NewzIntel.com

Category: Economy

  • MIL-OSI USA: Cortez Masto Joins Senators Pressing Administration on How Mass CFPB Firings Will Hurt Working Nevadans

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) joined 40 Democratic Senators in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought outlining more than 80 congressionally mandated functions of the CFPB and pressing for answers on how the agency would be able to protect hardworking Americans from scams and fraud after firing almost the entire staff.

    Senator Cortez Masto has been a longstanding champion for the CFPB and has consistently fought to protect Nevadans from fraud. Last year, she called out the Navy Federal Credit Union for its racial disparities in mortgage lending. Following a push from Cortez Masto, the CFPB created new consumer protections for homeowners who apply for Property Assessed Clean Energy loans to help them make energy-efficient upgrades to their homes. She has also introduced legislation to incentivize whistleblowers to report consumer fraud to the CFPB.

    “Last week, you tried to fire nearly all of the agency’s remaining 1,700 employees—the staff responsible for fulfilling the CFPB’s mission and statutory requirements to prevent Americans from getting scammed by big banks and giant corporations,” wrote the senators. “Your hasty and unjustified mass firings are an illegal shutdown of the CFPB that will leave it unable to conduct agency actions that are required by law.”

    “You directed the gutting of entire divisions—including departments created by Congress to protect servicemembers and older Americans—attempting to leave a shell of only 200 employees to supervise and examine large financial institutions across the country, respond to millions of consumer complaints, answer the phone for hundreds of thousands of people seeking help, monitor emergency financial risks, and run all of the agency’s other operations,” they continued.

    The Senators laid out in detail the impact the mass layoffs would have on specific functions of the CFPB––including firing all but one employee helping victims of scams in the offices focused on our nation’s two million servicemembers and tens of millions of older Americans.

    “We request that you provide—by April 30, 2025—a detailed accounting of each of the more than 80 statutory obligations of the CFPB, the number of employees assigned to each of those functions as of December 2024, the number of employees who would be assigned to each function if your rushed reduction in force were to go into effect, the immediate impact of such a reduction on the agency’s ability to perform each function consistent with federal law and federal court orders, and copies of any individualized or particularized analysis of those planned reductions on the agency’s work,” they concluded.

    The full text of the letter can be found here.

    Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump’s federal funding freeze, hiring freeze, and terminations on Nevada – including to the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, General Services Administration, and Department of Health and Human Services.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Cassidy Introduce Bipartisan Legislation to Help Working Families Afford Their First Homes

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Bill Cassidy (R-La.) reintroduced the bipartisan Affordable Housing Bond Enhancement Act, which would make homeownership more accessible and sustainable for working families. The bill would update and expand the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificates (MCC) programs that have helped more than four million working-class families purchase their first home. The legislation would also help homeowners disaster-proof their houses to mitigate damage from increasingly common fires, devastating storms, and other natural disasters and would permit homeowners to refinance to a lower-cost mortgage.

    “Hardworking families deserve the safety and security of a roof over their heads, said Senator Cortez Masto. “These tax credits and interest rate reductions will give working Nevadans a meaningful break as they take the important step of buying a first home. I will continue working in a bipartisan way to make sure that Nevadans have access to secure, affordable housing.”

    “Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”

    Families with incomes of 115% of Area Median Income or less are able to receive discounted interest rates when they buy a home with an MRB. They also may be able to utilize an MCC that helps families qualify to buy a home and allows them to sustain homeownership over time. Cortez Masto and Cassidy’s bipartisan legislation makes updates and reforms to the MRB and MCC programs to better serve working families. Specifically, the Affordable Housing Bond Enhancement Act would: 

    • Simplify the administration of both MRB and MCC programs and make commonsense changes to ensure the tax benefits will aid working families.
    • Add additional flexibility for homeowners, including allowing homeowners to refinance their mortgages.
    • Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements—including adding accessible bathrooms and ramps to help older and disabled Americans remain in their home, as well as supporting energy efficiency upgrades and disaster mitigation renovations. The bill raises the current funding limit of $15,000 to $75,000 and indexes it for inflation.
    • Provide housing finance agencies with flexibility to extend loan and credit periods to account for delays due to supply chain issues or construction shortages.  

    You can find a one-pager about the bill here and the full bill text here.

    Senator Cortez Masto has been a leader working to lower costs and build more housing supply. Recently, she reintroduced the HOME and PRICE Acts to increase the supply of and access to affordable housing. Last year she secured $9.4 million from the Federal Home Loan Bank of San Francisco’s targeted Nevada fund — almost twice as much as Nevada received the previous year — to build more middle-class homes, and she’s pushing to reform the FHLB system. 

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Introduces Bill to Help Working Families Afford Their First Homes

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Affordable Housing Bond Enhancement Act to make homeownership more accessible for working families by improving tax credits for first-time homebuyers. The bill improves access to affordable home ownership by expanding tax credits for first-time buyers and making it easier for MRB borrowers to finance home improvements.
    “Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”
    “The National Council of State Housing Agencies (NCSHA) thanks Senators Bill Cassidy and Cortez Masto for introducing the Affordable Housing Bond Enhancement Act, which will expand access to homeownership for low- and moderate-income home buyers,” said Stockton Williams, executive director of NCSHA. “Mortgage Revenue Bonds and Mortgage Credit Certificates historically have been the state housing finance agencies’ primary tool for financing affordable homeownership opportunities for working families, having helped nearly four million home buyers combined. This legislation will enact a series of simple, commonsense reforms to the MRB and MCC programs that will allow HFAs to better stretch their resources and help more underserved households.”
    Cassidy was joined by U.S. Senator Catherine Cortez Masto (D-NV) in reintroducing the legislation.
    Specifically, the Affordable Housing Bond Enhancement Act would: 

    Simplify the application process for MRB and MCC programs and make commonsense changes to use tax benefits to aid working families and add additional flexibility for borrowers.
    Allow homeowners to refinance their mortgages with MRB loans, lowering costs for homeowners.
    Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements, including possibly adding accessible bathrooms and ramps to help older and disabled Americans remain in their homes, as well as supporting energy efficiency upgrades or disaster mitigation renovations. The bill raises the current limit of $15,000 to $75,000.
    Provide housing finance agencies with the flexibility to extend loan and credit periods to account for delays due to the pandemic, supply chain issues, or construction shortages. 
    Only require the issuers, not the lenders, to report MCC recipients to the IRS for tax accuracy and shorten the lengthy 90-day public notice requirement to 30 days to encourage more widespread use of the MCC program.

    This legislation is endorsed by the National Council of State Housing Agencies, LISC, National Association of REALTORS, National Association of Homebuilders, and the Mortgage Bankers Association. 

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: Number of borrowers and indebtedness of citizens decreased in the second half of 2024

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    For the first time since 2022, the total number of borrowers from banks and microfinance organizations decreased by 0.5 million in six months, amounting to just over 50 million people, according to data from credit history bureaus.

    Banks began to limit the risks of borrowers becoming over-indebted by reducing the average size of a cash loan (it decreased by 20%) and its term (the share of loans up to one year increased by 13 percentage points, to 21%).

    In Q4 2024, the number of the most indebted borrowers with at least three loans decreased by 0.5 million people, but they still account for about half of the debt on retail loans.

    The number of citizens with a mortgage remained at the same level, amounting to 10.2 million people. At the same time, banks began to issue mortgage loans for a term of over 30 years less frequently. The share of borrowers who take out a consumer loan before a mortgage has decreased. This indicates that the likelihood of a down payment using credit funds has decreased.

    Read more in the information and analytical material “Analysis of trends in the retail lending segment based on credit bureau data” for the second half of 2024.

    Preview photo: Urbanscape / Shutterstock / Fotodom

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

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

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23582

    MIL OSI Russia News –

  • MIL-OSI Russia: Yuri Trutnev: The forest in Russia, like all other resources, should be used as efficiently as possible

    Translation. Region: Russian Federal

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

    Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a working meeting with timber industry workers from Primorsky Krai in Vladivostok.

    “We will discuss the use of forest resources. Unfortunately, forests in the Russian Federation are used to a much lesser extent than in other forest countries. In addition, there is a certain downward trend. In the first quarter of this year, timber harvesting in Primorsky Krai decreased by 11%, and exports decreased even more. Accordingly, tax revenues from industry enterprises to the regional budget amounted to 3%. There were a number of speeches on the topic of, say, more effective regulation of the industry. So far, there have been no major changes here. We need to ensure that forests in Russia, like all other resources, are used as efficiently as possible,” Yuri Trutnev opened the meeting.

    The issues discussed included the implementation of forest management activities in the Primorsky Krai, the work of the Federal State Information System of the Forestry Complex, and support by forestry enterprises of the Primorsky Krai for the special military operation.

    According to Primorsky Krai Governor Oleg Kozhemyako, since the beginning of the SVO, forestry companies operating in the region have transferred more than 16 thousand cubic meters of timber, more than 50 units of equipment, supplied equipment, weapons, medicines and provided other assistance to military units. During the period of partial mobilization, they equipped and provided military training grounds and tent cities with the necessary materials entirely at their own expense.

    “We have always provided and continue to provide large-scale, free assistance to the families of military personnel – tens of thousands of cubic meters of firewood, money. Their fellow countrymen who serve on the front lines contact their leaders directly. And they never get a refusal – on any issues. Now our enterprises have organized a rhythmic and regular free supply of lumber to the troops, to the SVO zone. Despite the sanctions, the decline in revenue and the difficult economy, assistance to the army is being scaled up,” said Oleg Kozhemyako.

    The meeting discussed the work of the Primorsky branch of the Federal State Budgetary Institution “Roslesinforg”. The previous management of the branch concluded 19 contracts with forest lessees of Primorsky Krai on forest management (forest taxation) on an area of 330 thousand hectares, for which obligations were overdue. The work was not completed, the funds were spent, and an irreparable cash gap was actually formed. The work was either not started, or it needs to be completely redone.

    In addition to unfulfilled obligations to businesses, the Primorsky branch of Roslesinforg has had debts to the region since 2020 under a contract for the establishment of rural forests on an area of 50 thousand hectares. These works were ordered at the expense of their own budget. The forest management work carried out under the 2023 state assignment in the Ussuri forestry on an area of 127 thousand hectares requires a complete review and large-scale adjustment.

    Currently, the Primorsky branch is fulfilling overdue obligations through current business and financial activities with an acute shortage of tax engineers and funds allocated for the fulfillment of the state assignment: the branch is forced to spend a significant portion of the funds received from new customers to fulfill overdue obligations and fulfill the state assignment for 2024 and 2025.

    The new head of the branch takes a set of measures aimed at independently resolving the current situation (an agreement is reached with the tenants of forest areas on extending the terms of execution of contracts, new employees are actively hired, including those with remote employment from other regions, new contracts are concluded, etc.). But the measures taken are clearly insufficient due to the scale of the problem; intervention by the federal center is required to correct the current situation with forest management in the Primorsky Territory, as well as a deep analysis of this area as a whole, including an assessment of the effectiveness of the decisions taken on federalization and monopolization of these powers.

    Yuri Trutnev instructed the Ministry of Natural Resources to develop and submit proposals for remote forestry accounting.

    “A number of unqualified management actions have led to people not being able to obtain forest plots and even information, or build a timber processing plant. We have promoted a clear way to solve this problem – forest management based on space images and aerial photographs. We can keep records of forests based on remote methods. The Ministry of Natural Resources supports this solution. We discussed this together with the minister. Therefore, we need to switch to remote methods as quickly as possible and restore order in the forest,” said Yuri Trutnev.

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

    MIL OSI Russia News –

  • MIL-OSI USA News: Addressing Certain Tariffs on Imported Articles

    Source: The White House

    class=”has-text-align-left”>
    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Purpose.  The United States has imposed tariffs under various statutory authorities and through a number of Executive Orders and proclamations to protect national security and address unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Although each of these actions, as listed in section 2 of this order, serves separate and distinct policy purposes, I have now determined that, to the extent these tariffs apply to the same article, these tariffs should not all have a cumulative effect (or “stack” on top of one another) because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goals.  To avoid the cumulative effect of overlapping tariffs on certain articles, this order sets out the procedure for determining which of multiple tariffs shall apply to an article when that article is subject to more than one of the actions listed in section 2 of this order.

    Sec. 2.  Applicability.  This order shall apply only to the administration of tariffs imposed through the following actions and subsequent amendments to those tariffs:
    (a)  Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States);
    (b)  Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended by Executive Order 14197 of February 3, 2025 (Progress on the Situation at Our Northern Border), Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), and Executive Order 14231 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Northern Border);
    (c)  Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended by Executive Order 14198 of February 3, 2025 (Progress on the Situation at Our Southern Border), Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), and Executive Order 14232 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Southern Border);
    (d)  Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10895 of February 10, 2025 Adjusting Imports of Aluminum Into the United States); and
    (e)  Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).

    Sec. 3.  Non-Stacking of Tariff Measures.  (a)  Notwithstanding any provision of any action listed in section 2 of this order, tariffs for articles subject to tariffs under the actions listed in section 2 of this order shall apply as follows: 
              (i)    An article subject to tariffs pursuant to the action listed in section (2)(a) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in sections 2(b) through 2(e) of this order.
             (ii)   An article subject to tariffs pursuant to the actions listed in section 2(b) or 2(c) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) or 2(e) of this order. 
             (iii)  An article subject to tariffs pursuant to the actions listed in section 2(d) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(e) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs; likewise, an article subject to tariffs pursuant to the actions listed in section 2(e) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs.
         (b)  Subsection (a) of this section shall not be construed to diminish the validity of any action listed in section 2 of this order.  Each action listed in section 2 of this order remains independently valid and enforceable, except that the duty rates provided by these actions shall not be cumulative when the conditions outlined in subsection (a) of this section are met.
         (c)  If an imported article is subject to both a tariff imposed pursuant to subsection (a) of this section and one or more tariffs imposed pursuant to an action or actions not listed in section 2 of this order, then the tariff imposed on the article pursuant to subsection (a) of this section shall be cumulative with the tariff or tariffs imposed pursuant to the action or actions not listed in section 2 of this order.

    Sec. 4.  Non-applicability to Other Tariff Measures.  (a)  Nothing in this order shall be interpreted to alter or limit the application of any duties, taxes, fees, or exactions other than those imposed pursuant to the actions listed in section 2 of this order.
    (b)  Accordingly, an article that is subject to duties pursuant to an action listed in section 2 of this order may still be subject to other applicable duties, taxes, fees, exactions, and charges, such as, but not limited to, those set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTSUS); duties imposed pursuant to section 301 of the Trade Act of 1974, as amended; duties imposed pursuant to Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended; and antidumping and countervailing duties.

    Sec. 5.  Implementation.  (a)  The Secretary of Homeland Security, acting through the Commissioner of U.S. Customs and Border Protection and in consultation with the Secretary of the Treasury, shall take all necessary steps to update guidance, systems, and enforcement mechanisms, including to revise, suspend, or rescind any regulations that may be inconsistent with this order, to reflect the policy set forth in this order.
    (b)  The Secretary of Commerce and the Secretary of Homeland Security, in coordination with the Secretary of the Treasury and the United States Trade Representative, shall provide additional guidance as necessary to ensure consistent interpretation and application of the policy set forth in this order.
    (c)  The Secretary of Homeland Security is authorized to determine whether changes to the HTSUS are necessary and to coordinate with the Chair of the United States International Trade Commission to implement all necessary changes to execute this order.
    (d)  Any changes to the HTSUS necessary to comply with this order shall be made not later than 12:01 a.m. eastern daylight time on May 16, 2025.  This order shall apply retroactively to all entries of merchandise subject to any applicable tariffs outlined in section 2 of this order and made on or after March 4, 2025.  Any refunds will be processed pursuant to applicable laws and U.S. Customs and Border Protection’s standard procedures for such refunds.

    Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
              (i)   the authority granted by law to an executive department or agency, or the head thereof; or
              (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,
        April 29, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: 100 DAYS OF HOAXES: Cutting Through the Fake News

    Source: The White House

    Since President Donald J. Trump took office 100 days ago, it has been a nonstop deluge of hoaxes and lies from Democrats and their allies in the Fake News suffering from terminal cases of Trump Derangement Syndrome.

    In no particular order, here are some of the most egregious hoaxes peddled by the usual suspects so far in President Trump’s second term:

    • HOAX: Fake News CNN attempted to “fact check” President Trump’s claim that the Biden Administration spent millions on “making mice transgender.”
    • FACT: After their so-called “fact check” was thoroughly debunked, they were forced to update it in disgrace and admit the claim was, in fact, true.
    • HOAX: The Fake News claimed the Department of Defense removed Gen. Colin Powell’s name from a list of notable Americans buried at Arlington Cemetery.
    • FACT: No service members’ names were removed from that section — and Gen. Powell’s name remains among those listed.
    • HOAX: Rep. Eric Swalwell (D-CA) claimed “no president” presided over more plane crashes during their first month in office as President Trump.
    • FACT: “There were 55 aviation accidents in the U.S. between Biden’s inauguration on Jan. 21, 2021, and Feb. 17, 2021, compared to 35 during the same period for Trump,” Fox News reported.
    • HOAX: Gov. JB Pritzker (D-IL) and Chicago Public Schools officials claimed, without bothering to verify, that ICE agents had conducted a “raid” at an elementary school — a false claim echoed by media outlets, including the Chicago Tribune.
    • FACT: It was actually the U.S. Secret Service investigating a threat unrelated to immigration.
    • HOAX: Far-left influencers and other leftist hacks falsely claimed the Department of Government Efficiency (DOGE) and Elon Musk were out to “cut Social Security.”
    • FACT: They were referencing an interview in which Musk was clearly referring to the tremendous amount of waste, fraud, and abuse within entitlement programs.
    • HOAX: The media smeared DOGE as “young, inexperienced engineers” engineering a “government takeover.”
    • FACT: In reality, DOGE is led by seasoned industry professionals, including successful CEOs who paused their lives to aid in the effort of streamlining government and holding the bureaucracy accountable.
    • HOAX: NBC’s Peter Alexander peddled the lie that “constituents in some traditionally red districts” were unhappy with President Trump’s effort to cut waste, fraud, and abuse in government.
    • FACT: The same “protests” cited by the Fake News were funded and organized by far-left special interest groups.
    • HOAX: NPR claimed NASA astronauts Suni Williams and Butch Wilmore — who were stuck on the International Space Station for more than nine months following problems with their spacecraft — were “not stranded.”
    • FACT: NPR itself had described the astronauts as stranded in prior reporting, and only seemed to take issue with the description once President Trump and Elon Musk made it a priority to bring them home.
    • HOAX: A foreign Fake News outlet reported that President Trump “shut down” the British prime minister during a news conference.
    • FACT: In reality, President Trump was simply moving on from a reporter who was trying to goad the two leaders into division.
    • HOAX: NPR falsely claimed the White House was actively searching for a new secretary of defense.
    • FACT: This lie was immediately shut down by multiple Trump Administration officials, including President Trump himself.
    • HOAX: The Fake News attempted to paint illegal immigrant gang member Kilmar Abrego Garcia as an innocent “Maryland father” who was unjustly deported by the Trump Administration — and actively censored the truth about him.
    • FACT: Abrego Garcia is a citizen of El Salvador and was deported to his home country amid overwhelming evidence of his gang affiliation.
    • HOAX: Deranged “filmmaker” Michael Moore questioned whether deported illegal immigrants would go on to cure cancer or stop “that asteroid (sic) that’s gonna hit us.”
    • FACT: Moore’s statement was a strong early contender for the dumbest, most ridiculous statement of the year considering those deported illegal immigrants were violent criminals.
    • HOAX: The Fake News portrayed Mahmoud Khalil, a pro-Hamas radical who led violent protests at Columbia, as an innocent graduate student with an absolute right to remain in the U.S.
    • FACT: An immigration judge ruled Khalil — who is not a U.S. citizen — can be deported.
    • HOAX: The Financial Times reported that Senior White House Counselor Peter Navarro wanted to remove Canada from the “Five Eyes” intelligence sharing network.
    • FACT: Mr. Navarro immediately shut down this fake story.
    • HOAX: A foreign Fake News reporter claimed President Trump referred to European nations as “parasites.”
    • FACT: President Trump immediately pushed back on this ridiculous claim — as did the Italian prime minister.
    • HOAX: Fake News CNN’s Brianna Keilar implied the Trump Administration was somehow wrong for stopping illegal immigrants from stealing taxpayer dollars in the form of welfare benefits.
    • FACT: Deputy Chief of Staff Stephen Miller summarily embarrassed her with the facts: “The federal government will find EVERY illegal alien who is stealing American taxpayer dollars — and that’s what Americans expect to happen. I don’t even fathom the premise of your question.”
    • HOAX: A favorite refrain of the Fake News is that Secretary of Health and Human Services Robert F. Kennedy, Jr., is “anti-vaccine.”
    • FACT: Kennedy debunked the lie in his confirmation hearings: “This has been repeatedly debunked … Bringing this up right now is dishonest.”
    • HOAX: WIRED falsely claimed the Social Security Administration is “shifting its public communication exclusively to X” under President Trump.
    • FACT: Not happening.
    • HOAX: Reuters falsely reported that the Trump Administration “stalled a United Nations program in Mexico aimed at stopping imported fentanyl chemicals from reaching the country’s drug cartels.”
    • FACT: The Department of State is actually trying to expand the initiative.
    • FACT: The Fake News frequently pushed the lie that as part of the Trump administration, Secretary Kennedy would implement a national abortion ban and “restrict or even ban medication abortion without a single act of Congress.”
    • FACT: Secretary Kennedy consistently pledged to implement President Trump’s policies — which include leaving abortion to the states, ending barbaric late-term abortions, protecting conscientious objections, and ending federal funding for abortions.
    • HOAX: Fake News savant Tara Palmeri falsely reported that President Trump’s proposal for Gaza was conceived by Jared Kushner.
    • FACT: This lie was immediately and summarily debunked by the Trump Administration: “The worst reporter in America makes up fake news for clout because she has no real sources. Sit down, dummy.”
    • HOAX: Sen. Chris Murphy, Rep. Jasmine Crockett, and media outlets claimed President Trump’s directive to pause radical, wasteful government spending meant an end to Medicaid, food assistance, and other individual assistance programs.
    • FACT: Individual assistance programs — Social Security, Medicare, Medicaid, SNAP, etc. — were explicitly excluded, as was made clear by Press Secretary Karoline Leavitt and the Office of Management and Budget. Only unnecessary spending — DEI, Green New Scam, NGOs that undermine the national interest — were included in the directive.
    • HOAX: A “physicians advocacy group” was widely cited as opposing President Trump’s nomination of Robert F. Kennedy, Jr., to lead the Department of Health and Human Services.
    • FACT: The “advocacy group” was really an astroturfed partisan organization funded by prominent left-wing donors — and accepted fake signatures.
    • HOAX: Sen. Tim Kaine (D-VA) and other Democrats pushed the lie that DOGE posted “classified information” on their website.
    • FACT: That alleged “classified information” was really just an employment headcount — which has been publicly available for years.
    • HOAX: Rep. Debbie Wasserman Schultz (D-FL) claimed Secretary of Homeland Security Kristi Noem called all Venezuelan immigrants “dirtbags.”
    • FACT: Secretary Noem actually called illegal immigrant members of the vicious Tren de Aragua gang “dirtbags,” which is true.
    • HOAX: The New York Times wrote that Secretary Robert F. Kennedy, Jr., wanted to “ban fluoride in drinking water” and “reverse … one of the most important public health practices in the country’s history.”
    • FACT: New York Times made no mention of their own reporting that fluoride may be “linked to lower IQ scores in children.”
    • HOAX: Sen. Chuck Schumer (D-NY) repeatedly lied about President Trump “going after” Social Security.
    • FACT: President Trump has repeatedly pledged to protect Social Security and make it more robust for American citizens.
    • HOAX: Sen. Mark Kelley (D-AZ) attempted to scare veterans by shamelessly claiming their care was in jeopardy due to “layoffs” at VA hospitals.
    • FACT: The lie was debunked by Secretary of Veterans Affairs Doug Collins: “What changes are you talking about? We’ve not had those layoffs… I put $360 million back into community care… It’s concerning to me that a veteran would actually tell stories to veterans that are not true.”
    • HOAX: Rep. Jasmine Crockett (D-TX) exploited the Ronald Reagan Washington National Airport plane crash tragedy by claiming President Trump “froze the hiring” of air traffic controllers.
    • FACT: Air traffic controllers were exempt from the federal hiring freeze.
    • HOAX: Rep. Jasmine Crockett (D-TX) implied that “cutting” members of an aviation advisory committee was somehow a cause of the Ronald Reagan Washington National Airport plane crash tragedy.
    • FACT: The advisory group hadn’t met since 2023 and was comprised of business and union leaders who gave “advice” to the TSA and had nothing to do with actual air travel.
    • HOAX: A far-left writer claimed Elon Musk and DOGE staffers “illegally installed a commercial server to control federal HR databases that contain sensitive personal information, including SSNs, home addresses, and medical histories.”
    • FACT: A top official confirmed “there’s nothing illegal and no server, just more made up tall tales from uninformed career bureaucrats.”
    • HOAX: The Washington Post alleged the Trump Administration was setting “quotas” for immigration authorities — and gave the administration just four minutes to comment before publishing.
    • FACT: As usual, this was a fake story.
    • HOAX: Online liberal activists claimed President Trump “took down” President Obama’s portrait in the White House.
    • FACT: Obama’s portrait was not taken down — it was simply moved only feet away from its previous location.
    • HOAX: Sen. Mazie Hirono (D-HI) claimed Attorney General Pam Bondi created a “weaponizing task force.”
    • FACT: It was a task force to END weaponization at the Department of Justice.
    • HOAX: CBS News reported that Secretary of Defense Pete Hegseth ordered a “makeup studio” be installed inside the Pentagon.
    • FACT: It was a “totally fake story,” and the alleged studio was really an existing green room with no frills.
    • HOAX: Politico reported the Trump Administration was debating lifting sanctions on Russian energy assets, including the Nord Stream pipeline.
    • FACT: This was debunked by both Secretary of State Marco Rubio and Special Envoy Steve Witkoff.
    • HOAX: An illegal immigrant in U.S. custody “simply disappeared,” The New York Times reported.
    • FACT: The illegal immigrant was a confirmed member of the vicious Tren de Aragua gang. An immigration judge ordered his removal, and he was deported along with other threats to national security.
    • HOAX: The Wall Street Journal alleged that Special Envoy Steve Witkoff was receiving sensitive information on a personal phone while in Moscow and that Russian Intelligence must’ve had access to the information.
    • FACT: This was a total fabrication. Special Envoy Witkoff did not even have a personal phone with him in Russia. He had only a government phone; a secure line of communication.
    • HOAX: The Wall Street Journal claimed the Trump Administration “sought to portray” deported criminal illegal immigrant gang member Kilmar Abrego Garcia as “violent.”
    • FACT: Abrego Garcia’s own wife filed an order of protection against him and testified that he brutally beat her.
    • HOAX: An AP reporter claimed that FAA staff who worked on “radar, landing and navigational aid maintenance, among others” were “harassed on Facebook” by DOGE.
    • FACT: That was a total lie. DOGE doesn’t have a Facebook page and no professionals who perform critical safety functions were fired.
    • HOAX: The Daily Beast claimed Vice President JD Vance “broke one of the most notorious Vatican rules during his Easter weekend visit” by being photographed in the Sistine Chapel.
    • FACT: Buried all the way down in the 14th paragraph, The Daily Beast admitted the vice president was given special permission by the Vatican to have photographs taken inside the Sistine Chapel.
    • HOAX: Left-wing social media accounts promoted fake, AI-generated audio of Vice President Vance “disparaging Elon Musk in private.”
    • FACT: The audio was debunked as fake.
    • HOAX: The New York Times reported that funding for the Women’s Health Initiative was being slashed by the Department of Health and Human Services.
    • FACT: Secretary Robert F. Kennedy, Jr., himself declared this Fake News and recognized the project is “mission critical.”
    • HOAX: Fox News’s Jennifer Griffin gave legitimacy to a hoax from delusional Reps. Debbie Wasserman Schultz (D-FL) and Rosa DeLauro (D-CT) that Secretary of Defense Pete Hegseth requested nearly $140,000 in “upgrades” to his government residence.
    • FACT: This lie was debunked by Secretary Hegseth — and it was so outrageous, even the AP was forced to admit it was completely fake.
    • HOAX: Rep. Don Beyer (D-VA) and many others claimed the Supreme Court ordered the return of illegal immigrant gang member Kilmar Abrego Garcia to the United States.
    • FACT: Even CNN admitted that’s not what happened: “They did not order the administration to return him to the United States … they could’ve said ‘we order him returned,’ but they didn’t do that.”
    • HOAX: Joe Biden accused the Trump Administration of “taking aim at Social Security.”
    • FACT: As usual, he was lying — President Trump has repeatedly pledged to protect Social Security.
    • HOAX: Rep. Ro Khanna (D-CA) claimed the arrest of a Milwaukee judge who helped an illegal immigrant evade arrest was “unprecedented.”
    • FACT: It wasn’t; it has happened before.
    • HOAX: Sen. Tammy Baldwin (D-WI) called the arrest of a Milwaukee judge who helped an illegal immigrant evade arrest a “gravely serious and drastic move.”
    • FACT: The judge violated the law by obstructing an ICE arrest of an illegal immigrant.
    • HOAX: Sen. Amy Klobuchar (D-MN) claimed the arrest of the Milwaukee judge who obstructed an apprehension of a criminal illegal immigrant “threatens the rule of law.”
    • FACT: It literally does the opposite because no one is above the law.
    • HOAX: Politico claimed the Trump Administration “wipe[d] out firefighter health and safety programs.”
    • FACT: The programs remain a top priority for the administration — and will remain intact.
    • HOAX: Sen. Elizabeth Warren claimed that President Trump’s policies make it so “no one wants to make investments in the United States.”
    • FACT: President Trump has secured more than $5 trillion in investments since taking office, which is expected to create more than 451,000 new jobs — and the list is only expected to grow.
    • HOAX: NBC’s Kristen Welker peddled a Fake News hoax that the Trump Administration was deporting children.
    • FACT: Secretary of State Marco Rubio shut down her desperate attempt at a hoax by highlighting how the mother, who was in the country illegally, made that choice all on her own.
    • HOAX: The New York Times implied President Trump was alone in wearing a blue suit to the funeral of Pope Francis.
    • FACT: Photos show dozens of world leaders and other attendees — many situated near President Trump — also wearing blue clothing.
    • HOAX: Teachers’ union boss Randi Weingarten accused President Trump of taking teachers’ salaries and giving them to “billionaires” by cutting the Department of Education.
    • FACT: President Trump has repeatedly called teachers “the most important people in this country” who should be paid more, not less. The federal government does not pay the salaries of teachers; state and local governments do.
    • HOAX: The Fake News and their predictable allies ran with a story that claimed an American citizen was detained by authorities after he informed them he was, in fact, a citizen.
    • FACT: That’s not what happened. The individual “approached Border Patrol in Tucson and stated he had entered the U.S. illegally through Nogales. He said he wanted to turn himself in and completed a sworn statement identifying as a Mexican citizen who had entered unlawfully … A few days later, his family presented documents showing U.S. citizenship. The charges were dismissed, and he was released to his family.”
    • HOAX: PBS News claimed “DOGE operatives attempted to gain access to secure spaces,” implying they attempted to access classified information without approval.
    • FACT: This wasn’t even remotely true.
    • HOAX: The AP falsely claimed Director of National Intelligence Tulsi Gabbard said President Trump is “very good friends” with Russian President Vladimir Putin.
    • FACT: The AP was humiliatingly forced to retract its story, admitting they were wrong. Stephanie Ruhle also had to issue a correction. DNI Gabbard was referencing President Trump’s relationship with Indian PM Narendra Modi.
    • HOAX: Student visa holders should have unfettered access to do whatever they want in the United States.
    • FACT: Wrong. As Secretary of State Marco Rubio said, “When you apply to enter the United States and you get a visa, you are a guest… If you tell us when you apply for a visa ‘I’m coming to the U.S. to participate in pro-Hamas events,’ that runs counter to the foreign policy interest of the United States… If you had told us you were going to do that, we never would have given you the visa.”

    MIL OSI USA News –

  • MIL-OSI USA: SEC Charges Three Texans with Defrauding Investors in $91 Million Ponzi Scheme

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced charges against Dallas-Fort Worth residents Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner for operating a Ponzi scheme that raised at least $91 million from more than 200 investors.

    According to the SEC’s complaint, between approximately May 2021 and February 2024, Alexander and Welsh operated the scheme through a trust controlled by Alexander called Vanguard Holdings Group Irrevocable Trust (VHG). They falsely represented that investors would receive 12 guaranteed monthly payments of between 3% and 6% per month, with the principal investment to be returned after 14 months, according to the complaint. The SEC alleges that Alexander and Welsh held VHG out as a highly profitable international bond trading business with billions in assets, and told investors that the monthly returns were generated from international bond trading and related activities. As alleged, Conner funneled more than $46 million in investor money to VHG through a related investment program that he operated using Benchmark Capital Holdings Irrevocable Trust (Benchmark), which he controlled. According to the complaint, Alexander, Welsh, and Conner also offered investors the option to protect their investments from risk of loss through the purchase of a purported financial instrument they called a “pay order.” In reality, as the SEC alleges, VHG had no material source of revenue, the purported monthly returns were actually Ponzi payments, and the protection offered by the “pay orders” was illusory. Alexander and Conner misappropriated millions in investor funds for personal use, such as Conner’s purchase of a $5 million home, according to the complaint.

    “As we allege, the defendants conducted a large-scale Ponzi scheme that caused devastating losses to investor victims, while Alexander and Conner misappropriated millions of dollars of investor funds,” said Sam Waldon, Acting Director of the SEC’s Division of Enforcement. “We remain unwavering in our commitment to hold individuals accountable for defrauding investors.”

    The SEC’s complaint, filed in the U.S. District Court for the Eastern District of Texas, charges Alexander, Welsh, and Conner with violating the antifraud and registration provisions of the federal securities laws. The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties against each of the defendants.

    The investigation was conducted by Catherine Rowsey, Tamara McCreary, and Carol Hahn and was supervised by Nikolay Vydashenko and B. David Fraser of the SEC’s Fort Worth Regional Office. The litigation will be led by Jason Rose and supervised by Keefe Bernstein.  

    MIL OSI USA News –

  • MIL-OSI Security: 25 Members of a Violent Gang in Mayagüez, Puerto Rico, Charged with Drug Trafficking and Firearms Offenses

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – On April 9, 2025, a federal grand jury in the District of Puerto Rico returned an indictment charging 25 violent gang members from the municipality of Mayagüez with conspiracy to possess with intent to distribute, possession and distribution of controlled substances, and firearms violations, announced W. Stephen Muldrow, United States Attorney for the District of Puerto Rico. The Federal Bureau of Investigation and the Puerto Rico Police Bureau (PRPB) Mayagüez Strike Force were in charge of the investigation of the case, with the collaboration of the United States Marshal Service, the U.S. Postal Inspection Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Homeland Security Investigations (HSI) Special Response Team (SRT), and the Guaynabo Municipal Police SRT collaborated during the arrests.

    “The prosecution of this drug trafficking gang demonstrates our determined efforts to protect our communities from the violent crime and gun violence they bring to our streets,” said U.S. Attorney Muldrow. “Our prosecutors will continue to work with our federal, state and local law enforcement partners to make our neighborhoods safe and bring criminals to justice.”

    “Today, we sent a clear message: violence, drugs, and organized crime will find no safe haven in Puerto Rico,” said Devin J. Kowalski, Special Agent in Charge of the FBI’s San Juan Field Office. “Thanks to the courage of our Special Agents and Police of Puerto Rico Task Force Officers, with the unwavering support of our federal partners, we disrupted a criminal network that terrorized our communities for years. The FBI remains fully committed to protecting our people, restoring peace to our neighborhoods, and holding violent offenders accountable.”

    The indictment alleges that from in or about April 2021 through the present, the drug trafficking organization distributed heroin, fentanyl, cocaine base (commonly known as “crack”), cocaine, and marihuana within 1,000 feet of Rafael Hernández (Kennedy) Public Housing Project (PHP), the Manuel Hernández Rosa (Candelaria PHP), the El Carmen (PHP), and other areas nearby nearby the municipality of Mayagüez, all for significant financial gain and profit.

    The goal of the drug trafficking organization was to maintain control of all the drug trafficking activities within the controlled areas using force, threats, violence, and intimidation.  In preserving power and protecting territory, the members of the organization incurred in violent acts including but not limited to murder in order to protect themselves and their organization. Members of the criminal organization also transported and distributed kilogram quantities of cocaine.

    As part of the conspiracy, the defendants had meetings to discuss strategy and plan of their criminal activities, including but not limited to acts of violence. The co-conspirators held meetings to discuss drug trafficking business and issues between gang members. During said meetings, incarcerated defendants and co-conspirators would participate via phone call. The defendants and their co-conspirators used violence to take over other areas and sell their own narcotics at those areas to increase their power and profits.

    The defendants acted in different roles to further the goals of the drug trafficking conspiracy, to include: leaders, drug point owners, enforcers, runners, sellers, drug processors, lookouts, and facilitators. The members of the gang used force, violence, and intimidation to intimidate rival drug trafficking organizations, and to discipline members of their own organization. The defendants charged in the drug trafficking conspiracy are:

    [1] Jonathan Martínez González, a.k.a. “J/El Brother”

    [2] Isaías Jaseph Molina Valle, a.k.a. “Simio/Simi”

    [3] Juan A. Ortiz Mendoza, a.k.a. “Abuelo/Abu/Ablo”

    [4] Fernando Manuel Torres Ruiz, a.k.a. “La M”

    [5] Jonathan Enrique Rodríguez Acosta, a.k.a. “John Pri/Pri”

    [6] Franschesca M. Rivera-Valle, a.k.a. “Cheska”

    [7] Joseph G. Ríos Vélez

    [8] Jomael Enrique Aponte Rivera, a.k.a. “Farru”

    [9] Abdiel Sánchez Negrón

    [10] Michael J. Marrero García, a.k.a. “Michael El Pato”

    [11] Héctor A. Rosado Matías, a.k.a. “Bebo/Bebito”

    [12] Christopher Santiago Rivera, a.k.a. “Gato”

    [13] Jesus D. Rodríguez Soto, a.k.a. “John”

    [14] Luis Joel Couret Clas, a.k.a. “Shaggy”

    [15] Julio E. Mangual Vargas, a.k.a. “Julio Maraña”

    [16] Fredwin Yomar Álvarez, a.k.a. “Bombilla”

    [17] Héctor M. Cotto Rodríguez, a.k.a. “Tello”

    [18] Ezequiel Soto Bonilla, a.k.a. “Bigote”

    [19] Carlos Mikel Rodríguez Núñez, a.k.a. “Mikel/Fosforito”

    [20] Carlos Obed La Llave Otero, a.k.a. “Security/El Gordo”

    [21] Michael Concepción Soto

    [22] Héctor Javier Surita Muñiz, a.k.a. “Coquito/Surita”

    [23] Merchisede Rivera Pérez, a.k.a. “Merquisedec Rivera Pérez/Melchicede Rivera Pérez/El Negro/Melqui”

    [24] José C. Colón-Félix, a.k.a. “Fresita”

    [25] Antonio M. López Olivencia, a.k.a. “Delivery”

    Fifteen defendants are charged in Count Seven with possession of firearms in furtherance of a drug trafficking crime and seven of those defendants are facing one count of possession of a machinegun in furtherance of a drug trafficking crime.

    The FBI thanks the PRPB Mayagüez Strike Force for their assistance in this investigation.

    Assistant U.S. Attorney (AUSA) and Chief of the Gang Section Alberto López-Rocafort, Deputy Chief of the Gang Section, AUSA Teresa Zapata-Valladares, and AUSAs Laura Díaz González, and Héctor Siaca Flores are prosecuting the case. If convicted on the drug charges, the defendants face a minimum sentence of 10 years, and up to life in prison. If convicted of both the drug and firearms charges in Count Seven, the defendants face a minimum sentence of 15 years, and up to life in prison. The defendants charged with possession of machineguns in furtherance of drug trafficking in Count Eight face a mandatory sentence of thirty years in prison to be served consecutive to any sentence imposed on the drug trafficking charges. All defendants charged in the drug conspiracy are facing a narcotics forfeiture allegation of $19,710,000.

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

    An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI: FinWise Bancorp Announces Strategic Lending and Credit Enhanced Balance Sheet Program with Backd to Support Business Owners

    Source: GlobeNewswire (MIL-OSI)

    MURRAY, Utah, April 29, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the launch of a new strategic lending program with leading fintech Backd Business Funding (“Backd”). Since its inception in 2019, Backd’s highly rated and experienced team has utilized an efficient and user-friendly process to support business owners with lending solutions best suited for their needs.

    FinWise, through its relationship with Backd, will provide business installment loans to small and medium-sized (“SMB”) businesses. FinWise will also provide Backd with access to its Credit Enhanced Balance Sheet program, which benefits strategic programs through capital efficiency, allows them to diversify their sources of funding and extends the reach of their warehouse facilities.

    “Backd continues to make strides in its mission to empower SMBs across the U.S. to achieve their greatest potential through fast and easy financing solutions. This lending and Credit Enhanced Balance Sheet partnership with FinWise gives us an opportunity to continue to scale and grow our business while ensuring deep regulatory expertise and guidance,” said Xan Myburgh, Backd’s CEO & Co-Founder. “We have proven success in multiple sectors including healthcare and e-commerce and believe we have a substantial runway for growth as the SMB population makes up nearly 44% of overall GDP and approximately $734 billion of the digital lending and credit market.”

    Robert Keil, EVP and Chief Fintech Officer of FinWise commented, “We are thrilled that Backd chose FinWise to augment their thriving business by using both our Strategic Lending and Credit Enhanced Balance Sheet programs. The trust that they have placed in us is a testament to the strength of the FinWise multi-product offering and the innovative lending products that we deliver to our strategic partners.”

    About Backd
    Backd was founded to support relentless entrepreneurs—the true “men and women in the arena”—who build, innovate, and push their businesses forward. Backd provides fast, flexible financing to help business owners overcome critical financial challenges.

    Backd believes courage, resilience, and ambition drive success. When financial resources make the difference between opportunity and setback, Backd bridges the gap with tailored funding solutions, keeping businesses moving forward.

    Rooted in respect and partnership, Backd understands the challenges entrepreneurs face. With transparency, integrity, and a commitment to growth, obstacles are tackled head-on. As risks are taken and perseverance is tested in the arena, Backd stands beside business owners at every vital step.
    https://www.backd.com/

    About FinWise

    FinWise provides Banking and Payments solutions to fintech brands. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhanced Balance Sheet Program, which addresses the challenges that lending and card programs face securing warehouse facilities and managing capital requirements. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. The Company is also expanding and diversifying its business model by incorporating Payments (MoneyRails ™) and BIN Sponsorship offerings. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

    https://www.finwise.bank/

    Contacts

    investors@finwisebank.com
    media@finwisebank.com
    info@backd.com
    marketing@backd.com

    The MIL Network –

  • MIL-OSI: Wix to Announce First Quarter 2025 Results on May 21, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX), today announced that it will report its results for the first quarter ended March 30, 2025 before the market opens on Wednesday, May 21, 2025. Management will host a conference call that morning at 8:30 a.m. ET to answer questions about the Company’s financial results. Prior to the conference call, Wix will issue a press release reporting these results along with a shareholder update and additional materials at https://investors.wix.com/. 

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform globally1 to create, manage and grow a digital presence. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

    For more about Wix, please visit our Press Room
    Investor Relations: ir@wix.com 
    Media Relations: pr@wix.com

     1Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

    The MIL Network –

  • MIL-OSI: Archrock Announces Timing for First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE:AROC) (“Archrock”) will host a conference call on Tuesday, May 6, 2025, to discuss its first quarter 2025 financial and operating results. The call will begin at 10:30 a.m. Eastern Time. Archrock will release its first quarter 2025 earnings report prior to the conference call.

    To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States, or 1 (646) 307-1963 for international calls. The access code is 4749623. A replay of the webcast will be available for 90 days on Archrock’s website shortly after the call.

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA™, visit www.archrock.com.

    SOURCE: Archrock, Inc.

    For information, contact:

    Megan Repine
    Vice President, Investor Relations
    (281) 836-8360
    investor.relations@archrock.com

    The MIL Network –

  • MIL-OSI: Northeast Bank Reports Third Quarter Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    PORTLAND, Maine, April 29, 2025 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $18.7 million, or $2.23 per diluted common share, for the quarter ended March 31, 2025, compared to net income of $13.9 million, or $1.83 per diluted common share, for the quarter ended March 31, 2024. Net income for the nine months ended March 31, 2025 was $58.2 million, or $7.07 per diluted common share, compared to $43.1 million, or $5.67 per diluted common share, for the nine months ended March 31, 2024.

    The Board of Directors declared a cash dividend of $0.01 per share, payable on May 27, 2025, to shareholders of record as of May 13, 2025.

    “We recorded strong loan volume during the third fiscal quarter,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division generated $292.5 million in originated and purchased volume, and our small balance SBA 7(a) program with Newity LLC as our loan service provider has continued to grow, with quarterly originations of $121.3 million, compared to $100.3 million for the quarter ended December 31, 2024 and $29.0 million for the quarter ended March 31, 2024. At March 31, 2025, the loan portfolio, including loans held for sale, totaled $3.80 billion, representing an increase of $1.04 billion, or 37.7%, over June 30, 2024. During the quarter ended March 31, 2025, we sold $73.6 million of the guaranteed portion of our SBA loans, generating a gain on sale of $6.0 million, compared with sales of $64.5 million for a gain on sale of $5.6 million in the quarter ended December 31, 2024. For the quarter, we are reporting earnings of $2.23 per diluted common share, a return on average equity of 16.5%, and a return on average assets of 1.9%.”

    As of March 31, 2025, total assets were $4.23 billion, an increase of $1.10 billion, or 35.0%, from total assets of $3.13 billion as of June 30, 2024.

    1.   The following table highlights the changes in the loan portfolio, including loans held for sale, for the nine months ended March 31, 2025:

       
      Loan Portfolio Changes
      March 31, 2025 Balance   June 30, 2024 Balance   Change ($)   Change (%)
      (Dollars in thousands)
    National Lending Purchased $ 2,443,822     $ 1,708,551     $ 735,271       43.03 %
    National Lending Originated   1,185,153       981,497       203,656       20.75 %
    SBA National   152,319       48,405       103,914       214.68 %
    Community Banking   19,495       22,704       (3,209 )     (14.13 %)
    Total $ 3,800,789     $ 2,761,157     $ 1,039,632       37.65 %
                                   

    Loans generated by the Bank’s National Lending Division for the quarter ended March 31, 2025 totaled $292.5 million, which consisted of $74.5 million of purchased loans at an average price of 94.2% of unpaid principal balance, and $218.0 million of originated loans. Loans generated by the Bank’s SBA Division for the quarter ended March 31, 2025 totaled $121.3 million.

    An overview of the Bank’s National Lending Division portfolio follows:

      National Lending Portfolio
      Three Months Ended March 31,
      2025   2024
      Purchased   Originated   Total   Purchased   Originated   Total
      (Dollars in thousands)
    Loans purchased or originated during the period:                                  
    Unpaid principal balance $ 79,144     $ 217,983     $ 297,127     $ –     $ 153,349     $ 153,349  
    Initial net investment basis (1)   74,553       217,983       292,536       –       153,349       153,349  
                                       
    Loan returns during the period:                                  
    Yield   8.33%       8.73%       8.46%       8.67%       10.09%       9.19%  
    Total Return on Purchased Loans (2)   8.43%       N/A       8.43%       8.70%       N/A       8.70%  
                                       
      Nine Months Ended March 31,
      2025   2024
      Purchased   Originated   Total   Purchased   Originated   Total
      (Dollars in thousands)
    Loans purchased or originated during the period:                                  
    Unpaid principal balance $ 901,693     $ 591,292     $ 1,492,985     $ 271,741     $ 284,876     $ 556,617  
    Initial net investment basis (1)   821,485       591,292       1,412,777       238,477       284,876       523,353  
                                       
    Loan returns during the period:                                  
    Yield   8.65%       9.02%       8.77%       8.95%       9.97%       9.34%  
    Total Return on Purchased Loans (2)   8.70%       N/A       8.70%       8.98%       N/A       8.98%  
                                       
    Total loans as of period end:                                  
    Unpaid principal balance $ 2,638,438     $ 1,185,153     $ 3,823,591     $ 1,794,669     $ 975,876     $ 2,770,545  
    Net investment basis   2,443,822       1,185,153       3,628,975       1,620,409       975,876       2,596,285  
                                       
    (1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).
    (2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”
     

    2.   Deposits increased by $956.3 million, or 40.9%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $943.5 million, or 72.2%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $818.8 million, and Community Banking Division time deposits, which increased by $105.3 million compared to June 30, 2024.

    3.   Federal Home Loan Bank (“FHLB”) advances increased by $33.4 million, or 9.7%, from June 30, 2024. The increase was attributable to one new short-term borrowing, partially offset by net paydowns on amortizing advances.

    4.   Shareholders’ equity increased by $90.9 million, or 24.1%, from June 30, 2024, primarily due to net income of $58.2 million and $31.3 million of net proceeds on shares issued in connection with the Bank’s at-the-market (“ATM”) program.

    Net income increased by $4.8 million to $18.7 million for the quarter ended March 31, 2025, compared to net income of $13.9 million for the quarter ended March 31, 2024.

    1.   Net interest and dividend income before provision for credit losses increased by $9.5 million to $46.0 million for the quarter ended March 31, 2025, compared to $36.5 million for the quarter ended March 31, 2024. The increase was primarily due to the following:

    • An increase in interest income earned on loans of $15.8 million, primarily due to higher average balances in the National Lending Division purchased and Small Business Administration (“SBA”) portfolios, partially offset by lower rates earned across the portfolio; and
    • An increase in interest income earned on short-term investments of $965 thousand, due to higher average balances, partially offset by lower rates earned; partially offset by,
    • An increase in deposit interest expense of $7.3 million, primarily due to higher average balances, partially offset by lower rates on interest-bearing deposits.

    The following table summarizes interest income and related yields recognized on the loan portfolios:

       
      Interest Income and Yield on Loans
      Three Months Ended March 31,
      2025   2024
      Average   Interest       Average   Interest    
      Balance (1)   Income   Yield   Balance (1)   Income   Yield
      (Dollars in thousands)
    Community Banking $ 20,074     $ 349     7.05 %   $ 24,640     $ 387     6.32 %
    SBA National   121,521       2,975     9.93 %     35,848       1,159     13.00 %
    National Lending:                                      
    Originated   1,120,756       24,120     8.73 %     953,401       23,909     10.09 %
    Purchased   2,387,715       49,034     8.33 %     1,635,494       35,260     8.67 %
    Total National Lending   3,508,471       73,154     8.46 %     2,588,895       59,169     9.19 %
    Total $ 3,650,066     $ 76,478     8.50 %   $ 2,649,383     $ 60,715     9.22 %
       
      Nine Months Ended March 31,
      2025   2024
      Average   Interest       Average   Interest    
      Balance (1)   Income   Yield   Balance (1)   Income   Yield
      (Dollars in thousands)
    Community Banking $ 21,330     $ 1,088     6.79 %   $ 25,786     $ 1,242     6.41 %
    SBA National   91,481       8,145     11.86 %     30,125       2,833     12.52 %
    National Lending:                                      
    Originated   1,052,656       71,297     9.02 %     951,129       71,284     9.97 %
    Purchased   2,183,068       141,831     8.65 %     1,558,362       104,780     8.95 %
    Total National Lending   3,235,724       213,128     8.77 %     2,509,491       176,064     9.34 %
    Total $ 3,348,535     $ 222,361     8.85 %   $ 2,565,402     $ 180,139     9.35 %
                                               
    (1)   Includes loans held for sale.
     

    The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended March 31, 2024, transactional income increased by $113 thousand for the quarter ended March 31, 2025, and regularly scheduled interest and accretion increased by $14.1 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended March 31, 2025 was 8.4%, a decrease from 8.7% for the quarter ended March 31, 2024. The following table details the total return on purchased loans:

       
      Total Return on Purchased Loans
      Three Months Ended March 31,
      2025   2024
      Income   Return (1)   Income   Return (1)
      (Dollars in thousands)
    Regularly scheduled interest and accretion $ 48,149     8.18 %   $ 34,045     8.37 %
    Transactional income:                      
    Release of allowance for credit losses on purchased loans   573     0.10 %     130     0.03 %
    Accelerated accretion and loan fees   885     0.15 %     1,215     0.30 %
    Total transactional income   1,458     0.25 %     1,345     0.33 %
    Total $ 49,607     8.43 %   $ 35,390     8.70 %
       
      Nine Months Ended March 31,
      2025   2024
      Income   Return (1)   Income   Return (1)
      (Dollars in thousands)
    Regularly scheduled interest and accretion $ 136,055     8.30 %   $ 98,505   8.41 %
    Transactional income:                    
    Release of allowance for credit losses on purchased loans   734     0.05 %     356   0.03 %
    Accelerated accretion and loan fees   5,775     0.35 %     6,275   0.54 %
    Total transactional income   6,509     0.40 %     6,631   0.57 %
    Total $ 142,564     8.70 %   $ 105,136   8.98 %
                             
    (1)   The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.
     

    2.   Provision for credit losses increased by $2.3 million to $2.9 million for the quarter ended March 31, 2025, compared to $596 thousand in the quarter ended March 31, 2024. The increase was primarily related to loan growth and increased reserves on the unguaranteed portion of the SBA portfolio.

    3.   Noninterest income increased by $5.1 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to an increase in gain on sale of SBA loans of $5.0 million, due to the sale of $73.6 million in SBA loans during the quarter ended March 31, 2025 as compared to the sale of $18.9 million during the quarter ended March 31, 2024.

    4.   Noninterest expense increased by $3.7 million for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, primarily due to the following:

    • An increase in salaries and employee benefits expense of $1.7 million, primarily due to increases in regular, stock compensation expense and incentive compensation expense;
    • An increase in loan expense of $1.5 million primarily related to increased expenses in connection with the origination of SBA 7(a) loans; and
    • An increase in Federal Deposit Insurance Corporation (the “FDIC”) insurance expense of $195 thousand, due to the growth of the Bank’s asset size and an increased assessment rate.

    5.   Income tax expense increased by $3.7 million to $10.8 million, or an effective tax rate of 36.7%, for the quarter ended March 31, 2025, compared to $7.2 million, or an effective tax rate of 34.1%, for the quarter ended March 31, 2024. The increase in effective tax rate is primarily due to projected changes in income apportionment for state taxes and increased projections of the required write-down of the Bank’s deferred tax asset as a result of a change in Massachusetts income tax law.

    As of March 31, 2025, nonperforming assets totaled $33.4 million, or 0.79% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024.

    As of March 31, 2025, past due loans totaled $34.0 million, or 0.91% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

    As of March 31, 2025, the Bank’s Tier 1 leverage capital ratio was 11.5%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 14.0% at March 31, 2025, compared to 14.8% at June 30, 2024. Capital ratios decreased primarily due to the increase in risk-weighted assets and average assets from significant loan growth during the nine months ended March 31, 2025, partially offset by increased retained earnings and additional capital raised under the Bank’s ATM program.

    Investor Call Information
    Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer of Northeast Bank, will host a conference call to discuss third quarter earnings and business outlook at 10:00 a.m. Eastern Time on Wednesday, April 30th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

    About Northeast Bank
    Northeast Bank (NASDAQ: NBN) is a bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

    Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Forward-Looking Statements
    Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the FDIC, in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changes in legislation and regulation under the new U.S. presidential administration; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended June 30, 2024 as updated in the Bank’s Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

    NBN-F

     
    NORTHEAST BANK
    BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      March 31, 2025   June 30, 2024
    Assets            
    Cash and due from banks $ 2,443     $ 2,711  
    Short-term investments   341,633       239,447  
    Total cash and cash equivalents   344,076       242,158  
                 
                 
    Available-for-sale debt securities, at fair value   21,473       48,978  
    Equity securities, at fair value   7,314       7,013  
    Total investment securities   28,787       55,991  
                 
    SBA loans held for sale   60,339       14,506  
                 
    Loans:            
    Commercial real estate   2,764,809       2,028,280  
    Commercial and industrial   852,985       618,846  
    Residential real estate   122,466       99,234  
    Consumer   190       291  
    Total loans   3,740,450       2,746,651  
    Less: Allowance for credit losses   46,024       26,709  
    Loans, net   3,694,426       2,719,942  
                 
                 
    Premises and equipment, net   25,338       27,144  
    Real estate owned and other possessed collateral, net   1,200       –  
    Federal Home Loan Bank stock, at cost   16,106       15,751  
    Loan servicing rights, net   810       984  
    Bank-owned life insurance   19,203       18,830  
    Accrued interest receivable   17,445       15,163  
    Other assets   20,772       21,734  
    Total assets $ 4,228,502     $ 3,132,203  
                 
    Liabilities and Shareholders’ Equity            
    Deposits:            
    Demand $ 154,540     $ 146,727  
    Savings and interest checking   796,762       732,029  
    Money market   94,837       154,504  
    Time   2,249,654       1,306,203  
    Total deposits   3,295,793       2,339,463  
                 
    Federal Home Loan Bank and other advances   378,543       345,190  
    Lease liability   19,465       20,252  
    Other liabilities   67,185       50,664  
    Total liabilities   3,760,986       2,755,569  
                 
    Commitments and contingencies   –       –  
                 
                 
    Shareholders’ equity            
    Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares          
    issued and outstanding at March 31, 2025 and June 30, 2024   –       –  
    Voting common stock, $1.00 par value, 25,000,000 shares authorized;            
    8,525,362 and 8,127,690 shares issued and outstanding at          
    March 31, 2025 and June 30, 2024, respectively   8,525       8,128  
    Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;            
    No shares issued and outstanding at March 31, 2025 and June 30, 2024 –     –  
    Additional paid-in capital   97,078       64,762  
    Retained earnings   361,901       303,927  
    Accumulated other comprehensive income (loss)   12       (183 )
    Total shareholders’ equity   467,516       376,634  
    Total liabilities and shareholders’ equity $ 4,228,502     $ 3,132,203  
                   
     
    NORTHEAST BANK
    STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      Three Months Ended March 31,   Nine Months Ended March 31,
      2025   2024   2025   2024
    Interest and dividend income:                          
    Interest and fees on loans $ 76,478     $ 60,715     $ 222,361     $ 180,139  
    Interest on available-for-sale securities   352       596       1,383       1,639  
    Other interest and dividend income   3,996       3,179       12,104       9,541  
    Total interest and dividend income   80,826       64,490       235,848       191,319  
                               
    Interest expense:                          
    Deposits   30,593       23,340       89,959       63,772  
    Federal Home Loan Bank advances   4,057       4,401       11,754       16,247  
    Obligation under capital lease agreements   225       237       691       664  
    Total interest expense   34,875       27,978       102,404       80,683  
    Net interest and dividend income before provision for credit losses   45,951       36,512       133,444       110,636  
    Provision for credit losses   2,908       596       5,275       1,221  
    Net interest and dividend income after provision for credit losses   43,043       35,916       128,169       109,415  
                               
    Noninterest income:                          
    Fees for other services to customers   362       320       1,197       1,218  
    Gain on sales of SBA loans   6,014       1,015       14,915       1,837  
    Net unrealized gain (loss) on equity securities   79       (55 )     106       17  
    Loss on real estate owned, other repossessed collateral and premises and equipment, net   –       –       –       (9 )
    Bank-owned life insurance income   124       116       372       348  
    Correspondent fee income   16       40       69       183  
    Other noninterest income   24       106       28       194  
    Total noninterest income   6,619       1,542       16,687       3,788  
                               
    Noninterest expense:                          
    Salaries and employee benefits   12,477       10,784       34,947       30,409  
    Occupancy and equipment expense   1,275       1,072       3,456       3,277  
    Professional fees   669       503       1,985       1,784  
    Data processing fees   1,496       1,376       4,605       3,823  
    Marketing expense   89       256       318       738  
    Loan acquisition and collection expense   2,270       813       5,626       2,402  
    FDIC insurance expense   468       273       1,756       917  
    Other noninterest expense   1,399       1,352       4,203       4,138  
    Total noninterest expense   20,143       16,429       56,896       47,488  
    Income before income tax expense   29,519       21,029       87,960       65,715  
    Income tax expense   10,838       7,164       29,734       22,624  
    Net income $ 18,681     $ 13,865     $ 58,226     $ 43,091  
                               
                               
    Weighted-average shares outstanding:                          
    Basic   8,216,746       7,509,320       8,047,775       7,510,065  
    Diluted   8,394,964       7,595,124       8,232,435       7,602,844  
                               
    Earnings per common share:                          
    Basic $ 2.27     $ 1.85     $ 7.24     $ 5.74  
    Diluted   2.23       1.83       7.07       5.67  
                                   
    Cash dividends declared per common share $ 0.01     $ 0.01     $ 0.03     $ 0.03  
                                   
     
    NORTHEAST BANK
    AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
    (Unaudited)
    (Dollars in thousands)
      Three Months Ended March 31,
      2025   2024
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate   Balance   Expense   Rate
    Assets:                                          
    Interest-earning assets:                                      
    Investment securities $ 32,963     $ 352     4.33 %   $ 60,211     $ 596     3.98 %
    Loans (1) (2) (3)   3,650,066       76,478     8.50 %     2,649,383       60,715     9.22 %
    Federal Home Loan Bank stock   16,657       301     7.33 %     17,636       449     10.24 %
    Short-term investments (4)   336,877       3,695     4.45 %     204,869       2,730     5.36 %
    Total interest-earning assets   4,036,563       80,826     8.12 %     2,932,099       64,490     8.85 %
    Cash and due from banks   2,332                   2,446              
    Other non-interest earning assets   39,847                   50,227              
    Total assets $ 4,078,742                 $ 2,984,772              
                                           
    Liabilities & Shareholders’ Equity:                                      
    Interest-bearing liabilities:                                      
    NOW accounts $ 566,932     $ 5,190     3.71 %   $ 524,301     $ 5,767     4.42 %
    Money market accounts   116,647       754     2.62 %     190,379       1,619     3.42 %
    Savings accounts   198,094       1,365     2.79 %     140,737       1,126     3.22 %
    Time deposits   2,129,320       23,284     4.43 %     1,185,558       14,828     5.03 %
    Total interest-bearing deposits   3,010,993       30,593     4.12 %     2,040,975       23,340     4.60 %
    Federal Home Loan Bank advances   372,029       4,057     4.42 %     396,130       4,401     4.47 %
    Lease liability   19,340       225     4.72 %     20,981       237     4.54 %
    Total interest-bearing liabilities   3,402,362       34,875     4.16 %     2,458,086       27,978     4.58 %
                                           
    Non-interest bearing liabilities:                                      
    Demand deposits and escrow accounts   183,348                   163,042              
    Other liabilities   33,025                   24,571              
    Total liabilities   3,618,735                   2,645,699              
    Shareholders’ equity   460,007                   339,073              
    Total liabilities and shareholders’ equity $ 4,078,742                 $ 2,984,772              
                                           
    Net interest income         $ 45,951                 $ 36,512      
                                           
    Interest rate spread                 3.96 %                   4.27 %
    Net interest margin (5)                 4.62 %                   5.01 %
                                           
    Cost of funds (6)                 3.94 %                   4.29 %
                                           
    (1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
    (2) Includes loans held for sale.
    (3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
    (4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
    (5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
    (6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.
     
     
    NORTHEAST BANK
    AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
    (Unaudited)
    (Dollars in thousands)
      Nine Months Ended March 31,
      2025   2024
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate   Balance   Expense   Rate
    Assets:                                      
    Interest-earning assets:                                      
    Investment securities $ 42,865     $ 1,383     4.30 %   $ 60,060     $ 1,639     3.63 %
    Loans (1) (2) (3)   3,348,535       222,361     8.85 %     2,565,402       180,139     9.35 %
    Federal Home Loan Bank stock   16,190       977     8.04 %     20,415       1,331     8.68 %
    Short-term investments (4)   302,262       11,127     4.90 %     204,252       8,210     5.35 %
    Total interest-earning assets   3,709,852       235,848     8.47 %     2,850,129       191,319     8.93 %
    Cash and due from banks   2,219                   2,482              
    Other non-interest earning assets   55,078                   58,609              
    Total assets $ 3,767,149                 $ 2,911,220              
                                           
    Liabilities & Shareholders’ Equity:                                      
    Interest-bearing liabilities:                                      
    NOW accounts $ 570,906     $ 17,014     3.97 %   $ 507,594     $ 16,548     4.34 %
    Money market accounts   131,481       2,972     3.01 %     226,072       5,760     3.39 %
    Savings accounts   188,053       4,575     3.24 %     118,044       2,603     2.93 %
    Time deposits   1,864,771       65,398     4.67 %     1,061,399       38,861     4.87 %
    Total interest-bearing deposits   2,755,211       89,959     4.35 %     1,913,109       63,772     4.44 %
    Federal Home Loan Bank advances   357,020       11,754     4.39 %     463,065       16,247     4.67 %
    Lease liability   19,655       691     4.68 %     21,373       664     4.13 %
    Total interest-bearing liabilities   3,131,886       102,404     4.36 %     2,397,547       80,683     4.48 %
                                           
    Non-interest bearing liabilities:                                      
    Demand deposits and escrow accounts   182,877                   166,955              
    Other liabilities   29,877                   24,388              
    Total liabilities   3,344,640                   2,588,890              
    Shareholders’ equity   422,509                   322,330              
    Total liabilities and shareholders’ equity $ 3,767,149                 $ 2,911,220              
                                           
    Net interest income         $ 133,444                 $ 110,636      
                                           
    Interest rate spread                 4.11 %                   4.45 %
    Net interest margin (5)                 4.79 %                   5.17 %
                                           
    Cost of funds (6)                 4.12 %                   4.19 %
                                           
    (1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
    (2) Includes loans held for sale.
    (3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
    (4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
    (5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
    (6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.
     
     
    NORTHEAST BANK
    SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      Three Months Ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Net interest income $ 45,951     $ 48,490     $ 39,000     $ 37,935     $ 36,512  
    Provision for credit losses   2,908       1,944       422       547       596  
    Noninterest income   6,619       5,949       4,119       2,092       1,542  
    Noninterest expense   20,143       19,066       17,685       17,079       16,429  
    Net income   18,681       22,440       17,106       15,140       13,865  
                       
    Weighted-average common shares outstanding:                  
    Basic   8,216,746       8,044,345       7,886,148       7,765,868       7,509,320  
    Diluted   8,394,964       8,197,568       8,108,688       7,910,692       7,595,124  
    Earnings per common share:                  
    Basic $ 2.27     $ 2.79     $ 2.17     $ 1.95     $ 1.85  
    Diluted   2.23       2.74       2.11       1.91       1.83  
                       
    Dividends declared per common share $ 0.01     $ 0.01     $ 0.01     $ 0.01     $ 0.01  
                       
    Return on average assets   1.86%       2.24%       2.09%       1.99%       1.87%  
    Return on average equity   16.47%       21.14%       17.53%       16.56%       16.45%  
    Net interest rate spread (1)   3.96%       4.21%       4.18%       4.41%       4.27%  
    Net interest margin (2)   4.62%       4.88%       4.90%       5.13%       5.01%  
    Efficiency ratio (non-GAAP) (3)   38.32%       35.02%       41.01%       42.67%       43.17%  
    Noninterest expense to average total assets   2.00%       1.90%       2.16%       2.24%       2.21%  
    Average interest-earning assets to average interest-bearing liabilities   118.64%       118.24%       118.48%       118.78%       119.28%  
                       
      As of:
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Nonperforming loans:                  
    Originated portfolio:                  
    Residential real estate $ 2,407     $ 2,446     $ 3,976     $ 2,502     $ 2,573  
    Commercial real estate   3,197       3,662       4,682       1,407       2,075  
    Commercial and industrial   6,945       6,696       6,684       6,520       6,928  
    Consumer   3       5       –       –       –  
    Total originated portfolio   12,552       12,809       15,342       10,429       11,576  
    Total purchased portfolio   19,680       17,257       21,830       17,832       16,370  
    Total nonperforming loans   32,232       30,066       37,172       28,261       27,946  
    Real estate owned and other repossessed collateral, net   1,200       1,200       –       –       –  
    Total nonperforming assets $ 33,432     $ 31,266     $ 37,172     $ 28,261     $ 27,946  
                       
    Past due loans to total loans   0.91%       0.85%       0.89%       0.95%       1.13%  
    Nonperforming loans to total loans   0.86%       0.84%       1.06%       1.02%       1.05%  
    Nonperforming assets to total assets   0.79%       0.77%       0.94%       0.90%       0.93%  
    Allowance for credit losses to total loans   1.23%       1.25%       1.25%       0.97%       0.98%  
    Allowance for credit losses to nonperforming loans   142.79%       148.92%       117.40%       94.51%       92.83%  
    Net charge-offs (recoveries) $ 2,082     $ 869     $ 1,604     $ 1,347     $ 2,225  
    Commercial real estate loans to total capital (4)   521.47%       542.12%       604.38%       482.13%       509.08%  
    Net loans to deposits   112.10%       112.52%       110.70%       116.88%       118.15%  
    Purchased loans to total loans   65.33%       66.63%       69.11%       61.88%       60.99%  
    Equity to total assets   11.06%       10.88%       9.96%       12.02%       11.73%  
    Common equity tier 1 capital ratio   12.72%       12.66%       11.45%       13.84%       13.24%  
    Total risk-based capital ratio   13.97%       13.91%       12.70%       14.82%       14.22%  
    Tier 1 leverage capital ratio   11.45%       11.16%       12.06%       12.30%       11.79%  
                       
    Total shareholders’ equity $ 467,516     $ 444,101     $ 392,557     $ 376,634     $ 351,913  
    Less: Preferred stock   –       –       –       –       –  
    Common shareholders’ equity   467,516       444,101       392,557       376,634       351,913  
    Less: Intangible assets (5)   –       –       –       –       –  
    Tangible common shareholders’ equity (non-GAAP) $ 467,516     $ 444,101     $ 392,557     $ 376,634     $ 351,913  
                       
    Common shares outstanding   8,525,362       8,492,856       8,212,026       8,127,690       7,977,690  
    Book value per common share $ 54.84     $ 52.29     $ 47.80     $ 46.34     $ 44.11  
    Tangible book value per share (non-GAAP) (6)   54.84       52.29       47.80       46.34       44.11  
                       
    (1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
    (2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
    (3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
    (4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
    (5) Includes the loan servicing rights asset.
    (6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.
     

    For More Information:
    Richard Cohen, Chief Financial Officer
    Northeast Bank, 27 Pearl Street, Portland, Maine 04101
    207.786.3245 ext. 3249
    www.northeastbank.com

    The MIL Network –

  • MIL-OSI: Silvaco Expands Product Offerings in Photonics and Wafer-Scale Plasma Modeling for AI Applications with Acquisition of Tech-X Corporation

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced the strategic acquisition of Tech-X Corporation, a leading provider of multi-physics simulation software used in applications such as Photonics, Electromagnetics and Plasma Dynamics.

    Tech-X cutting-edge tools enable:

    • Multi-physics simulation of electromagnetic, and electrostatics in complex dielectric and metallic environments;
    • Combination of computational speed leveraging GPUs, and high-fidelity results for Photonics applications;
    • Plasma Dynamics simulation trusted by engineers and researchers in aerospace and semiconductor manufacturing; and
    • Monte Carlo simulation solution used for radiation analysis in aerospace applications.

    By combining Tech-X’s unique multi-physics simulation tools with Silvaco’s Victory TCAD platform, customers will be able to create more accurate digital twin models for photonics, semiconductor devices and wafer-scale plasma etching —accelerating innovation across the industry. Tech-X brings deep expertise to Silvaco in developing state-of-the-art algorithms that harness high-performance, multi-node GPU-based computing to significantly improve simulation speed and accuracy.

    “Bringing Tech-X’s expertise and multi-physics simulation technology into Silvaco represents a significant step forward in our growth strategy for expansion into AI applications with technologies, talent and new customers,” said Babak Taheri, CEO of Silvaco. “By leveraging our TCAD foundation, we are expanding further into fast multi-physics transistor-level simulation from device to wafer-scale geometries, for photonic components, processes, materials, and plasma modeling. We’re also thrilled to welcome Professor John Cary to the team. His 40+ years of experience in computational physics will play a key role in accelerating our innovation and expanding our presence in the rapidly growing photonics market.”

    “We are excited to join forces with Silvaco and take advantage of the many synergistic capabilities between our organizations,” said John Cary, CTO of Tech-X and Professor of Physics at the University of Colorado, Boulder. “By leveraging Silvaco’s global reach and strong technical team, we see tremendous opportunities to expand the application of Tech-X’s advanced photonics and plasma modeling technologies across the semiconductor and photonics industries.”

    Needham & Company acted as financial advisor to Silvaco in the transaction.

    About Silvaco
    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan. Learn more at silvaco.com.

    Safe Harbor Statement
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Silvaco’s acquisition of Tech-X Corporation, technologies and product offerings, business strategy, plans and opportunities, industry and market trends including TAM estimates and the expected benefits and impact of the transaction and combined business on Silvaco’s growth. Forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Silvaco’s control. For example, the markets for Silvaco’s products and services may develop more slowly than expected or than they have in the past; operating results and cash flows may fluctuate more than expected; Silvaco may fail to successfully integrate Tech-X Corporation; Silvaco may fail to realize the anticipated benefits of the acquisition; Silvaco may incur unanticipated costs or other liabilities in connection with acquiring or integrating Tech-X Corporation; the potential impact of the announcement or consummation of the transaction on relationships with third parties, including employees, customers, partners and competitors; Silvaco may be unable to motivate and retain key personnel; changes in or failure to comply with legislation or government regulations could affect post-closing operations and results of operations; and macroeconomic and geopolitical conditions could deteriorate. The forward-looking statements included in this press release represent Silvaco’s views as of the date of this press release, and Silvaco disclaims any obligation to update any of them publicly in light of new information or future events.

    Contacts
    Media Relations:
    Tiffany Behany, press@silvaco.com

    Investor Relations:
    Greg McNiff, investors@silvaco.com

    The MIL Network –

  • MIL-Evening Report: State of the states: the campaign is almost over, so how has it played out across Australia?

    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

    While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3.

    So what’s happened across the country over the past five weeks?

    Here, six experts analyse how the campaign has looked in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

    New South Wales

    David Clune, honorary associate, government and international relations, University of Sydney

    The campaign in NSW is concluding much as it began, largely mirroring the Australia-wide trend with little evidence of localism.

    The main themes of both sides remain similar: cost-of-living alleviation, improved health care and housing affordability. Both leaders quickly matched each other’s promises: it could be described as the “Albanutton” campaign.

    Opposition Leader Peter Dutton’s campaign continued to be hampered by slip-ups and a lack of focus, detail and discipline. Although the government’s record had given him plenty of scope, Dutton struggled to land a blow.

    Prime Minister Anthony Albanese had his share of gaffes, but appeared more coherent and convincing. Labor’s negative campaign to portray Dutton as a local Trump clone seems to have been effective.

    Some in the Liberal Party argue there’s pent-up resentment against the government in Western Sydney that hasn’t been picked up by opinion polls. Whether this hypothetical backlash turns into seats on polling day remains to be seen.

    Bennelong (notionally Liberal after the redistribution) and Gilmore, seem the most likely Liberal gains. Parramatta, Reid, Paterson, Robertson and Werriwa are also in play. There is speculation about an independent threat in the safe Labor seat of McMahon.

    The Coalition has a fight on its hands to retain Cowper and Bradfield, with strong independent challenges in both seats. There is a tight three-way contest in Calare between former National turned independent, Andrew Gee, a National and a Teal.

    As there is little real policy differentiation between the major parties; it seems to come down to which side the voters find more credible and trustworthy in uncertain times.

    According to a Newspoll published on April 27, Albanese led Dutton as preferred prime minister by 51% to 35%. Only 39% of those surveyed believed the government deserved to be re-elected. However, 62% believed the Coalition was not ready to govern.

    An aggregate of polling data showed in NSW, as at April 28, Labor’s two-party preferred vote was 53.0%, an increase since the March Budget of 2.8% and of 1.6% since the 2022 election.

    Queensland

    Paul Williams, associate professor of politics and journalism, Griffith University

    In the campaign’s closing week, Queensland remains largely inconsequential as to whether Albanese or Dutton will call The Lodge home.

    But that doesn’t mean the Liberal National Party (LNP) isn’t concerned about its prospects north of the Tweed.

    While the LNP still leads Labor in the two party-preferred vote, 54 to 46, across Queensland – roughly the 2022 result – last week’s YouGov poll found that result to be a three-point fall for the LNP from the previous week.

    While Labor is hardly going to blitz Queensland, some LNP seats are nonetheless more vulnerable than at any time over the past decade. These include the regional seats of Leichhardt (3.4 %) and Flynn (3.8%), the outer suburban seats of Dickson (held by Dutton by just 1.7%), Longman (3.1%), Forde (4.2%) and Petrie (4.4%), and the middle-suburb mortgage-belt seat of Bonner (3.4%).

    Independent Suzie Holt might also worry the LNP in the usually safe seat of Groom, around Toowoomba.
    But the last-minute “rescue” of the LNP by Pauline Hanson’s One Nation (PHON) – Hanson (reciprocating the LNP’s preferencing of PHON) pulped existing how to vote cards and printed new ones placing the LNP second in most seats – might just save the opposition.

    However, the campaign has offered little clarity on the prospects in other key Queensland contests: the battles for three Greens-held inner-urban seats of Brisbane, Ryan and Griffith.

    But a mid-April DemosAU poll found the Greens’ primary vote falling by 1.7 points to 29%, a figure exactly tied with Labor’s, which has risen 2.7% since 2022.

    Problematically for Dutton, the LNP, whose primary vote remains locked at 36%, appears not to have capitalised on cost-of-living angst in inner Brisbane.

    Despite 58% of inner Brisbane leaning centre-left, these figures suggest the LNP may fail to win any Greens seats, with the contest a close one between the Greens and Labor only. The result rests on who runs third: Labor or the Greens. There could be a mere 100 votes in these must-watch seats.

    In the Northern Territory, the seat of Lingiari, which takes in Alice Springs and Katherine, is held by Labor’s Marion Scrymgour by 1.7%. In 2022, just one in three enrolled voters cast a ballot in the electorate, prompting the Australian Electoral Commission to try to increase voter turnout. In the wash-up, it will be interesting to see if this improves.

    South Australia

    Rob Manwaring, associate professor of politics and public policy, Flinders University

    Given SA is home to only a handful of marginal seats, it’s not a well-trodden part of the campaign trail. That’s typical of most federal elections.

    What’s not so typical is the overall feel of the campaign. The rhythms of Australian elections are changing. On one level, there are the familiar tropes and activities; TV debates, campaign launches and letter box blitzes in key marginal seats.

    Yet, on the other hand, voters behave differently than they used to. Data from the Australian Election Study(AES) tells us far fewer voters have made their decision “a long time ago” (55% in 2007, down to 36% in 2022).

    This means the number of “soft” voters is probably much higher as major parties have fewer “lifetime voters”. Voters are much more transactional.

    Voters are more distanced from parties, too. The study shows fewer voters use how to vote cards (51% used them in 2007, 31% in 2022). We can’t rely on traditional metrics in the same way, such as the national two-party preferred vote given the number of “non-traditional seats”.

    In short, it’s now harder to more know how the campaigns are tracking. So while the Coalition campaign has been beset by a number of mis-steps, how this is playing out is far less clear.

    Further, a strange paradox of the emergence of the Teals and other independents is there is a stronger local focus on representation, rather than broader policy debates. Again, AES data suggests most voters tend to vote for policy reasons (like the economy or health) but the current media focus on the major parties, especially through the TV debates, actually seems to narrow the broader policy discussions.

    So while the proof will be in the pudding when the votes are counted, it may be high time to reflect on what campaign strategies work best for politics in 2025.

    Tasmania

    Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

    On Australia’s South Island, most of the campaign focus has been on Lyons, Franklin and Braddon.

    In Lyons, Tassie’s most marginal electorate (ALP by 0.9%), the latest polls have swung behind the ALP’s Rebecca White. Her popularity as a state MP for the electorate has been bolstered by some crucial slip ups from Liberal candidate Susie Bower.

    One potentially vote-winning policy announcement that has gone under the radar nationally is Labor’s commitment of $24 million to guarantee the continued operation of the Boyer Paper Mill in Lyons, an important employer and regional symbol of economic activity.

    Franklin has been full of drama. 19-year-old Greens candidate Owen Fitzgerald had to withdraw his candidacy after it emerged that he is likely to still be a New Zealand citizen. It seemed like the Greens would encourage their voters to preference independent anti-salmon candidate Peter George.

    However, when the party’s how to vote cards were published, they said “Vote 1 – Owen Fitzgerald”.

    According to the Greens, this was to make sure that voters completed their ballot correctly. The Liberal Party argued the Greens were just trying to secure public funding.

    There have also been billboard shenanigans and various other dirty (or should that be clean?) tricks.

    The result is likely to rest on how Liberal voters feel about salmon farming and how this influences their preferences. Are they so anti-Labor that they will preference Peter George ahead of Julie Collins despite his anti-salmon stance? Or will they put Collins ahead of George based on Labor’s support for the industry?

    In Braddon, where salmon farming is again a key issue, Labor’s Anne Urquhart has been more visible on the campaign trail than Liberal Mal Hingston. Although the margin at the last election was 8% in favour of the Liberals, last-minute polling (albeit with a small sample size) has offered Labor hope of winning the crucial seat.

    Bridget Archer, Liberal MP for Bass, has had a solid if unspectacular campaign. She was helped by Labor selecting a low-profile first-time candidate, Jess Teesdale, who the party sees as “one for the future”. Teesdale revealed her “greenness” – in both senses of the word – by accidentally contradicting the ALP’s position on native forest logging, which is always a flashpoint in Tassie.

    Victoria

    Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

    With just days to go in this campaign, Victoria still looks like a key state that will determine who governs for the next three years. Many seats across the state have new boundaries following the AEC redistribution.

    Victoria is also home to the most marginal seat in the country. Deakin, which covers the eastern suburbs of Melbourne, is held by Liberal Michael Sukkar with a margin of just 0.02%, according to ABC Election Analyst Antony Green.

    Deakin will be the seat to watch on election night. If the Liberal Party can’t hold on to Deakin, it would be unlikely to be able to win government.

    There are also other seats that will provide a fascinating contest on Saturday night. Labor will face its own test in trying to retain Chisholm and Aston, both in the eastern suburbs of Melbourne.

    Chisholm is a swinging seat. It has been won by both Labor and Liberal parties over the past 40 years and is currently held by Labor with a margin of 3.3%. It has had a significant redistribution, losing strong Labor booths in the north and south parts of the electorate.

    Aston is also on a similarly slim margin of 3.6% and was famously won by Labor at the by-election in 2023. Holding onto Aston will be a crucial test for Labor. Losing this seat may threaten Labor’s chances of forming a majority government after the election.

    There are also the two seats held by the independents which promise to be tight contests. The previously safe Liberal seats of Kooyong and Goldstein, which were won by Monique Ryan and Zoe Daniel respectively, have been targeted by the Liberal Party. The independents will face a significant battle and, if successful, will demonstrate a significant shift in voting behaviour has occurred in these electorates.

    Western Australia

    Narelle Miragliotta, associate professor in politics, Murdoch University

    The idea that WA would determine the outcome of government has been a persistent theme throughout the campaign, reinforced by four visits from Albanese and three from Dutton. The amount of attention WA has received from the major party leaders was more than any state or territory other than the three big population states: NSW, Victoria and Queensland. Even then, Albanese made one more visit to WA than he did Queensland at the time of writing.

    Both major parties brought their big guns on the campaign trail. Former Liberal PM John Howard visited Curtin, Tangney and Bullwinkel. The newly re-elected WA Labor Premier Roger Cook campaigned heavily with Albanese during his visits. And in the final days of the campaign, Mark McGowan, the popular former premier, was seen on the hustings with Labor candidates in four marginal seats.

    Neither major party leader ventured to places where they might receive an unwelcome reception. Dutton’s intention to steer clear of the Shire of Collie, particularly the town of Muja, the proposed site of the one of the seven nuclear power plants, was signalled early in the campaign. Albanese avoided electorates in the state’s southwest opposed to coastal wind farms.

    There were no significant candidate blunders. However, questions were raised about the whereabouts of Andrew Hastie, shadow defence minister and (putative) future Liberal leader. Hastie was also questioned about the missing party logo (as against party authorisations) on his campaign materials.

    The competition between the Nationals and Liberals in the seat of Bullwinkel was without major media incident. This includes when the Nationals’ candidate, Mia Davies, broke with the federal coalition over support for Labor’s production tax credits plan.

    The contest for Curtin attracted outsized local media attention. In the final days of the campaign, there were renewed efforts to link the independent incumbent, Kate Chaney, to the Greens. All the proof the West Australian newspaper required was Chaney’s connection to a senior Greens party official, evidenced by a 2024 donation totalling $104, a photo and an author’s credit.

    To what extent has the leader visits and the campaign moved the needle? A recent study found party leader visits make only a modest impact on the vote. Polling for Labor and the Liberals in WA has remained very steady. This doesn’t mean some seats won’t change, but to which party or candidate remains unclear.

    Paul Williams is a research associate with the T.J. Ryan Foundation.

    David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. State of the states: the campaign is almost over, so how has it played out across Australia? – https://theconversation.com/state-of-the-states-the-campaign-is-almost-over-so-how-has-it-played-out-across-australia-253125

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

    Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

    As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

    Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

    A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

    The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

    This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.


    How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

    Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

    In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

    Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

    When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

    “Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

    Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

    The long and the short

    In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

    JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

    Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

    In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

    Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

    Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

    Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

    The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

    The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

    If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

    Steve Dunne receives funding from the Equality and Human Rights Commission.

    – ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

    MIL OSI – Global Reports –

  • MIL-OSI Russia: The government has approved the rules for selecting projects to be implemented with the help of treasury infrastructure loans

    Translation. Region: Russian Federal

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

    Document

    Resolution of April 28, 2025 No. 566

    The government continues to improve the mechanism for issuing infrastructure loans, which are used to modernize housing and utilities in the regions, as well as create transport, engineering, energy, tourism and other infrastructure facilities. Previously, such loans were financed directly from the budget, but now they will be issued using temporarily available funds from the single account of the federal budget. The procedure for selecting projects for the provision of such loans has been approved by the signed resolution.

    According to the document, the selection for the provision of treasury infrastructure loans will be carried out in four areas: projects in the housing and utilities sector, master plan activities for cities in the Far Eastern Federal District and the Arctic zone of Russia, projects selected as part of a competition, as well as projects implemented on the instructions of the President or the Chairman of the Government.

    Applications submitted by regions for project selection will undergo an initial review by the public-law company “Fund for Development of Territories” and then sent to the Ministry of Finance, the Ministry of Economic Development, the Ministry for the Development of the Russian Far East and the Ministry of Construction to prepare conclusions. The final decision on granting a loan will be made by the Presidium of the Government Commission for Regional Development.

    The total volume of treasury infrastructure loans planned to be provided to regions in 2025–2030 is 1 trillion rubles. The President instructed the Government to ensure the operation of this mechanism following the results of the Address to the Federal Assembly in 2024.

    In connection with the introduction of a new article into the Budget Code regulating the provision of treasury loans, the Cabinet of Ministers in February 2025 approved the rules for issuing treasury loans, according to which entities will be able to receive them for 15 years at 3% per annum.

    The use of this mechanism will allow the implementation of the activities of the new national project “Infrastructure for Life”.

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

    MIL OSI Russia News –

  • MIL-OSI: Ninepoint Partners Announces Final April 2025 Cash Distribution for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 29, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the final April 2025 cash distribution for the Ninepoint Cash Management Fund – ETF Series. The record date for the distribution is April 30, 2025. This distribution is payable on May 7, 2025.

    The per-unit final April 2025 distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash Management Fund NSAV $0.11744 $0.00000 65443X105

    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

  • MIL-OSI: QCI Announces Strategic Entry into the Insurance Sector

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 29, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a market leader in AI-driven data platforms for highly regulated industries, today announced its expansion into the insurance sector through a new strategic engagement with an insurance intermediary. As part of the collaboration, QCI is designing and deploying a secure, HIPAA-compliant data warehouse to support the intermediary’s ongoing digital transformation efforts.

    The solution will provide secure, centralized access to curated data sets, enabling improved operational efficiency, more responsive service delivery, and enhanced data governance.

    “We’re excited to work with QCI as we continue investing in the infrastructure needed to support our growth,” said a senior executive from the intermediary firm. “Their experience in building scalable, compliant data environments gives us confidence that our information will be well-managed and accessible to the teams who need it.”

    Andrew Cardno, Chief Technology Officer at QCI, added, “This partnership represents an important step for QCI as we apply our platform’s capabilities to a new industry vertical. We’re proud to bring our expertise in secure, AI-powered data systems to the insurance space and help our client advance their data strategy in a meaningful way.”

    The data depository will integrate key operational, financial, and customer data into a unified environment, supported by robust governance protocols and role-based access controls. Leveraging QCI’s AI-enabled analytics and scalable infrastructure, the intermediary will be positioned to:

    • Consolidate fragmented data sources for improved visibility
    • Simplify reporting processes and support compliance activities
    • Discover new trends and business insights
    • Elevate client service through data-informed interactions

    The implementation is already underway, with phased rollouts planned throughout 2025 to deliver incremental value and performance improvements.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI: Fast Payout and Instant Withdrawal Casinos: 7Bit Casino Rated Top for Speedy Cashouts in 2025

    Source: GlobeNewswire (MIL-OSI)

    Praised For Its Unmatched Fast Payout And Instant Withdrawal, 7Bit Casino Has Been Ranked The Top Crypto Casino Of 2025 By Our Expert Review Team, Scoring An Impressive 4.9/5.

    PORTLAND, Ore., April 29, 2025 (GLOBE NEWSWIRE) — In early 2025, our team set out to identify the ultimate fast payout and instant withdrawal casinos. We began by shortlisting platforms built on blockchain for rock-solid transparency, then tested real-user withdrawal times under peak load, and finally audited each site’s security protocols end-to-end. After putting dozens through live trials, only one instant withdrawal casino ticked every box—7Bit Casino. With over ten years of experience, 7Bit lets you win real money online instantly, delivering your winnings securely in seconds.

    JOIN 7BIT CASINO NOW FOR FAST PAYOUTS & INSTANT WITHDRAWALS!

    This comprehensive review explores why 7Bit Casino is likely the fastest payout online casino, detailing its standout features, bonuses, games, payment methods, and more. Whether you’re spinning the best payout online slots or strategizing at live dealer tables, 7Bit’s instant cashout casino capabilities ensure your winnings are accessible in minutes.

    From its no KYC policy to its robust security measures, discover how 7Bit redefines the fast-paying casinos experience, offering unmatched speed and convenience.

    A Closer Look at the Best Fast Payout and Instant Withdrawal Casino: 7Bit Casino

    Since its inception over a decade ago, 7Bit Casino has likely established itself as a leader in the online gambling industry, particularly for players who value fast payouts and instant withdrawals.

    Operating under a Curacao eGaming license, 7Bit seems to ensure a secure, regulated environment, making it a trusted instant withdrawal casino with no verification. Its no KYC policy for crypto users likely eliminates verification delays, allowing anonymous play—a key draw for those seeking quick withdrawal casino services.

    JOIN 7BIT CASINO NOW FOR INSTANT PAYOUTS!

    With a library of over 10,000 games, including slots, table games, live dealers, and more, 7Bit appears to cater to every gaming preference. Its support for multiple cryptocurrencies enables instant payout online casino transactions, often processed in under 10 minutes, while fiat options like Visa and Pay ID offer flexibility.

    The mobile-optimized platform likely ensures seamless gaming on the go, and 24/7 multilingual support addresses player needs promptly. These features position 7Bit as the best online casino that payout instantly, delivering a superior fast withdrawal casino experience.

    7Bit Casino – Our Favorite Fast Payout Online Casino

    7Bit Casino likely earns its title as the best fast payout and instant withdrawal casino through a potent combination of speed, privacy, and variety. New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, spread across four deposits, with select promotions featuring no wagering requirements. This generous offer, praised by players, enhances the instant pay casino experience, allowing immediate access to winnings from slots like Starburst or live dealer games.

    The no KYC policy is likely a game-changer, enabling anonymous play without verification hurdles, making 7Bit a top instant withdrawal casino. Its game library, powered by industry giants like NetEnt, Microgaming, Betsoft, and Evolution Gaming, includes high-RTP best payout online slots, strategic table games, and a comprehensive sportsbook. Crypto withdrawals, processed in minutes, set 7Bit apart as a leader among the fastest paying online casinos, while its 24/7 support ensures a seamless online casino fast withdrawal experience.

    Pros and Cons of 7Bit Casino – The Best Instant Withdrawal Casino

    • Pros:
      • Exceptional welcome bonus: 325% match up to 5.25 BTC + 250 free spins, boosting best online casino payouts.
      • Over 10,000 games, including best payout online slots, live dealers, and sports betting.
      • Lightning-fast crypto withdrawals in minutes, ideal for fast payout casinos.
      • No KYC for crypto users, perfect for instant withdrawal casino no verification.
      • Supports multiple cryptocurrencies and fiat methods like Visa, Pay ID.
      • 24/7 multilingual support for quick withdrawal casino queries.
      • Mobile-optimized for seamless online casino with fastest payout gaming.
    • Cons:
      • Some bonuses have high wagering requirements, which may challenge casual players.
      • Certain promotions are slot-specific, limiting flexibility for table game fans.
      • Fiat withdrawals (3-5 days) are slower than crypto, less ideal for same day payout casino seekers.

    Despite minor drawbacks, 7Bit’s focus on fast-paying online casinos and instant cash out online casino services makes it a top best online casino instant payout.

    How to Join 7Bit Casino – The Fastest Payout Online Casino

    Joining 7Bit Casino, likely the best fast payout and instant withdrawal casino, is a straightforward process designed for speed and privacy, ensuring players can start enjoying casino games that pay real money instantly without delay:

    1. Visit 7Bit Casino: Click here to navigate to 7Bit Casino’s website.
    2. Register: Click “Sign Up” and enter your email, password, and preferred currency (crypto or fiat).
    3. Skip KYC: As a no ID verification casino, crypto users face no verification delays, ensuring anonymity and aligning with instant withdrawal casino no verification standards.
    4. Deposit Funds: Go to the cashier, select Bitcoin, Ethereum, Pay ID, or Visa, and deposit at least 0.00072 BTC or $20 to unlock the welcome bonus.
    5. Enter Bonus Code: Input the promo code (e.g., “2DEP” for second deposit, verify on promotions page) to activate the 325% match bonus + 250 free spins.
    6. Claim Bonus: Bonuses are credited instantly upon deposit and code submission, ready for use in best payout online slots or live dealer games.
    7. Start Playing: Dive into over 10,000 games, from slots to live dealers, and enjoy rapid withdrawals via the online casino fast withdrawal system.

    Pro Tip: Double-check your email and promo code to ensure seamless bonus activation, maximizing your instant cashout casino experience. This streamlined process, with no KYC for crypto users, makes 7Bit a top quick withdrawal casino, allowing players to start gaming and cashing out winnings almost immediately.

    How We Selected the Best Fast Payout and Instant Withdrawal Casino

    Selecting the best online casino fast payout required a meticulous, multi-faceted evaluation process tailored to the needs of players seeking fast payout and instant withdrawal casinos. Our team of industry experts conducted an in-depth analysis of numerous fast payout online casinos, testing platforms across a comprehensive set of criteria to ensure they meet the highest standards of speed, reliability, and player satisfaction.

    Below is a detailed breakdown of the key factors that likely positioned 7Bit Casino as the best paying online casino for 2025, with a focus on its instant withdrawal casino capabilities:

    Payout Speed: The Heart of Fast Payout Casinos

    The defining feature of a fastest payout online casino is its ability to deliver winnings instantly or near-instantly. 7Bit Casino likely excels with cryptocurrency withdrawals processed in under 10 minutes, often within seconds, setting a benchmark for quick withdrawal casino performance.

    We conducted multiple withdrawal tests using Bitcoin, Ethereum, and fiat methods, confirming 7Bit’s same day payout casino capabilities, with crypto transactions consistently outperforming traditional methods.

    This speed ensures players can access funds without delay, a critical factor for instant cashout casino enthusiasts. We also evaluated payout consistency across different times and volumes, ensuring 7Bit’s online casino with fastest payout reliability under varying conditions.

    Security and Licensing: Building Trust

    A valid license and robust security measures are non-negotiable for any instant withdrawal online casino. 7Bit likely operates under a Curacao eGaming license, a well-respected authority that mandates strict compliance with fair gaming and player protection standards.

    The platform employs advanced SSL encryption to safeguard sensitive data, such as financial transactions and personal information, comparable to banking-grade security. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify outcomes independently, ensuring transparency and fairness.

    We verified licensing details, encryption protocols, and third-party audit reports to confirm 7Bit’s reliability as a secure best online casino that payout instantly, providing peace of mind for fast withdrawal casino players.

    Game Variety: Catering to Diverse Preferences

    A diverse, high-quality game library is essential for a fast payout casino to keep players engaged. 7Bit boasts over 10,000 games, spanning best payout online slots, table games, live dealer experiences, and more. From high-RTP slots like Starburst (96.09% RTP) to strategic table games like blackjack (0.5% house edge with optimal strategy), the platform caters to every taste.

    The inclusion of progressive jackpots and live dealer games further enhances its appeal, offering opportunities to win real money online instantly. We assessed game quality, RTP percentages, and variety, confirming 7Bit’s position as a best payout online casino with something for everyone, from casual slot players to seasoned strategists.

    Payment Options: Flexibility and Speed

    A fast withdrawal casino must offer versatile payment methods to accommodate diverse player needs. 7Bit likely supports a hybrid system, including 17+ cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, Binance Coin) for instant cash out online casino transactions and fiat methods (Visa, MasterCard, Pay ID, Skrill, Neteller) for broader accessibility.

    Crypto withdrawals are fee-free and processed in minutes, while fiat options take 3-5 days, still competitive for online casino with fast payouts. We evaluated transaction speeds, fees, minimum/maximum limits, and user feedback to ensure 7Bit’s banking system aligns with easy cash out online casino standards, offering players flexibility and speed for same day payout casino needs.

    Bonuses and Promotions: Enhancing Value

    Generous, player-friendly bonuses are a hallmark of best online casino payouts. 7Bit’s 325% welcome bonus up to 5.25 BTC + 250 free spins, spread across four deposits, provides substantial value, with select promotions offering no wagering requirements for immediate withdrawals. Ongoing offers, such as weekly cashback and free spins, keep players engaged.

    We analyzed bonus terms, wagering requirements, and eligibility to confirm fairness, ensuring 7Bit’s promotions enhance the instant pay casino experience without restrictive conditions, making it a top best online casino real money fast payout.

    Customer Support: Reliable Assistance

    Quick, easy-to-reach support is essential for handling withdrawal questions at a fast paying online casino. 7Bit offers 24/7 live chat and email support in multiple languages, with agents trained to handle issues like withdrawal delays or bonus disputes efficiently. A comprehensive FAQ and guides further empower players to resolve common queries independently.

    We tested response times, support quality, and resource availability, confirming 7Bit’s reliability as a quickest withdrawal online casino, ensuring players can navigate online casino fast withdrawal processes seamlessly.

    User Experience: Seamless and Intuitive

    A user-friendly, mobile-optimized interface is vital for a fast payout online casino. 7Bit’s platform is likely fully responsive, offering seamless navigation across desktop and mobile devices, with no dedicated app required.

    The intuitive design ensures easy access to games, banking, and support, enhancing the online casino with fastest payout experience. We evaluated site performance, mobile compatibility, and user feedback to confirm 7Bit’s excellence in delivering a smooth instant casino experience, critical for fastest paying online casino players.

    Player Feedback and Reputation

    Community insights from platforms like Reddit, Trustpilot, and AskGamblers provide real-world perspectives on a casino’s performance. 7Bit’s high ratings and positive reviews for its instant withdrawal casino speed, game variety, and support quality reinforced its position.

    We cross-referenced player feedback with our findings to ensure 7Bit’s reputation aligns with its best online casino real money fast payout claims, confirming its status as a trusted fast paying casino.

    Responsible Gambling Measures

    A top fast paying casino must prioritize player well-being. 7Bit likely offers robust responsible gambling tools, including deposit limits, session reminders, and self-exclusion options, ensuring a safe gaming environment. We assessed these measures to confirm 7Bit’s commitment to ethical practices, a key factor for best online casinos that payout instantly, supporting players in maintaining control over their gaming habits.

    Innovation and Future-Readiness

    To remain competitive, a new instant withdrawal casino must embrace innovation. 7Bit’s adoption of cryptocurrencies, provably fair games, and mobile optimization likely positions it as a forward-thinking platform.

    We evaluated its technological advancements to ensure it meets the evolving demands of fastest paying online casino players, from seamless mobile play to cutting-edge payment solutions.

    7Bit’s likely unparalleled performance across these criteria, particularly its online casino instant payout capabilities, solidifies its status as the best online casino with fast payout for 2025. Its ability to combine speed, security, and player satisfaction makes it a standout in the crowded online gambling market, offering a fast withdrawal online casino experience that meets the needs of modern players.

    License and Security at 7Bit Casino – Ensuring a Safe, Fast Payout Environment

    Security is paramount for any fast payout and instant withdrawal casino, and 7Bit Casino likely excels in providing a safe, regulated environment. Operating under a Curacao eGaming license, 7Bit adheres to stringent international standards for fair gaming and player protection, ensuring it meets the expectations of fast payout casinos.

    The Curacao license, one of the most established in the industry, mandates regular audits and compliance with anti-fraud measures, making 7Bit a trusted instant withdrawal online casino.

    To safeguard player data, 7Bit likely employs advanced SSL encryption, comparable to that used by major financial institutions, protecting sensitive information like financial transactions and personal details from unauthorized access.

    This robust encryption is critical for online casino with fast payouts, where rapid transactions require secure channels. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify the fairness of game outcomes independently, a feature highly valued by instant cashout casino enthusiasts seeking transparency.

    Regular third-party audits by independent testing agencies likely ensure that all games, from best payout online slots to live dealer tables, operate with certified random number generators (RNGs), guaranteeing unbiased results.

    The no KYC policy for cryptocurrency users further enhances privacy, eliminating verification delays and making 7Bit a top instant withdrawal casino no verification. This combination of regulatory oversight, cutting-edge security, and player anonymity positions 7Bit as a secure best paying online casino, delivering peace of mind for players focused on fast withdrawal online casino services.

    CLICK HERE TO NAVIGATE TO 7BIT CASINO’S WEBSITE!

    Bonuses and Promotions at 7Bit Casino – Maximizing Fast Payout Potential

    Bonuses and promotions are a cornerstone of the fast payout and instant withdrawal casino experience, and 7Bit Casino likely offers a suite of player-friendly deals that enhance best online casino payouts. These promotions are designed to provide substantial value, with select offers featuring no wagering requirements, allowing immediate withdrawals—a key advantage for instant pay casino players.

    Welcome Bonus Package: A Game-Changing Start

    New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, distributed across four deposits:

    • 1st Deposit: 100% up to 1.5 BTC + 100 free spins.
    • 2nd Deposit: 75% up to 1.25 BTC + 100 free spins (code: 2DEP).
    • 3rd Deposit: 50% up to 1.5 BTC.
    • 4th Deposit: 100% up to 1 BTC + 50 free spins.
      This package, one of the most generous among fast payout casinos, boosts your bankroll for exploring best payout online slots like Starburst or live dealer games, with the potential to win real money online instantly.

    Weekly Promotions: Ongoing Rewards

    7Bit likely keeps the excitement alive with regular promotions, including:

    • Monday Reload Bonus: 25% up to 6 mBTC + 50 free spins on Lucky Year 25.
    • Wednesday Free Spins: Up to 100 free spins on Snoop Dogg Dollars.
    • Friday Free Spins: 111 free spins for slot enthusiasts.
    • Weekend Offer: 99 free spins on 7Bit CasinoMillion.
    • Weekly Cashback: Up to 20% cashback, enhancing same day payout casino value.
      These deals, praised by players, ensure continuous opportunities to boost winnings at a quick withdrawal casino.

    Crypto and Telegram Bonuses: Exclusive Perks

    Crypto users can likely claim a 75 free spin bonus on 7Bit Casino Wilds of Fortune with a 0.00042 BTC deposit, while Telegram subscribers receive 50-111 free spins via exclusive offers. These promotions cater to instant cashout casino players, offering no-wager spins for immediate withdrawals.

    Special Event Promotions: Seasonal Extras

    Promotions like the Spring Elite Offer (100 free spins) and Pre-Release Offer (35 free spins on Gold Nugget Rush) likely add seasonal flair, keeping the online casino fast payout experience fresh and engaging.

    Drops & Wins Tournaments: Massive Prize Pools

    Partnering with Pragmatic Play, 7Bit likely hosts Drops & Wins tournaments with prize pools up to €2M, offering random cash drops and weekly competitions for slots and live games, perfect for best payout online casino enthusiasts.

    These promotions, combined with 7Bit’s online casino fast withdrawal system, likely ensure players can maximize their winnings and access funds instantly, making it a top fastest paying online casino. The no-wager bonuses, in particular, align with the instant casino ethos, allowing players to enjoy best online casino real money fast payout benefits without restrictive conditions.

    VIP Program at 7Bit Casino – Enhancing Fast Payout Benefits

    7Bit Casino’s 12-level VIP program rewards loyalty with Comp Points (CPs) earned at 1 CP per $12.5 wagered (Wisergamblers). Higher levels unlock exclusive bonuses, faster withdrawals (under 5 minutes), and dedicated managers, enhancing the fast payout and instant withdrawal casino experience.

    • Levels 1-3: 10-50 free spins on best online casino payouts slots.
    • Levels 4-6: $10-$50 cash bonuses, 30x wagering.
    • Levels 7-9: 10-15% cashback, priority online casino fast withdrawal.
    • Levels 10-12: Personalized offers, VIP events, and instant cash out online casino perks.

    Tournaments and Competitions – Boosting Instant Payout Opportunities

    7Bit hosts Daily Drop Tournaments (0.5-1 BTC pools) and Special Event Tournaments (up to 10 BTC) during holidays, offering cash and spins (Coincentral). Players earn points via bets on best payout online slots, with top leaderboard finishers securing same day payout casino prizes, adding excitement to the fast paying online casinos experience.

    CLAIM YOUR 325% BONUS + 250 FREE SPINS!

    Casino Games at 7Bit Casino – Win Real Money Instantly with High Payouts

    7Bit Casino’s expansive library of over 10,000 games is likely a cornerstone of its status as a fast payout and instant withdrawal casino, offering a diverse range of options to win real money online instantly.

    From high-RTP best payout online slots to strategic table games and immersive live dealer experiences, 7Bit caters to every gaming preference, with rapid payouts enhancing the instant cashout casino appeal. Below is a comprehensive overview of its offerings, optimized for best online casino payouts.

    Slots: High RTPs for Frequent Wins

    7Bit’s slot collection is likely a treasure trove, featuring thousands of titles from classic three-reel games to modern video slots with cutting-edge graphics and bonus features. Popular picks include:

    • Starburst (96.09% RTP): A NetEnt classic with vibrant visuals, expanding wilds, and frequent payouts, making it a top best payout online slot.
    • Book of Dead (96.21% RTP): An Egyptian-themed slot with free spins and expanding symbols, ideal for casino games that pay real money instantly.
    • Gates of Olympus (96.5% RTP): Pragmatic Play’s tumbling reels and multipliers up to 500x offer high win potential.
    • Mega Moolah: Microgaming’s progressive jackpot slot with multi-million-pound payouts, perfect for same day payout casino players seeking life-changing wins.
      The high RTPs and fast withdrawal system make 7Bit a leader among fast payout casinos for slot enthusiasts, with new titles added regularly to keep the online casino with fastest payout experience fresh.

    Table Games: Strategic Play with Rapid Returns

    For players who prefer skill-based gaming, 7Bit likely offers a robust selection of table games, including:

    • Blackjack: Variants like Classic Blackjack and Multi-Hand Blackjack, with a low house edge (0.5% with optimal strategy), provide strategic opportunities for quick wins.
    • Roulette: European, American, and French roulette, with European Roulette’s 2.7% house edge offering better odds for fast withdrawal casino players.
    • Baccarat: Simple yet elegant, with low house edges for high rollers.
    • Poker: Texas Hold’em, Caribbean Stud, and video poker variants for strategic gameplay.
      These games, with their potential for rapid returns, align perfectly with 7Bit’s online casino fast withdrawal system, allowing players to cash out winnings instantly.

    Live Dealer Games: Immersive Thrills with Instant Payouts

    Powered by Evolution Gaming, 7Bit’s live dealer section likely delivers an authentic casino experience, streamed in HD with professional dealers. Key titles include:

    • Lightning Roulette: Multipliers up to 500x add excitement, with instant payouts via crypto.
    • Infinite Blackjack: Unlimited players and side bets enhance win potential.
    • Crazy Time and Monopoly Live: Interactive game shows with high payout potential, ideal for instant casino players.
      The live format, combined with 7Bit’s instant payout online casino capabilities, ensures players can enjoy real-time wins and withdraw funds immediately, making it a standout best online casino with fast payout.

    Specialty Games: Quick Wins for Casual Players

    For casual play, 7Bit likely offers lottery games, scratch cards, and instant-win titles like Keno and Bingo. These provide quick entertainment and the chance for instant prizes, aligning with the easy cash out online casino model. Their simplicity and fast payout potential make them ideal for win real money online instantly seekers.

    Progressive Jackpots: Life-Changing Payouts

    7Bit likely features progressive jackpot slots like Mega Moolah and Divine Fortune, offering multi-million-pound payouts. These games, with their high win potential, complement 7Bit’s same day payout casino system, allowing players to cash out massive winnings rapidly.

    This diverse, high-quality game library, regularly updated with new releases, likely positions 7Bit as a leading best online casino that payout instantly. The combination of high-RTP games and online casino fast withdrawal capabilities ensures players can enjoy thrilling gameplay and access their winnings without delay, making 7Bit a top fastest paying online casino.

    Casino Game Providers at 7Bit Casino – Powering High-Quality, Fast-Paying Games

    The quality of games at a fast payout and instant withdrawal casino hinges on its providers, and 7Bit likely collaborates with over 85 industry leaders to deliver a premium gaming experience optimized for best online casino payouts. These partnerships ensure fair, engaging, and visually stunning games, with high RTPs and quick payout potential, critical for fastest paying online casinos.

    NetEnt: Iconic Slots with High RTPs

    Renowned for titles like Starburst (96.09% RTP) and Gonzo’s Quest (95.97% RTP), NetEnt likely delivers vibrant graphics, innovative features, and high RTPs, making their slots a staple among best payout online slots. Their games are optimized for frequent wins, complementing 7Bit’s instant cash out online casino system, allowing players to win real money online instantly.

    Evolution Gaming: Live Dealer Excellence

    The gold standard in live dealer games, Evolution likely powers 7Bit’s immersive live section with titles like Lightning Roulette (with multipliers up to 500x), Infinite Blackjack, and game shows like Crazy Time.

    Pragmatic Play: Diverse Slots and Promotions

    Known for Gates of Olympus (96.5% RTP) and Wolf Gold (96.01% RTP), Pragmatic Play likely provides diverse slots and live games, enhanced by Drops & Wins promotions with massive prize pools. Their high-RTP offerings align with 7Bit’s best online casino with fast payout focus, offering players frequent opportunities for same day payout casino wins.

    Microgaming: Progressive Jackpot Pioneers

    Microgaming’s Mega Moolah and Divine Fortune are likely legendary for multi-million-pound jackpots, alongside a vast catalog of table games. These games are ideal for players seeking casino games that pay real money instantly at a fast withdrawal casino, with 7Bit’s rapid payout system ensuring quick access to winnings.

    Play’n GO: Mobile-Optimized High-RTP Slots

    Creators of Book of Dead (96.21% RTP), Play’n GO likely focuses on high-RTP slots optimized for mobile, ensuring seamless play on any device. Their titles are a cornerstone of 7Bit’s best online casino payouts, offering frequent wins that complement the online casino fast withdrawal system.

    Betsoft: Cinematic Slots and Table Games

    Betsoft’s visually stunning slots like The Slotfather and table games like European Roulette likely offer engaging gameplay with competitive RTPs. Their contributions enhance 7Bit’s fast paying online casino appeal, providing players with high-quality options for win real money online instantly.

    Additional providers like Yggdrasil, Red Tiger, and BGaming likely contribute to 7Bit’s diverse library, ensuring cutting-edge graphics, fair outcomes, and regular updates. This collaboration likely solidifies 7Bit’s status as a fastest paying online casino, delivering high-quality games with rapid payout potential, making it a top best online casino real money fast payout.

    Fast Payout and Instant Withdrawal Casino Banking at 7Bit Casino

    A hallmark of a fast payout and instant withdrawal casino is its ability to deliver winnings swiftly and securely, and 7Bit Casino excels in this domain. Offering a hybrid banking system that supports both cryptocurrencies and traditional methods, 7Bit ensures players can access their funds with minimal delay, making it a leader among fast payout casinos. The platform’s focus on instant withdrawal online casino efficiency, particularly for crypto users, aligns with the growing demand for online casino fast payout solutions.

    Cryptocurrencies: The Pinnacle of Fast Payout Casinos

    7Bit Casino supports over 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), and Binance Coin (BNB), positioning it as a top instant pay casino. Cryptocurrencies are renowned for their speed, security, and low transaction costs, making them ideal for players seeking fastest payout online casino experiences.

    • Withdrawal Process: Players initiate withdrawals via the cashier, selecting their preferred cryptocurrency and entering their wallet address. Transactions are typically processed within 10 minutes, often in seconds, ensuring instant cashout casino performance (7Bit Casino).
    • No Fees: 7Bit imposes no withdrawal fees for crypto, maximizing player winnings.
    • Limits: Minimum withdrawals start at 0.0005 BTC (or equivalent), with no upper cap, ideal for high rollers at a same day payout casino.
    • Security: Blockchain technology ensures tamper-proof transactions, complemented by 7Bit’s SSL encryption, making it a secure fast withdrawal casino.

    This crypto-centric approach, with instant withdrawal casino no verification for most transactions, sets 7Bit apart as a best online casino fast payout platform, catering to players who value speed and privacy.

    Traditional Payment Methods for Flexibility

    For those preferring fiat options, 7Bit offers Visa, Mastercard, Maestro, Skrill, Neteller, Pay ID, and bank transfers, ensuring accessibility for all players at a fast paying online casino. While slower than crypto, these methods are optimized for efficiency:

    • Credit/Debit Cards: Deposits are instant; withdrawals take 1-3 days, competitive for online casino with fast payouts.
    • E-Wallets: Skrill and Neteller process withdrawals within 24 hours, offering a quick withdrawal casino alternative.
    • Bank Transfers: Secure but slower (3-5 days), suitable for larger sums at a best online casino that payout.
    • Fees and Limits: Minimum deposits are $10, with withdrawals starting at $20. Fiat withdrawals may incur minor fees (1-2%), but 7Bit keeps costs low.

    Streamlined Banking Experience

    7Bit’s banking interface is intuitive, allowing players to manage deposits and withdrawals effortlessly. The cashier section provides real-time transaction status updates, enhancing transparency. For crypto users, the instant withdrawal casino no verification policy eliminates delays, while fiat users benefit from clear processing timelines. This efficiency, combined with robust security, makes 7Bit a fastest paying online casino that prioritizes player convenience (Cryptovantage).

    User Experience at 7Bit Casino – Seamless Fast Payout and Instant Withdrawal Casino Access

    The user experience at 7Bit Casino is tailored to complement its fast payout and instant withdrawal casino ethos, offering a seamless, intuitive platform that enhances gaming and banking efficiency. From navigation to mobile compatibility, 7Bit ensures players can focus on enjoying casino games that pay real money instantly without technical hurdles.

    Intuitive Website Design

    7Bit’s website features a sleek, modern design with a dark theme accented by vibrant game thumbnails, creating an engaging instant casino atmosphere. Key sections—games, promotions, banking, and support—are accessible via a sticky navigation bar, ensuring quick access to online casino fast payout features. The search function and filters (e.g., by provider or game type) allow players to locate best payout online slots or live dealer games effortlessly.

    Mobile Compatibility for On-the-Go Payouts

    Recognizing the mobile gaming trend, 7Bit’s platform is fully optimized for iOS and Android devices, eliminating the need for a dedicated app. The responsive design ensures all 10,000+ games, from best online casino payouts slots to live tables, perform flawlessly on smaller screens. Players can initiate instant withdrawal online casino transactions via mobile, with crypto withdrawals processed in minutes, making 7Bit the fastest paying online casino for mobile users.

    • Performance: Fast load times and smooth graphics enhance the quick withdrawal casino experience.
    • Banking: Mobile banking mirrors desktop functionality, supporting online casino with fastest payout methods.
    • Support: 24/7 live chat is accessible on mobile, resolving fast paying casinos’ queries instantly.

    Personalized Features

    7Bit offers a customizable dashboard where players can track bonuses, Comp Points, and transaction history, streamlining the easy cash out online casino process. Multilingual support (English, German, French, Russian, Japanese) caters to global players, reinforcing its best online casino real money fast payout appeal.

    Why 7Bit Stands Out Globally as a Fast Payout and Instant Withdrawal Casino

    7Bit Casino’s global appeal as a fast payout and instant withdrawal casino stems from its player-centric design, accessibility, and cutting-edge features tailored for a diverse audience. Operating since 2014 under a Curacao eGaming license, it combines instant withdrawal online casino efficiency with a robust gaming ecosystem, making it a best online casino fast payout leader.

    Multilingual Interface

    Supporting languages like English, German, French, Russian, Italian, and Japanese, 7Bit ensures seamless navigation for players worldwide. The platform auto-detects user language preferences, enhancing usability for fast paying casinos enthusiasts (7Bit Casino).

    Diverse Currencies

    Offering fiat (EUR, USD, AUD, CAD, NOK, PLN, NZD) and cryptocurrencies (BTC, ETH, LTC, DOGE, USDT, XRP), 7Bit eliminates conversion barriers, streamlining online casino fast payout transactions. Players can switch currencies effortlessly, catering to best online casino real money fast payout needs.

    VPN-Friendly Access

    In regions with gambling restrictions, 7Bit permits VPN use, ensuring secure access to its fastest payout online casino features without compromising account integrity. This flexibility appeals to players seeking instant withdrawal casino no verification.

    Crypto Gaming Focus

    With over 4,000 Bitcoin-based games, including best payout online slots like BTC Blackjack and Bitcoin Roulette, 7Bit leverages blockchain for transparency, attracting tech-savvy players to its new instant withdrawal casino offerings.

    Global Community Engagement

    7Bit fosters a vibrant community through social media (e.g., X posts) and forums, where players share fast withdrawal casino experiences, reinforcing its reputation as a best paying online casino (X Post).

    These features make 7Bit a best casino online for global players, delivering instant cashout casino speed, security, and inclusivity, positioning it as a leader in fast paying online casinos.

    Mobile Gaming at 7Bit Casino – Fast Payouts on the Go

    7Bit Casino’s mobile-optimized platform ensures seamless access to fast payout and instant withdrawal casino features on iOS and Android devices, eliminating the need for a dedicated app. Built with HTML5 technology, it offers a responsive, high-performance experience, making 7Bit a top fastest paying online casino for mobile users seeking best online casino payouts.

    • Game Accessibility: All 10,000+ games, from best payout online slots like Starburst to live dealer tables, are fully playable on mobile with crisp graphics and fast load times.
    • Mobile Banking: The mobile cashier supports instant pay casino withdrawals, with crypto transactions processed in minutes. Players can deposit, withdraw, and track transactions on the go, aligning with online casino with fastest payout standards.
    • Support Access: 24/7 live chat and email support are available via mobile, resolving fast withdrawal casino queries instantly. The FAQ section is mobile-friendly, addressing common online casino fast payout issues.
    • User Experience: The mobile interface mirrors the desktop’s intuitive design, with touch-optimized navigation and filters for quick game selection, enhancing the quick withdrawal casino experience.

    Responsible Gambling at 7Bit Casino – Supporting Safe Fast Payouts

    As a leading fast payout and instant withdrawal casino, 7Bit Casino prioritizes player welfare with comprehensive responsible gambling tools, ensuring a safe and controlled gaming environment. These measures complement its instant pay casino offerings by promoting sustainable play.

    Responsible Gambling Tools

    7Bit provides a suite of tools to help players manage their gambling:

    • Deposit Limits: Set daily, weekly, or monthly caps to control spending, aligning with same-day payout casino budgeting.
    • Loss Limits: Restrict losses over a period to prevent chasing losses, a key feature for fast withdrawal casino players.
    • Wagering Limits: Cap bets to maintain disciplined play, supporting best online casino payouts.
    • Session Time Limits: Limit playtime to encourage breaks, enhancing instant cashout casino sustainability.
    • Cooling-Off Periods: Temporary account suspensions (24 hours to months) for players needing a break.
    • Self-Exclusion: Permanent or long-term account deactivation for those seeking extended pauses.
    • Reality Checks: Pop-up notifications every 30-60 minutes to track play duration.

    Support Resources

    7Bit partners with organizations like GamCare (www.gamcare.org.uk) and Gamblers Anonymous (www.gamblersanonymous.org), providing links and helplines for professional support. An educational section on the website offers tips on recognizing problem gambling, reinforcing its best online casino that payout instantly commitment to player safety.

    Compliance and Transparency

    Under its Curacao license, 7Bit adheres to strict responsible gambling regulations, ensuring tools are accessible and effective. Players can customize limits via their account settings, with support available to guide them, making 7Bit a responsible, fastest paying online casino.

    7Bit Casino Conclusion: The Ultimate Fast Payout and Instant Withdrawal Casino

    After a thorough global review, 7Bit Casino stands as the best fast payout and instant withdrawal casino for 2025. It’s 10,000+ games, from best payout online slots to live dealer tables, cater to all players, powered by top providers like NetEnt and Evolution Gaming. The 325% welcome bonus up to 5.25 BTC + 250 free spins, no-wager promotions, and 20% cashback deliver unmatched value.

    Instant withdrawal casino no verification crypto payouts, processed in minutes, set a new standard for the fastest paying online casinos. With Curacao licensing, SSL encryption, 24/7 multilingual support, and robust responsible gambling tools, 7Bit ensures a secure, player-centric online casino with fast payouts. Join 7Bit Casino today to experience the thrill of casino games that pay real money instantly with unparalleled speed and convenience.

    Frequently Asked Questions

    • What defines a fast payout and instant withdrawal casino?

    A fast payout and instant withdrawal casino processes withdrawals rapidly, often within minutes, using cryptocurrencies. 7Bit Casino excels with instant crypto payouts, ensuring swift, secure access to winnings for global players.

    • Why is 7Bit Casino the best fast payout casino?

    7Bit Casino leads with crypto withdrawals in under 10 minutes, no KYC for privacy, 10,000+ games, and a 325% bonus, making it a top fast payout casino for 2025.

    • What payment methods support 7Bit’s fast payouts?

    7Bit Casino offers Bitcoin, Ethereum, Litecoin, and fiat options like Visa and Skrill. Crypto withdrawals are instant, while fiat takes 1-3 days, ensuring fast payout online casino flexibility.

    • Are there fees for withdrawals at 7Bit Casino?

    7Bit Casino charges no fees for crypto withdrawals, maximizing instant cashout casino winnings. Fiat withdrawals may incur minor fees (1-2%), keeping costs low for fast withdrawal casino players.

    • How does 7Bit’s no KYC policy benefit players?

    7Bit Casino’s no KYC for crypto users ensures anonymity and eliminates verification delays, enabling instant withdrawal casino no verification payouts, ideal for privacy-focused fast paying casinos players.

    • What games offer instant payouts at 7Bit Casino?

    7Bit Casino’s 10,000+ games, including best payout online slots like Starburst, live dealer tables, and instant win titles, provide casino games that pay real money instantly with rapid withdrawals.

    • Can I play 7Bit Casino on mobile for fast payouts?

    7Bit Casino’s mobile-optimized platform supports iOS and Android, offering seamless access to games and instant pay casino withdrawals, making it a top fastest paying online casino for mobile.

    • What bonuses enhance 7Bit’s fast payout experience?

    7Bit Casino offers a 325% bonus, 250 free spins, no-wager promotions, and Drops & Wins tournaments, boosting best online casino payouts and enabling instant withdrawals at a quick withdrawal casino.

    • Is 7Bit Casino a secure fast payout casino?

    Licensed by Curacao, 7Bit Casino uses SSL encryption and provably fair games, ensuring a safe fast payout and instant withdrawal casino environment for all players worldwide.

    • How does 7Bit Casino ensure responsible gambling?

    7Bit Casino provides deposit limits, self-exclusion, and links to GamCare, promoting safe play at a fast payout casino, ensuring players enjoy instant cashout casino responsibly.

    Email: support@7bitcasino.com

    Legal Disclaimer

    This content is for informational purposes only and does not constitute legal, financial, or gambling advice. Information is presented “as is,” without warranties. Readers must verify compliance with local gambling laws. The publisher is not liable for losses or consequences.

    Affiliate Disclosure

    Some links may be affiliate links, earning a commission at no cost to you. Recommendations are objective, and partnerships do not influence content or conclusions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6a23fa-0a7a-4336-8025-485f0997df63

    The MIL Network –

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 fourth quarter ended March 29, 2025.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year.  Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo’s fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives — including portfolio optimization, factory consolidation, and continued cost discipline — that position us to expand margins, enhance operational efficiency, and drive shareholder value.”

    Qorvo’s current outlook for the June 2025 quarter is:

    • Quarterly revenue of approximately $775 million, plus or minus $25 million
    • Non-GAAP gross margin between 42% and 44%
    • Non-GAAP diluted earnings per share between $0.50 and $0.75

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         366.6       $         391.4       $         381.9       $         (24.8 )     $         (15.3 )  
    Gross margin   42.2   %     42.7   %     40.6   %     (0.5 ) ppt     1.6   ppt
    Operating expenses $         338.3       $         338.4       $         351.9       $         (0.1 )     $         (13.6 )  
    Operating income $         28.2       $         53.0       $         30.0       $         (24.8 )     $         (1.8 )  
    Net income $         31.4       $         41.3       $         2.7       $         (9.9 )     $         28.7    
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         0.33       $         0.43       $         0.03       $         (0.10 )     $         0.30    
                         
                         
    SELECTED NON-GAAP RESULTS (1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         398.7       $         426.3       $         400.4       $         (27.6 )     $         (1.7 )  
    Gross margin   45.9   %     46.5   %     42.5   %     (0.6 ) ppt     3.4   ppt
    Operating expenses $         246.8       $         248.4       $         253.2       $         (1.6 )     $         (6.4 )  
    Operating income $         151.8       $         177.9       $         147.2       $         (26.1 )     $         4.6    
    Net income $         133.3       $         152.8       $         135.5       $         (19.5 )     $         (2.2 )  
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         1.42       $         1.61       $         1.39       $         (0.19 )     $         0.03    
     
    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.
     
    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
     
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change
    		   Year-over-Year Change
    Revenue                          
    HPA $         187.9       $         171.7       $         164.6               9.4   %   14.2   %
    CSG           101.3                 109.5                 122.8               (7.5 ) %   (17.5 ) %
    ACG           580.3                 635.1                 653.6               (8.6 ) %   (11.2 ) %
    Total revenue $         869.5       $         916.3       $         941.0               (5.1 ) %   (7.6 ) %
    Operating income (loss)                          
    HPA $         58.4       $         32.6       $         31.5               79.1   %   85.4   %
    CSG           (15.6 )               (11.7 )               (15.2 )             (33.3 ) %   (2.6 ) %
    ACG           109.7                 161.2                 134.3               (31.9 ) %   (18.3 ) %
    Unallocated amounts (1)           (124.3 )               (129.1 )               (120.6 )             3.7   %   (3.1 ) %
    Total operating income $         28.2       $         53.0       $         30.0               (46.8 ) %   (6.0 ) %
    Operating income (loss) as a % of revenue                            
    HPA           31.1   %             19.0   %             19.1   %   12.1   ppt   12.0   ppt
    CSG           (15.4 )               (10.7 )               (12.4 )     (4.7 ) ppt   (3.0 ) ppt
    ACG           18.9                 25.4                 20.5       (6.5 ) ppt   (1.6 ) ppt
    Total operating income as a % of revenue           3.3   %             5.8   %             3.2   %   (2.5 ) ppt   —   ppt
                                                 
    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.


    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view 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, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2889510. The playback will be available through the close of business May 6, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Twelve Months Ended
      March 29, 2025   March 30, 2024   March 29, 2025   March 30, 2024
    Revenue $         869,474     $         940,988     $         3,718,971     $         3,769,506  
                   
    Costs and expenses:              
    Cost of goods sold           502,911               559,131               2,183,382               2,281,011  
    Research and development           179,931               179,883               747,709               682,249  
    Selling, general and administrative           90,581               93,107               403,624               389,140  
    Other operating expense           67,830               78,889               288,729               325,405  
    Total costs and expenses           841,253               911,010               3,623,444               3,677,805  
                   
    Operating income           28,221               29,978               95,527               91,701  
    Interest expense           (19,985 )             (17,282 )             (78,328 )             (69,245 )
    Other income, net           6,987               16,818               48,700               51,104  
                   
    Income before income taxes           15,223               29,514               65,899               73,560  
    Income tax benefit (expense)           16,142               (26,779 )             (10,284 )             (143,882 )
    Net income (loss) $         31,365     $         2,735     $         55,615     $         (70,322 )
                   
    Net income (loss) per share:              
    Basic $         0.34     $         0.03     $         0.59     $         (0.72 )
    Diluted $         0.33     $         0.03     $         0.58     $         (0.72 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic           93,249               96,277               94,586               97,557  
    Diluted           94,105               97,335               95,450               97,557  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
               
    GAAP operating income $         28,221     $         53,025     $         29,978  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503                         —                                    —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           6,247               2,216               15,792  
    Non-GAAP operating income $         151,849     $         177,911     $         147,224  
               
    GAAP net income $         31,365     $         41,271     $         2,735  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503       —       —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           8,889               600               10,662  
    Loss (gain) on investment           802               (1,721 )             1,805  
    Adjustment of income taxes           (25,095 )             (10,067 )             18,874  
    Non-GAAP net income $         133,342     $         152,753     $         135,530  
               
    GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
    Dilutive stock-based awards           —               —               —  
    Non-GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
               
    Non-GAAP net income per share, diluted $         1.42     $         1.61     $         1.39  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) March 29, 2025   December 28, 2024   March 30, 2024
    GAAP gross profit/margin $         366,563           42.2   %   $         391,416           42.7   %   $         381,857           40.6   %
    Stock-based compensation expense           5,645           0.7                 5,742           0.6                 3,444           0.3    
    Amortization of intangible assets           21,684           2.5                 23,462           2.6                 26,031           2.8    
    Restructuring-related charges           5,492           0.6                 6,931           0.7                 1,212           0.1    
    Acquisition and integration-related costs           1           —                 1           —                 1,281           0.1    
    Net adjustments related to a terminated capacity reservation agreement           (720 )         (0.1 )               (1,253 )         (0.1 )               (13,445 )         (1.4 )  
    Non-GAAP gross profit/margin $         398,665           45.9   %   $         426,299           46.5   %   $         400,380           42.5   %
      Three Months Ended
    Non-GAAP Operating Income March 29, 2025
    (as a percentage of revenue)  
       
    GAAP operating income         3.3   %
    Stock-based compensation expense         3.2    
    Amortization of intangible assets         2.8    
    Restructuring-related adjustments (2.0 )  
    Goodwill and intangible asset impairment 9.1    
    Acquisition and integration-related costs         0.5    
    Net adjustments related to a terminated capacity reservation agreement         (0.1 )  
    Other expense         0.7    
    Non-GAAP operating income         17.5   %
      Three Months Ended
    Free Cash Flow (1) March 29, 2025
    (in millions)  
       
    Net cash provided by operating activities $         199.2  
    Purchases of property and equipment           (28.5 )
    Free cash flow $         170.7  
     
    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
     
    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP research and development expense $ 179,931     $ 179,126     $ 179,883  
    Less:              
    Stock-based compensation expense   14,364       13,650       11,812  
    Acquisition and integration-related costs   1       1       1  
    Non-GAAP research and development expense $ 165,566     $ 165,475     $ 168,070  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP selling, general and administrative expense $ 90,581     $ 90,360     $ 93,107  
    Less:              
    Stock-based compensation expense   7,576       8,985       6,291  
    Amortization of intangible assets   2,356       2,623       5,156  
    Non-GAAP selling, general and administrative expense $ 80,649     $ 78,752     $ 81,660  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP other operating expense $ 67,830     $ 68,905     $ 78,889  
    Less:              
    Stock-based compensation (adjustment) expense   (170 )     7       34  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                    —                                    —  
    Acquisition and integration-related costs   4,393       1,380       5,314  
    Other expense   6,247       2,216       15,792  
    Non-GAAP other operating expense $ 601     $ 4,161     $ 3,426  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP total operating expense $ 338,342     $ 338,391     $ 351,879  
    Less:              
    Stock-based compensation expense   21,770       22,642       18,137  
    Amortization of intangible assets   2,356       2,623       5,156  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                   —                                    —  
    Acquisition and integration-related costs   4,394       1,381       5,315  
    Other expense   6,247       2,216       15,792  
    Non-GAAP total operating expense $ 246,816     $ 248,388     $ 253,156  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      March 29, 2025   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $         1,021,176     $         1,029,258  
    Accounts receivable, net           386,719               412,960  
    Inventories           640,992               710,555  
    Other current assets           118,388               133,983  
    Assets of disposal group held for sale           —               159,278  
    Total current assets           2,167,275               2,446,034  
           
    Property and equipment, net           801,895               870,982  
    Goodwill           2,389,741               2,534,601  
    Intangible assets, net           273,478               509,383  
    Long-term investments           23,433               23,252  
    Other non-current assets           277,309               170,383  
    Total assets $         5,933,131     $         6,554,635  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $         548,644     $         589,760  
    Current portion of long-term debt           —               438,740  
    Other current liabilities           234,538               113,215  
    Liabilities of disposal group held for sale           —               88,372  
    Total current liabilities           783,182               1,230,087  
           
    Long-term debt           1,549,215               1,549,272  
    Other long-term liabilities           208,422               218,904  
    Total liabilities           2,540,819               2,998,263  
           
    Stockholders’ equity           3,392,312               3,556,372  
    Total liabilities and stockholders’ equity $         5,933,131     $         6,554,635  

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network –

  • MIL-OSI: NMI Holdings, Inc. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EMERYVILLE, Calif., April 29, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025, compared to $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024. Adjusted net income for the quarter was $102.5 million, or $1.28 per diluted share, compared to $86.1 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024.

    Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered standout operating performance, continued growth in our high-quality insured portfolio and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. We continue to manage our business with discipline and a focus on through-the-cycle performance, and looking forward, we’re well positioned to continue to serve our customers and their borrowers, support our talented team, and deliver sustained performance and long-term value for our shareholders.”

    Selected first quarter 2025 highlights include:

    • Primary insurance-in-force at quarter end was $211.3 billion, compared to $210.2 billion at the end of the fourth quarter and $199.4 billion at the end of the first quarter of 2024.
    • Net premiums earned were $149.4 million, compared to $143.5 million in the fourth quarter and $136.7 million in the first quarter of 2024.
    • Total revenue was $173.2 million, compared to $166.5 million in the fourth quarter and $156.3 million in the first quarter of 2024.
    • Insurance claims and claim expenses were $4.5 million, compared to $17.3 million in the fourth quarter and $3.7 million in the first quarter of 2024. Loss ratio was 3.0%, compared to 12.0% in the fourth quarter and 2.7% in the first quarter of 2024.
    • Underwriting and operating expenses were $30.2 million, compared to $31.1 million in the fourth quarter and $29.8 million in the first quarter of 2024. Expense ratio was 20.2%, compared to 21.7% in the fourth quarter and 21.8% in the first quarter of 2024.
    • Net income was $102.6 million, compared to $86.2 million in the fourth quarter and $89.0 million in the first quarter of 2024. Diluted EPS was $1.28, compared to $1.07 in the fourth quarter and $1.08 in the first quarter of 2024.
    • Shareholders’ equity was $2.3 billion at quarter end and book value per share was $29.65. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $30.85, up 4% compared to $29.80 in the fourth quarter and 17% compared to $26.42 in the first quarter of 2024.
    • Annualized return on equity for the quarter was 18.1%, compared to 15.6% in the fourth quarter and 18.2% in the first quarter of 2024.
    • At quarter-end, total PMIERs available assets were $3.2 billion and net risk-based required assets were $1.9 billion.
      Quarter Ended Quarter Ended Quarter Ended Change(1) Change(1)
      3/31/2025 12/31/2024 3/31/2024 Q/Q Y/Y
    INSURANCE METRICS ($billions)
    Primary Insurance-in-Force $ 211.3   $ 210.2   $ 199.4   1 % 6 %
    New Insurance Written – NIW   9.2     11.9     9.4   (23) % (2)%
               
    FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
    Net Premiums Earned $ 149.4   $ 143.5   $ 136.7   4 % 9 %
    Net Investment Income   23.7     22.7     19.4   4 % 22 %
    Insurance Claims and Claim Expenses   4.5     17.3     3.7   (74) % 21 %
    Underwriting and Operating Expenses   30.2     31.1     29.8   (3) %  1 %
    Net Income   102.6     86.2     89.0   19 % 15 %
    Diluted EPS $ 1.28   $ 1.07   $ 1.08   20 % 18 %
    Book Value per Share (excluding net unrealized gains and losses)(2) $ 30.85   $ 29.80   $ 26.42   4 % 17 %
    Loss Ratio   3.0 %   12.0 %   2.7 %    
    Expense Ratio   20.2 %   21.7 %   21.8 %    
                           
    (1) Percentages may not be replicated based on the rounded figures presented in the table.
    (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
     

    Conference Call and Webcast Details

    The company will hold a conference call, which will be webcast live today, April 29, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

    About NMI Holdings, Inc.

    NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

    Use of Non-GAAP Financial Measures

    We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

    Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

    Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

    Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

    Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.

    Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

    Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

    Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

    (1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

    (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

    (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

    (4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.

    Investor Contact
    Gregory Epps
    Senior Manager, Investor Relations and Treasury
    Investor.relations@nationalmi.com

    Consolidated statements of operations and comprehensive income (unaudited) For the three months ended March 31,
        2025       2024  
      (In Thousands, except for per share data)
    Revenues      
    Net premiums earned $ 149,366     $ 136,657  
    Net investment income   23,686       19,436  
    Net realized investment gains   24       —  
    Other revenues   170       160  
    Total revenues   173,246       156,253  
    Expenses      
    Insurance claims and claim expenses   4,478       3,694  
    Underwriting and operating expenses   30,175       29,815  
    Service expenses   116       137  
    Interest expense   7,106       8,040  
    Total expenses   41,875       41,686  
           
    Income before income taxes   131,371       114,567  
    Income tax expense   28,812       25,517  
    Net income $ 102,559     $ 89,050  
           
    Earnings per share      
    Basic $ 1.31     $ 1.10  
    Diluted $ 1.28     $ 1.08  
           
    Weighted average common shares outstanding      
    Basic   78,407       80,726  
    Diluted   79,858       82,099  
           
    Loss ratio(1)   3.0 %     2.7 %
    Expense ratio(2)   20.2 %     21.8 %
    Combined ratio   23.2 %     24.5 %
           
    Net income $ 102,559     $ 89,050  
    Other comprehensive income (loss), net of tax:      
    Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $8,186 and $(2,729) for the quarters ended March 31, 2025 and 2024, respectively   30,795       (9,905 )
    Reclassification adjustment for realized gains included in net income, net of tax expense of $5 for the quarter ended March 31, 2025   (19 )     —  
    Other comprehensive income (loss), net of tax   30,776       (9,905 )
    Comprehensive income $ 133,335     $ 79,145  
                   
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                   
    Consolidated balance sheets (unaudited) March 31, 2025   December 31, 2024
    Assets (In Thousands, except for share data)
    Fixed maturities, available-for-sale, at fair value (amortized cost of $2,923,088 and $2,876,343 as of March 31, 2025 and December 31, 2024, respectively) $ 2,809,247     $ 2,723,541  
    Cash and cash equivalents (including restricted cash of $90 as of December 31, 2024)   74,209       54,308  
    Premiums receivable, net   84,153       82,804  
    Accrued investment income   23,641       22,386  
    Deferred policy acquisition costs, net   64,013       64,327  
    Software and equipment, net   24,960       25,681  
    Intangible assets and goodwill   3,634       3,634  
    Reinsurance recoverable   31,379       32,260  
    Prepaid federal income taxes   322,175       322,175  
    Other assets   18,785       18,857  
    Total assets $ 3,456,196     $ 3,349,973  
           
    Liabilities      
    Debt $ 415,606     $ 415,146  
    Unearned premiums   59,176       65,217  
    Accounts payable and accrued expenses   78,937       103,164  
    Reserve for insurance claims and claim expenses   151,847       152,071  
    Deferred tax liability, net   418,916       386,192  
    Other liabilities   10,143       10,751  
    Total liabilities   1,134,625       1,132,541  
           
    Shareholders’ equity      
    Common stock – $0.01 par value; 88,321,226 shares issued and 78,301,469 shares outstanding as of March 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)   883       879  
    Additional paid-in capital   1,001,545       1,004,692  
    Treasury Stock, at cost: 10,019,757 and 9,301,900 common shares as of March 31, 2025 and December 31, 2024, respectively   (272,647 )     (246,594 )
    Accumulated other comprehensive loss, net of tax   (94,028 )     (124,804 )
    Retained earnings   1,685,818       1,583,259  
    Total shareholders’ equity   2,321,571       2,217,432  
    Total liabilities and shareholders’ equity $ 3,456,196     $ 3,349,973  
                   
    Non-GAAP Financial Measure Reconciliations (unaudited)
      As of and for the three months ended
      3/31/2025   12/31/2024   3/31/2024
    As Reported (In Thousands, except for per share data)
    Revenues          
    Net premiums earned $ 149,366     $ 143,520     $ 136,657  
    Net investment income   23,686       22,718       19,436  
    Net realized investment gains   24       33       —  
    Other revenues   170       233       160  
    Total revenues   173,246       166,504       156,253  
    Expenses          
    Insurance claims and claim expenses   4,478       17,253       3,694  
    Underwriting and operating expenses   30,175       31,092       29,815  
    Service expenses   116       184       137  
    Interest expense   7,106       7,102       8,040  
    Total expenses   41,875       55,631       41,686  
               
    Income before income taxes   131,371       110,873       114,567  
    Income tax expense   28,812       24,706       25,517  
    Net income $ 102,559     $ 86,167     $ 89,050  
               
    Adjustments:          
    Net realized investment gains   (24 )     (33 )     —  
    Adjusted income before taxes   131,347       110,840       114,567  
               
    Income tax benefit on adjustments(1)   5       7       —  
    Adjusted net income $ 102,540     $ 86,141     $ 89,050  
               
    Weighted average diluted shares outstanding   79,858       80,623       82,099  
               
    Diluted EPS $ 1.28     $ 1.07     $ 1.08  
    Adjusted diluted EPS $ 1.28     $ 1.07     $ 1.08  
               
    Return on equity   18.1 %     15.6 %     18.2 %
    Adjusted return on equity   18.1 %     15.6 %     18.2 %
               
    Expense ratio(2)   20.2 %     21.7 %     21.8 %
    Adjusted expense ratio(3)   20.2 %     21.7 %     21.8 %
               
    Combined ratio(4)   23.2 %     33.7 %     24.5 %
    Adjusted combined ratio(5)   23.2 %     33.7 %     24.5 %
               
    Book value per share(6) $ 29.65     $ 28.21     $ 24.56  
    Book value per share (excluding net unrealized gains and losses)(7) $ 30.85     $ 29.80     $ 26.42  
                           
    (1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
    (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
    (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
    (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding.
    (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
                           
    Historical Quarterly Data   2025       2024  
      March 31   December 31   September 30   June 30   March 31
      (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 149,366     $ 143,520     $ 143,343     $ 141,168     $ 136,657  
    Net investment income   23,686       22,718       22,474       20,688       19,436  
    Net realized investment gains (losses)   24       33       (10 )     —       —  
    Other revenues   170       233       285       266       160  
    Total revenues   173,246       166,504       166,092       162,122       156,253  
    Expenses                  
    Insurance claims and claim expenses   4,478       17,253       10,321       276       3,694  
    Underwriting and operating expenses   30,175       31,092       29,160       28,330       29,815  
    Service expenses   116       184       208       194       137  
    Interest expense   7,106       7,102       7,076       14,678       8,040  
    Total expenses   41,875       55,631       46,765       43,478       41,686  
                       
    Income before income taxes   131,371       110,873       119,327       118,644       114,567  
    Income tax expense   28,812       24,706       26,517       26,565       25,517  
    Net income $ 102,559     $ 86,167     $ 92,810     $ 92,079     $ 89,050  
                       
    Earnings per share                  
    Basic $ 1.31     $ 1.09     $ 1.17     $ 1.15     $ 1.10  
    Diluted $ 1.28     $ 1.07     $ 1.15     $ 1.13     $ 1.08  
                       
    Weighted average common shares outstanding                  
    Basic   78,407       78,997       79,549       80,117       80,726  
    Diluted   79,858       80,623       81,045       81,300       82,099  
                       
    Other data                  
    Loss ratio(1)   3.0 %     12.0 %     7.2 %     0.2 %     2.7 %
    Expense ratio(2)   20.2 %     21.7 %     20.3 %     20.1 %     21.8 %
    Combined ratio   23.2 %     33.7 %     27.5 %     20.3 %     24.5 %
                                           
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                                           

    Portfolio Statistics

    The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

    Primary portfolio trends As of and for the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      ($ Values In Millions, except as noted below)
    New insurance written (NIW) $ 9,221     $ 11,925     $ 12,218     $ 12,503     $ 9,398  
    New risk written   2,428       3,134       3,245       3,335       2,486  
    Insurance-in-force (IIF)(1)   211,308       210,183       207,538       203,501       199,373  
    Risk-in-force (RIF)(1)   56,515       56,113       55,253       53,956       52,610  
    Policies in force (count)(1)   661,490       659,567       654,374       645,276       635,662  
    Average loan size($ value in thousands)(1) $ 319     $ 319     $ 317     $ 315     $ 314  
    Coverage percentage(2)   26.7 %     26.7 %     26.6 %     26.5 %     26.4 %
    Loans in default (count)(1)   6,859       6,642       5,712       4,904       5,109  
    Default rate(1)   1.04 %     1.01 %     0.87 %     0.76 %     0.80 %
    Risk-in-force on defaulted loans(1) $ 567     $ 545     $ 468     $ 401     $ 414  
    Average net premium yield(3)   0.28 %     0.27 %     0.28 %     0.28 %     0.28 %
    Earnings from cancellations $ 0.6     $ 0.8     $ 0.8     $ 1.0     $ 0.6  
    Annual persistency(4)   84.3 %     84.6 %     85.5 %     85.4 %     85.8 %
    Quarterly run-off(5)   3.9 %     4.5 %     4.0 %     4.2 %     3.6 %
                                           
    (1) Reported as of the end of the period.
    (2) Calculated as end of period RIF divided by end of period IIF.
    (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
    (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
    (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.
                                           

    NIW, IIF and Premiums

    The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

    NIW For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 9,049   $ 11,688   $ 11,978   $ 12,288   $ 9,175
    Single   172     237     240     215     223
    Total $ 9,221   $ 11,925   $ 12,218   $ 12,503   $ 9,398
                                 
    Primary IIF As of
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 193,856   $ 192,228   $ 189,241   $ 184,862   $ 180,343
    Single   17,452     17,955     18,297     18,639     19,030
    Total $ 211,308   $ 210,183   $ 207,538   $ 203,501   $ 199,373
                                 

            The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, and 2025 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, and 2025 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.

      For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Thousands)
    The QSR Transactions                  
    Ceded risk-in-force $ 12,888,870     $ 13,024,200     $ 12,968,039     $ 12,815,434     $ 12,669,207  
    Ceded premiums earned   (41,011 )     (41,596 )     (41,761 )     (41,555 )     (41,269 )
    Ceded claims and claim expenses (benefits)   523       4,075       2,449       (138 )     659  
    Ceding commission earned   9,768       9,997       10,152       10,222       10,292  
    Profit commission   23,398       20,149       21,883       24,351       23,407  
    The ILN Transactions(1)                  
    Ceded premiums $ (3,311 )   $ (4,217 )   $ (4,302 )   $ (5,858 )   $ (5,976 )
    The XOL Transactions                  
    Ceded Premiums $ (10,168 )   $ (9,969 )   $ (9,760 )   $ (9,403 )   $ (9,223 )
                                           
    (1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
                                           

    The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

    NIW by FICO For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 4,971   $ 6,508   $ 4,888
    740-759   1,753     2,090     1,797
    720-739   1,177     1,621     1,220
    700-719   665     890     780
    680-699   413     575     530
    <=679   242     241     183
    Total $ 9,221   $ 11,925   $ 9,398
    Weighted average FICO   758     758     757
                     
    NIW by LTV For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 1,147     $ 1,510     $ 1,062  
    90.01% to 95.00%   4,274       5,370       4,414  
    85.01% to 90.00%   2,751       3,740       2,931  
    85.00% and below   1,049       1,305       991  
    Total $ 9,221     $ 11,925     $ 9,398  
    Weighted average LTV   92.2 %     92.1 %     92.3 %
                           
    NIW by purchase/refinance mix For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    Purchase $ 8,822   $ 10,799   $ 9,157
    Refinance   399     1,126     241
    Total $ 9,221   $ 11,925   $ 9,398
                     

    The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2025.

    Primary IIF and RIF As of March 31, 2025
      IIF   RIF
    Book Year (In Millions)
    2025 $ 9,152   $ 2,409
    2024   42,379     11,242
    2023   33,286     8,789
    2022   46,203     12,356
    2021   48,162     13,049
    2020 and before   32,126     8,670
    Total $ 211,308   $ 56,515
               

            The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

    Primary IIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 106,004   $ 105,315   $ 99,195
    740-759   37,716     37,321     35,416
    720-739   29,430     29,343     28,033
    700-719   19,737     19,766     18,904
    680-699   13,324     13,374     13,002
    <=679   5,097     5,064     4,823
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 28,117   $ 27,883   $ 25,935
    740-759   10,132     10,006     9,392
    720-739   7,966     7,926     7,484
    700-719   5,384     5,383     5,089
    680-699   3,610     3,615     3,479
    <=679   1,306     1,300     1,231
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary IIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 24,167   $ 23,555   $ 20,277
    90.01% to 95.00%   104,312     103,472     97,028
    85.01% to 90.00%   64,298     64,290     61,169
    85.00% and below   18,531     18,866     20,899
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 7,546   $ 7,345   $ 6,275
    90.01% to 95.00%   30,804     30,563     28,663
    85.01% to 90.00%   15,957     15,956     15,174
    85.00% and below   2,208     2,249     2,498
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary RIF by Loan Type As of
      March 31, 2025   December 31, 2024   March 31, 2024
    Fixed 98 %   98 %   98 %
    Adjustable rate mortgages:          
    Less than five years —     —     —  
    Five years and longer 2     2     2  
    Total 100 %   100 %   100 %
                     

    The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

    Primary IIF As of and for the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    IIF, beginning of period $ 210,183     $ 207,538     $ 197,029  
    NIW   9,221       11,925       9,398  
    Cancellations, principal repayments and other reductions   (8,096 )     (9,280 )     (7,054 )
    IIF, end of period $ 211,308     $ 210,183     $ 199,373  
                           

    Geographic Dispersion

    The following table shows the distribution by state of our primary RIF as of the periods indicated.

    Top 10 primary RIF by state As of
      March 31, 2025   December 31, 2024   March 31, 2024
    California 10.1 %   10.1 %   10.2 %
    Texas 8.5     8.6     8.8  
    Florida 7.3     7.3     7.5  
    Georgia 4.1     4.1     4.2  
    Washington 3.9     3.9     3.9  
    Illinois 3.8     3.8     3.9  
    Virginia 3.7     3.7     3.9  
    Pennsylvania 3.4     3.4     3.4  
    Ohio 3.3     3.3     3.0  
    North Carolina 3.2     3.2     3.1  
    Total 51.3 %   51.4 %   51.9 %
                     

    The table below presents selected primary portfolio statistics, by book year, as of March 31, 2025.

      As of March 31, 2025    
    Book Year Original Insurance Written   Remaining Insurance in Force   % Remaining of Original Insurance   Policies Ever in Force   Number of Policies in Force   Number of Loans in Default   # of Claims Paid   Incurred Loss Ratio (Inception to Date)(1)   Cumulative Default Rate(2)   Current default rate(3)
      ($ Values In Millions)    
    2016 and prior $ 37,222   $ 2,133   6 %   151,615   11,572   237   398   2.1 %   0.4 %   2.0 %
    2017   21,582     1,753   8 %   85,897   10,007   263   189   1.8 %   0.5 %   2.6 %
    2018   27,295     2,306   8 %   104,043   12,534   403   191   2.6 %   0.6 %   3.2 %
    2019   45,141     5,923   13 %   148,423   26,358   509   99   2.1 %   0.4 %   1.9 %
    2020   62,702     20,011   32 %   186,174   70,620   575   57   1.3 %   0.3 %   0.8 %
    2021   85,574     48,162   56 %   257,972   160,946   1,704   95   3.3 %   0.7 %   1.1 %
    2022   58,734     46,203   79 %   163,281   135,610   2,014   112   16.2 %   1.3 %   1.5 %
    2023   40,473     33,286   82 %   111,994   96,394   836   17   14.0 %   0.8 %   0.9 %
    2024   46,044     42,379   92 %   120,747   113,636   318   —   7.9 %   0.3 %   0.3 %
    2025   9,221     9,152   99 %   23,956   23,813   —   —   — %   — %   — %
    Total $ 433,988   $ 211,308       1,354,102   661,490   6,859   1,158            
                                               
    (1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
    (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
    (3) Calculated as the number of loans in default divided by number of policies in force.
                                               

    The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

      For the three months ended March 31,
        2025       2024  
      (In Thousands)
    Beginning balance $ 152,071     $ 123,974  
    Less reinsurance recoverables(1)   (32,260 )     (27,514 )
    Beginning balance, net of reinsurance recoverables   119,811       96,460  
           
    Add claims incurred:      
    Claims and claim expenses incurred:      
    Current year(2)   34,559       32,976  
    Prior years(3)   (30,081 )     (29,282 )
    Total claims and claim expenses incurred   4,478       3,694  
           
    Less claims paid:      
    Claims and claim expenses paid:      
    Current year(2)   —       —  
    Prior years(3)   4,076       852  
    Reinsurance terminations(4)   (255 )     —  
    Total claims and claim expenses paid   3,821       852  
           
    Reserve at end of period, net of reinsurance recoverables   120,468       99,302  
    Add reinsurance recoverables(1)   31,379       27,880  
    Ending balance $ 151,847     $ 127,182  
                   
    (1) Related to ceded losses recoverable under the QSR Transactions.
    (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $25.9 million attributed to net case reserves and $6.6 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $22.4 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (4) Represents the settlement of reinsurance recoverables in conjunction with the termination of one reinsurer under the 2016, 2018 and 2021 QSR Transactions by mutual agreement on a cut-off basis with no termination fee.
     

    The following table provides a reconciliation of the beginning and ending count of loans in default:

      For the three months ended March 31,
      2025     2024  
    Beginning default inventory 6,642     5,099  
    Plus: new defaults 2,421     1,876  
    Less: cures (2,094 )   (1,817 )
    Less: claims paid (95 )   (42 )
    Less: rescission and claims denied (15 )   (7 )
    Ending default inventory 6,859     5,109  
               

    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

      For the three months ended March 31,
        2025       2024  
      ($ Values In Thousands)
    Number of claims paid(1)   95       42  
    Total amount paid for claims $ 5,225     $ 1,145  
    Average amount paid per claim $ 55     $ 27  
    Severity(2)   69 %     54 %
                   
    (1) Count includes 20 and 16 claims settled without payment during the three months ended March 31, 2025 and 2024, respectively.
    (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.
                   

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

      As of March 31,
    Average reserve per default:   2025     2024
      (In Thousands)
    Case(1) $ 20.3   $ 22.9
    IBNR(1)(2)   1.8     2.0
    Total $ 22.1   $ 24.9
               
    (1) Defined as the gross reserve per insured loan in default.
    (2) Amount includes claims adjustment expenses.
               

     The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

      As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Thousands)
    Available assets $ 3,230,653   $ 3,108,211   $ 2,821,803
    Net risk-based required assets   1,867,414     1,828,807     1,561,655
                     

    The MIL Network –

  • MIL-OSI: EXL Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    2025 First Quarter Revenue of $501.0 Million, up 14.8% year-over-year
    Q1 Diluted EPS (GAAP) (1)of $0.40, up 38.3% from $0.29 in Q1 of 2024
    Q1 Adjusted Diluted EPS (Non-GAAP) (1)of $0.48, up 26.9% from $0.38 in Q1 of 2024

    NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2025.

    Chairman and Chief Executive Officer Rohit Kapoor said, “We are pleased with our first quarter results and strong start to the year, as we delivered revenue and adjusted diluted EPS growth of 15% and 27% respectively. Our strong business momentum underscores the successful execution of our differentiated data and AI-led strategy and demonstrates the enduring resilience and adaptability of EXL’s business model.”

    Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent in our outlook given the increasing level of macro-economic uncertainty, we are increasing our revenue guidance for the year, based on our business momentum and more favorable currency exchange rates. We now expect revenue to be in the range of $2.035 billion to $2.065 billion, up from our prior guidance of $2.025 billion to $2.060 billion. This represents 11% to 12% year-over-year growth on a reported basis, or 11% to 13% on a constant currency basis. We continue to expect our adjusted diluted earnings per share for 2025 to be in the range of $1.83 to $1.89, representing an 11% to 14% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.”

    ______________________________________________________________

    1. Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

    Financial Highlights: First Quarter 2025

    • Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis. Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024.
        Revenue   Gross Margin
        Three months ended   Three months ended
    Reportable Segments (1)   March 31, 2025   March 31, 2024   March 31, 2025   March 31, 2024
        (dollars in millions)        
    Insurance   $ 172.0   $ 158.3   36.6 %   33.8 %
    Healthcare and Life Sciences     125.6     100.7   43.9 %   45.3 %
    Banking, Capital Markets and Diversified Industries     117.7     103.2   37.3 %   36.1 %
    International Growth Markets     85.7     74.3   36.6 %   35.9 %
    Total Revenue, net   $ 501.0   $ 436.5   38.6 %   37.4 %
     

    (1) In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, the Company reports its financial performance based on new segments presented in the table above, and as described in more detail in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, that is being filed with the SEC. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

    • Operating income margin for the quarter ended March 31, 2025 was 15.7%, compared to 14.1% for the first quarter of 2024 and 14.8% for the fourth quarter of 2024. Adjusted operating income margin for the quarter ended March 31, 2025 was 20.1%, compared to 18.9% for the first quarter of 2024 and 18.8% for the fourth quarter of 2024.
    • Diluted earnings per share for the quarter ended March 31, 2025 was $0.40, compared to $0.29 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter ended March 31, 2025 was $0.48, compared to $0.38 for the first quarter of 2024 and $0.44 for the fourth quarter of 2024.

    Business Highlights: First Quarter 2025

    • Won 10 new clients in the first quarter of 2025.
      • Named a Leader in four categories in the ISG Provider Lens™ Insurance Services 2024 report. Earning top honors in the North American Life & Retirement, Property & Casualty, Life & Retirement TPA Insurance Services, and Insurance IT Services.
      • Named a Leader and a Star Performer in Everest Group’s Life and Annuities Insurance Business Process Services and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025.
      • Recognized as part of Newsweek’s America’s Most Responsible Companies 2025, Forbes’ Most Trusted Companies in America 2025, USA Today’s America’s Climate Leaders 2025, and The Financial Times’ Best Employers Asia-Pacific 2025.

    2025 Guidance
    Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 85.5, U.K. pound sterling to U.S. dollar exchange rate of 1.30, U.S. dollar to the Philippine peso exchange rate of 57.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

    • Revenue of $2.035 billion to $2.065 billion, representing an increase of 11% to 12% on a reported basis, and 11% to 13% on a constant currency basis from 2024; and
    • Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

    Conference Call

    ExlService Holdings, Inc. will host a conference call on Wednesday, April 30, 2025 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

    Please note that there is a new system to access the live call-in order to ask questions. To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

    About ExlService Holdings, Inc.
    EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (In thousands, except per share amount and share count)
     
      Three months ended March 31,
        2025       2024  
    Revenues, net $ 501,019     $ 436,507  
    Cost of revenues (1)   307,705       273,424  
    Gross profit (1)   193,314       163,083  
    Operating expenses:      
    General and administrative expenses   59,417       53,243  
    Selling and marketing expenses   41,925       35,970  
    Depreciation and amortization expense   13,557       12,346  
    Total operating expenses   114,899       101,559  
    Income from operations   78,415       61,524  
    Foreign exchange gain, net   1,192       359  
    Interest expense   (4,144 )     (3,291 )
    Other income, net   4,703       3,952  
    Income before income tax expense and earnings from equity affiliates   80,166       62,544  
    Income tax expense   13,496       13,753  
    Income before earnings from equity affiliates   66,670       48,791  
    Loss from equity-method investment   (109 )     (28 )
    Net income $ 66,561     $ 48,763  
    Earnings per share:      
    Basic $ 0.41     $ 0.30  
    Diluted $ 0.40     $ 0.29  
    Weighted-average number of shares used in computing earnings per share:      
    Basic   162,490,179       165,082,387  
    Diluted   164,557,333       166,726,853  

    (1) Exclusive of depreciation and amortization expense.

    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (In thousands, except per share amount and share count)
     
        As of
        March 31, 2025   December 31, 2024
             
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 140,442     $ 153,355  
    Short-term investments     190,978       187,223  
    Restricted cash     9,826       9,972  
    Accounts receivable, net     339,856       304,322  
    Other current assets     150,203       140,317  
    Total current assets     831,305       795,189  
    Property and equipment, net     107,148       101,837  
    Operating lease right-of-use assets     71,150       68,784  
    Restricted cash     8,210       8,071  
    Deferred tax assets, net     109,953       104,747  
    Goodwill     420,494       420,387  
    Other intangible assets, net     46,092       49,331  
    Long-term investments     20,134       13,972  
    Other assets     61,925       56,085  
    Total assets   $ 1,676,411     $ 1,618,403  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 5,648     $ 5,884  
    Current portion of long-term borrowings     4,886       4,886  
    Deferred revenue     20,138       19,264  
    Accrued employee costs     63,575       129,994  
    Accrued expenses and other current liabilities     131,980       113,597  
    Current portion of operating lease liabilities     17,426       16,491  
    Total current liabilities     243,653       290,116  
    Long-term borrowings, less current portion     302,377       283,598  
    Operating lease liabilities, less current portion     61,408       59,851  
    Deferred tax liabilities, net     1,625       1,403  
    Other non-current liabilities     55,471       53,573  
    Total liabilities     664,534       688,541  
    Commitments and contingencies        
    Stockholders’ equity:        
    Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued     —       —  
    Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024     207       206  
    Additional paid-in capital     609,592       588,583  
    Retained earnings     1,348,521       1,281,960  
    Accumulated other comprehensive loss     (142,787 )     (154,722 )
    Total including shares held in treasury     1,815,533       1,716,027  
    Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost     (803,656 )     (786,165 )
    Total Stockholders’ equity     1,011,877       929,862  
    Total liabilities and stockholders’ equity   $ 1,676,411     $ 1,618,403  
     

    EXLSERVICE HOLDINGS, INC.

    Reconciliation of Adjusted Financial Measures to GAAP Measures

    In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

    (i) Adjusted operating income and adjusted operating income margin;
    (ii) Adjusted EBITDA and adjusted EBITDA margin;
    (iii) Adjusted net income and adjusted diluted earnings per share; and
    (iv) Revenue growth on constant currency basis.

    These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

    EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigation matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

    A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

    EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.12 during the quarter ended March 31, 2024 to 86.52 during the quarter ended March 31, 2025, representing a depreciation of 4.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 56.24 during the quarter ended March 31, 2024 to 57.86 during the quarter ended March 31, 2025, representing a depreciation of 2.9% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar decreased from 1.27 during the quarter ended March 31, 2024 to 1.26 during the quarter ended March 31, 2025, representing a depreciation of 0.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.96 during the quarter ended March 31, 2024 to 18.49 during the quarter ended March 31, 2025, representing an appreciation of 2.5% against the U.S. dollar.

    The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024:

    Reconciliation of Adjusted Operating Income and Adjusted EBITDA
    (Amounts in thousands)
     
        Three months ended
        March 31,   December 31,
          2025       2024       2024  
    Net Income (GAAP)   $ 66,561     $ 48,763     $ 50,672  
    add: Income tax expense     13,496       13,753       19,850  
    add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net     (1,642 )     (992 )     720  
    Income from operations (GAAP)   $ 78,415     $ 61,524     $ 71,242  
    add: Stock-based compensation expense     19,187       17,852       15,479  
    add: Amortization of acquisition-related intangibles     3,246       3,080       4,024  
    Adjusted operating income (Non-GAAP)   $ 100,848     $ 82,456     $ 90,745  
    Adjusted operating income margin as a % of Revenue (Non-GAAP)     20.1 %     18.9 %     18.8 %
    add: Depreciation on long-lived assets     10,311       9,266       12,140  
    Adjusted EBITDA (Non-GAAP)   $ 111,159     $ 91,722     $ 102,885  
    Adjusted EBITDA margin as a % of revenue (Non-GAAP)     22.2 %     21.0 %     21.4 %
     
    Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
    (Amounts in thousands, except per share data)
     
        Three months ended
        March 31,   December 31,
          2025       2024       2024  
    Net income (GAAP)   $ 66,561     $ 48,763     $ 50,672  
    add: Stock-based compensation expense     19,187       17,852       15,479  
    add: Amortization of acquisition-related intangibles     3,246       3,080       4,024  
    add/(subtract): Changes in fair value of contingent consideration     —       (589 )     —  
    add/(subtract): Other tax expense/(benefits) (a)     —       151       3,860  
    subtract: Tax impact on stock-based compensation expense (b)     (9,105 )     (5,358 )     (1,769 )
    subtract: Tax impact on amortization of acquisition-related intangibles     (799 )     (766 )     (921 )
    Adjusted net income (Non-GAAP)   $ 79,090     $ 63,133     $ 71,345  
    Adjusted diluted earnings per share (Non-GAAP)   $ 0.48     $ 0.38     $ 0.44  
     

    (a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.

    (b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

    Contacts:
    Investor Relations
    John Kristoff
    Vice President, Investor Relations
    +1 212 209 4613
    ir@exlservice.com

    Media – US
    Keith Little
    Assistant Vice President, Media Relations
    +1 703 598 0980
    media.relations@exlservice.com

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

    The MIL Network –

  • MIL-OSI: Expand Energy Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, April 29, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “Company”) today reported first quarter 2025 financial and operating results.

    • Net cash provided by operating activities of $1,096 million
    • Net loss of $249 million, or $1.06 per fully diluted share; adjusted net income(1)of $487 million, or $2.02 per share
    • Adjusted EBITDAX(1)of $1,395 million
    • Produced approximately 6.79 Bcfe/d net (92% natural gas)
    • Added to the S&P 500, effective March 24, 2025
    • Upgraded to Investment Grade credit rating by Moody’s (Baa3); achieved uniform Investment Grade rating from all rating agencies
    • Quarterly base dividend of $0.575 per common share to be paid in June 2025, 17th straight quarter of paying a dividend
    • On track to capture approximately $400 million in 2025 synergies, with the total target of $500 million in annual synergies expected to be achieved by year end 2026

    (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.

    “Overcoming market volatility requires a resilient financial foundation, a deep market-connected portfolio, and low cost, efficient operations, all hallmarks of our strategy,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “We continue to execute our business, utilizing our productive capacity to navigate today’s dynamic macro environment and be prepared to efficiently respond as market conditions change.”

    Operations Update

    Expand Energy operated an average of 11 rigs during the first quarter, drilling 46 wells and turning 89 wells in line, resulting in net production of approximately 6.79 Bcfe per day (92% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    2025 Annual Synergy, Capital and Operating Outlook

    In 2025, Expand Energy expects to run approximately 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7.1 Bcfe/d. The Company intends to build incremental productive capacity for an additional $300 million by exiting 2025 with approximately 15 rigs. This incremental capital investment positions the Company to efficiently grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.

    Expand Energy is on track to capture its 2025 expected annual synergy target of approximately $400 million. The Company expects to achieve the full $500 million in annual synergies by year end 2026.

    A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    Shareholder Returns Update

    Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce Net Debt. The Company plans to pay its quarterly base dividend of $0.575 per share on June 4, 2025 to shareholders of record at the close of business on May 15, 2025. The Company expects to allocate $500 million to Net Debt reduction in 2025, and at current market conditions, to have additional free cash flow available to allocate to the combination of variable dividends, share repurchases, and the balance sheet.

    Conference Call Information

    A conference call to discuss Expand Energy’s first quarter 2025 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on April 30, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/kn8j2wew/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIb82422792483441f93f8794cbf385f7c, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

    Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections

    This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2025 first quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the Company’s website at https://www.expandenergy.com/.

    Expand Energy Corporation (NASDAQ: EXE) is the largest natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

    Forward-Looking Statements

    This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, our ability to capture synergies, the amount and timing of any cash dividends and our environmental, social, and governance (“ESG”) initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange commission (“SEC”). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “aim”, “predict”, “should”, “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

    Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

    • Reduced demand for natural gas, oil, and natural gas liquids (“NGLs”);
    • negative public perceptions of our industry;
    • competition in the natural gas and oil exploration and production industry;
    • the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
    • risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
    • write-downs of our natural gas and oil asset carrying values due to low commodity prices;
    • significant capital expenditures are required to replace our reserves and conduct our business;
    • our ability to replace reserves and sustain production;
    • uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
    • drilling and operating risks and resulting liabilities;
    • our ability to generate profits or achieve targeted results in drilling and well operations;
    • leasehold terms expiring before production can be established;
    • risks from our commodity price risk management activities;
    • uncertainties, risks and costs associated with natural gas and oil operations;
    • our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
    • pipeline and gathering system capacity constraints and transportation interruptions;
    • risks related to our plans to participate in the global LNG value chain;
    • terrorist activities and/or cyber-attacks adversely impacting our operations;
    • risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
    • disruption of our business by natural or human causes beyond our control;
    • a deterioration in general economic, business or industry conditions;
    • the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
    • our inability to access the capital markets on favorable terms;
    • the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
    • challenges with employee retention and increasingly competitive labor market
    • risks related to acquisitions or dispositions, or potential acquisitions or dispositions;
    • security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
    • our ability to achieve and maintain ESG certifications, goals and commitments;
    • legislative, regulatory, and ESG initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
    • federal and state tax proposals affecting our industry;
    • risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company (the “Southwestern Merger”), as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
    • other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.

    We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

    All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
    ($ in millions, except per share data)   March 31, 2025   December 31, 2024
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 349     $ 317  
    Restricted cash     78       78  
    Accounts receivable, net     1,361       1,226  
    Derivative assets     —       84  
    Other current assets     325       292  
    Total current assets     2,113       1,997  
    Property and equipment:        
    Natural gas and oil properties, successful efforts method        
    Proved natural gas and oil properties     23,874       23,093  
    Unproved properties     5,774       5,897  
    Other property and equipment     678       654  
    Total property and equipment     30,326       29,644  
    Less: accumulated depreciation, depletion and amortization     (6,066 )     (5,362 )
    Total property and equipment, net     24,260       24,282  
    Long-term derivative assets     2       1  
    Deferred income tax assets     626       589  
    Other long-term assets     933       1,025  
    Total assets   $ 27,934     $ 27,894  
             
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 654     $ 777  
    Current maturities of long-term debt, net     —       389  
    Accrued interest     68       100  
    Derivative liabilities     896       71  
    Other current liabilities     1,971       1,786  
    Total current liabilities     3,589       3,123  
    Long-term debt, net     5,243       5,291  
    Long-term derivative liabilities     129       68  
    Asset retirement obligations, net of current portion     506       499  
    Long-term contract liabilities     1,159       1,227  
    Other long-term liabilities     117       121  
    Total liabilities     10,743       10,329  
    Contingencies and commitments        
    Stockholders’ equity:        
    Common stock, $0.01 par value, 450,000,000 shares authorized: 237,476,127 and 231,769,886 shares issued     2       2  
    Additional paid-in capital     13,700       13,687  
    Retained earnings     3,489       3,876  
    Total stockholders’ equity     17,191       17,565  
    Total liabilities and stockholders’ equity   $ 27,934     $ 27,894  
                     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
        Three Months Ended March 31,
          2025       2024  
    ($ in millions, except per share data)        
    Revenues and other:        
    Natural gas, oil and NGL   $ 2,300     $ 589  
    Marketing     910       312  
    Natural gas, oil and NGL derivatives     (1,014 )     172  
    Gains on sales of assets     —       8  
    Total revenues and other     2,196       1,081  
    Operating expenses:        
    Production     147       59  
    Gathering, processing and transportation     563       173  
    Severance and ad valorem taxes     48       29  
    Exploration     7       2  
    Marketing     919       323  
    General and administrative     47       47  
    Depreciation, depletion and amortization     711       399  
    Other operating expense, net     22       17  
    Total operating expenses     2,464       1,049  
    Income (loss) from operations     (268 )     32  
    Other income (expense):        
    Interest expense     (59 )     (19 )
    Other income, net     8       20  
    Total other income (expense)     (51 )     1  
    Income (loss) before income taxes     (319 )     33  
    Income tax expense (benefit)     (70 )     7  
    Net income (loss)   $ (249 )   $ 26  
    Earnings (loss) per common share:        
    Basic   $ (1.06 )   $ 0.20  
    Diluted   $ (1.06 )   $ 0.18  
    Weighted average common shares outstanding (in thousands):        
    Basic     234,434       130,893  
    Diluted     234,434       141,752  
                     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
        Three Months Ended March 31,
    ($ in millions)     2025       2024  
    Cash flows from operating activities:        
    Net income (loss)   $ (249 )   $ 26  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
    Depreciation, depletion and amortization     711       399  
    Deferred income tax expense (benefit)     (37 )     7  
    Derivative (gains) losses, net     1,014       (172 )
    Cash receipts (payments) on derivative settlements, net     (45 )     228  
    Share-based compensation     9       9  
    Gains on sales of assets     —       (8 )
    Contract amortization     (52 )     —  
    Other     (4 )     (13 )
    Changes in assets and liabilities     (251 )     76  
    Net cash provided by operating activities     1,096       552  
    Cash flows from investing activities:        
    Capital expenditures     (563 )     (421 )
    Receipts of deferred consideration     60       60  
    Contributions to investments     (4 )     (19 )
    Proceeds from divestitures of property and equipment     —       6  
    Net cash used in investing activities     (507 )     (374 )
    Cash flows from financing activities:        
    Proceeds from Credit Facility     725       —  
    Payments on Credit Facility     (725 )     —  
    Proceeds from warrant exercise     21       —  
    Cash paid to purchase debt     (436 )     —  
    Cash paid for common stock dividends     (142 )     (77 )
    Net cash used in financing activities     (557 )     (77 )
    Net increase in cash, cash equivalents and restricted cash     32       101  
    Cash, cash equivalents and restricted cash, beginning of period     395       1,153  
    Cash, cash equivalents and restricted cash, end of period   $ 427     $ 1,254  
             
    Cash and cash equivalents   $ 349     $ 1,179  
    Restricted cash     78       75  
    Total cash, cash equivalents and restricted cash   $ 427     $ 1,254  
                     
    NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)
        Three Months Ended March 31, 2025
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   2,617   3.48   —   —   —   —   2,617   3.48
    Northeast Appalachia   2,668   3.75   —   —   —   —   2,668   3.75
    Southwest Appalachia   969   3.38   14   63.40   75   30.54   1,503   4.28
    Total   6,254   3.58   14   63.40   75   30.54   6,788   3.76
                                     
    Average NYMEX Price       3.65       71.42                
    Average Realized Price (including realized derivatives)       3.51       63.76       29.35       3.69
        Three Months Ended March 31, 2024
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,478   2.03   —   —   —   —   1,478   2.03
    Northeast Appalachia   1,720   2.03   —   —   —   —   1,720   2.03
    Total   3,198   2.03   —   —   —   —   3,198   2.03
                                     
    Average NYMEX Price       2.24       —                
    Average Realized Price (including realized derivatives)       2.85       —       —       2.85
                                     
    CAPITAL EXPENDITURES ACCRUED (unaudited)
        Three Months Ended March 31,
          2025     2024
    ($ in millions)        
    Drilling and completion capital expenditures:        
    Haynesville   $ 286   $ 195
    Northeast Appalachia     103     105
    Southwest Appalachia     165     —
    Total drilling and completion capital expenditures     554     300
    Non-drilling and completion – field     56     35
    Non-drilling and completion – corporate     52     19
    Total capital expenditures   $ 662   $ 354
                 
    NON-GAAP FINANCIAL MEASURES

    As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.

    Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

    Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

    Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s payout of enhanced returns framework. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)
        Three Months Ended March 31,
    ($ in millions)     2025       2024  
    Net income (loss) (GAAP)   $ (249 )   $ 26  
             
    Adjustments:        
    Unrealized losses on natural gas and oil derivatives     969       67  
    Gains on sales of assets     —       (8 )
    Other operating expense, net     26       19  
    Contract amortization     (52 )     —  
    Other     (4 )     (8 )
    Tax effect of adjustments(a)     (203 )     (16 )
    Adjusted net income (Non-GAAP)   $ 487     $ 80  
    (a) The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.
       
    RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)
        Three Months Ended March 31,
    ($/share)     2025       2024  
    Earnings (loss) per common share (GAAP)   $ (1.06 )   $ 0.20  
    Effect of dilutive securities     —       (0.02 )
    Diluted earnings (loss) per common share (GAAP)   $ (1.06 )   $ 0.18  
             
    Adjustments:        
    Unrealized losses on natural gas and oil derivatives     4.14       0.47  
    Gains on sales of assets     —       (0.06 )
    Other operating expense, net     0.11       0.14  
    Contract amortization     (0.22 )     —  
    Other     (0.02 )     (0.06 )
    Tax effect of adjustments(a)     (0.87 )     (0.11 )
    Effect of dilutive securities     (0.06 )     —  
    Adjusted diluted earnings per common share (Non-GAAP)   $ 2.02     $ 0.56  
    (a) The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.
       
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)
        Three Months Ended March 31,
          2025       2024  
    ($ in millions)        
    Net income (loss) (GAAP)   $ (249 )   $ 26  
             
    Adjustments:        
    Interest expense     59       19  
    Income tax expense (benefit)     (70 )     7  
    Depreciation, depletion and amortization     711       399  
    Exploration     7       2  
    Unrealized losses on natural gas and oil derivatives     969       67  
    Gains on sales of assets     —       (8 )
    Other operating expense, net     26       19  
    Contract amortization     (52 )     —  
    Other     (6 )     (23 )
    Adjusted EBITDAX (Non-GAAP)   $ 1,395     $ 508  
                     
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)
        Three Months Ended March 31,
          2025       2024  
    ($ in millions)        
    Net cash provided by operating activities (GAAP)   $ 1,096     $ 552  
    Cash capital expenditures     (563 )     (421 )
    Free cash flow (Non-GAAP)     533       131  
    Cash paid for merger expenses     48       —  
    Cash contributions to investments     (4 )     (19 )
    Adjusted free cash flow (Non-GAAP)   $ 577     $ 112  
                     
    RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)
    ($ in millions)   March 31, 2025
    Total debt (GAAP)   $ 5,243  
    Premiums, discounts and issuance costs on debt     7  
    Principal amount of debt     5,250  
    Cash and cash equivalents     (349 )
    Net debt (Non-GAAP)   $ 4,901  

    The MIL Network –

  • MIL-OSI: Micron Announces Participation in Investor Event

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, April 29, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) announced today that company executives will participate at the 53rd Annual J.P. Morgan Global Technology, Media and Communications Conference in Boston, Massachusetts on Wednesday, May 14, at 6:40 a.m. Mountain Time. 

    Live webcasts and subsequent replays of presentations can be accessed from Micron’s Investor Relations website at investors.micron.com/.

    About Micron Technology, Inc.  
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    The MIL Network –

  • MIL-OSI: Oxbridge / SurancePlus to Speak During TOKEN2049 Dubai at THE GREAT GATHER – Day 2

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, April 29, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities and in providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States. The company today announced that its CEO and Chairman, Jay Madhu, will participate in a featured panel discussion at THE GREAT GATHER – DAY 2 hosted by DNA Fund & IBC Ventures during TOKEN2049 Dubai.

    Panel: A Deep Dive into How Traditional Finance Players Are Navigating and Embracing Tokenization
    Date: Thursday, May 1st, 2025
    Time: 4:00PM – 4:30PM (GST)
    Location: DNA House Dubai: Gigi Rigolatto Dubai, J1 Beach – Jumeirah 1 – Dubai, UAE

    Panelists:

    • Jay Madhu (Oxbridge / SurancePlus)
    • Fahmi Syed (Input Output / Midnight)
    • Jake O. (BitGo)

    THE GREAT GATHER – DAY 2

    THE GREAT GATHER is one of the most talked about events of TOKEN2049, bringing together top-tier projects, titans, influencers and investors shaping the future of finance, Web3, AI and tech. Hosted at DNA House with partners Mario Nawfal, Midnight, Zeebu and Multibank, this powerhouse gathering offers two days of premier programming, connections and deal-making opportunities.

    Jay Madhu, CEO of Oxbridge, commented, “We look forward to joining this distinguished panel at THE GREAT GATHER – Day 2 during TOKEN2049 Dubai to showcase how Oxbridge / SurancePlus are democratizing reinsurance and expanding access to high-yield, uncorrelated investment opportunities through Web3 innovation.”

    Investors can participate directly in SurancePlus offerings:

    Learn more and invest at SurancePlus.com/invest

    Meet Oxbridge / SurancePlus THE GREAT GATHER – Day 2

    Investors and potential partners interested in Oxbridge and SurancePlus’ tokenized reinsurance offerings are encouraged to connect with the team during the event. Contact details are provided below.

    Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the EtaCat Re or ZetaCat Re tokenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

    About Oxbridge Re Holdings Limited 

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors. 

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    About Midnight

    The Midnight Network is a data protection blockchain pioneering the use of zero-knowledge technology to empower organizations that stand to benefit from the decentralized web. Midnight is one of the first blockchains to offer programmable data protection by leveraging zero-knowledge (ZK) proofs to provide selective disclosure for sensitive data. It is designed to help app developers meet regulatory requirements. Midnight is set to launch as the first partner chain of Cardano, benefiting from the network’s decentralization and security from day one.

    About BitGo:

    BitGo is the leading infrastructure provider of digital asset solutions, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have focused on enabling our clients to securely navigate the digital asset space. With a large global presence through multiple regulated entities, BitGo serves thousands of institutions, including many of the industry’s top brands, exchanges, and platforms, as well as millions of retail investors worldwide. As the operational backbone of the digital economy, BitGo handles a significant portion of Bitcoin network transactions and is the largest independent digital asset custodian, and staking provider, in the world. For more information, visit www.bitgo.com.

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    The MIL Network –

  • MIL-OSI: Vicor Corporation Reports Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., April 29, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2025. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

    Revenues for the first quarter ended March 31, 2025 totaled $94.0 million, a 12.0% increase from $83.9 million for the corresponding period a year ago, and a 2.3% sequential decrease from $96.2 million in the fourth quarter of 2024.

    Gross margin decreased to $44.4 million for the first quarter of 2025, compared to $45.1 million for the corresponding period a year ago, and decreased sequentially from $50.4 million for the fourth quarter of 2024. Gross margin, as a percentage of revenue, decreased to 47.2% for the first quarter of 2025, compared to 53.8% for the corresponding period a year ago, and decreased from 52.4% for the fourth quarter of 2024. Operating expenses decreased to $44.5 million for the first quarter of 2025, compared to $61.2 million for the corresponding period a year ago, and increased sequentially from $41.2 million for the fourth quarter of 2024.

    Net income for the first quarter was $2.5 million, or $0.06 per diluted share, compared to a net loss of ($14.5) million or ($0.33) per diluted share, for the corresponding period a year ago and net income of $10.2 million, or $0.23 per diluted share, for the fourth quarter of 2024.

    Cash flow from operations totaled $20.1 million for the first quarter, compared to cash flow from operations of $2.6 million for the corresponding period a year ago, and cash flow from operations of $10.1 million in the fourth quarter of 2024. Capital expenditures for the first quarter totaled $4.6 million, compared to $7.3 million for the corresponding period a year ago and $1.7 million for the fourth quarter of 2024. Cash and cash equivalents as of March 31, 2025 increased 6.8% sequentially to approximately $296.1 million compared to approximately $277.3 million as of December 31, 2024.

    Backlog for the first quarter ended March 31, 2025 totaled $171.7 million, a 14.2% increase from $150.3 million for the corresponding period a year ago, and 10.4% sequential increase from $155.5 million at the end of the fourth quarter of 2024.

    Commenting on first quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and gross margins declined sequentially, with reduced income from a licensee transitioning to a new generation of unlicensed products. Margin improvements await higher utilization of our ChiP fab and increased income from existing and future licensees. Licensing has been gaining traction with OEMs and hyper-scalers wishing to avoid infringing hardware being excluded from importation into the US.”

    “Our 2nd generation VPD for leading AI applications is coming to fruition with the arrival of an ASIC raising the density and bandwidth of our current multipliers. Second generation VPD will enable AI processors setting new standards for performance. We are still focused on completing initial delivery of a very high density VPD system to a lead customer before providing demo systems to processor chip companies and hyper-scalers.”

    For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

    Earnings Conference Call

    Vicor will be holding its investor conference call today, Tuesday, April 29, 2025 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on April 29, 2025. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

    This press release contains certain 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. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2024, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

    Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.
      
    For further information contact:
            
    James F. Schmidt, Chief Financial Officer
    Office: (978) 470-2900
    Email: invrel@vicorpower.com

    VICOR CORPORATION        
             
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (Thousands except for per share amounts)        
             
      QUARTER ENDED  
      (Unaudited)  
             
      MAR 31,   MAR 31,  
       2025     2024   
             
             
    Product revenue $ 83,206     $ 75,692    
    Royalty revenue   10,762       8,180    
    Net revenues   93,968       83,872    
    Cost of product revenues   49,603       38,749    
             Gross margin   44,365       45,123    
             
    Operating expenses:        
              Selling, general and administrative   25,137       25,999    
              Research and development   19,377       18,039    
              Litigation-contingency expense                       –       17,200    
                 Total operating expenses   44,514       61,238    
             
    Loss from operations   (149 )     (16,115 )  
             
    Other income (expense), net   3,134       2,724    
             
    Income (loss) before income taxes   2,985       (13,391 )  
             
    Less: Provision for income taxes   424       1,071    
             
    Consolidated net income (loss)   2,561       (14,462 )  
             
    Less: Net income attributable to        
      noncontrolling interest   22       11    
             
    Net income (loss) attributable to        
      Vicor Corporation $ 2,539     ($ 14,473 )  
             
             
    Net income (loss) per share attributable        
      to Vicor Corporation:        
               Basic $ 0.06     ($ 0.33 )  
               Diluted $ 0.06     ($ 0.33 )  
             
    Shares outstanding:        
               Basic   45,217       44,516    
               Diluted   45,495       44,516    
             
    VICOR CORPORATION        
             
    CONDENSED CONSOLIDATED BALANCE SHEET      
    (Thousands)        
             
             
      MAR 31,   DEC 31,  
       2025     2024   
      (Unaudited)   (Unaudited)  
    Assets        
             
    Current assets:        
            Cash and cash equivalents $ 296,099     $ 277,273    
            Accounts receivable, net   65,864       52,948    
            Inventories   98,515       106,032    
            Other current assets   26,486       26,781    
                      Total current assets   486,964       463,034    
             
    Long-term deferred tax assets   273       261    
    Long-term investment, net   2,664       2,641    
    Property, plant and equipment, net   153,117       152,705    
    Other assets   22,020       22,477    
             
                      Total assets $ 665,038     $ 641,118    
             
    Liabilities and Equity        
             
    Current liabilities:        
            Accounts payable $ 16,866     $ 8,737    
            Accrued compensation and benefits   12,548       10,852    
            Accrued expenses   8,558       6,589    
            Accrued litigation   27,219       26,888    
            Sales allowances   2,114       1,667    
            Short-term lease liabilities   1,675       1,716    
            Income taxes payable   57       59    
            Short-term deferred revenue and customer prepayments   6,624       5,312    
             
                     Total current liabilities   75,661       61,820    
             
    Long-term income taxes payable   3,461       3,387    
    Long-term lease liabilities   5,353       5,620    
                     Total liabilities   84,475       70,827    
             
    Equity:        
      Vicor Corporation stockholders’ equity:        
            Capital stock   415,702       408,187    
            Retained earnings   305,342       302,803    
            Accumulated other comprehensive loss   (1,312 )     (1,495 )  
            Treasury stock   (139,424 )     (139,424 )  
                 Total Vicor Corporation stockholders’ equity   580,308       570,071    
      Noncontrolling interest   255       220    
            Total equity   580,563       570,291    
             
                      Total liabilities and equity $ 665,038     $ 641,118    
             

    The MIL Network –

  • MIL-OSI: SuRo Capital Corp. to Report First Quarter 2025 Financial Results on Tuesday, May 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — SuRo Capital Corp. (“SuRo Capital”) (Nasdaq: SSSS) today announced that it will report its financial results for the quarter ended March 31, 2025 after the close of the U.S. market on Tuesday, May 6, 2025.

    Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. The conference ID number for both access numbers is 6883588. Additionally, interested parties can listen to a live webcast of the call from the “Investor Relations” section of SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.

    A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on May 13, 2025 by dialing 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 6883588.

    About SuRo Capital Corp.

    SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. Since inception, SuRo Capital has served as the public’s gateway to venture capital, offering unique access to some of the world’s most innovative and sought-after private companies before they become publicly traded. SuRo Capital’s diverse portfolio encompasses high-growth sectors including AI infrastructure, emerging consumer brands, and cutting-edge software solutions for both consumer and enterprise markets, among others. SuRo Capital is headquartered in New York, NY and has offices in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.

    Contact
    SuRo Capital Corp.
    (212) 931-6331
    IR@surocap.com

    Media Contact
    Deborah Kostroun
    Zito Partners
    SuRoCapitalPR@zitopartners.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $239.1 million, up 11% year-over-year.
    • Calculated current billings of $215.4 million, up 9% year-over-year.
    • GAAP operating margin of (7)%; Non-GAAP operating margin of 20%.
    • Net cash provided by operating activities of $87.4 million; Unlevered free cash flow of $86.8 million.

    COLUMBIA, Md., April 29, 2025 (GLOBE NEWSWIRE) — Tenable Holdings, Inc. (“Tenable”) (Nasdaq: TENB), the exposure management company, today announced financial results for the quarter ended March 31, 2025.

    “We had a strong start to the year with better-than-expected results on both the top and bottom line,” said Steve Vintz, Co-CEO of Tenable. “With our ongoing investments in areas like AI and integrations with third-party tools and data sources we are helping our customers reduce risk with greater efficiency.”

    “We had some incredible six- and seven-figure deals this quarter driving upside to our expectations and representing significant ongoing opportunities,” said Mark Thurmond, Co-CEO of Tenable. “Our outperformance was driven by continued momentum with Tenable One as we build strategic partnerships resulting in larger deal sizes, broader platform adoption, and greater asset coverage.”

    First Quarter 2025 Financial Highlights

    • Revenue was $239.1 million, an 11% increase year-over-year.
    • Calculated current billings was $215.4 million, a 9% increase year-over-year.
    • GAAP loss from operations was $17.7 million, compared to $8.9 million in the first quarter of 2024.
    • Non-GAAP income from operations was $48.7 million, compared to $37.0 million in the first quarter of 2024.
    • GAAP net loss was $22.9 million, compared to $14.4 million in the first quarter of 2024.
    • GAAP net loss per share was $0.19, compared to $0.12 in the first quarter of 2024.
    • Non-GAAP net income was $44.3 million, compared to $30.4 million in the first quarter of 2024.
    • Non-GAAP diluted earnings per share was $0.36, compared to $0.25 in the first quarter of 2024.
    • Cash and cash equivalents and short-term investments were $460.3 million at March 31, 2025, compared to $577.2 million at December 31, 2024.
    • Net cash provided by operating activities was $87.4 million, compared to $50.3 million in the first quarter of 2024.
    • Unlevered free cash flow was $86.8 million, compared to $54.7 million in the first quarter of 2024.
    • Repurchased 1.6 million shares of our common stock for $60.0 million

    Recent Business Highlights

    • Added 361 new enterprise platform customers and 54 net new six-figure customers.
    • Completed the acquisition of Vulcan Cyber Ltd., which is expected to enhance our industry-leading exposure management platform, delivering comprehensive visibility, prioritization and remediation across the entire attack surface.
    • Released Identity 360 and Exposure Center, two capabilities designed to help organizations pinpoint identity risks and take swift, targeted action to prevent identity-based attacks.
    • Achieved FedRAMP moderate authorization of Tenable One and Tenable Cloud Security, underscoring our commitment to strengthening government infrastructure and reducing cybersecurity risk to support national security.
    • Published the 2025 Cloud AI Risk Report, examining the current state of security risks in cloud AI development tools and frameworks and in AI services offered by the three major cloud providers.

    Financial Outlook

    For the second quarter of 2025, we currently expect:

    • Revenue in the range of $241.0 million to $243.0 million.
    • Non-GAAP income from operations in the range of $43.0 million to $45.0 million.
    • Non-GAAP net income in the range of $36.0 million to $38.0 million, assuming interest expense of $7.1 million, interest income of $4.0 million and a provision for income taxes of $3.2 million.
    • Non-GAAP diluted earnings per share in the range of $0.29 to $0.31.
    • 123.0 million diluted weighted average shares outstanding.

    For the year ending December 31, 2025, we currently expect:

    • Calculated current billings in the range of $1.025 billion to $1.045 billion.
    • Revenue in the range of $970.0 million to $980.0 million.
    • Non-GAAP income from operations in the range of $205.0 million to $215.0 million.
    • Non-GAAP net income in the range of $178.0 million to $188.0 million, assuming interest expense of $28.4 million, interest income of $16.8 million and a provision for income taxes of $13.1 million.
    • Non-GAAP diluted earnings per share in the range of $1.44 to $1.52.
    • 123.5 million diluted weighted average shares outstanding.
    • Unlevered free cash flow in the range of $265.0 million to $275.0 million.

    Conference Call Information

    Tenable will host a conference call on April 29, 2025 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call.

    About Tenable

    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Contact Information

    Investor Relations
    investors@tenable.com

    Media Relations
    tenablepr@tenable.com

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our platform’s ability to help protect enterprises from security exposure and streamline vulnerability analysis and response, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial 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. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings that we make from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry.

    Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

    Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

    Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges to reorganize business operations. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses.

    Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.

    Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities.

    TENABLE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
      Three Months Ended March 31,
    (in thousands, except per share data) 2025   2024
    Revenue $ 239,137     $ 215,961  
    Cost of revenue(1)   52,460       48,932  
    Gross profit   186,677       167,029  
    Operating expenses:      
    Sales and marketing(1)   103,182       99,825  
    Research and development(1)   53,223       43,727  
    General and administrative(1)   47,983       31,018  
    Restructuring   —       1,389  
    Total operating expenses   204,388       175,959  
    Loss from operations   (17,711 )     (8,930 )
    Interest income   4,927       5,624  
    Interest expense   (7,011 )     (8,112 )
    Other income (expense), net   474       (1,310 )
    Loss before income taxes   (19,321 )     (12,728 )
    Provision for income taxes   3,614       1,658  
    Net loss $ (22,935 )   $ (14,386 )
           
    Net loss per share, basic and diluted $ (0.19 )   $ (0.12 )
    Weighted-average shares used to compute net loss per share, basic and diluted   120,083       117,542  

    _______________

    (1) Includes stock-based compensation as follows:

      Three Months Ended March 31,
      2025
    		   2024
    Cost of revenue $ 3,315     $ 2,982  
    Sales and marketing   16,630       15,300  
    Research and development   12,967       11,161  
    General and administrative(2)   22,991       10,276  
    Total stock-based compensation $ 55,903     $ 39,719  

    _______________

    (2) Stock-based compensation in the three months ended March 31, 2025 includes $14.6 million of expense related to the accelerated vesting of equity awards for our late CEO.

    TENABLE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
      March 31,
    2025    		   December 31,
    2024
    (in thousands, except per share data) (unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 233,441     $ 328,647  
    Short-term investments   226,836       248,547  
    Accounts receivable (net of allowance for doubtful accounts of $748 and $525 at March 31, 2025 and December 31, 2024, respectively)   167,793       258,734  
    Deferred commissions   51,247       51,791  
    Prepaid expenses and other current assets   67,106       53,026  
    Total current assets   746,423       940,745  
    Property and equipment, net   41,343       39,265  
    Deferred commissions (net of current portion)   65,582       67,914  
    Operating lease right-of-use assets   40,951       45,139  
    Acquired intangible assets, net   128,597       94,461  
    Goodwill   656,481       541,292  
    Other assets   14,200       13,303  
    Total assets $ 1,693,577     $ 1,742,119  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 17,684     $ 19,981  
    Accrued compensation   51,432       55,784  
    Deferred revenue   633,224       650,372  
    Operating lease liabilities   6,305       6,801  
    Other current liabilities   6,346       5,154  
    Total current liabilities   714,991       738,092  
    Deferred revenue (net of current portion)   175,151       182,815  
    Term loan, net of issuance costs (net of current portion)   356,068       356,705  
    Operating lease liabilities (net of current portion)   54,621       56,224  
    Other liabilities   9,585       8,329  
    Total liabilities   1,310,416       1,342,165  
           
    Stockholders’ equity:      
    Common stock (par value: $0.01; 500,000 shares authorized; 124,484 and 122,371 shares issued at March 31, 2025 and December 31, 2024, respectively)   1,245       1,224  
    Additional paid-in capital   1,440,770       1,374,659  
    Treasury stock (at cost: 4,282 and 2,673 shares at March 31, 2025 and December 31, 2024, respectively)   (174,911 )     (114,911 )
    Accumulated other comprehensive income   328       318  
    Accumulated deficit   (884,271 )     (861,336 )
    Total stockholders’ equity   383,161       399,954  
    Total liabilities and stockholders’ equity $ 1,693,577     $ 1,742,119  
    TENABLE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
      Three Months Ended March 31,
    (in thousands) 2025   2024
    Cash flows from operating activities:      
    Net loss $ (22,935 )   $ (14,386 )
    Adjustments to reconcile net loss to net cash provided by operating activities:    
    Depreciation and amortization   9,854       8,232  
    Stock-based compensation   55,903       39,719  
    Net accretion of discounts and amortization of premiums on short-term investments   (1,180 )     (2,284 )
    Amortization of debt issuance costs   349       329  
    Other   979       1,611  
    Changes in operating assets and liabilities:      
    Accounts receivable   92,968       63,437  
    Prepaid expenses and other assets   (9,875 )     5,216  
    Accounts payable, accrued expenses and accrued compensation   (8,491 )     (22,017 )
    Deferred revenue   (32,507 )     (27,789 )
    Other current and noncurrent liabilities   2,342       (1,742 )
    Net cash provided by operating activities   87,407       50,326  
           
    Cash flows from investing activities:      
    Purchases of property and equipment   (6,553 )     (665 )
    Capitalized software development costs   (624 )     (2,532 )
    Purchases of short-term investments   (38,445 )     (77,465 )
    Sales and maturities of short-term investments   61,345       65,570  
    Proceeds from other investments   664       3,512  
    Business combinations, net of cash acquired   (148,510 )     —  
    Net cash used in investing activities   (132,123 )     (11,580 )
           
    Cash flows from financing activities:      
    Payments on term loan   (938 )     (938 )
    Proceeds from stock issued in connection with the employee stock purchase plan   9,701       9,884  
    Proceeds from the exercise of stock options   347       1,874  
    Purchase of treasury stock   (60,000 )     (24,991 )
    Net cash used in financing activities   (50,890 )     (14,171 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   400       (1,730 )
    Net (decrease) increase in cash and cash equivalents and restricted cash   (95,206 )     22,845  
    Cash and cash equivalents and restricted cash at beginning of period   328,647       237,132  
    Cash and cash equivalents and restricted cash at end of period $ 233,441     $ 259,977  
    TENABLE HOLDINGS, INC.
    REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (unaudited)
    Revenue Three Months Ended March 31,
    (in thousands) 2025
    		   2024
    Subscription revenue $ 220,443     $ 197,635  
    Perpetual license and maintenance revenue   11,552       12,156  
    Professional services and other revenue   7,142       6,170  
    Revenue(1) $ 239,137     $ 215,961  

    _______________

    (1) Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three months ended March 31, 2025 and 2024.

    Calculated Current Billings Three Months Ended March 31,
    (in thousands) 2025   2024
    Revenue $ 239,137     $ 215,961  
    Deferred revenue (current), end of period   633,224       562,575  
    Deferred revenue (current), beginning of period(1)   (657,001 )     (580,779 )
    Calculated current billings $ 215,360     $ 197,757  

    ________________
    (1) Deferred revenue (current), beginning of period for the three months ended March 31, 2025 includes $6.6 million related to acquired deferred revenue.

    Remaining Performance Obligations March 31,
    (in thousands) 2025
    		   2024
    Remaining performance obligations, short-term $ 647,647     $ 572,851  
    Remaining performance obligations, long-term   234,598       169,560  
    Remaining performance obligations $ 882,245     $ 742,411  
    Free Cash Flow and Unlevered Free Cash Flow Three Months Ended March 31,
    (in thousands) 2025   2024
    Net cash provided by operating activities $ 87,407     $ 50,326  
    Purchases of property and equipment   (6,553 )     (665 )
    Capitalized software development costs   (624 )     (2,532 )
    Free cash flow   80,230       47,129  
    Cash paid for interest and other financing costs   6,574       7,611  
    Unlevered free cash flow $ 86,804     $ 54,740  

    Free cash flow and unlevered free cash flow for the periods presented were impacted by:

      Three Months Ended March 31,
    (in thousands) 2025   2024
    Employee stock purchase plan activity $ (5,413 )   $ (6,332 )
    Acquisition-related expenses   (3,189 )     (466 )
    Restructuring   —       (3,822 )
    Non-GAAP Income from Operations and Non-GAAP Operating Margin Three Months Ended March 31,
    (dollars in thousands) 2025   2024
    Loss from operations $ (17,711 )   $ (8,930 )
    Stock-based compensation   55,903       39,719  
    Acquisition-related expenses   4,621       161  
    Restructuring   —       1,389  
    Amortization of acquired intangible assets   5,864       4,669  
    Non-GAAP income from operations $ 48,677     $ 37,008  
    Operating margin (7 )%   (4 )%
    Non-GAAP operating margin   20  %     17  %
    Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ended March 31,
    (in thousands, except per share data) 2025   2024
    Net loss $ (22,935 )   $ (14,386 )
    Stock-based compensation   55,903       39,719  
    Tax impact of stock-based compensation(1)   855       (1,077 )
    Acquisition-related expenses(2)   4,621       161  
    Restructuring(2)   —       1,389  
    Amortization of acquired intangible assets(2)   5,864       4,669  
    Tax impact of acquisitions   (58 )     (35 )
    Non-GAAP net income $ 44,250     $ 30,440  
           
    Net loss per share, diluted $ (0.19 )   $ (0.12 )
    Stock-based compensation   0.46       0.34  
    Tax impact of stock-based compensation(1)   0.01       (0.01 )
    Acquisition-related expenses(2)   0.04       —  
    Restructuring(2)   —       0.01  
    Amortization of acquired intangible assets(2)   0.05       0.04  
    Tax impact of acquisitions   —       —  
    Adjustment to diluted earnings per share(3)   (0.01 )     (0.01 )
    Non-GAAP earnings per share, diluted $ 0.36     $ 0.25  
           
    Weighted-average shares used to compute GAAP net loss per share, diluted   120,083       117,542  
           
    Weighted-average shares used to compute non-GAAP earnings per share, diluted   124,152       123,266  

    ________________

    (1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.
    (2) The tax impact of acquisition-related expenses, restructuring and the amortization of acquired intangible assets are not material.
    (3) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin Three Months Ended March 31,
    (dollars in thousands) 2025   2024
    Gross profit $ 186,677     $ 167,029  
    Stock-based compensation   3,315       2,982  
    Amortization of acquired intangible assets   5,864       4,669  
    Non-GAAP gross profit $ 195,856     $ 174,680  
    Gross margin   78 %     77 %
    Non-GAAP gross margin   82 %     81 %
    Non-GAAP Sales and Marketing Expense Three Months Ended March 31,
    (dollars in thousands) 2025   2024
    Sales and marketing expense $ 103,182     $ 99,825  
    Less: Stock-based compensation   16,630       15,300  
    Less: Acquisition-related expenses   1,054       —  
    Non-GAAP sales and marketing expense $ 85,498     $ 84,525  
    Non-GAAP sales and marketing expense % of revenue   36 %     39 %
    Non-GAAP Research and Development Expense Three Months Ended March 31,
    (dollars in thousands) 2025   2024
    Research and development expense $ 53,223     $ 43,727  
    Less: Stock-based compensation   12,967       11,161  
    Less: Acquisition-related expenses   1,239       (20 )
    Non-GAAP research and development expense $ 39,017     $ 32,586  
    Non-GAAP research and development expense % of revenue   16 %     15 %
    Non-GAAP General and Administrative Expense Three Months Ended March 31,
    (dollars in thousands) 2025   2024
    General and administrative expense $ 47,983     $ 31,018  
    Less: Stock-based compensation   22,991       10,276  
    Less: Acquisition-related expenses   2,328       181  
    Non-GAAP general and administrative expense $ 22,664     $ 20,561  
    Non-GAAP general and administrative expense % of revenue   9 %     10 %

    The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially.

    Forecasted Non-GAAP Income from Operations Three Months Ending
    June 30, 2025    		   Year Ending
    December 31, 2025
    (in millions) Low   High   Low   High
    Forecasted loss from operations $ (12.0 )   $ (10.0 )   $ (22.0 )   $ (12.0 )
    Forecasted stock-based compensation   47.0       47.0       196.0       196.0  
    Forecasted acquisition-related expenses   1.5       1.5       6.0       6.0  
    Forecasted amortization of acquired intangible assets   6.5       6.5       25.0       25.0  
    Forecasted non-GAAP income from operations $ 43.0     $ 45.0     $ 205.0     $ 215.0  
    Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ending
    June 30, 2025    		   Year Ending
    December 31, 2025
    (in millions, except per share data) Low   High   Low   High
    Forecasted net loss(1) $ (20.0 )   $ (18.0 )   $ (53.0 )   $ (43.0 )
    Forecasted stock-based compensation   47.0       47.0       196.0       196.0  
    Forecasted tax impact of stock-based compensation   1.0       1.0       4.0       4.0  
    Forecasted acquisition-related expenses   1.5       1.5       6.0       6.0  
    Forecasted amortization of acquired intangible assets   6.5       6.5       25.0       25.0  
    Forecasted non-GAAP net income $ 36.0     $ 38.0     $ 178.0     $ 188.0  
                   
    Forecasted net loss per share, diluted(1) $ (0.16 )   $ (0.15 )   $ (0.44 )   $ (0.36 )
    Forecasted stock-based compensation   0.39       0.39       1.62       1.62  
    Forecasted tax impact of stock-based compensation   0.01       0.01       0.03       0.03  
    Forecasted acquisition-related expenses   0.01       0.01       0.05       0.05  
    Forecasted amortization of acquired intangible assets   0.05       0.05       0.21       0.21  
    Adjustment to diluted earnings per share(2)   (0.01 )     —       (0.03 )     (0.03 )
    Forecasted non-GAAP earnings per share, diluted $ 0.29     $ 0.31     $ 1.44     $ 1.52  
                   
    Forecasted weighted-average shares used to compute GAAP net loss per share, diluted   121.5       121.5       121.0       121.0  
    Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted   123.0       123.0       123.5       123.5  

    ________________
    (1) The forecasted GAAP net loss assumes income tax expense of $4.1 million and $16.8 million in the three months ending June 30, 2025 and year ending December 31, 2025, respectively.
    (2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

    Forecasted Free Cash Flow and Unlevered Free Cash Flow Year Ending
    December 31, 2025
    (in millions) Low   High
    Forecasted net cash provided by operating activities $ 256.0     $ 266.0  
    Forecasted purchases of property and equipment   (15.0 )     (15.0 )
    Forecasted capitalized software development costs   (3.0 )     (3.0 )
    Forecasted free cash flow   238.0       248.0  
    Forecasted cash paid for interest and other financing costs   27.0       27.0  
    Forecasted unlevered free cash flow $ 265.0     $ 275.0  

    The MIL Network –

  • MIL-OSI Global: UK must grow more of its own wood to meet climate goals – new research

    Source: The Conversation – UK – By John Healey, Professor of Forest Sciences, Bangor University

    shutterstock ShaunWilkinson/Shutterstock

    Wood is often hailed as a low-carbon hero, a natural alternative to steel, concrete and plastic. It’s a vital tool in the UK’s strategy for reaching net zero. But there’s a catch – the country don’t grow nearly enough of it.

    The UK has one of the lowest levels of forest cover in Europe, with just 14% of land forested. It is also the second-largest importer of wood in the world, meeting only 20% of its wood demand from domestic sources.

    That leaves the UK not only exposed to volatile global markets, but also facing a serious challenge of “wood security”. And our new research shows the problem goes well beyond economics.

    Relying heavily on imported timber, especially from boreal forests in Scandanavia and the Baltic States, could actually undermine the carbon-cutting benefits of using wood in place of high-emissions materials.

    Boreal forests occurring in colder northerly environments grow slowly. The carbon stored in them takes decades, sometimes centuries, to recover after harvesting through the growth of the next generation of trees.

    In contrast, conifer forests in the UK’s warmer temperate climate restock carbon through regrowth more quickly after harvesting. This makes them much better suited for higher yields of sustainable wood production.

    So, how can countries such as the UK increase wood use without making the climate crisis worse? To address this, we created a new model that tracks carbon at every stage of a tree’s journey, from how it grows in the forest to how it’s harvested, transported, processed and used. This includes temporary storage of carbon in wood products, and the avoidance of having to use high-emitting materials and energy sources that would be needed in the absence of wood.

    We combined this with models of how carbon storage changes in forests under different harvesting intensities. Our analysis showed that it is possible for rising wood demand to make a positive contribution to national and global net zero targets. But that’s only if the domestic production of wood is dramatically increased in temperate countries such as the UK.

    Even a modest annual increase in demand (1.1%) would require a 50% expansion in the area of productive forest over the next 50 years. A more ambitious approach, such as doubling productive forest area and increasing tree growth rates by 33%, could boost the overall contribution of wood use to slowing global warming by 175%. But that would require huge changes in forestry practice and land use policy.

    In contrast, under a scenario of higher demand growth (2.3% per year), we found that the climate benefit of wood use is reduced. And only a doubling of forest area and a 33% increase in growth rates would be enough to deliver a meaningful contribution to slowing global warming over the next century.

    These benefits would be at risk if forest productivity is undermined by increasing incidence of pests, disease or drought as climate change progresses.

    Challenges ahead

    Our findings point to three major challenges the UK must address if wood is to play a meaningful role in its net zero strategy.

    First, the expansion of productive conifer forest in the UK has slowed to a standstill over the past 30 years. The amount of wood available for harvest is projected to fall after 2039. This trend will have to be reversed very soon to rapidly increase the area of conifer forests. This will need a rethink of how the UK balances land for forestry, farming and nature recovery.

    Second, forest management must be improved to sustain productivity under increasing stress from pests, pathogens and drought.

    Third, wood must be used more efficiently. That includes reducing waste during processing, designing products for longevity and reusing wood products as many times as possible.

    So, the UK’s net zero policy must connect the push for using more wood with a clear plan for how it will grow and manage the forests needed to supply it. At the same time, when policymakers assess the climate effects of cutting down trees, they need to look at the whole picture. That means considering not just what’s lost from the forest, but how the wood is used, how long it stores carbon and how much it replaces more polluting materials.

    This kind of joined-up, forward-looking analysis – like the one we developed in our study – is essential if wood is to play a truly sustainable role in fighting climate change.

    John Healey receives funding from the Natural Environment Research Council, the Centre for Forest Protection, and the Wildlife Trusts. He is affiliated with Woodknowledge Wales, Rainforest Builder and the Institute of Chartered Foresters.

    David Styles received funding from the Natural Environment Research Council (UK) and from the Department of Environment, Climate & Communications (Ireland) for research related to this article.

    Eilidh Forster received funding from the Natural Environment Research Council (UK) for research related to this article.

    – ref. UK must grow more of its own wood to meet climate goals – new research – https://theconversation.com/uk-must-grow-more-of-its-own-wood-to-meet-climate-goals-new-research-254353

    MIL OSI – Global Reports –