free support for high schoolers applying for federal student aid through SUNY and training to be dispute resolution practitioners.
    In Central NY and the North Country, AmeriCorps members were working with local children providing mentoring, nutrition, and fitness education through Oswego AmeriCorps and working supporting outdoor-based education initiatives in the Adirondacks community through the Wild Center.
    In the Hudson Valley, AmeriCorps members were working with local children through We Prosper Family Organization.
    A breakdown of dismissed volunteers and cut federal funding by region for Upstate NY can be found below:

    Region

    Federal Funding

    Capital Region

    $6,439,224

    Rochester-Finger Lakes

    $2,556,668

    Western NY

    $2,285,041

    Southern Tier

    $647,910

    Central NY & North Country

    $636,020

    Hudson Valley

    $132,300

    TOTAL FOR UPSTATE NY-BASED PROJECTS

    $12,697,163

    Across New York State, there are over 22,000 national service members working on over 1,700 projects. AmeriCorps and its partners generated more than $20 million in outside resources from businesses, foundations, public agencies, and other sources in New York last year. Schumer said AmeriCorps members and communities that are impacted by these latest cuts are just the tip of the iceberg, with more cuts being announced every day that could soon hit other projects such as the Rockland Head Start program which provides child care, Interfaith Works in Syracuse which supports Central New York seniors, and Lifespan which provides services to seniors across Upstate NY such as training for part time jobs as senior companions in Central New York and health and wellness programs for seniors in the Rochester Finger-Lakes region.
    ‘There is no rhyme or reason to the project and grant terminations, other than DOGE was forcing AmeriCorps to get to a bottom-line dollar amount. The reason for eliminating over half the staff is very clear: This administration does not value the contributions of public servants who have been quietly administering an extremely efficient agency that engages Americans all across the country in service, which in addition to providing critical services, strengthens civic engagement and ties between people of all backgrounds,” said Kelly Daly, President, AFSCME Local 2027.
    “AmeriCorps gets things done by filling unmet local needs, while bolstering a sense of community,  advancing personal responsibility, and boosting the upward mobility of its participants.  We have used AmeriCorps members to build the capacity of anti-hunger organizations throughout the state. In many ways, AmeriCorps is a conservative program. You don’t get a penny unless you work, most program funding decisions are made by states rather than the federal government, and the vast majority of participants serve with nonprofit groups (not government agencies). AmeriCorps is one the most cost-effective ways to solve social problems because it harnesses the immense energy of citizen service. Thus, if conservatives were ideologically consistent, they would increase rather than gut AmeriCorps funding. We thank Leader Schumer for keeping the government running and keep many AmeriCorps projects alive as long as possible, and for taking on the fight to protect AmeriCorps,” said Joel Berg, CEO of Hunger Free America, a national nonpartisan nonprofit organization headquartered in New York.
    Executive Director of PEACE, Inc., Carolyn D. Brown said, “PEACE, Inc.’s AmeriCorps Seniors Foster Grandparent Program allows our community’s seniors to share their time and their expertise through mentoring. Statistics show how the program improves the lives of our Foster Grandparent volunteers and both the academic performance and the social emotional skills of youth in elementary schools, Head Starts, and children’s centers. If our program was eliminated, 68 Foster Grandparent volunteers would lose their positions, and 225 vulnerable youth would lose critical interventions. These numbers would prove devastating for a city like Syracuse where nearly 1 out of 2 children live in poverty.”
    “InterFaith Works’ Senior Companion Program connects older volunteers with older adults and caregivers, for in home companionship and friendly visits. For as little as $3000 per year, vulnerable older adults stay socially connected, get help with daily activities, and age well at home – and out of costly nursing homes. Working caregivers get free in home respite for up to 40 hours per week, so they can maintain their jobs and attend to their personal needs. Senior Companion volunteers are all low-income older adults who receive a small stipend, stay active, and keep themselves healthy, too. Funding cuts would eliminate these critical and cost-effective supports for over 300 vulnerable older adults and their caregivers throughout the Central New York community,” said Lori Klivak, Director of the Center for Healthy Aging at InterFaith Works of CNY.
    “In the past five years, City Year AmeriCorps members have served in Buffalo schools to help thousands of students engage more deeply with their learning, stay on track to graduate, and reach their full potential, and these corps members receive professional development and gain skills that prepare them to enter the workforce as our region’s most in-demand employees,” said City Year Buffalo Executive Director Jacqueline Ashby. “We’re grateful to Senator Schumer for his steadfast support in championing the national service program AmeriCorps that makes this important work possible, and that benefits our community, local economy, education system and workforce development here in Western New York.”
    Across the country, AmeriCorps deploys more than 200,000 Americans annually to carry out results-driven projects at over 35,000 locations. National service participants serve in hundreds of nonprofit organizations, public agencies, and community and faith-based organizations, in rural and urban communities throughout the country. They mentor youth, build affordable housing, help communities respond to disasters, and build the capacity of nonprofit groups to extend and improve their impact by leveraging community service participants. In exchange for their services, AmeriCorps members earn an education award to pay for college or to pay off qualified student loans. A non-partisan study showed that there are an estimated $17 in benefits returned for every taxpayer dollar spent. In addition, Schumer said AmeriCorps is a long-standing, bipartisan program and failing to use AmeriCorps funding for its intended purpose as appropriated by Congress would be a violation of the law.
    Schumer led dozens of his colleagues’ in a recent letter to the President on these devastating cuts, which can be found HERE.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Murkowski, Schatz Reintroduce Legislation to Help Veterans with Disabilities

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski

    05.01.25

    Washington, DC – U.S. Senators Lisa Murkowski (R-AK) and Brian Schatz (D-HI) reintroduced the Deliver for Veterans Act. This legislation expands an existing Department of Veterans Affairs (VA) grant program to allow the funds awarded to a veteran to acquire an adapted vehicle to also be used to cover the cost of shipping the vehicle to where it’s needed. 

    “Our veterans in rural Alaska, deserve the same access to the specialized grant programs and services that they would get if they lived elsewhere in the country,” said Senator Murkowski. “There is a significant financial burden associated with transporting a car to many of the rural communities around Alaska. As the state with the highest number of veterans per capita, I want those with disabilities living in Alaska to be able to benefit from the VA’s many excellent programs. Ensuring that they can affordably transport handicapped-modified vehicles to their homes is an important step.”

    “Disabled veterans deserve access to every benefit they have earned – regardless of where they live,” said Senator Schatz. “Our bill is about basic fairness and will help disabled veterans in Hawai‘i and other isolated areas receive the specialized vehicles they need to go about their daily lives.”

    At present, the program provides eligible veterans with a stipend of $26,417.20 to purchase or modify accessible vehicles. However, those funds cannot be used to ship their vehicles, making it exceedingly difficult for veterans to acquire these vehicles in Alaska and Hawaii. The Deliver for Veterans Act would amend the grant program to allow coverage of these additional costs.

    MIL OSI USA News

  • MIL-OSI Canada: Prime Minister Carney speaks with United Nations Secretary-General António Guterres

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, spoke with the Secretary-General of the United Nations (UN), António Guterres.

    The Secretary-General congratulated the Prime Minister on his election. Prime Minister Carney emphasized Canada’s relationship and shared history with the UN, and Canada’s continued support of human rights, democracy, and the rule of law. The leaders also discussed a wide range of issues, including UN reform, climate finance, the security and humanitarian crises in Haiti, and the war in Ukraine.

    The leaders agreed to strengthen this relationship and to stay in close contact.

    Associated Link

    MIL OSI Canada News

  • MIL-OSI United Nations: Calls for Proposals: Strengthening Community Multi-Hazard Early Warning Systems in the Caribbean Region

    Source: UNISDR Disaster Risk Reduction

    UNDRR is the United Nations’ focal point for coordinating disaster risk reduction, working closely with countries and a wide range of partners and stakeholders to support the implementation, monitoring, and review of the Sendai Framework for Disaster Risk Reduction 2015-2030. This work is aligned with the 2030 Agenda and other relevant instruments, with the ultimate goal of achieving multi-hazard management of disaster risk in development and significantly reducing disaster risk and losses.

    In accordance with UN Financial Regulations and Rules, UNDRR provides grants to apolitical and non-profit-making organizations to facilitate, implement, or carry out activities that align with UNDRR’s and its partners’ mandates and work programs.

    To this end, UNDRR is pleased to invite non-profit-making organizations to submit grant proposals that focus on the following project: Strengthening Community Multi-Hazard Early Warning Systems in the Caribbean Region.

    Rationale

    As an implementing partner of the Climate Risk and Early Warning Systems (CREWS) Caribbean Initiative, the United Nations Office for Disaster Risk Reduction (UNDRR) recognizes the critical role that strategic partnerships play in enhancing multi-hazard early warning systems (MHEWS) across the Caribbean. The Caribbean’s unique vulnerabilities, including its geographic isolation and dependence on climate-sensitive sectors, make community-based multi-hazard early warning systems a critical component of long-term disaster resilience. Effective multi-hazard early warnings at the community level enable timely evacuations, safeguard livelihoods, and minimize disruptions to essential services, ultimately protecting development gains. A well-funded and coordinated approach to strengthening community MHEWS will ensure that warnings are not only issued but also understood and acted upon, closing the last-mile gap in disaster risk reduction.

    Strengthening community-based MHEWS is essential to enhancing disaster resilience in the Caribbean, where vulnerable populations are often the first to experience the impacts of hydro-meteorological hazards. Community MHEWS serve as the frontline of disaster preparedness, ensuring that multi-hazard early warnings are effectively communicated to those most at risk, including marginalized groups, persons with disabilities, and remote communities. By supporting a grant that prioritizes community engagement, capacity-building, and localized risk communication strategies, UNDRR and its regional partners can bridge the gap between national multi-hazard early warning mechanisms and community action. This alignment will foster a culture of preparedness where residents have the knowledge, tools, and networks necessary to respond proactively to disasters, reducing loss of life and property.

    Investing in community-driven MHEWS also strengthens the sustainability and effectiveness of broader these systems by integrating local and scientific knowledge. Traditional warning methods, such as the use of community leaders and cultural practices, can complement modern technologies, enhancing the accessibility and trustworthiness of alerts. Additionally, empowering local actors-such as community disaster committees, schools, and civil society organizations-to participate in the co-design of warning messages ensures that information is context-specific and actionable. By establishing this grant, resources can be allocated to expand risk awareness campaigns, improve response, and provide targeted training, all of which are vital to building a robust, inclusive, and people-centered multi-hazard early warning system.

    Purpose

    Establish a grant between UNDRR and an experienced (sub) regional partner to enhance existing community level disaster preparedness and response capacity including training on community vulnerability assessment.

    Outcome

    Strengthened MHEWS at the community levels within CDEMA Participating Sates through improved local level disaster risk knowledge, enhanced community disaster response team and improved local level MHEWS strategies.

    Outputs and suggested activities

    1. Improved and contextualized MHEWS guidelines for addressing vulnerabilities of specific groups in the Caribbean region.
    2. Strengthened sub-national coordination mechanisms for MHEWS through supporting the development and implementation of local strategies for disaster risk reduction.
    3. Enhanced MHEWS local coordination in the Caribbean through participatory approaches
    4. Improved understanding of community vulnerabilities and exposure.
    5. Improved community response capabilities.

    Suggested activities

    1. Output 1: Improved and contextualized MHEWS guidelines for addressing vulnerabilities of specific groups in the Caribbean region
      • Development of a regional workshop with Ministries in charge of addressing gender concerns and the needs of vulnerable groups and last-mile communities, including those with disabilities and Gender Bureaus, to discuss how MHEWS can be more inclusive, gender-responsive and transformative.
      • Development of guidelines, recommendations and commitments that will strengthen MHEWS in at least 3 countries that are inclusive, gender responsive and transformative.
    2. Output 2: Strengthened sub-national coordination mechanisms for MHEWS through supporting the development and implementation of local strategies for disaster risk reduction
      • Implementation of the MHEWS addendum of the resilience scorecard in 4 selected Caribbean local government in close coordination with UNDRR and the grantee.
      • At least four local governments have improved sub-national coordination for MHEWS through the developed local resilience plans with the implementation of the MCR2030 MHEWS Addendum and resilience scorecard
    3. Output 3: Enhanced MHEWS local coordination in the Caribbean through participatory approaches
      • Facilitate consultation between national, local stakeholders, civil society and community organizations to support the review and alignment of MHEWS strategies within the Caribbean region to improve national level coordination.
      • Develop reports on at least 4 local government areas on consultations aligning MHEWS with community resilience.
    4. Output 4: Improved understanding of community vulnerabilities and exposure
      • Facilitate regional training on Enhanced Vulnerability Capacity Assessment (eVCA) for Red Cross-National Societies and National Disaster Risk Management Offices for improved capacity for community engagement and assessment.
      • Improved risk knowledge with one regional baseline survey on knowledge and capacities of Red Cross-National Societies and National Disaster Risk Management Offices in the Caribbean.
      • Strengthened capacity of national stakeholders with one regional training on the Enhanced Vulnerability Capacity Assessment in a selected Caribbean territory with an eVCA and report.
      • A second eVCA conducted in a selected sub-national Caribbean territory with a report being developed.
    5. Output 5: Improved community response capabilities
      • Establishment, training and equipping of Community Disaster Response Teams (CDRTs) for prioritized hazards.
      • At least one in-person regional training on community early warning system.
      • Enhanced preparedness and response capacity in countries with at least four Community Disaster Response Teams established and equipped to respond to hazard impacts

    Resources

    Elements specific to the project that the grantee should know

    1. All International, (sub) regional and national non-governmental organizations that wish to be considered for partnership opportunities with UNDRR will need to register and create a profile on the United Nations Partner Portal (UNPP).
      1. Following verification of the profile information, partners will be eligible to apply to partnership opportunities with UNDRR as well as the UN Secretariat and all other participating UN Organizations.
      2. We encourage you to start the registration as soon as possible to avoid delays. Only registered organizations whose profile has been successfully verified will be considered eligible partners to apply for grant opportunities with UNDRR.
      3. For more details on registration procedures please visit the UN Section of UNPP (https://www.unpartnerportal.org/registration)
    2. Furthermore, the United Nations system requires all partners to be assessed regarding their capacity to prevent and respond to sexual exploitation and abuse. UNDRR encourages implementing partners to use the Protection from Sexual Exploitation and Abuse (PSEA) module in the UNPP. PSEA Module User Guide CSO Partner Members
    3. The grantee must have a proven track record in working with government authorities, both at the national and local levels with experience in risk data aggregation to improve early warning and impact-based forecasting [Mandatory].
      1. Applicant to confirm that it has expertise in disaster risk reduction and community resilience sector and to provide certificates or qualifications of persons implementing the grant.
      2. Applicant to confirm that it has a minimum 20 years’ experience in disaster risk reduction and community resilience sector, demonstrated with clear examples of at least 10 programmes/projects of similar scope.
      3. Applicant is expected to provide relevant information of their local expertise, including experience of working with regional and local key stakeholders, and established consultation and feedback mechanisms with local communities
    4. For all training, workshops, consultative meetings, etc., grantee must provide a summary outcome of the events, list of participants with disaggregate information including names, affiliation, gender, email address, city, and country of representation. All events must be accompanied by relevant reports with photos as proof of evidence. [Mandatory].

    Budget and administrative-related aspects

    The duration of the proposed project cannot exceed December 31st 2026. The maximum amount requested from UNDRR for the implementation of this project cannot exceed USD$315,000.00. The project proposal must not exceed 10 pages (attachments such as scanned copies of entity’s registration, CVs of staff etc. do not count).

    For this purpose, please fill in duly all the sections of the application form, include the required documents (scanned copy of NGO/IGO’s registration certificate, CVs of staff etc.) and budget excel sheets, and send the complete application package (application form, budget excel sheets, entity registration certificate, CVs of staff, etc.) to the following email address: [email protected] cc: [email protected] and [email protected]

    Reference: UNDRR CfP 2025/003Call for Proposals – Strengthening Community Multi-Hazard Early Warning Systems in the Caribbean Region

    Deadline for applications: May 9th 2025 midnight New York, USA EST (Eastern Standard Time). Incomplete and/or late applications will not be considered.

    Projects’ activities can include, amongst others, the following:

    • seminars, workshops, trainings;
    • capacity building activities;
    • institutional strengthening activities and
    • advocacy

    The following types of activity will not be covered:

    • capital expenditure, e.g. land, buildings, equipment and vehicles;
    • individual scholarships for studies or training courses;
    • supporting political parties; and
    • sub-contracting

    Due to the number of applications, only short-listed applicants will be notified.

    Please note that UNDRR may publish information about the grant agreement. Please note that the grant payment schedule will be determined with the selected grantee when finalizing the agreement. UNDRR standard practice is: not to exceed 40% of the requested amount upon signature of the grant agreement; remaining payments made based on a schedule of payments linked to production of project milestones and the final payment, 20%, will be paid after the end of the project, once final documents have been received, verified and approved by UNDRR.

    Refund of grants: UNDRR may request organizations to refund, either in part or in whole any amounts paid in respect of a grant when:

    • the project was not implemented in full or in part;
    • the grant was spent for ineligible expenditures other than those mentioned in the budget proposal submitted to, and approved by UNDRR;
    • no narrative, financial or audit report was submitted within the deadline established by the grant agreement;
    • a narrative report and/or a financial report submitted was determined to be unsatisfactory;
    • a negative evaluation of the project by UNDRR;
    • any other valid reason provided by the UNDRR.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Racial Discrimination Commend Gabon on Special Contingent Composed of Indigenous Persons, Ask Questions on Treatment of Hausa Gabonese Population and Human Trafficking

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination today concluded its consideration of the tenth periodic report of Gabon, with Committee Experts commending the State on the establishment of a special contingent in the National Guard made up of indigenous persons, while asking questions on the treatment of the Hausa Gabonese population and steps taken to combat human trafficking.

    Régine Esseneme, Committee Expert and Country Rapporteur, said the Committee was informed that the President of the Transition, the current Head of State, had set up a special contingent in the National Guard composed of members of the indigenous peoples’ communities, with a view to protecting the environment, which was a commendable action.

    Ms. Esseneme asked about the situation of the Hausa Gabonese since their naturalisation as Gabonese citizens in 2015, in terms of facilitating their national integration? What measures were being taken to ensure effective access to birth registration for members of ethnic minorities and indigenous peoples and to ensure the issuance of official identity documents and passports, especially in remote areas?

    Bakri Sidiki Diaby, Committee Expert and Country Co-Rapporteur, asked what was the proportion of Gabonese nationals who were victims of trafficking? What were the main forms of trafficking found in Gabon? What was the profile of the perpetrators of human trafficking, their gender and their nationality? What were the measures for reparation and rehabilitation of victims of trafficking? What was being done by the State to prevent and combat trafficking in persons, including for the purpose of labour exploitation, sexual exploitation and domestic servitude, including of non-citizens, especially children?

    The delegation said the Hausa Gabonese benefitted the same as any other citizen who held Gabonese nationality. A naturalisation decree had been implemented which granted Gabonese nationality to all Hausa people living in the country at the time; this was around 1,000 people. Some people had tried to fall through the cracks and benefit from this decree without actually meeting the requirements, which had a negative impact on the administrative situation. The Ministry of Justice was currently verifying the validity of these documents.

    The delegation said in 2023, Gabon completed the procedure required for the State to be in a position to proactively identify cases of human trafficking by identifying irregular movements. The country was also collecting data in this regard, to identify trends and receive up to date information on this phenomenon in Gabon. Underground networks operated the trafficking of women and children, and irregular migration was the driving force behind this phenomenon. Gabon was working with Benin to find a solution to this issue. The State was fully committed to rolling out the project to have practical solutions to these issues, including police investigations into these cases.

    Introducing the report, Paul-Marie Gondjout, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation, apologised for the late submission of the report, which should have been submitted more than 20 years ago. Since the “ coup of liberation” of 30 August 2023, the country had been engaged in a democratic transition process under the aegis of the President of the Transition. Structured around profound institutional reforms, this inclusive process had laid the foundations for more transparent and democratic governance. A new Constitution was adopted in December 2024, which brought substantial innovations in governance; and the Electoral Code adopted in January 2025 introduced greater involvement of electoral observers, two seats of deputies for the Gabonese diaspora, and the guarantee of the right to vote for incarcerated citizens.

    In concluding remarks, Ms. Esseneme congratulated Gabon for the multi-sectoral approach taken to the dialogue, which had been productive and fruitful. Gabon was urged to do its utmost to implement the recommendations contained in the concluding observations, to ensure ongoing collaboration with the Committee.

    Mr. Gondjout, in his concluding remarks, thanked the Committee for the constructive and respectful exchange which had taken place. Gabon would continue engaging with the Committee and looked forward to the concluding observations and follow-up. It would respond within the timeframes indicated.

    The delegation of Gabon consisted of representatives of the Transitional National Assembly; Ministry of the Interior; Ministry of Health; Ministry of Energy and Water Resources; Ministry of Women and Child Protection; Ministry of National Education; Directorate of Human Rights Protection; Directorate of Criminal Affairs; Directorate of Equal Opportunities; Labour Inspectorate; Central Directorate of Financial Affairs; Directorate of Documentation and Immigration; Immigration Task Force; and the Permanent Mission of Gabon to the United Nations Office at Geneva.

    The Committee will issue its concluding observations on the report of Gabon after the conclusion of its one hundred and fifteenth session on 9 May. The programme of work and other documents related to the session can be found here . Summaries of the public meetings of the Committee can be found here , while webcasts of the public meetings can be found here .

    The Committee will next meet in public on Thursday, 1 May at 3 p.m. to consider the combined eleventh and twelfth periodic reports of Kyrgyzstan (CERD/C/KGZ/11-12).

    Report

    The Committee has before it the tenth periodic report of Gabon (CERD/C/GAB/10).

    Presentation of Report

    PAUL-MARIE GONDJOUT, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation , apologised for the late submission of the report, which should have been submitted more than 20 years ago. It covered the period from 1999 to 2021 and was drafted in an inclusive, participatory process. Since gaining sovereignty, Gabon had promoted equal dignity among all citizens by prohibiting any distinction of race, origin or religion. The country had made the fight against all forms of discrimination one of the priorities in its resolute commitment to building a State governed by the rule of law that respected and protected human rights and guaranteed access to rights for all.

    Since the “ coup of liberation” of 30 August 2023, the country had been engaged in a democratic transition process under the aegis of the President of the Transition. Structured around profound institutional reforms, this inclusive process had laid the foundations for more transparent and democratic governance. A new Constitution was adopted in December 2024, which brought substantial innovations in governance; and the Electoral Code adopted in January 2025 introduced greater involvement of electoral observers, two seats of deputies for the Gabonese diaspora, and the guarantee of the right to vote for incarcerated citizens. The presidential election was held on 12 April, which would be followed on 3 May by the inauguration of the President of the Republic, thus putting an end to the transition. Transitional authorities had taken determined action to periodically update the legislative arsenal to bring it into line with ratified international treaties.

    Statistical data was a major challenge for Gabon. To address this, the Directorate General of Statistics had set up a technical body to carry out the seventh national census, which would provide data on age, gender, ethnicity, nationality and language spoken for the total population, indigenous peoples, ethnic minorities and migrants, as well as information on employment, income level and social protection. The project for the harmonisation and improvement of statistics in West and Central Africa was providing financing of statistical activities between 2025 and 2029, ensuring the production of reliable and regularly updated statistics.

    The Convention was directly applicable in Gabon and took precedence over national laws. To raise awareness of the Convention, several initiatives were implemented during the reporting period, from capacity-building workshops to the dissemination of multilingual communications. In various training schools, the Convention was presented in the module on human rights.

    No Gabonese text defined racial discrimination in the same terms as those in article one of the Convention. However, the Constitutions of 1991 and 2024 had adopted and enshrined the main principles of article one, targeting discrimination based on race, colour, national or ethnic origin and covering several sectors of the population. The Constitution also enshrined the equality of citizens before the law and the courts and the presumption of innocence for accused persons. The Government envisaged developing a national plan of action to combat racial discrimination and related intolerance in the coming year. Training sessions on the issue had been organised and a committee had been set up to develop a draft.

    A law on the reorganisation of the National Human Rights Commission was promulgated in November 2024. The process of re-establishing the institution would be completed in the coming weeks after the selection of the commissioners by the Bureau of the National Assembly. Premises for the Commission were made available in 2014, and it had recruited staff since 2012. Its budget has increased from 12,000,000 CFA francs in 2016 to 592,000,000 in 2025.

    During the period under review, measures were taken to ensure that the Criminal Code and other legislation complied with the Convention. State laws prohibited and penalised acts of racial, religious and ethnic discrimination and regionalist propaganda; secular or religious associations that provoked hatred between ethnic groups; and the dissemination, including online, of racist hate speech, which constituted an aggravating circumstance.

    The High Authority for Communication had imposed sanctions on media outlets on several occasions, but no decision condemning hate speech had been handed down by courts to date. A digital campaign entitled “Gabon against hate” was launched in December 2023 to educate citizens on the dangers of hate speech and disinformation, and in December 2024, the Government organised a workshop on the Central African strategy and action plan for the prevention and response to hate speech and incitement to violence, which led to the drafting of a national action plan.

    The new Constitution recognised civil society organizations as a part of pluralist and participatory democracy. A bill was also submitted in September 2024 on the protection of human rights defenders. Civil society organizations, including the network of human rights defenders, were strongly involved in the transition process, both in the Government and in Parliament.

    To align legislation on migrants with international standards, Gabon prepared a draft law establishing rules governing the admission and residence of foreigners in the Republic. The Government planned to integrate the issue of migrants into the curricula of training schools, particularly at the National School of the Judiciary and the National Police Academy, which also had a module on trafficking in persons.

    Gabon had made commitments at international, regional and national levels to combat trafficking in persons through local initiatives and partnerships with international actors. In 2023, the State party created a commission that was mandated to strengthen the capacities of actors addressing trafficking and establish coordinated mechanisms for the identification, care and protection of victims in each province. In addition, a proposed strategy and action plan on trafficking for the period 2025-2029 would implement actions to prevent the phenomenon, protect victims and prosecute perpetrators.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur , extended warm congratulations to the elected President of the Republic, Brice Oligui Nguema. She said the Committee had considered Gabon’s last report in 1998 in the absence of a delegation. The State submitted its next report 26 years late in 2024. The report did not provide sufficient information on the implementation of the Committee’s previous concluding observations. However, Ms. Esseneme congratulated the State party on significant developments that had been made in the legal and institutional framework, particularly the prohibition of hate speech.

    Gabon’s new Constitution of 2024 did not contain all the grounds of discrimination provided for in article one of the Convention, including skin colour, national origin and ancestry. Was this Constitution currently in effect? By what mechanism could the Convention be invoked before national courts? Could the delegation give examples of court cases in which Convention provisions had been applied? Were there plans to adopt comprehensive anti-discrimination legislation in line with the Convention? Gabon’s Common Core Document dated from 1998 and did not contain precise information on equality and non-discrimination. Were there plans to update it?

    Was there any legislation in the State party explicitly prohibiting racial profiling by police? Gabonese police reportedly carried out racial profiling checks and extorted foreigners staying in Gabon, demanding sums of money from them that varied depending on whether they held a residence permit. What measures were envisaged to prevent, prohibit and expressly punish racial profiling?

    Was the Government drafting a new Criminal Code that incorporated all the provisions of article four of the Convention? Since the events of 30 August 2023, there had reportedly been a rise in racist hate speech against Gabonese of foreign origin, including the Hausa Gabonese group, and foreigners. What measures had the State party taken to counter this hate speech? Had the Prosecutor’s Office received cases of discriminatory acts against Hausa Gabonese?

    The situation seemed to have deteriorated since the presidential election. Some 500 vehicles belonging to non-nationals employed in a private scheme for disadvantaged people had been seized and impounded. Could the State party provide an update on this case, which appeared to amount to racially motivated violence?

    Did Gabon’s law hold persons from a dominant group to account when they destroyed the property of or committed violence against a member of a minority group? What measures were in place to improve the reporting and monitoring of racist hate crimes and hate speech? What progress had been made through the “Gabon against hate” campaign?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, called for data on the demographic composition of the population based on self-identification, disaggregated by ethnic origin; data on migrants, refugees, asylum seekers and stateless people; and disaggregated economic and social indicators on the different groups living in the territory, in particular minority groups? The Committee was concerned about the State’s general lack of disaggregated data, including on ethnicity, needed to monitor progress on human rights and inform policymaking. How was the State addressing this? Did it plan to establish a comprehensive data collection and reporting system that would provide insight into racial discrimination, socio-economic inequalities and implementation of the Convention?

    Responses by the Delegation

    The delegation apologised for Gabon’s lateness in submitting the report. The State party was fully committed to working with the Committee. The transitional authorities sought to fulfil the country’s international obligations.

    The Constitution reflected the principles of the Convention, even though it did not reproduce its provisions word for word. There had been no complaints submitted to courts on racial discrimination. The President would take office in three days’ time, when the new Constitution would enter into force.

    The Convention had supremacy over all domestic laws, and when there were Convention provisions that were contrary to the Constitution, the Constitutional Court could recommend amendments to the Constitution. The Criminal Code was last revised in 2020 and Gabon was engaging in work to further revise the Code to formalise within it all elements of article one of the Convention.

    Police officers apprehended persons based on the acts that they conducted. They did not consider persons’ racial or ethnic identity; State law prohibited racial profiling. The Government worked to promote unity between different ethnic groups and ensure that hate speech did not gain ground.

    Data on ethnic origin was not collected in the previous census of 2013, though data on nationality was. The next census would collect data on age, gender, ethnic origin and languages spoken. The Government had undertaken a project to reform the national statistics system, which aimed to provide more resources to the national statistics institute and to establish officers on statistics in each ministerial department, who would collect data on the implementation of the Convention.

    Last year, a leader of a political party made a statement against an ethnic group; investigations into this incident were ongoing. The State party embraced the Hausa Gabonese and other populations of foreign origin, promoting their integration into society. It sought to resolve institutional friction to ensure such integration. It was not aware of reports of seizing of non-nationals’ vehicles.

    Follow-Up Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, asked whether the President would need to approve legislation to bring the new Constitution into force. What happened when constitutional or domestic legal provisions ran counter to international norms? Did victims need to lodge complaints related to hate speech for criminal investigations to start? Did the law on the protection of personal data include measures to prevent racial profiling?

    A Committee Expert said the Committee was very pleased to see the delegation of Gabon after nearly a quarter-century and looked forward to continued dialogue with the State. In 2011, a law was implemented that addressed ritualistic crimes against children. What measures had the State party taken to protect children from these crimes? How many children were affected by such crimes?

    Responses by the Delegation

    The delegation said the new Constitution was in force, but its content on ceasing the transitional process was not applicable immediately. The Constitutional Court assessed new laws to ensure that they were aligned with the Convention and the Constitution. It informed the Government when laws contained provisions that did not align with the Convention and called for their revision.

    The Higher Authority on Communication could suggest administrative sanctions against media agencies that disseminated hate speech.

    There were no legal provisions that specifically referred to “ritualistic crimes”, but there were provisions punishing related acts, such as murder and removal of vital organs, as aggravated crimes.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said Gabon had not adopted a plan of action to combat racial discrimination. What measures had the State party taken to develop such a plan and implement the Durban Programme of Action, and what results had it obtained?

    The National Human Rights Commission was reorganised in November 2024. Had the State party applied for accreditation from the Global Alliance of National Human Rights Institutions? The Commission received and examined complaints from individuals and victims. What was the procedure for this, and how many complaints had it examined, including related to racial discrimination? How was the Commission raising awareness about human rights protections? The Commission’s financial resources had been significantly increased; the Committee hoped that this would strengthen the Commission’s ability to combat racial discrimination.

    The registration procedure for non-governmental organizations was reportedly very expensive and inconsistent, which discouraged organizations from carrying out their activities. The Committee had not received any alternative report from civil society. How was the State party encouraging this? What progress had been made in establishing a consultation framework between the State and civil society, and in developing a law on human rights defenders? Human and environmental rights defenders in the country were highly vulnerable to abuses and reprisals, including women, farmers and indigenous peoples fighting against deforestation. What measures were being taken to ensure the protection of human rights defenders who fought against racial discrimination and defended indigenous peoples and migrants?

    The Committee welcomed that the State automatically appointed a lawyer to accused persons who could not afford one, and that such persons benefitted from the presumption of innocence. How many persons had benefitted from legal aid in the last two years, including persons from ethnic minorities?

    What continuous training or awareness raising activities were being carried out for the judiciary, law enforcement officials and the public on human rights, international human rights treaties, non-discrimination and minority rights? Did training on human rights for security and defence forces address the Convention? What measures had been implemented to support the filing of complaints and claims for redress in cases of racial discrimination, particularly for ethnic minorities, indigenous peoples and non-citizens? Victims often struggled to prove that they had been discriminated against when perpetrators held positions of authority. Did the State party intend to introduce a reversal of the burden of proof in favour of victims of discrimination? How would the State bring the administration of justice closer to rural areas inhabited by indigenous peoples, and remove obstacles related to linguistic diversity?

    What progress had been made on introducing human rights education into school curricula and higher education? Did curricula address the Convention, combatting racial discrimination, and the history, culture and traditions of the different ethnic groups and indigenous peoples? What difficulties did the State party encounter in promoting education on national languages? Were there any community radio stations in the State party where information was disseminated in local languages and indigenous languages such as Baka? What programmes were in place to promote ethnic cultures and traditions and social cohesion?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, said the new Constitution stipulated that citizens’ gatherings, demonstrations or parades in public spaces needed to be authorised under the conditions provided for by law. This seemed to restrict freedom of assembly and contradict 2017 legislation calling only for a declaration of planned gatherings. Why had this regressive change been made? How would the State party bring its rules on freedom of assembly in line with international standards? Were remedies available for persons whose demonstrations had been banned?

    In February 2021, tear gas and grenades were used in Libreville and Port Gentil to disperse a crowd demonstrating in opposition to the restrictions imposed during the COVID-19 pandemic. What justified this use of public force? Had investigations been carried out to establish responsibility? Could legislation on assembly be used to restrict private meetings? What measures had the State party adopted to ensure that indigenous peoples, ethnic minorities and non-citizens could exercise their right to freedom of assembly without discrimination, including at demonstrations in opposition to infrastructure projects or calling for protection of the environment and natural resources?

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-Up Rapporteur , said she was encouraged by the State’s desire to strengthen its institutions. How were the members of the National Human Rights Commission appointed and to whom were they accountable? The State party had not ratified the African Charter on Democracy, Elections and Governance. Did it plan to do so?

    Responses by the Delegation

    The delegation said that the National Human Rights Commission would apply for accreditation with the Global Alliance of National Human Rights Institutions. Funding for the Commission had increased exponentially. Legislation on the re-establishment of the Commission was in line with the Paris Principles; it had been developed with the Office of the High Commissioner for Human Rights. There had not been any complaints of racial discrimination submitted to the Commission yet. The State party would work to raise awareness of the Commission’s complaints mechanism.

    The Commission and civil society were involved in drafting the State party’s reports to treaty bodies. Civil society had submitted alternative reports to the Human Rights Committee, and training had been provided to civil society on preparing such reports. Reports that the procedure for creating non-governmental organizations was onerous were false. There were no costs associated with creating such organizations in Gabon.

    Gabon sought to rebuild its institutions based on justice. It had set up a legal aid office, which provided legal aid to vulnerable persons, and sought to strengthen this system and make it accessible throughout the country. There was no discrimination in the provision of legal aid. All plaintiffs appearing before a criminal court needed to be represented by a lawyer. The State party would consider revising the Criminal Code to reverse the burden of proof for cases involving racial discrimination.

    The new Constitution enshrined the principles of freedom of expression and assembly for all citizens. Legislation set up a system of declaration for public demonstrations; there was no authorisation system. Individuals who had been banned from holding demonstrations could file administrative appeals and appeals with the courts. There were no barriers to the freedom of expression in Gabon.

    Human rights education was part of the Gabonese civic education programme from primary level onwards. There had been an initiative to bolster this programme and to provide human rights education in vocational training institutions. Teaching on national languages was provided in religious establishments, and there were plans to include national language education in the general primary and secondary curricula.

    The new members of the National Human Rights Commission would be appointed by an ad-hoc committee within the National Assembly through a transparent process that ensured appropriate geographic balance. These members would be standing, independent members. Members’ reports would be sent to relevant institutions for follow-up.

    Initial training for members of the magistracy included a module on human rights, and ongoing training was provided on certain issues, for example concerning migrants and trafficking.

    Questions by a Committee Expert

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, asked which groups in Gabon self-determined as national minorities, even though the State declared it did not grant them legal status? What was the situation of the Hausa Gabonese since their naturalisation as Gabonese citizens in 2015, in terms of facilitating their national integration? According to information received by the Committee, the State was struggling to issue birth certificates and national identity cards to ethnic and indigenous minorities. What measures were being taken to ensure effective access to birth registration for members of ethnic minorities and indigenous peoples and to ensure the issuance of official identity documents and passports, especially in remote areas?

    It was reported that in 2022, people returning from holidays, whose surnames sounded foreign, had had their passports taken away by border police officers, and they had to go and collect them and justify their Gabonese nationality. What was at the origin of this search for the original “Gabonness” that seemed to be coming back in force since the events of August 2023? What was the State party doing to ensure social cohesion in these circumstances?

    How many members of the indigenous peoples’ communities held positions of responsibility in the central and local State administration? What measures were being taken to strengthen the political and administrative capacities of the members of these communities for better representation? What was the proportion of women, and particularly women from indigenous peoples and the Hausa Gabonese minority, in elective and decision-making positions in the civil service? Did it mean the State would prefer to appoint a less qualified man to a senior job in the State rather than a highly qualified woman, if the 30 per cent quota for women was reached? What measures had the State party taken to prevent and combat racial discrimination in the workplace, as well as abusive practices and labour exploitation, in particular against indigenous peoples and other minorities?

    From the report, it appeared the State party was made up of the Baka, Babongo, Bakoya, Baghame, Barimba, Akoula and Akwoa ethnic groups that were settled in different regions of Gabonese territory. What were the legal and institutional frameworks, as well as policies and programmes established for the promotion and protection of the specific rights of these indigenous peoples? What measures had been taken to enable indigenous peoples to enjoy genuine equality of opportunity and treatment with other members of the population? How many indigenous peoples were there in Gabon?

    What mechanism had been implemented to conduct prior consultations to obtain the free and informed consent of the indigenous peoples concerned by projects, including the deployment of fibre optics, and to involve them in their implementation? Was there a permanent framework for cooperation with community leaders or associations that represented these populations? Who were the ethnic groups of the indigenous inhabitants of the 26 villages concerned by the development project, being conducted with the United Nations Children’s Fund?

    The Committee was informed that the President of the Transition, the current Head of State, had set up a special contingent in the National Guard composed of members of the indigenous peoples’ communities, with a view to protecting the environment, which was a commendable action. It was hoped this would not be an isolated act.

    According to available information, entire villages populated by indigenous communities had been displaced without prior consent for mining projects in Bakoumba, and had been relocated to undesirable and polluted areas, with no action taken by the authorities to follow up on the complaints of those affected by the pollution. Could information on this situation be provided? What measures were being taken to ensure the right of indigenous peoples to own, develop, control and use the lands, resources and community territories that they traditionally occupied or used? What tools did the Government use to promote equal opportunities in education and training? How were the specific needs of indigenous peoples taken into account? Did pre-primary and primary education include the teaching of mother tongue languages?

    The Gabonese Government had adopted a commendable housing policy with the home savings plan put in place since March 2019. However, a World Bank report from 2020 revealed that more than one in two households did not have access to decent housing. What was the real situation in terms of housing? Could information be provided on the poverty rate among indigenous peoples and other minorities and their access to basic services?

    The education system had specialised facilities for children with hearing impairments, including those belonging to indigenous peoples and other minorities. What was the situation of the education of other children with special needs, such as autistic children, considered in some societies to be evil or sorcerous children? Given that some 50 national languages were spoken in Gabon, what languages were used within the media and what methodology was used to choose these languages? Were there programmes in the Baka and Koya languages that were spoken by indigenous peoples? What measures had been taken to promote the dissemination of and respect for the traditions and culture of the different ethnic groups in Gabon, and to protect indigenous languages, such as Baka and Koya?

    Responses by the Delegation

    Regarding the Hausa whose passports were removed if their names sounded foreign, the delegation said there were people who had not been careful to keep up with the administrative situation in the country in which they lived. They may not see the importance of having birth and identity documents. This meant today, when the State was focused on restoring its institutions, these matters came to the surface. There had been some confusing situations which arose because many people had held fake documents for a long time before. The Government was looking into this issue as a matter of national security.

    Members of the Hausa population benefitted the same as any other citizen who held Gabonese nationality. A naturalisation decree had been implemented which granted Gabonese nationality to all Hausa people living in the country at the time; this was around 1,000 people. Some people had tried to fall through the cracks and benefit from this decree without actually meeting the requirements, which had a negative impact on the administrative situation. The Ministry of Justice was currently verifying the validity of these documents.

    It was true that there were more women than men in Gabon. However, when it came to elections, not many women wanted to participate in political life, and the State wanted to change this. This was why legislation had been developed which established quotas; this aimed to be positive discrimination for women. The quotas intended to encourage more women to become involved in political life at the local and national level. The 30 per cent minimum quota was in place for all political parties, with the requirement that 30 per cent of all candidates should be women. The State also aimed to encourage more young people and persons with disabilities to become involved in political life.

    Indigenous peoples were included in Gabon’s social protection coverage. They were covered by the social protection system and received unemployment and health benefits. The 26 villages covered by the support programme were villages with people from Baka, Bango and other groups. Work was done with pregnant women to ensure neonatal services were provided, especially in remote parts of the country where many indigenous groups lived. The State had set up a centre for autistic children and aimed to roll this out to other parts of the country.

    In 2016, a programme was launched to combat all forms of discrimination in employment, healthcare and education, and other areas of public life. The State sought to support all levels of society in Gabon through this programme, which covered indigenous peoples, women and other vulnerable groups. All programmes were intended to promote equality of opportunity for all. Indigenous peoples, regardless of where they were located in the country, could benefit from State programmes.

    In Gabon, there was an observatory which focused on the issue of equality and undertook various studies, including a recent one on the equality of opportunity for indigenous peoples in Gabon. On the basis of this study, an action plan had been developed, with policies to be rolled out to address the situation of indigenous peoples in the country. The most recent census had enabled the State to identify 15,000 persons with disabilities who needed additional support, and actions relating to education and health were carried out in this regard. Gabon was on the right track in terms of indigenous peoples, as the State was pursuing inclusive policies, taking into account all persons on the territory of the country.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said several questions had not been answered, namely on the languages used in the media; the use of land by indigenous peoples; and the medicinal practices of indigenous peoples. There had been a case where indigenous peoples were forcibly removed from their village and transported to polluted areas; could this be addressed? Was it correct that the 30 per cent quota was a minimum? If there was a list of candidates which did not reach the minimum threshold, was it then rejected? Was the State considering an individualised approach to the Hausa Gabonese?

    A Committee Expert asked if the State looked at issues which might be particularly harmful to indigenous peoples, and then adopted policies and programmes to address these issues?

    Another Committee Expert asked what members of the delegation meant when they said they did not recognise minorities as a legal concept? Did this mean these minorities did not qualify for legal protection?

    An Expert asked if the State had investigated what held women back from applying for election posts?

    A Committee Expert said Gabon had last reviewed the Constitution in 2011. How had Gabon addressed the issues of discrimination in education?

    Responses by the Delegation

    The delegation clarified that Gabon had a brand-new Constitution. The law on data protection stated that it was prohibited to collect or process any data which revealed the racial or ethnic background of an individual, their political or religious views, and data related to their sex life or health, among other points. The profiling of children was strictly prohibited, except when strictly necessary. Personal data could be accessed on the grounds of State security defence. When the police were carrying out controls or checks, they treated all passengers in stopped vehicles the same; everyone was asked to show their identity documents.

    When the 30 per cent quotas were not achieved, steps were taken to encourage favourable treatment for women, by ensuring a male and female alternance for candidates in electoral lists, to achieve the 30 per cent representation. This was a “carrot rather than stick” approach. Women were being encouraged to overcome cultural blocks and stand for leadership roles. A workshop had been held last week which sought to address the grassroot social issues, including that women were typically viewed as homemakers and housewives. The quota law aimed to break these traditional mindsets.

    Gabon had enacted specific measures, including the law on persons with disabilities, which mandated that education was compulsory for all children with disabilities. Education was compulsory by law for all children between ages three and 16 in Gabon. A forum was organised in 2019 on the implementation of inclusive education. New schools being built were required to meet accessibility standards, to ensure free and easy access for children with motor disabilities.

    The relocation of individuals in certain areas had been required, but the fact that they were relocated to polluted areas was refuted. Some people had to accustom themselves to living in a new location, but it was the sovereign right of the State to ensure they could tap their resources for the overall benefit of the country. More information about the claims would be appreciated. There were community radio stations which broadcast programmes in local indigenous languages.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said there had been no shadow report received from Gabonese civil society. The information regarding the relocation of indigenous peoples had been received by the Committee members which was why they asked the question. State sovereignty should not be used against the population, but rather for their wellbeing.

    What measures had been adopted, including special measures or affirmative action measures, with a view to combatting inequalities and multiple forms of discrimination, including racial discrimination, with regard to ethnic minorities and indigenous peoples, such as the Baka, Babongo, Bakoya, Baghame, Barimba, Akoula and Akwoa? To what extent did the 2018 national strategy to combat gender-based violence and the law on the elimination of violence against women take into account the specific needs of indigenous girls and women? What other measures had been adopted to address the multiple and intersecting forms of discrimination faced by women belonging to ethnic minorities, indigenous peoples, and other vulnerable groups?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, said law no. 5/86, establishing the regime for the admission and residence of foreigners in the Gabonese Republic, provided for severe fines and imprisonment for foreigners in an irregular situation, which considerably reduced the scope of protection for persons who arrived in Gabon irregularly or those already in Gabon in need of international protection. What measures had been taken by the State party to harmonise its national legislation, including this law, with international obligations, in particular to decriminalise irregular migration? What measures had been adopted to prevent and combat racial discrimination and xenophobia against migrants, asylum seekers, refugees and stateless persons, and to facilitate the integration of non-citizens?

    What measures had been adopted by the State party to ensure that the practical application of the policy of “Gabonisation” of employment did not lead to cases of discrimination in hiring and dismissal on the basis of race, colour, descent or national or ethnic origin? According to a provision within the refugee act, the majority of refugees in Gabon lived with families. What was the profile of these families? How was the legal integration of refugees carried out? What were the socio-demographic, spatial and legal-administrative characteristics of the descendants of refugees in Libreville? Clear procedures were needed to ensure the prompt identification of persons seeking international protection at land borders and arrivals by sea; what measures were being taken in this regard? What had been done to strengthen the National Commission for Refugees?

    The Committee had been told that asylum seekers remained excluded from the national medical insurance scheme and did not have access to medical services pending a decision on their refugee status. What steps had been taken to extend primary health care to asylum seekers who were awaiting a final decision on their refugee status? What efforts had the Gabonese Government made to develop and implement a statelessness determination procedure? The Committee had been informed that many foreigners were forced by the administrative services to add so-called “Gabonese” surnames to their surnames, which discouraged some parents of children born in Gabon from finalising the procedures for obtaining Gabonese nationality or identity documents; what measures had been taken to address these situations?

    What was the proportion of Gabonese nationals who were victims of trafficking? What were the main forms of trafficking found in Gabon? Did forced labour include domestic servitude, commercial exploitation and sexual exploitation? What was the profile of the perpetrators of human trafficking, their gender, and their nationality? How many cases had been prosecuted and convicted? What were the measures for reparation and rehabilitation of victims of trafficking? What was being done by the State to prevent and combat trafficking in persons, including for the purpose of labour exploitation, sexual exploitation and domestic servitude, including of non-citizens, especially children? Had appropriate resources been allocated to the National Commission for the Prevention and Combatting of Trafficking in Persons to enable it to carry out its mandate?

    Responses by the Delegation

    The delegation said a guide had been produced to inform people on how to tackle different forms of violence, including sexual violence, and how to support victims. A specific programme had been developed for indigenous children with nomadic lifestyles. Gabon provided support to refugees and asylum seekers as required. The right to health was recognised as a universal human right. Those in an irregular situation received healthcare regardless of their status.

    There was a small number of cases of irregular migration in Gabon today. In recent years, it was ensured that migrants in an irregular situation had been provided with documents and put into a regular situation.

    In 2023, Gabon completed the procedure required for the State to be in a position to proactively identify cases of human trafficking by identifying irregular movements. The country was also collecting data in this regard, to identify trends and receive up to date information on this phenomenon in Gabon. Transnational networks existed, operating by both land and sea. Underground networks operated trafficking of women and children, and irregular migration was the driving force behind this phenomenon. Gabon was working with Benin to find a solution to this issue. The State was fully committed to rolling out the project to have practical solutions to these issues, including police investigations into these cases. Trafficking was a transnational problem, and it was important to go back to the country of origin.

    Everyone in Gabon enjoyed the right to freedom of assembly. Indigenous peoples were dealt with on an equal footing, the same way as other citizens in Gabon. They were appropriately supported if they wished to establish associations. If the laws on equal treatment were not respected, appropriate penalties would be handed down.

    Legislation established the National Commission for the Prevention of Human Trafficking in Gabon. The Commission spearheaded a national strategy to counter trafficking. Gabon was a party to the 1951 Geneva Convention on Refugees. An appeals mechanism existed for those who were not satisfied with their asylum decision. There were no refugee camps in Gabon; refugees and asylum seekers shared the same schools and hospitals as Gabonese citizens. A refugee held the same rights as a Gabonese citizen. A refugee card was issued and gave access to many of the same rights as an identity card.

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, congratulated Gabon on the mechanism adopted to tackle human trafficking. Could statistics on the number of stateless people be provided? 

    A Committee Expert asked what steps had been taken by the Gabonese Government to push back against hate speech and xenophobia? Would Gabon ratify the Convention on the Rights of Migrants and Members of their Families?

    Another Expert asked if history education was compulsory in the State party at all levels of the education system? Given the colonial legacy of the State party, to what extent did the educational curricula cover this issue? Was Gabon supportive of the concept of reparations for colonial wrongs?

    A Committee Expert asked if any measures had been taken to eradicate malaria, particularly among migrants and asylum seekers?

    Another Expert asked how refugees were cared for in Gabon, including accommodation needs, in light of the fact that there were no camps?

    An Expert said Gabon had made good progress in regard to the education of children with disabilities. Had Gabon ratified the Convention on the Protection of Persons with Disabilities, and instruments on displaced persons.

    One Expert paid tribute to the father of the Gabonese nation.

    Responses by the Delegation

    The delegation said in history classes in public schools, there was no political link with colonialism. The curriculum was based on the programme drafted by a national pedological institution.

    Closing Remarks

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-up Rapporteur , said it would be the first time that Gabon would receive recommendations with a follow-up. Several recommendations would be highlighted for follow-up within one year.

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, congratulated Gabon for the multi-sectoral approach taken to the dialogue, which had been productive and fruitful. Ms. Esseneme thanked all those who had made the dialogue possible, especially in the hybrid format. Gabon was urged to do its utmost to implement the recommendations contained in the concluding observations, to ensure ongoing collaboration with the Committee.

    PAUL-MARIE GONDJOUT, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation , thanked the Committee for the constructive and respectful exchange which had taken place. The Committee’s questions had provided an opportunity to share more information about the situation in Gabon. Gabon would continue engaging with the Committee and looked forward to the concluding observations and follow-up. Gabon would respond within the timeframes indicated. Gabon would take steps to ensure the optimal implementation of the provisions enshrined within the Convention, working with all stakeholders involved in human rights.

    _______________

    CERD25.007E

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI USA: California’s population increases — again

    Source: US State of California 2

    May 1, 2025

    What you need to know: For the second year in a row, California’s Department of Finance released data showing the Golden State’s population grew. In 2024, the state added more than 100,000 residents.

    SACRAMENTO — Today, Governor Gavin Newsom announced that California’s population grew by 108,000 people in calendar year 2024, reaching 39,529,000 people as of January 1st, 2025 — according to new data from the California Department of Finance.

    “People from across the nation and the globe are coming to the Golden State to pursue the California Dream, where rights are protected and people are respected. As the fourth largest economy in the world — from the Inland Empire to the Bay Area — regions throughout California are growing, strengthening local communities and boosting our state’s future. We’ll continue to cut tape, invest in people, and seek real results from government to ensure we build on this momentum – all of which are at risk with the extreme and uncertain tariffs.”

    Governor Gavin Newsom

    This increase marks the second consecutive calendar year of population growth. Additionally, this report reflects an upward revision of California’s January 2024 population, which saw a growth of 192,219 people (year over year) — up from the previously estimated increase of 67,104 people. And an upward revision of California’s January 2023 population, which saw a growth of 48,764 people (year over year) — up from the previously estimated decrease of 53,727 people.

    Factors for growth

    • Higher 2024 K-8 enrollment by 13,890 compared to 2023.

    • An increase in the 65-and-older population of 25,298 people in 2024, up from 6,622,031 people reported last year.

    • Natural increase — the net result of births minus deaths — contributed 114,805 to overall population growth in 2024, largely in line with the growth of 105,550 in 2023.

    • More data sources to better estimate California’s share of recent increases in legal immigration to the U.S. from 2021 to 2024, showing 277,468 more immigrants to the state during this period than in the 2023 estimate. This data only includes legal immigration.

    A look at city and county data

    The report contains preliminary year-over-year January 2025 and revised January 2021 through January 2024 population data for California cities, counties, and the state. It’s important to note that these estimates are based on information as of January 1, 2025, and therefore do not include data for the Los Angeles County wildfires later that month.

    • California’s 58 counties range in size from Alpine County, with just over 1,170 residents, to Los Angeles County with 9.9 million residents. The population increased in 35 counties, with most growth in the Central Valley, the Inland Empire, and coastal counties. Population gains reflect natural increase exceeding losses in net total migration.

    • The state’s ten largest counties remain Los Angeles, San Diego, Orange, Riverside, San Bernardino, Santa Clara, Alameda, Sacramento, Contra Costa, and Fresno, with each having more than one million residents. These ten counties represent 72 percent of California’s population. 

    • Nine of the ten counties with one million or more people have positive population growth, leaving Contra Costa as the only county with a very small population loss of 24 people. Los Angeles led with an increase of 28,000 persons. 

    • Population growth rates ranged from a high of 2.88 percent in Lassen County to a low of -1.58 percent in Mono County. The next five largest in percentage growth were Glenn (1.35 percent), Fresno (0.87 percent), Sutter (0.83 percent), Imperial (0.81 percent), and Tulare (0.73 percent).

    Recent Census Bureau revisions

    In addition to the report released by the Department of Finance, the U.S. Census Bureau (which measures on a fiscal calendar year versus DOF’s calendar year) released updated information showing California’s population increasing as well  — with several key revisions upwards:

    • July 1, 2023 to June 30, 2024, California’s population increased by more than 225,000 people.

    • July 1, 2022 to June 30, 2023: California’s population increased by more than 50,000 people. NOTE: This was revised up from the originally reported 75,000+ decrease.

    • July 1, 2021 to June 30, 2022: California’s population decreased by just 151 people. NOTE: This was revised up from the originally reported 100,000+ decrease.

    Busting myths

    Despite the common myth of a continually declining population, California has only saw a short period of population loss in its 174 year history — during the peak of the COVID pandemic, when it decreased by 379,544 people (which represents about 1% decrease over those two years), according to the U.S. Census Bureau.

    During the same period, from July 1, 2021 to June 30, 2022, 10 states saw larger population decreases, with Louisiana — led by a Republican Governor and legislature — seeing the largest percent decrease. And 13 states also saw population decreases from July 1, 2020 to June 30, 2021.

    California leads the way

    Building on the second year of population growth, California leads the way in tourism spending, and was just announced as the fourth largest economy, moving up from fifth, in the world by the International Monetary Fund. California is also home to the most Fortune 500 companies and most Inc. 5000 companies. And, California leads the way nationally as the #1 state for new business starts, access to venture capital funding, manufacturing, high-tech, and agriculture.

    Recent news

    News What you need to know: House Republicans used an illegal tactic to attempt to overrule California’s clean cars and trucks program that has decreased smog and protected Californians’ health. SACRAMENTO — Governor Gavin Newsom issued the following statement today…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 30, 2025, as “Apprenticeship Day.”The text of the proclamation and a copy can be found below. PROCLAMATIONNational Apprenticeship Day is a nationwide celebration…

    News What you need to know: The state of California is providing LA City and County a new AI-powered e-check software free of charge to speed the pace at which local governments are approving building permits. LOS ANGELES – Leveraging the power of private sector…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom on illegal House effort to curb California’s tools for cleaning the air: ‘Making California smoggy again’

    Source: US State of California 2

    May 1, 2025

    What you need to know: House Republicans used an illegal tactic to attempt to overrule California’s clean cars and trucks program that has decreased smog and protected Californians’ health.

    SACRAMENTO — Governor Gavin Newsom issued the following statement today in response to the House vote targeting California’s clean vehicles program.

    The Republican-controlled House illegally used the Congressional Review Act (CRA) today to attempt to repeal California’s Clean Air Act waivers, which authorize California’s clean cars and trucks program. This defies decades of precedent of these waivers not being subject to the CRA, and contradicts the non-partisan Government Accountability Office and Senate Parliamentarian, who both ruled that the CRA’s short-circuited process does not apply to the waivers.

    Trump Republicans are hellbent on making California smoggy again. Clean air didn’t used to be political. In fact, we can thank Ronald Reagan and Richard Nixon for our decades-old authority to clean our air.

    The only thing that’s changed is that big polluters and the right-wing propaganda machine have succeeded in buying off the Republican Party – and now the House is using a tactic that the Senate’s own parliamentarian has said is lawless. Our vehicles program helps clean the air for all Californians, and we’ll continue defending it. Washington may want to cede our economy to China but California is standing by American innovation.

    Governor Gavin Newsom

    The state’s efforts to clean its air ramped up under then-Governor Ronald Reagan when he established the California Air Resources Board. California’s Clean Air Act waivers date back to the Nixon Administration – allowing the state to set standards necessary for cleaning up some of the worst air pollution in the country. 

    California’s climate leadership

    Pollution is down and the economy is up. Greenhouse gas emissions in California are down 20% since 2000 – even as the state’s GDP increased 78% in that same time period.

    The state continues to set clean energy records. Last year, California ran on 100% clean electricity for the equivalent of 51 days – with the grid running on 100% clean energy for some period two out of every three days. Since the beginning of the Newsom Administration, battery storage is up to over 13,000 megawatts – a 1,600%+ increase.

    California’s clean air authority

    Since the Clean Air Act was adopted in 1970, the U.S. EPA has granted California more than 100 waivers for its clean air and climate efforts. California has always demonstrated that its standards are feasible, and that manufacturers have enough lead time to develop the technology to meet them. It has done so for every waiver it has submitted. 

    Waivers do not expire and there is no process for revoking a waiver – which makes sense because governments and industry rely on market certainty waivers provide for years after they are granted to deliver clean vehicles and develop clean air plans. 

    Although California standards have dramatically improved air quality, the state’s unique geography means air quality goals still require continued progress on vehicle emissions. Five of the ten cities with the worst air pollution nationwide are in California. Ten million Californians in the San Joaquin Valley and Los Angeles air basins currently live under what is known as “severe nonattainment” conditions for ozone. People in these areas suffer unusually high rates of asthma and cardiopulmonary disease. Zero-emission vehicles are a critical part of the plan to protect Californians.

    Press Releases, Recent News

    Recent news

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 30, 2025, as “Apprenticeship Day.”The text of the proclamation and a copy can be found below. PROCLAMATIONNational Apprenticeship Day is a nationwide celebration…

    News What you need to know: The state of California is providing LA City and County a new AI-powered e-check software free of charge to speed the pace at which local governments are approving building permits. LOS ANGELES – Leveraging the power of private sector…

    News What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive…

    MIL OSI USA News

  • MIL-OSI Economics: Steering Committee of Partenariat pour le Coton addresses priorities for cotton sector

    Source: WTO

    Headline: Steering Committee of Partenariat pour le Coton addresses priorities for cotton sector

    Participants focused on translating identified needs into actionable investment opportunities and presented findings from national and regional consultations. They also validated the terms of reference of the Partenariat, including its membership framework, geographical scope and core functions.
    In his opening remarks, WTO Deputy Director-General Jean-Marie Paugam emphasized the importance of strengthening the cotton–textile–garment value chains in the C-4+ countries through increased value addition, expanded trade opportunities and sustainable development outcomes. He noted that the objective of the meeting was threefold: to present the national and regional reports emerging from the consultations; to highlight national priorities and investment needs; and to explore the technical assistance and financing options proposed by financial institutions in response to these findings. His full remarks (in French) are here.
    Ms Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African and Export Development, underscored the need to address issues relating to low yields and processing capacity, climate change, climate variability, market fluctuations, global cotton prices, and limited infrastructure and technology, which hinder productivity and efficiency. To be able to upgrade and integrate into the global cotton value chain, the C-4+ countries need these issues to be tackled, she said.
    Over the two-day gathering, the Steering Committee engaged in thematic sessions on sustainable practices in cotton production and on financing mechanisms for value chain development aligned with the outcomes of the national consultations. A high-level panel explored strategies to unlock investment for cotton industrialization and local transformation in the C-4+ region.
    The meeting concluded with forward-looking discussions on supporting C-4+ priorities, including the establishment of a dedicated C-4+ Partenariat Support Fund to facilitate participation in capacity-building activities and key international meetings. Participants also discussed preparations for the upcoming World Cotton Day, to be hosted in October 2025 by Chad in collaboration with the International Trade Centre (ITC).
    Attendees included representatives from the WTO, United Nations Industrial Development Organization (UNIDO),the  International Labour Organization (ILO), Better Cotton (BC), the African Development Bank (AfDB), FIFA, the International Atomic Energy Agency (IAEA) and the International Cotton Advisory Committee (ICAC). Also present were representatives of the International Finance Corporation (IFC), the International Trade Centre (ITC), the United Nations Office on Drugs and Crime (UNODC), and development partners such as China and the European Union, as well as representatives of the C-4+ countries.
    The next opportunity to carry forward these discussions will be the Director-General’s Consultative Framework Mechanism on Cotton meeting scheduled for 14 May in Geneva.

    Share

    MIL OSI Economics

  • MIL-OSI Economics: Déclaration d’ouverture du Président de la réunion du Comité directeur du Partenariat pour le coton

    Source: WTO

    Headline: Opening statement by the Chair of the meeting of the Steering Committee of the Partnership for Cotton

    S.E. Professeur Oramah, Président d’Afreximbank,S.E. Mme Alimatou Shadiya ASSOUMAN, Ministre du Commerce et de l’Industrie, BéninCher Eric Trachtenberg, Directeur exécutif du Comité consultatif international du coton,Cher Gunther Berger, Directeur général, ONUDIChère Mme Kanayo Awani, Vice-présidente exécutive, Commerce intra-africain et Développement des exportations, AfreximbankExcellences, distingués collègues, partenaires et parties prenantes,Mesdames et Messieurs
    Au nom de la Directrice générale de L’Organisation mondiale du commerce, Ngozi et en mon nom personnel, je vous souhaite la bienvenue à cette réunion du Comité de pilotage du Partenariat pour le Coton.
    Je vous présente toutes mes excuses de ne pouvoir être présent physiquement avec vous au Caire comme c’était initialement prévu.
    Je reste pleinement engagé dans le travail important que nous menons ensemble dans le cadre du Partenariat, et je me réjouis à l’avance des résultats de vos échanges.
    Permettez-moi de remercier chaleureusement les autorités égyptiennes et l’Afreximbank pour leur accueil et l’organisation de cette réunion importante.
    Mes remerciements s’adressent bien sur également à nos partenaires de l’ONUDI, pour leur rôle moteur dans notre partenariat, ainsi qu’à l’ensemble de ceux qui y participent — gouvernements, organisations internationales, institutions financières,  et acteurs du secteur privé — au premier rang desquels nous reconnaissons tous les pays du C4, qui en sont les inspirateurs et portent la cause de l’économie du coton depuis près d’un quart de siècle à l’OMC.  
    Pour nos discussions des deux prochains jours, notre objectif est clair : trouver les moyens de renforcer les chaînes de valeur du secteur coton–textile–habillement dans les pays du C4 «+»: le Bénin, le Burkina Faso, le Tchad, le Mali et la Côte d’Ivoire, en créant davantage de valeur ajoutée, en élargissant les opportunités commerciales, et en assurant des résultats de développement durables.
    Concrètement, il s’agira de :
    Présenter les rapports nationaux et celui régional issus des différentes consultations dans les pays du C4+ ;
    Identifier les priorités nationales ainsi que les besoins en matière d’assistance technique et de financement des investissements ;
    Échanger sur les mesures de soutien et les options de financement proposées par les institutions financières, sur la base des rapports issus des consultations nationales.
    Cette réunion du Comité de pilotage se tient à un moment charnière, au terme d’un travail collectif considérable de mise à jour de l’état des lieux de la filière coton et des enjeux de notre Partenariat. En juin 2024, le Comité de pilotage a validé les conclusions d’une étude de référence menée par l’ONUDI, avec l’appui du Centre du Commerce International. En septembre 2024, des consultations nationales se sont tenues sur cette base dans les cinq pays du C-4+. Ces consultations ont permis d’identifier les priorités du secteur coton-textile-habillement, sur lesquelles des présentations vous seront faites dans un instant.
    L’enthousiasme autour du Partenariat, la diversité des parties prenantes et institutions représentées ici aujourd’hui, les perspectives prometteuses que laissent espérer les études nationales ainsi, la mobilisation des institutions financières, montrent une dynamique tournée vers l’action.
    C’est cette dynamique que nous voulons nourrir, avec déjà, en ligne de mire, l’échéance de la prochaine conférence ministérielle de l’OMC, au printemps 2026, qui se tiendra en terre africaine, à Yaoundé, et pourrait représenter une nouvelle étape pour notre mobilisation. 
    C’est en nous plaçant dans cette perspective optimiste que j’ouvre la réunion de notre comité de pilotage. Je forme le vœu que nos échanges au cours de ces deux journées soient porteurs de résultats concrets pour l’industrialisation et la transformation locale du coton dans les pays partenaires.
    Nous pourrons rapporter ces résultats aux membres de l’OMC lors de notre prochaine discussion sur le coton, prévue le 14 mai à l’OMC, qui abordera toutes les problématiques auxquelles fait face l’industrie cotonnière dans les pays du C4 et les autres pays en développement.
    Je vous remercie de votre attention et cède à présent la parole à Son Excellence Madame Kanayo Awani, Vice-Présidente exécutive du Commerce intra-africain et du Développement des exportations à Afreximbank.
    A très bientôt à Genève.

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    MIL OSI Economics

  • MIL-OSI Canada: Bringing communities and stories to life

    Source: Government of Canada regional news (2)

    MIL OSI Canada News

  • MIL-OSI USA: FEMA Alert: Watch for Fraud After April Storms in Kentucky

    Source: US Federal Emergency Management Agency

    Headline: FEMA Alert: Watch for Fraud After April Storms in Kentucky

    FEMA Alert: Watch for Fraud After April Storms in Kentucky

    FRANKFORT, Ky

     – If you are a survivor of Kentucky April storms, straight-line winds, tornadoes, floods, landslides and mudslides, you may also be a target of con artists and criminals who try to obtain money or steal personal information

    Protect Your IdentityIn some cases, thieves try to apply for FEMA assistance using names, addresses and Social Security numbers they have stolen from survivors

    If a FEMA inspector comes to your home and you did not submit a FEMA application, your information may have been used without your knowledge to create a FEMA application

    If so, please inform the inspector that you did not apply for FEMA assistance, so the inspector can submit a request to stop further processing of the application

    If you did not apply for assistance, but received a letter from FEMA, please call the FEMA Helpline at 800-621-3362

    The Helpline will submit a request to stop any further processing of that application

    If you do wish to apply for FEMA assistance after stopping an application made in your name without your knowledge, the Helpline will assist you in creating a new application

    Identify Legitimate FEMA StaffFEMA Disaster Survivor Assistance teams, housing inspectors and other officials are working in areas impacted by the April severe storms throughout Kentucky

    They carry official identification badges with photo

    FEMA representatives never charge applicants for disaster assistance, inspections or help in filling out applications

     Don’t believe anyone who promises a disaster grant in return for payment

    Don’t give your banking information to a person claiming to be a FEMA housing inspector

    FEMA inspectors never collect your personal financial information

     Report Scams and FraudIf you believe you are the victim of a scam report it immediately to your local police or sheriff’s department, or contact the Office of the Attorney General by calling 502-696-5485 or visit its website at Natural Disaster Scams – Kentucky Attorney General

    To file a fraud complaint, go online to Scam Report (kentucky

    gov)

    If you suspect fraudulent activity involving FEMA, you can report it to the FEMA Fraud Branch at:  StopFEMAFraud@fema

    dhs

    gov, or write to: FEMA Fraud and Internal Investigation Division, 400 C Street SW Mail Stop 3005, Washington, DC 20472-3005

    If you suspect identity theft, please visit Identity Theft | FTC Consumer Information or IdentityTheft

    gov

     How To Apply for FEMA AssistanceSurvivors in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties who have disaster-caused damage or loss from the April storm can apply for federal disaster assistance under the major disaster declaration DR-4864 in several ways:Online at DisasterAssistance

    gov

    Visit any Disaster Recovery Center

    To find a center close to you, visit fema

    gov/DRC, or text DRC along with your Zip Code to 43362 (Example: “DRC 29169”)

    Use the FEMA mobile app

    FEMA works with every household on a case-by-case basis

    Call the FEMA Helpline at 800-621-3362

    It is open 7 a

    m

    to 10 p

    m

    Eastern Daylight Time

    Help is available in many languages

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service

     For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Thu, 05/01/2025 – 16:27

    MIL OSI USA News

  • MIL-OSI Security: Ashburn financial advisor sentenced to three years in prison for defrauding investors and losing millions of dollars through risky trading

    Source: Office of United States Attorneys

    ALEXANDRIA, Va. – An Ashburn man was sentenced today to three years in prison for fraud relating to his risky trading that lost millions of dollars of his clients’ funds while he provided them with false information.

    According to court documents, Andrew Corbman, 53, was affiliated with a national estate planning company through which he obtained access to individuals interested in estate planning and setting up trust vehicles. Corbman offered financial advice to clients and potential clients, including assisting them with long-term financial planning such as trusts, annuities, and life insurance.

    Over a period of years, Corbman worked with two individuals and two couples who loaned him money believing he would invest those funds and earn outsized returns. These clients did not know that in 2016 Corbman was suspended and then permanently barred by the Financial Industry Regulatory Authority (FINRA) from acting as a financial advisor or that Corbman filed for bankruptcy in 2015. Corbman suggested the clients could improve their investment returns if they loaned him money or rolled over existing loans they had made to him. Through false claims of investing success, Corbman induced his Clients to loan him up to $4.2 million, promising to invest or continue investing the money in stock market options trading. Corbman promised to repay the loans at high rates of return, as much as a 30% annual interest rate, plus a share of his own trading profits.

    Corbman misrepresented his past trading performance to induce the clients to invest or to reinvest what he owed them when the loans came due in the form of a new loan. Corbman provided at least two of his potential clients a document he claimed showed his 2021 investment results. The document boasted “112 wins, 82% win history and a 90% average return.” In fact, Corbman’s trading history for each year from 2019 onward resulted in substantial losses. Altogether, Corbman lost over $4,000,000 of his clients’ money, and returned only $120,000 to one victim late in the scheme.

    Corbman, fully aware of the risks and the calamitous results he was producing, not only concealed the risks from his clients, but actively misled them in an attempt to stave off requests for funds and to attempt to obtain new funds. Corbman provided his victims with fabricated trading win histories.

    In late 2022 and early 2023, when Corbman’s creditors demanded repayment of their expired loans agreements, Corbman indicated to his clients that he was unable to repay the loans due to unanticipated trading losses. Corbman ultimately filed for bankruptcy, seeking to discharge over $4 million in losses he had inflicted on his clients.

    As a result of Corbman’s fraudulent scheme, at least one victim incurred substantial financial hardship, including having to mortgage a home, postpone retirement, and seek employment at an advanced age.

    In addition to his term of imprisonment, Corbman must pay $4.15 million in restitution.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Sean Ryan, Special Agent in Charge of the FBI Washington Field Office’s Criminal and Cyber Division, made the announcement after sentencing by U.S. District Judge Michael S. Nachmanoff.

    Assistant U.S. Attorney Russell L. Carlberg prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:24-cr-255.

    MIL Security OSI

  • MIL-OSI: XRP News: XploradDEX $XP Token Explodes 1,500% in 24 Hours — Market Cap Quadruples as FOMO Grips XRP Traders

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, Switzerland, May 01, 2025 (GLOBE NEWSWIRE) — XploraDEX’s native token, $XPL, has sent shockwaves across the XRP ecosystem after surging over 1,500% in just 24 hours. From a humble market cap of $70K at launch, $XPL has now ballooned to over $288K, sparking an aggressive wave of buying activity and cementing its place as one of the most explosive DeFi launches on the XRP Ledger to date.

    Buy $XPL on MagneticX Exchange

    Massive Momentum: 24-Hour Snapshot

    • 24H Price Change: +1,500%
    • 24H Low: 0.00000411 XRP
    • 24H High: 0.000172 XRP
    • Market Cap: $288,000 (from a $70K launch)
    • 24H Volume: 8,100 XRP
    • Listed on 132 exchanges

    XPL’s jaw-dropping performance has ignited widespread FOMO among XRP traders and DeFi enthusiasts. Since going live on MagneticXc, the token has seen relentless upward price pressure, with new buyers flooding in as it enters its first wave of price discovery.

    Purchase $XPL on MagneticX

    Why This Rally Is Different

    This isn’t a typical meme pump or hype play. $XPL is the gateway to XploraDEX, the first AI-powered decentralized exchange on XRPL. Unlike many tokens that launch with vague promises, XploraDEX is already delivering real utility, including:

    • AI-integrated trading dashboards
    • Smart order execution and automation tools
    • Staking and yield opportunities
    • Governance and protocol voting
    • Launchpad access for future XRPL projects

    The token’s early success is being driven by real utility, cutting-edge technology, and a strong community of early believers who understand the long-term upside of AI-enabled DeFi on one of the world’s fastest blockchains.

    Buy $XPL Token on MagneticX DEX

    The Community Is On Fire

    Telegram is buzzing. Trading pairs on MagneticXc are heating up. And wallets are connecting in record numbers. With 132 exchanges already listing $XPL and 24-hour volume exceeding 8K XRP, the market is clearly responding.

    Early adopters have already seen 15x gains. But with a modest $288K market cap, analysts believe $XPL may just be getting started. As XploraDEX rolls out its staking pools and governance portal in the coming days, more buying pressure could follow.

    Purchase $XPL on MagneticX

    The FOMO is real—and rising.

    If you missed the presale, this is your chance to enter before the next wave pushes the price even higher. The market cap is still under $300K, leaving massive upside potential as more users discover the utility behind $XPL.

    Buy $XPL on MagneticX: https://xmagnetic.org/swap/XPL+rGdwJSadiYfRZcq51A1CKzLmQ4yuBVcYgy_XRP+XRP?network=mainnet

    Stay connected and Join the XploraDEX AI Revolution

    Website | Buy $XPL on DEX | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4d69a130-b380-4c88-8126-5b6fb453f1f5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4b537917-6702-4b72-aa5c-a1da7aea99e2

    The MIL Network

  • MIL-OSI Asia-Pac: Need to transform global IP ecosystem; IP acts as catalyst for employment, development and innovation for all countries: Daren Tang, Director General, WIPO

    Source: Government of India

    Need to transform global IP ecosystem; IP acts as catalyst for employment, development and innovation for all countries: Daren Tang, Director General, WIPO

    The session on “The Role of IP & Copyright for Audio-Visual Performers and Content Creators” sparks insightful dialogue at WAVES 2025

    Posted On: 01 MAY 2025 8:06PM by PIB Mumbai

    Mumbai, 1 May 2025

     

    A panel discussion titled “The Role of IP & Copyright for Audio-Visual Performers and Content Creators” was held today at the World Audio Visual and Entertainment Summit (WAVES) currently underway at the Jio World Centre in Mumbai. This session brought together influential voices from the global entertainment, legal and creative industries to discuss the role of intellectual property (IP) rights in empowering creators in the digital age.

    The panel addressed the evolving legal landscape and highlighted the urgent need for stronger awareness and protection of IP rights, especially for performers and content creators whose work is increasingly vulnerable to unauthorised use and exploitation.

    Shri Ameet Datta, veteran lawyer, moderated the session, steering a dynamic discussion among an esteemed panel of experts and creators. The panel included Mr. Daren Tang, Director General of the World Intellectual Property Organization (WIPO), who offered a global perspective on policy frameworks and WIPO’s efforts to strengthen protections for performers worldwide. He said that India’s IP journey in last 5 decades is extraordinary and its creative economy grows tremendously. He said that there is a need to transform global IP ecosystem as IP acts as catalyst for employment, development and innovation for all countries. Talking about WIPO’s creative economy data model, he said that it is helping policy makers, economists and creators of its member states to find better metrics to measure creative economy.

    Feroz Abbas Khan, acclaimed director and playwright, shared insights from his decades-long experience in theatre and the challenges of safeguarding original creative works. He said that IP is about human dignity and society should first respect the work of artists.

    Steve Krone, noted film and television producer, emphasized the importance of copyright in protecting investments in audio-visual storytelling and the need for standardized global enforcement mechanisms. He said that copyright is not just about money but about controlling the works of creators from exploitation.

    Anjum Rajabali, veteran screenwriter, spoke about the creative process and the necessity for writers to understand and claim their rights in an increasingly complex content economy. He said that today access is far easy and restrictions should be there.

    Throughout the session, the panellists delved deeply into copyright ownership, licensing, moral rights, the impact of AI and the balance between access and protection in a rapidly digitising world.

     

    * * *

    PIB TEAM WAVES 2025 | Rajith/ Poushali /Barnali / Darshana | 131

    (Release ID: 2125906) Visitor Counter : 61

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah addresses a Programme on Gujarat Day and Maharashtra Day in New Delhi

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah addresses a Programme on Gujarat Day and Maharashtra Day in New Delhi

    Prime Minister Shri Narendra Modi has taken steps to to preserve the purity and sanctity of Yamuna water from Yamunotri to Prayagraj and to build a riverfront on the lines of Sabarmati in Delhi

    Purification of Yamuna is of great importance not only for the people of Delhi and neighboring states but also for all Indians who worship Shri Krishna and Yamuna ji

    Gujarat and Maharashtra, formed out of one state, have set an excellent example of developing the country through their own development by respecting each other and having healthy competition between the two states without any bitterness against each other

    Prime Minister Shri Narendra Modi by taking the resolution of Ek Bharat Sreshtha Bharat has foiled all evil ideas that weaken our unity, the result is today every language and culture draws strength from each other

    If a person decides in his heart that everything that causes disintegration should be eliminated, then Prime Minister Modi has given an ideal example of this by imagining Ek Bharat Shreshtha Bharat

    Maharashtra, the land of Veer Chhatrapati, keeping up with its tradition, gave a strong fight to the Mughals and kept the flag of Swabhasha, Swaraj and Swadharma fluttering

    Today Garba is celebrated with equal enthusiasm in Maharashtra and during Ganesh festival in Gujarat, Ganpati is brought to every house with reverance

    Vibrant Gujarat and Magnificent Maharashtra are strong pillars of the country’s development

    Under the leadership of Prime Minister Modi, both the states have finalized their development roadmap till 2047

    Posted On: 01 MAY 2025 8:45PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Minister Shri Amit Shah today addressed a program on the occasion of Gujarat and Maharashtra Day in New Delhi. Many dignitaries including Union Minister Dr. Mansukh Mandaviya, Lieutenant Governor of Delhi Shri VK Saxena and Chief Minister of Delhi Smt. Rekha Gupta were present on the occasion.

    In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that Prime Minister Shri Narendra Modi has taken steps to preserve the purity and sanctity of Yamuna water from Yamunotri to Prayagraj and to build a riverfront on the lines of Sabarmati in Delhi. He said that purification of Yamuna is of utmost importance not only for the people of Delhi and its neighboring states but also for all Indians who worship Shri Krishna and Yamuna ji.

    Union Home Minister said that today is the foundation day of both Gujarat and Maharashtra. He said that Gujarat and Maharashtra have set an excellent example of how two states formed out of one state can lead the country through their development by respecting each other and with a healthy competition between them without any bitterness. He said that people who wanted to divide the country by making the issues of boundaries, language and culture were succeeding in their ill intentions but Prime Minister Shri Narendra Modi ji foiled all these evil ideas. He said Shri Narendra Modi has taken the resolution of Ek Bharat, Shreshtha Bharat, the result of which is that today every language and culture draws strength from each other.

    Shri Amit Shah said that there is no competition between Marathi and Gujarati and both are great languages ​​in their own places. He said that the idea of Ek Bharat Shreshtha Bharat is an ideal example of how one can fight against those that adversely impact our unity. He said that on May 1, 1960, two states were born from the state of Mumbai, one became glorious Gujarat and the other became great Maharashtra. He said that both the states have contributed a lot in solving every problem of the country and taking development forward for many years.

    Union Home Minister and Minister of Cooperation said that Maharashtra, the land of Veer Chhatrapati, carried forward his tradition and from Bajirao Peshwa to other generals, gave a strong fight to the Mughals and raised the flag of mother language, self rule and self religion.

    He said that the first idea of ​​complete independence was put forward by young Shivaji Maharaj and when the British rule came it was taken forward by Lokmanya Bal Gangadhar Tilak Maharaj who gave the slogan of Swaraj is my birthright,. Shri Shah said that whether it is Bhakti movement or the progressive path of social reform, Jyotiba Phule, Babasaheb Dr. Bhimrao Ambedkar Ji, all showed the way not only to Maharashtra but to the entire country. He said that Veer Savarkar ji became the source of inspiration for crores of youth across the country as a dedicated patriot.

    Shri Amit Shah said that Gujarat was also the karmabhoomi of Shri Krishna and the birthplace of Swami Dayanand Saraswati. He said that many strong empires were born in Gujarat and in the freedom struggle, Mahatma Gandhi and Sardar Patel worked to give shape to the entire freedom movement. He said that after independence, India has been able to cover such a long distance today only under the leadership of Prime Minister Shri Narendra Modi in achieving the goal of development and uniting the country and strengthening it to reach the highest position in the world.

    Union Home Minister said that the contribution of both Maharashtra and Gujarat in the development of India has been huge before and after independence. He said that today Garba is celebrated with the same enthusiasm in Maharashtra and during Ganesh Utsav in Gujarat, Ganpati is brought to every house with respect. He said that this is the biggest strength of our country. Shri Shah said that both the states are standing as very strong pillars of the country’s economic development. He said that Maharashtra has always been the economic capital of the country and even today it is the country’s largest economy. Home Minister said that Gujarat’s GSDP has also crossed 30 lakh crores and it is the third largest economy of the country. Gujarat has the largest port, the largest refinery, Asia’s largest renewable energy park, the first bullet train will go from Gujarat, the first GIFT city and now Dholera Smart City is also being built in Gujarat. He said that Vibrant Gujarat and Magnificent Maharashtra have become strong pillars of the country’s development. He said that under the leadership of Prime Minister Modi, both the states have finalized the roadmap for their development till 2047.

    Shri Amit Shah said that Gujarat and Maharashtra have accepted modernity while preserving their heritage and have contributed a lot to the unity and integrity of the country. He said that in Modi ji’s vision of a great India, both the states have accepted the formula of healthy competition between the states and the development of the country through it. Shri Shah said that when a developed India will be formed in 2047, both the states will have the biggest contribution in it.

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  • MIL-OSI Asia-Pac: Mukesh Ambani Unveils Vision for India-Led Global Entertainment Revolution at WAVES 2025

    Source: Government of India

    Mukesh Ambani Unveils Vision for India-Led Global Entertainment Revolution at WAVES 2025

    Let ‘WAVES’ be the message of hope from a resurgent new India to the world: Mukesh Ambani

    Media & Entertainment is not just India’s soft power—It’s India’s real power: Ambani

    Posted On: 01 MAY 2025 8:32PM by PIB Mumbai

    Mumbai, 1 May 2025

    “India is not just a nation—it is a civilization of stories, where story-telling is a way of life”, said Shri Mukesh Ambani, Chairman and Managing Director of Reliance Industries, as he delivered the keynote address at WAVES 2025, the pioneering global media and entertainment summit started in Mumbai today.

    In a rousing and forward-looking address titled “Building the Next Global Entertainment Revolution from India,” Ambani envisioned a future where India becomes the epicentre of the world’s entertainment industry. He credited the bold vision of Prime Minister Shri Narendra Modi for inspiring this transformation and hailed the WAVE Summit as a historic step in that direction. “People say Media & Entertainment is India’s soft power—I call it India’s real power,” said Ambani, affirming the country’s rising influence in global culture and creativity.

    He identified two tectonic shifts reshaping the creative landscape: geo-economics and technology. As the economic might of the Global South surges—home to 85% of the world’s population—so does its role in content creation and consumption. At the same time, cutting-edge technologies like Artificial Intelligence are revolutionizing every stage of the entertainment value chain, from content creation to distribution. “AI is dissolving the boundaries between imagination and execution. What AI is doing for entertainment today is a million times more transformative than what the silent camera did for cinema a century ago”, he flagged.

    Highlighting India’s unique strengths, Ambani said that the country is poised to lead the entertainment revolution, powered by three pillars; Compelling Content, Dynamic Demography and Technological Leadership. “India’s digital revolution is not just a story of scale—it is a story of aspiration, ambition, and transformation,” he declared.

    Concluding his keynote, Ambani offered a message of optimism: “In a polarized and uncertain world, people seek joy, connection, and inspiration. India will answer this global hunger for entertainment. Let WAVES be the message of hope from a resurgent new India to the world.”

     

    PIB TEAM WAVES 2025 | Rajith/ Poushali/Swadhin/ C.Shekhar |133

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  • MIL-OSI Asia-Pac: Day One of NAM Conclave Witnesses Dynamic Participation from State & UT Ayush/Health Ministers, Paving Way for Strengthened Ayush Collaboration

    Source: Government of India

    Day One of NAM Conclave Witnesses Dynamic Participation from State & UT Ayush/Health Ministers, Paving Way for Strengthened Ayush Collaboration

    Our Goal is Illness to Wellness leading to Happiness: Hon’ble Union Minister of State (IC), Ministry of Ayush Prataprao Jadhav

    11.56 crore benefit from Ayushman Arogya Mandir (Ayush) in 2024: Union Minister of State (IC), Ministry of Ayush Prataprao Jadhav

    Posted On: 01 MAY 2025 8:16PM by PIB Mumbai

    Reaffirming its commitment and highlighting the strides taken by various States and Union Territories in the Ayush sector, the National Ayush Mission (NAM) Conclave 2025 commenced today at Kaivalyadhama, Lonavala (Maharashtra). The event sets the stage for a future roadmap to consolidate and expand the outreach of Ayush services across the nation.

    Shri Prataprao Jadhav, Union Minister of State (Independent Charge) for Ayush and Union Minister of State, Ministry of Health & Family Welfare inaugurated the two-day conclave, along with Ayush/Health Ministers and senior officials from various State and UT governments including Dr. Prem Chand Bairwa, Deputy Chief Minister and Minister-in-charge of Ayush, Government of Rajasthan; Shri Y. Satya Kumar Yadav, Minister of Health, Family Welfare, and Medical Education, Government of Andhra Pradesh; Dr. Dayashankar Mishra ‘Dayalu’, Minister of State (Independent Charge) for Ayush, Food Safety, and Drug Administration, Government of Uttar Pradesh; Shri Shyam Bihari Jaiswal, Minister of Health and Family Welfare and Medical Education, Government of Chhattisgarh; Shri Yadvinder Goma, Minister of Ayush, Youth Services & Sports, and Law, Government of Himachal Pradesh;  Shri G.T. Dhungel, Minister of Health & Family Welfare and Culture, Government of Sikkim; and Smt. Pi Lalrinpuii, Minister of Health & Family Welfare, Government of Mizoram.

    Organised by the Ministry of Ayush, Government of India, the conclave has brought together Ayush experts, policymakers, health professionals, researchers, and innovators. It aims to strengthen the integration of traditional Indian systems of medicine into mainstream healthcare—making wellness more accessible, affordable, and evidence-based for the common citizen.

    Setting the tone of the conclave, the Union Ayush Minister said, “It is noteworthy that the Ministry had organised a NAM Conclave in 2023, where Hon’ble Ministers and senior officials from various States and UTs shared valuable insights for the effective implementation of the NAM scheme. That dialogue resulted in the formulation of an action plan to improve the execution and outcomes of the National Ayush Mission. The initiative of establishment of 12,500 Ayushman Arogya Mandir (Ayush) has significantly enhanced healthcare availability, with the number of beneficiaries rising from 1.5 crore in 2021 to more than 11.5 crore in 2025. As a result, there has been a remarkable improvement in the accessibility of Ayush healthcare services, driven by improved infrastructure, availability of medicines, trained manpower, and strengthened educational institutions.”

    Encouraged by the previous success, the Union Minister added, “I am confident that this second edition of the National Ayush Mission Conclave will serve as a robust platform for both States/UTs and the Central Government to jointly review the Mission’s progress, strengthen governance systems, promote innovation, streamline financial processes, and ensure rapid and effective implementation of programmes at the grassroots level. On this occasion, I extend my heartfelt best wishes for the success of the Conclave to the teams working tirelessly at both the State/UT and Central levels. I also express my sincere gratitude to the dedicated and committed team of Kaivalyadhama for their tireless efforts.”

    Delivering the welcome address, Vaidya Rajesh Kotecha, Secretary, Union Ministry of Ayush, emphasized the growing significance of the Ayush sector through NAM, and stated, “Since its inception in 2014 with an initial budget of ₹78 crore, the National Ayush Mission has witnessed a remarkable increase in allocation, reaching ₹1275 crore in 2025–26—reflecting the immense success of the scheme and the unwavering commitment of the Government of India towards strengthening Ayush healthcare across the country. Ayush systems are gaining prominence due to their holistic approach, personalized care, and increasing global interest, backed by strong government support. According to NSSO (2022–23), nearly 95% of rural and 96% of urban Indians are aware of Ayush, with millions regularly practicing Yoga—signifying growing trust and nationwide acceptance”, the Secretary further added.

    Dr. Dayashankar Mishra, Minister of Ayush, Uttar Pradesh, lauded the efforts of the Union Government to boost the integrative healthcare infrastructure of the state through progressive schemes such as the National Ayush Mission. The Minister also mentioned, “Uttar Pradesh, the most populous state in the world, has made remarkable progress in the Ayush sector. Currently, the state has 3,959 operational Ayush hospitals, offering facilities with capacities of 4 beds, 15 beds, 25 beds, and 30 beds.”

    Shri Shyam Bihari Jaiswal, Minister of Health & Family Welfare, Chhattisgarh mentioned, “Integrated Medicine offers a meaningful solution by combining Ayush and modern medical systems, providing dual benefits to patients.”

    Shri Prem Chand Bairwa, Deputy Chief Minister, Rajasthan, mentioned, “Through the joint efforts of Hon’ble Union Ayush Minister Shri Prataprao Jadhav, Ayush Secretary, Vaidya Rajesh Kotecha, and the State Government, Ayurveda is being brought to the grassroots level. The two-day Conclave is expected to be a milestone in the development of Ayurveda. The State Government is preparing a comprehensive Ayush policy aimed at the integrated growth of all Ayush systems.

    Shri Yadvinder Goma, Minister of Ayush, Himachal Pradesh highlighted how with the support through National Ayush Mission the healthcare infrastructure continues to grow. He also stated, “Himachal Pradesh has developed an integrated model in the Ayush sector, combining traditional knowledge with modern technology, ensuring outreach to rural areas, focusing on women’s health, and enhancing transparency through digital solutions. This progress is a meaningful step towards realising Prime Minister Shri Narendra Modi’s vision of ‘Ayushman Bharat’.

    Smt. Pi Lalrinpuii, Minister of Health & Family Welfare, Government of Mizoram, stated  “I am pleased to note that since the establishment of our Ayush Wellness Centers, various Ayush systems have gained considerable popularity in just a few years. This progress is largely due to the unwavering support we receive from the Ministry and the relentless efforts of our dedicated teams at state and central level.”

    Shri G.T. Dhungel, Minister of Health & Family Welfare, Sikkim, appreciated the assistance of the Union Government through the National Ayush Mission and said, “The Government of Sikkim has been constantly working to ensure delivery of healthcare in all areas of the state and the NAM scheme has helped developing the integrative healthcare infrastructure in the state to greatly complement these efforts.”

    Speaking on the themes of the Conclave, Ms. Kavita Garg, Joint Secretary, Ministry of Ayush, shared key milestones: “Additionally, 5.6 crore beneficiaries have availed services at Ayush tertiary care institutions. NABH entry-level certification for 1,372 Ayush Health and Wellness Centres, and the establishment of 189 Integrated Ayush Hospitals reflect our commitment to quality and accessibility. ”

    A key highlight of the inaugural session was the release of the Standard Treatment Guidelines (STGs) on Metabolic Disorders in Ayush Systems of Medicine by the Hon’ble Union Minister and other dignitaries. Developed by the Ayush Vertical in collaboration with various Research Councils, these guidelines cover five major metabolic disorders—Diabetes Mellitus, Obesity, Gout, Non-Alcoholic Fatty Liver Disease (NAFLD), and Dyslipidemia. Vetted by Allopathic experts, the STGs integrate Yoga, disease-specific dietary protocols, and standardized clinical procedures to serve as a comprehensive reference for practitioners, educators, and primary healthcare providers across the country.

    The inaugural session was followed by a roundtable discussion among the participating Ayush/Health ministers from various states/UTs focused on the way forward for strengthening Ayush services in the country through NAM activities in their respective states. The session was chaired by Shri Prataprao Jadhav, Hon’ble Union Minister of State (Independent Charge), Ministry of Ayush wherein the ministers and concerned officials from states and UTs exchanged their experiential wisdom while pointing out respective future strategies to address the challenges and negotiate the opportunities.

    During the program a special Y-Break session was also organised with enthusiastic participation from all led by Honourable Ministers and senior officials.

     

    About the National Ayush Mission (NAM):

    The flagship program National Ayush Mission launched in 2014 and it has played a crucial role in preserving and promoting India’s traditional systems of medicine and their integration into the mainstream healthcare system. It aims to enhance the availability, accessibility, and quality of Ayush healthcare services across the country through Ayushman Arogya Mandir (Ayush) as part of Government of India’s Ayushman Bharat scheme.

    In the last edition of NAM Conclave held in 2023, several key resolutions were adopted, including expansion of Ayush Health and Wellness Centres (now AAM-Ayush), integration of Ayush services with National Health Programs, and capacity building of Ayush practitioners. The 2025 edition aims to build upon these achievements, with renewed focus on innovation, standardisation, and international outreach.

     

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