NewzIntel.com

Category: Economy

  • MIL-OSI United Kingdom: Home Secretary speech at the Organised Immigration Crime Summit

    Source: United Kingdom – Government Statements

    Speech

    Home Secretary speech at the Organised Immigration Crime Summit

    Home Secretary Yvette Cooper delivered a speech on the first day of the Organised Immigration Crime Summit in London.

    Thank you very much. Thank you Prime Minister, thank you to the Italian Prime Minister and good morning everyone.

    Can I thank everyone for travelling here from all over the world. Interior ministers, senior law enforcement, delegations from over 40 countries and organisations, we are so pleased to welcome you to London and here to Lancaster House for this, the first summit of its kind on organised immigration crime and border security, and to have so many people come from across the world, shows the seriousness with which all our countries are taking these issues, but also, bluntly, how much more together we need to do.

    Of course, we are not the first generation to grapple with international migration, the societal, economic security consequences that flow through the centuries.

    Of course, people have travelled across borders to work, to study, join family, to flee war or persecution, to escape poverty, to seek a better life for a different future, to chase new resources, or to forge new nations.

    But in recent years, we have seen new and serious patterns and scales of irregular and illegal migration causing major challenges for border security, for national security, for the rule of law, for countries and the economy across so many of our countries, in source, in transit and in destination, countries alike.

    And 2 facts have accelerated and changed some of the challenges our countries face.

    Firstly, technology. The physical distances between nations and continents may not have changed, but technology has made the world feel a lot smaller.

    Organising journeys can be faster and easier than ever, and the details of a different future is suddenly right there on a smartphone in the palm of your hand.

    And the second factor is the emergence of a vast and ruthless criminal industry that stretches across borders and across continents worth billions of pounds.

    The criminal smuggler and trafficking gangs who profit from undermining our border security, our national security and the rule of law and from putting lives at risk, have grown and stretched across the globe.

    And every country here will have different stories to tell and insights to share, but across all of our countries, we’ve seen that organised immigration crime posing a significant and growing global threat with far reaching consequences for us all – breaking our laws, undermining our security and our cohesion.

    From the source countries where gangs prey on the vulnerable, to transit countries where people and equipment pass through towns and borders unchecked, to destination countries managing the financial, the social and the criminal fallout, no part of the journey is untouched.

    And those gangs profiting from what is a vile trade in human beings are exploiting more people than ever before.

    You have heard from our Prime Minister what that means for us here in the UK, and in just 6 years, we’ve seen a criminal industry organising the small boat crossings take hold along our borders.

    Three hundred people crossed the channel on flimsy, dangerous small boats 6, 7 years ago, but 4 years later, that rose to over 30,000, an increase, a 100 fold increase, powered by smuggler and trafficking gangs.

    The gangs who advertise on social media false promise of illegal jobs, gangs who organise the logistics, the fake papers, the illegal finance networks to take everyone’s money, have thousands of pounds, the supply chains, the flimsy rubber boats, the engines.

    And perhaps for us, one of the most disturbing things of all, for us and for France, for the Calais Group, to see some of the fake life jackets, including fake life jackets for children that would not keep anyone afloat in the cold sea.

    And then the organisation along the beaches of France, the violence, the increasing and outrageous violence, against law enforcement.

    And to give you the example of how they run some of those organisations, we’ve seen the small boats, the flimsy rubber boats, take off as taxi boats and make people wait in the freezing water, in the freezing sea, so they then wait to be picked up, to climb onto the boats and then they overcrowd the boats with women and children put in the centre of the boat, the boat can then fold in. There’s the women and children who get crushed and then if the fuel in flimsy containers then leaks and mixes with salt water that can cause terrible, terrible burns.

    And then we’ve seen children crushed to death, and yet the boat carries on and that shameful, disgraceful crime where people, criminal gangs have profited from those lives being lost.

    And that’s why we cannot let that carry on.

    All of your countries will have the different stories of the way in which the gangs are exploiting people into sexual exploitation, into slave labour, into crime.

    The way in which the gangs are using new technology, not just the phones, the social media to organise, but even the drones to spot where the border patrols are, the operations along the land borders, across continents.  

    But it is governments, not gangs, who should be deciding who enters our country, and those gangs are operating and profiting across borders.

    So we and our law enforcement need to co-operate across borders now to take them down.

    That’s why, as you heard from our Prime Minister, we are strengthening our laws here in the UK, bringing in new counter-terror powers so we can seize phones, investigate preparatory acts, so we can crack down on the illegal working of modern slavery and establishing our new Border Security Command.

    But we know that strengthening our border security means working with all the countries on the other sides of our borders, not just standing on our shoreline, shouting at the sea.

    We know too that no country can do this alone, and that is why the partnerships and everyone gathering here is so important.

    So today we will talk about what to do to tackle this vile trade in human beings.

    How we choke off the supply chains, the false papers, how we go after the money, how we take down the advertising.

    And how we disrupt, how we pursue, how we prosecute, how we pursue this global battle against a trade in people.

    It is our determination to do this together, the alliances that we build across our borders can be stronger than the criminal gangs who seek to undermine us.

    Thank you all for joining with us in this event today, this first summit. We have so much work to do during the course of the day, so many conversations to have, but thank you so much for being part of it, and I look forward to hearing everyone’s views during the conference today.

    Thank you very much.

    Updates to this page

    Published 31 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Feb retail sales down 13%

    Source: Hong Kong Information Services

    The value of total retail sales for February, provisionally estimated at $29.4 billion, decreased 13% compared with the same month a year earlier, the Census & Statistics Department announced today.

    After netting out the effect of price changes over the same period, the provisional estimate represents a 15% year-on-year decrease.

    Of the total retail sales value in February, online sales accounted for 7.8%. Provisionally estimated at $2.3 billion, the value of this segment dropped 7.3% from the same month a year earlier.

    Noting that retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year, the department said consumer spending in the local market normally attains a seasonal high before the festival.

    It added that as the Lunar New Year fell on January 29 this year but on February 10 last year, it is more appropriate to analyse the retail sales figures for January and February taken together in making a year-on-year comparison.

    For the first two months of 2025 taken together, it was provisionally estimated that the value of total retail sales decreased 7.8% year-on-year, while the value of online retail sales dropped 2.4% compared with the same period in 2024.

    The value of sales of other consumer goods not elsewhere classified dropped by 2% in the first two months of 2025 compared with a year earlier.

    This was followed by sales of jewellery, watches and clocks, and valuable gifts (down 15.8%); commodities in supermarkets ( down 4.4%); wearing apparel (down 5.4%); electrical goods and other consumer durable goods not elsewhere classified (down 5.3%); commodities in department stores (down 9.9%); fuels (down 8.5%); motor vehicles and parts (down 49.9%); footwear, allied products and other clothing accessories (down 12.3%); books, newspapers, stationery and gifts (down 10.9%); furniture and fixtures (down 25.6%); Chinese drugs and herbs (down 9.1%); and optical shops (down 7.6%).

    On the other hand, the value of sales of food, alcoholic drinks and tobacco increased by 0.7% in the first two months of 2025 over the same period a year earlier. This was followed by sales of medicines and cosmetics (up 0.6%).

    The Government commented that the year-on-year decline in the value of total retail sales in February widened, partly due to the earlier arrival of Lunar New Year in late January this year as compared to mid-February last year. 

    Taking the first two months of 2025 together to remove this effect, the value of total retail sales saw a narrower decline on a year-on-year basis than December 2024.

    Looking ahead, the Government said the various measures by the central government to boost the Mainland economy and benefit Hong Kong, together with the Special Administrative Region Government’s efforts to promote tourism and mega events and the sustained increases in employment earnings in local labour market, would benefit the retail sector.

    This is despite the continued challenge from the change in consumption patterns of visitors and residents, it added.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Skypace Enhances Speed and Accuracy of Freight Bookings with Descartes Rate Management Solution

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, March 31, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that international freight forwarder Skypace is using the Descartes Global Price Management™ (GPM) solution to populate its self-service quote-to-book platform with accurate shipping rates and provide a digital-first experience for its growing customer base. 

    “As the momentum for digitization accelerates, customer demand for on-demand rating and booking continues to grow,” said Vlad Nikalayeu, Chief Executive Officer at Skypace. “By integrating Descartes GPM into our pricing ecosystem, we’ve cut rate processing times by 85%, with updates completed in under 48 hours. This allows us to deliver quotes with 99% pricing accuracy, ensuring our customers receive the most reliable freight rates. The solution has also helped Skypace achieve a 5% increase in accuracy on surcharges across 16 million rates. All of these benefits contribute to higher levels of customer satisfaction and significant operating efficiencies.”

    The Descartes GPM solution helps freight forwarders streamline rate management, quoting, and surcharge calculations while increasing operational efficiency. By leveraging Descartes’ advanced rate management capabilities, Skypace is optimizing pricing workflows and delivering a seamless quoting experience for shipper customers worldwide. The combined solution enables rapid processing of over 20,000 freight quotes per hour, significantly reducing the time it takes to generate and confirm rates. With a fully digital and automated approach, Skypace provides real-time rate visibility, transforming a process that traditionally took hours or days into a matter of seconds.

    “We’re pleased our solution is helping to drive tangible operational benefits for Skypace and its customers,” said Scott Sangster, General Manager, Logistics Services Providers at Descartes. “Digitization continues to be a fundamental initiative for freight forwarders and our technology helps these organizations simplify the complex process of presenting accurate rates in real-time to more effectively manage the end-to-end transportation of freight.”

    About Skypace

    Skypace is a global freight forwarder and logistics service provider for U.S. shippers and freight forwarders. The company’s goal is to accelerate global trade logistics with an innovative product accessible to the broadest range of industries worldwide. Skypace aims to enhance the behavior of supply chain logistics participants within an adaptive framework, architected by supply chain, transportation, and technology experts. The company features digital platform with a fast operating cycle for ocean freight transportation from door-to-door. The platform enables planning, pricing, freight, and documentation management, and financing services for cargo shippers. From booking to delivery, Skypace ensures a seamless freight forwarding process every step of the way. Learn more at www.skypace.com. 

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack
    Tel: 226-750-8050
    cstrohack@descartes.com

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ broker and forwarder enterprise solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI Russia: With the support of Rosneft, the accreditation center was modernized at the Yugra Medical Academy

    Translartion. Region: Russians Fedetion –

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

    Samotlorneftegaz, one of Rosneft’s largest production assets, provided financial support for the modernization of one of the key divisions of the Khanty-Mansiysk State Medical Academy – the Simulation and Accreditation Center. The project was implemented within the framework of an agreement between Rosneft and the Government of the Khanty-Mansiysk Autonomous Okrug – Yugra.

    The modernization of the Center allowed to increase the number of specialties for training and accreditation from 19 to 24. For conducting an objective clinical examination, the center is equipped with six transforming stations. Every year, up to 500 doctors can undergo accreditation and confirm their qualifications.

    The project included a comprehensive equipping of the Medical Academy with modern training equipment. For example, a simulator with a real-time feedback system allows practicing resuscitation skills.

    The Academy also has a virtual operating unit that is as close to real conditions as possible. In this space, students and residents can practice the sequence of actions during endoscopic surgical interventions and automatically receive an objective assessment of their operational activities.

    Future doctors have access to a modern laparoscopic simulator, which includes 17 training modules and more than 70 practical tasks. The simulator program includes didactic materials with anatomical 3-D models, video recordings of real operations and interactive instructions with the ability to assess the correctness of the manipulations performed.

    The center’s offices are equipped with additional medical equipment, specialized furniture, computers, and an audio and video surveillance system, which allows for effective use in the learning process. More than 400 students and residents are trained annually in the center of the medical academy within the framework of the main educational program.

    Rosneft, following the principles of social responsibility, traditionally pays special attention to the creation of a favorable social environment in the regions of presence. Thanks to the Company’s support, projects to strengthen the material and technical base of healthcare institutions are regularly implemented.

    Reference:

    JSC Samotlorneftegaz is one of the key production enterprises of Rosneft. It conducts production activities in the Khanty-Mansiysk Autonomous Okrug – Yugra. It develops the largest Samotlor field in Russia, discovered in 1965.

    As part of the cooperation between Rosneft and the Government of the Khanty-Mansiysk Autonomous Okrug-Yugra, the company provides support in equipping educational institutions in the region with modern equipment. For example, the Multidisciplinary College of the Yugra State University has equipped educational laboratories for “Assessment of the Chemical and Physical Quality of Oil and Gas” and “Oil and Gas Processing”; the Nizhnevartovsk branch of the Tyumen Industrial University has opened a computer room with an interactive simulator of well development and operation and equipped laboratories for the physical and chemical study of oil and gas, as well as electrical engineering and electronics. A simulation trainer for a primary oil refining unit has also been purchased for the Yugra State University Oil Institute, and a project to introduce a geospatial technology laboratory has been implemented at the Nizhnevartovsk Construction College.

    Department of Information and Advertising of PJSC NK Rosneft March 31, 2025

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

    MIL OSI Russia News –

  • MIL-OSI: Hyperscale Data to Recognize One Time Gain of Approximately $17.5 Million in Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, March 31, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that it expects to recognize a one-time gain of approximately $17.5 million upon deconsolidation of Avalanche International, Inc. (“Avalanche”). The Company notes that while this gain is non-recurring, the impact to the Company’s balance sheet is significant.

    William B. Horne, Chief Executive Officer of Hyperscale Data, commented, “The deconsolidation of Avalanche will result in the elimination of approximately $17.5 million in current liabilities and significantly improves both our working capital and our stockholders’ equity and will help the Company solidify its long-term future as a publicly listed entity on the NYSE American. The Company anticipates updating stockholders on additional structural changes throughout the coming months.”

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

    About Hyperscale Data, Inc.

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

    Hyperscale Data intends to completely divest itself of ACG on or about December 31, 2025, at which time, it would solely be an owner and operator of data centers to support high-performance computing services. Until that happens, the Company provides, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

    Forward-Looking Statements

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

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

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

    The MIL Network –

  • MIL-OSI: FTC Solar Announces Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter revenue of $13.2 million, at the high end of our prior target
    • Entered into 5-gigawatt supply arrangement with Recurrent Energy
    • Awarded 330+ megawatt project in Australia from GPG Naturgy
    • Awarded 280-megawatt project in U.S. from Rosendin
    • Appointed industry veteran Kent James as U.S. Chief Commercial Officer
    • Received additional $3.2 million earn-out on prior investment post quarter end
    • Announced upsizing of promissory note offering for up to additional $10-$15 mil. to close in Q2

    AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) —  FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the fourth quarter that ended December 31, 2024.

    “In addition to reporting favorable quarterly results relative to our targets, I’m pleased to say that we have had a number of recent wins and building momentum,” said Yann Brandt, President and Chief Executive Officer of FTC Solar. “Last quarter I highlighted a new 1-gigawatt supply agreement with Dunlieh Energy, a 500+ megawatt supply agreement with Strata Clean Energy, additional detail on a 1-gigawatt agreement with Sandhills Energy, a $15 million note placement and a $4.7 million cash earn-out on a prior investment. Building on those successes, today we announced several additional wins, including a new 5-gigawatt supply arrangement with Recurrent Energy, a 330+ megawatt project award from GPG Naturgy, a 280-megawatt project award from Rosendin, an additional earn-out payment, and an upsizing to our promissory note offering.

    “During the first six months of my tenure, we have been focused on shoring up our near-term backlog. In aggregate we have added multiples of our current annual revenue run rate to our backlog, signing several gigawatts of agreements with Tier 1 accounts along with other awards, added more than $30 million in additional liquidity to our balance sheet, strengthened our sales team with new hires including Kent James, further strengthened our product offering and capabilities and increased our commercial traction with bids on many gigawatts of future projects.

    “I believe that FTC Solar is in an incredibly fortunate situation in many respects with products that customers love, a business they enjoy working with, a cost structure that will enable strong margin growth and profitability, and a compelling 1P product set that opens up the 85% of the market that wasn’t available to us in the past. We believe our revenue bottomed in Q3, we saw growth in Q4, expect growth in Q1, and have been winning many new awards that we believe will help us ramp our revenue, achieve adjusted EBITDA breakeven, and become a strong and significant competitor in the industry.” 

    Summary Financial Performance: Q4 2024 compared to Q4 2023

        U.S. GAAP     Non-GAAP(c)  
        Three months ended December 31,  
    (in thousands, except per share data)   2024     2023     2024     2023  
    Revenue   $ 13,202     $ 23,201     $ 13,202     $ 23,201  
    Gross margin percentage     (29.1 %)     3.0 %     (25.6 %)     4.8 %
    Total operating expenses   $ 9,591     $ 12,428     $ 7,391     $ 10,848  
    Loss from operations(a)   $ (13,428 )   $ (11,736 )   $ (9,840 )   $ (10,050 )
    Net loss   $ (12,235 )   $ (11,177 )   $ (10,228 )   $ (9,657 )
    Diluted loss per share(b)   $ (0.96 )   $ (0.89 )   $ (0.80 )   $ (0.77 )


    (a)   Adjusted EBITDA for Non-GAAP
    (b)   Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024
    (c)   See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures

    Reflecting net purchase order additions and adjustments since November 12, 2024, the contracted portion of the company’s backlog1 now stands at approximately $502 million. 

    Fourth Quarter Results
    Total fourth-quarter revenue was $13.2 million, within our target range. This revenue level represents an increase of 30.2% compared to the prior quarter and a decrease of 43.1% compared to the year-earlier quarter due to lower product volumes.

    GAAP gross loss was $3.8 million, or 29.1% of revenue, compared to gross loss of $4.3 million, or 42.5% of revenue, in the prior quarter. Non-GAAP gross loss was $3.4 million or 25.6% of revenue. The result for this quarter compares to non-GAAP gross profit of $1.1 million in the prior-year period, with the difference driven primarily by the impact of lower current quarter revenues which were not sufficient to cover certain fixed indirect costs.

    GAAP operating expenses were $9.6 million. On a non-GAAP basis, operating expenses were $7.4 million. This result compares to non-GAAP operating expenses of $10.8 million in the year-ago quarter. 

    GAAP net loss was $12.2 million or $0.96 per diluted share, compared to a loss of $15.4 million or $1.21 per diluted share in the prior quarter (post-split) and a net loss of $11.2 million or $0.89 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $2.4 million net loss from stock-based compensation expense and other non-cash items, was $9.8 million, compared to losses of $12.2 million(2) in the prior quarter and $10.1 million in the year-ago quarter.

    Subsequent Events
    The company announced today a number of agreements, awards or other items which occurred subsequent to the end of the fourth quarter, including: 

    • A 5-gigawatt supply arrangement with Recurrent Energy. Recurrent is one of the world’s largest and most geographically diversified utility-scale solar developers. The projects are expected to be located in the U.S., Europe and Australia and utilize a combination of our 1P and 2P tracker technologies. It’s anticipated that the first project revenue under this arrangement will begin in the second half of 2025.
    • A 333-megawatt project award from GPG, the power generation subsidiary of multinational energy leader Naturgy, which operates in more than 20 countries with 16 million customers. The project, which is located in Australia, will utilize our 1P Pioneer tracker and is expected to begin tracker production in mid-2025.
    • A 280-megawatt project award from Rosendin, a top 5 EPC and the largest employee-owned electrical contractor in the U.S. The project, which is located on the U.S. West Coast, will also utilize our 1P Pioneer solution and is expected to begin tracker production in mid-2025. 
    • A $3.2 million earn-out on the company’s prior investment in Dimension Energy. The payment, which was received in the first quarter of 2025, brings the total escrow release and earn-outs received since 2021 to more than $15 million.
    • And finally, on March 4, 2024, the company entered into a binding term sheet to upsize the previously announced promissory note offering. Under the terms of the upsized agreement the company will issue to the Investor, in a private placement, senior secured promissory notes in an aggregate principal amount of up to an additional $10-$15 million dollars and common stock purchase warrants. The transaction is expected to close during the second quarter. This is in addition to the $15 million received in the fourth quarter of 2024.

    Outlook
    For the first quarter, we expect revenue at the midpoint of our guidance range to be up approximately 44% relative to the fourth quarter.

    (in millions) 4Q’24
    Guidance    		   4Q’24
    Actual    		   1Q’25
    Guidance(3)
    Revenue $10.0 – $14.0   $13.2    $18.0 – $20.0
    Non-GAAP Gross Loss $(4.2) – $(1.5)   $(3.4)   $(4.8) – $(2.3)
    Non-GAAP Gross Margin (42.2%) – (10.7%)   (25.6%)   (26.6%) – (11.7%)
    Non-GAAP operating expenses $8.2 – $9.0   $7.4    $7.7 – $8.4
    Non-GAAP adjusted EBITDA $(13.7) – $(9.9)   $(9.8)   $(13.3) – $(10.0)

    We continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.

    Fourth Quarter 2024 Earnings Conference Call
    FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its fourth quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

    About FTC Solar Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

    Footnotes
    1. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.
    2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on November 12, 2024.
    3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.

    Forward-Looking Statements
    This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    FTC Solar Investor Contact:
    Bill Michalek
    Vice President, Investor Relations
    FTC Solar
    T: (737) 241-8618
    E: IR@FTCSolar.com

     
    FTC Solar, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (unaudited)
     
      Three months ended December 31,     Year ended December 31,  
    (in thousands, except shares and per share data) 2024     2023     2024     2023  
    Revenue:                      
    Product $ 10,428     $ 20,945     $ 37,520     $ 101,872  
    Service   2,774       2,256       9,835       25,130  
    Total revenue   13,202       23,201       47,355       127,002  
    Cost of revenue:                      
    Product   13,553       19,620       48,185       93,314  
    Service   3,486       2,889       11,764       25,381  
    Total cost of revenue   17,039       22,509       59,949       118,695  
    Gross profit (loss)   (3,837 )     692       (12,594 )     8,307  
    Operating expenses                      
    Research and development   1,474       1,450       5,915       7,166  
    Selling and marketing   2,051       4,924       8,881       14,811  
    General and administrative   6,066       6,054       25,440       37,107  
    Total operating expenses   9,591       12,428       40,236       59,084  
    Loss from operations   (13,428 )     (11,736 )     (52,830 )     (50,777 )
    Interest expense, net   (208 )     (59 )     (319 )     (253 )
    Gain from disposal of investment in unconsolidated subsidiary   4,722       421       8,807       1,319  
    Gain on sale of Atlas   906       —       906       —  
    Loss from change in fair value of warrant liability   (4,322 )     —       (4,322 )     —  
    Other income (expense), net   346       8       468       (257 )
    Loss from unconsolidated subsidiary   (319 )     (324 )     (1,086 )     (660 )
    Loss before income taxes   (12,303 )     (11,690 )     (48,376 )     (50,628 )
    (Provision for) benefit from income taxes   68       513       (230 )     338  
    Net loss   (12,235 )     (11,177 )     (48,606 )     (50,290 )
    Other comprehensive income (loss):                      
    Foreign currency translation adjustments   (311 )     219       (249 )     (232 )
    Comprehensive loss $ (12,546 )   $ (10,958 )   $ (48,855 )   $ (50,522 )
    Net loss per share:                      
    Basic and diluted (*) $ (0.96 )   $ (0.89 )   $ (3.83 )   $ (4.35 )
    Weighted-average common shares outstanding:                      
    Basic and diluted (*)   12,787,050       12,510,743       12,675,923       11,554,615  

    ___________

    (*) Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
    FTC Solar, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited)
     
    (in thousands, except shares and per share data)   December 31, 2024     December 31, 2023  
    ASSETS            
    Current assets            
    Cash and cash equivalents   $ 11,247     $ 25,235  
    Accounts receivable, net of allowance for credit losses of $1,717 and $8,557 at December 31, 2024 and December 31, 2023, respectively     39,709       65,279  
    Inventories     10,144       3,905  
    Prepaid and other current assets     15,028       14,089  
    Total current assets     76,128       108,508  
    Operating lease right-of-use assets     1,149       1,819  
    Property and equipment, net     2,217       1,823  
    Intangible assets, net     —       542  
    Goodwill     7,139       7,353  
    Equity method investment     954       240  
    Other assets     2,341       2,785  
    Total assets   $ 89,928     $ 123,070  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities            
    Accounts payable   $ 12,995     $ 7,979  
    Accrued expenses     20,134       34,848  
    Income taxes payable     325       88  
    Deferred revenue     5,306       3,612  
    Other current liabilities     10,313       8,138  
    Total current liabilities     49,073       54,665  
    Long-term debt     9,466       —  
    Operating lease liability, net of current portion     411       1,124  
    Warrant liability     9,520       —  
    Other non-current liabilities     2,422       4,810  
    Total liabilities     70,892       60,599  
    Commitments and contingencies            
    Stockholders’ equity            
    Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2024 and December 31, 2023     —       —  
    Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 12,853,823 and 12,544,533 shares issued and outstanding as of December 31, 2024 and December 31, 2023(*)     1       1  
    Treasury stock, at cost; 1,076,257 shares as of December 31, 2024 and December 31, 2023     —       —  
    Additional paid-in capital(*)     367,318       361,898  
    Accumulated other comprehensive loss     (542 )     (293 )
    Accumulated deficit     (347,741 )     (299,135 )
    Total stockholders’ equity     19,036       62,471  
    Total liabilities and stockholders’ equity   $ 89,928     $ 123,070  

    ___________

    (*) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
    FTC Solar, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited)
     
        Year ended December 31,  
    (in thousands)   2024     2023  
    Cash flows from operating activities            
    Net loss   $ (48,606 )   $ (50,290 )
    Adjustments to reconcile net loss to cash used in operating activities:            
    Stock-based compensation     5,412       8,295  
    Depreciation and amortization     1,671       1,375  
    Loss from change in fair value of warrant liability     4,322       —  
    Gain from sale of property and equipment     —       (2 )
    Amortization of debt discount and issue costs     296       709  
    Paid-in-kind non-cash interest     146       —  
    Provision for obsolete and slow-moving inventory     177       706  
    Loss from unconsolidated subsidiary     1,086       660  
    Gain from disposal of investment in unconsolidated subsidiary     (8,807 )     (1,319 )
    Gain on sale of Atlas     (906 )     —  
    Warranties issued and remediation added     7,204       4,310  
    Warranty recoverable from manufacturer     558       90  
    Credit loss provisions     2,072       7,373  
    Deferred income taxes     83       138  
    Lease expense and other     1,123       996  
    Impact on cash from changes in operating assets and liabilities:            
    Accounts receivable     23,498       (23,600 )
    Inventories     (6,416 )     10,338  
    Prepaid and other current assets     (934 )     (3,681 )
    Other assets     (376 )     383  
    Accounts payable     4,963       (7,960 )
    Accruals and other current liabilities     (19,292 )     10,582  
    Deferred revenue     1,754       (7,704 )
    Other non-current liabilities     (2,696 )     (3,083 )
    Lease payments and other, net     (1,031 )     (972 )
    Net cash used in operations     (34,699 )     (52,656 )
    Cash flows from investing activities:            
    Purchases of property and equipment     (1,645 )     (816 )
    Proceeds from sale of Atlas software platform     900       —  
    Equity method investment in Alpha Steel     (1,800 )     (900 )
    Proceeds from disposal of investment in unconsolidated subsidiary     8,807       1,319  
    Net cash provided by (used in) investing activities     6,262       (397 )
    Cash flows from financing activities:            
    Proceeds from borrowings     14,550       —  
    Sale of common stock     —       34,007  
    Stock offering costs paid     —       (283 )
    Financing costs paid     (60 )     —  
    Proceeds from stock option exercises     8       226  
    Net cash provided by financing activities     14,498       33,950  
    Effect of exchange rate changes on cash and cash equivalents     (49 )     (47 )
    Decrease in cash and cash equivalents     (13,988 )     (19,150 )
    Cash and cash equivalents at beginning of period     25,235       44,385  
    Cash and cash equivalents at end of period   $ 11,247     $ 25,235  


    Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

    We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer (“CEO”) transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

    The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,     Year ended December 31,  
    (in thousands, except percentages) 2024     2023     2024     2023  
    U.S. GAAP revenue $ 13,202     $ 23,201     $ 47,355     $ 127,002  
    U.S. GAAP gross profit (loss) $ (3,837 )   $ 692     $ (12,594 )   $ 8,307  
    Depreciation expense   182       139       716       478  
    Stock-based compensation   203       283       902       1,596  
    Severance costs   70       —       70       252  
    Non-GAAP gross profit (loss) $ (3,382 )   $ 1,114     $ (10,906 )   $ 10,633  
    Non-GAAP gross margin percentage   (25.6 %)     4.8 %     (23.0 %)     8.4 %

    The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,     Year ended December 31,  
    (in thousands) 2024     2023     2024     2023  
    U.S. GAAP operating expenses $ 9,591     $ 12,428     $ 40,236     $ 59,084  
    Depreciation expense   (126 )     (99 )     (420 )     (355 )
    Amortization expense   (134 )     (133 )     (535 )     (542 )
    Stock-based compensation   (966 )     1,032       (4,510 )     (6,699 )
    CEO transition   (194 )     —       (1,423 )     —  
    Non-routine legal fees   —       (33 )     (66 )     (214 )
    Reverse stock split   (212 )     —       (212 )     —  
    Severance costs   (568 )     (2,347 )     (568 )     (4,170 )
    Other (costs) credits   —       —       —       (3,241 )
    Non-GAAP operating expenses $ 7,391     $ 10,848     $ 32,502     $ 43,863  

    The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and twelve months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,     Year ended December 31,  
    (in thousands) 2024     2023     2024     2023  
    U.S. GAAP loss from operations $ (13,428 )   $ (11,736 )   $ (52,830 )   $ (50,777 )
    Depreciation expense   308       238       1,136       833  
    Amortization expense   134       133       535       542  
    Stock-based compensation   1,169       (749 )     5,412       8,295  
    CEO transition   194       —       1,423       —  
    Non-routine legal fees   —       33       66       214  
    Reverse stock split   212       —       212       —  
    Severance costs   638       2,347       638       4,422  
    Other costs   —       —       —       3,241  
    Other income (expense), net   346       8       468       (257 )
    Gain on sale of Atlas   906       —       906       —  
    Loss from unconsolidated subsidiary   (319 )     (324 )     (1,086 )     (660 )
    Adjusted EBITDA $ (9,840 )   $ (10,050 )   $ (43,120 )   $ (34,147 )

    The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,  
      2024     2023  
    (in thousands, except shares and per share data) Adjusted EBITDA     Adjusted Net Loss     Adjusted EBITDA     Adjusted Net Loss  
    Net loss per U.S. GAAP $ (12,235 )   $ (12,235 )   $ (11,177 )   $ (11,177 )
    Reconciling items –                      
    Provision for (benefit from) income taxes   (68 )     —       (513 )     —  
    Interest (income) expense, net   208       —       59       —  
    Amortization of debt discount and issue costs in interest expense   —       60       —       177  
    Depreciation expense   308       —       238       —  
    Amortization of intangibles   134       134       133       133  
    Stock-based compensation   1,169       1,169       (749 )     (749 )
    Gain from disposal of investment in unconsolidated subsidiary(a)   (4,722 )     (4,722 )     (421 )     (421 )
    Loss from change in fair value of warrant liability(b)   4,322       4,322       —       —  
    CEO transition(c)   194       194       —       —  
    Non-routine legal fees(d)   —       —       33       33  
    Reverse stock split(e)   212       212       —       —  
    Severance costs(f)   638       638       2,347       2,347  
    Adjusted Non-GAAP amounts $ (9,840 )   $ (10,228 )   $ (10,050 )   $ (9,657 )
                           
    Adjusted Non-GAAP net loss per share (Adjusted EPS):                      
    Basic and diluted(g) N/A     $ (0.80 )   N/A     $ (0.77 )
                           
    Weighted-average common shares outstanding:                      
    Basic and diluted(g) N/A       12,787,050     N/A       12,510,743  
    (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
    (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
    (c) In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
    (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
    (e) We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations.
    (f) Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained.
    (g) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

    The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the twelve months ended December 31, 2024 and 2023, respectively:

      Year ended December 31,  
      2024     2023  
    (in thousands, except shares and per share data) Adjusted EBITDA     Adjusted Net Loss     Adjusted EBITDA     Adjusted Net Loss  
    Net loss per U.S. GAAP $ (48,606 )   $ (48,606 )   $ (50,290 )   $ (50,290 )
    Reconciling items –                      
    Provision for (benefit from) income taxes   230       —       (338 )     —  
    Interest expense, net   319       —       253       —  
    Amortization of debt discount and issue costs in interest expense   —       296       —       709  
    Depreciation expense   1,136       —       833       —  
    Amortization of intangibles   535       535       542       542  
    Stock-based compensation   5,412       5,412       8,295       8,295  
    Gain from disposal of investment in unconsolidated subsidiary(a)   (8,807 )     (8,807 )     (1,319 )     (1,319 )
    Loss from change in fair value of warrant liability(b)   4,322       4,322       —       —  
    CEO transition(c)   1,423       1,423       —       —  
    Non-routine legal fees(d)   66       66       214       214  
    Reverse stock split(e)   212       212       —       —  
    Severance costs(f)   638       638       4,422       4,422  
    Other costs(g)   —       —       3,241       3,241  
    Adjusted Non-GAAP amounts $ (43,120 )   $ (44,509 )   $ (34,147 )   $ (34,186 )
                           
    Adjusted Non-GAAP net loss per share (Adjusted EPS):                      
    Basic and diluted(h) N/A     $ (3.51 )   N/A     $ (2.96 )
                           
    Weighted-average common shares outstanding:                      
    Basic and diluted(h) N/A       12,675,923     N/A       11,554,615  
    (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
    (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
    (c) We incurred one-time incremental recruitment fees in connection with hiring a new CEO in August 2024. In addition, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
    (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
    (e) We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations.
    (f) Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained.
    (g) Other costs in 2023 included the write-off of remaining prepaid costs resulting from termination of our consulting agreement with a related party.
    (h) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

    The MIL Network –

  • MIL-OSI: TransUnion Announces Earnings Release Date for First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 31, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) will publish its financial results for the first quarter ended March 31, 2025, in a press release to be issued at approximately 6:00 a.m. Central Time (CT) on Thursday, April 24, 2025. The company will hold a conference call on the same day at 8:30 a.m. (CT) to discuss its financial results. The press release and a live webcast of the earnings conference call will be available on the TransUnion Investor Relations website at http://www.transunion.com/tru.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business

    The MIL Network –

  • MIL-OSI: Subsea7 awarded contract offshore Norway

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 31 March 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Equinor as technical service provider (TSP) for the Northern Lights Phase 2 project, offshore Norway.

    Subsea7’s scope includes engineering, procurement, construction and installation of a five kilometre CO2 pipeline, as well as installation of integrated satellite structures, umbilicals, tie-in and pre-commissioning activities.

    Project management and engineering will commence immediately at Subsea7’s office in Stavanger, Norway. Fabrication of the pipeline will take place at Subsea7’s spoolbase at Vigra, Norway and offshore operations will be executed in 2026 and 2027.

    Erik Femsteinevik, Vice President for Subsea7 Norway said: “We are excited to continue our collaboration with Equinor TSP and the Northern Lights’ owners Equinor, Shell and TotalEnergies on phase 2 of this ambitious and pioneering project. We look forward to working together to increase the development’s carbon storage capacity to a minimum of five million tonnes per year, and to support the continued development of a new value chain for Norway and Europe.”

    Northern Lights phase 2 is enabled by a grant from the Connecting Europe Facility for Energy (CEF Energy) funding scheme. 

    1. Subsea7 defines a sizeable contract as being between $50 million and $150 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Jan Roger Moksnes
    Communications Manager
    Tel +47 41515777
    janroger.moksnes@subsea7.com
    www.subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 31 March 2025 at 12:15 CET.

    Attachment

    The MIL Network –

  • MIL-OSI Africa: African Rare Earth Projects Advance Amid Rising Global Demand

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, March 31, 2025/APO Group/ —

    The global demand for rare earth elements (apo-opa.co/3FI1pbZ) is projected to increase four-fold by 2030, driven by the energy transition and increasing investments in industrialization. African nations rich in rare earth minerals are accelerating exploration and production efforts to capitalize on this growth. With up to eight rare earth projects set for commissioning across the continent by 2029 – boosting Africa’s share of the global supply chain to 10% – the upcoming African Mining Week will spotlight opportunities across the rare earth value chain.

    Africa’s rare earth sector remains largely untapped, thereby attracting the interest of global project developers eager to unlock its full potential. South African asset manager Novare, for example, signed a R1.8 billion agreement (apo-opa.co/3E9EG8f) in February 2025 with American firm ReElement Technologies to develop a rare earth refining and battery manufacturing facility. ReElement will contribute its refining technology while Novare will provide funding for the value addition initiative, with construction expected to begin in the second half of 2025.

    In Namibia, the Japan Organization for Metals and Energy Security and Namibia Critical Metals (apo-opa.co/427nfNI) completed a production pilot for the Lofdal Project, one of only two xenotime-type heavy rare earth deposits currently under development worldwide. Meanwhile, in Angola, Pensana (apo-opa.co/43A3nW0) secured an $80 million loan from Absa Bank Limited in January 2025 to expedite the rollout of the Longonjo Project, which is expected to supply 5% of the world’s magnet metal rare earths demand – essential for the development of wind turbines and electric vehicles.

    Major investors are also making bold moves in Africa’s rare earth sector. Billionaires Jeff Bezos and Bill Gates (apo-opa.co/3FJsOdC) have injected $537 million into exploration and mine development through mining startup KoBold Metals, further accelerating Africa’s rare earth ambitions. The funding will be directed toward rare earth mining ventures. Additionally, recognizing the strategic value of rare earths, multinational financial institution the African Development Bank proposed the development of the African Units of Account (AUA) (apo-opa.co/3FOTDxe) – a new currency backed by Africa’s critical mineral reserves, including rare earth elements. The initiative would help stabilize regional currency markets and attract more international investment in green energy projects, amidst the growing demand of critical minerals globally and Africa’s vast reserves.

    The year 2025 continues to mark significant milestones in the growth of Africa’s rare earth sector, with the advancement of key projects (apo-opa.co/43uodGd) such as Phalaborwa and Steenkampskraal (South Africa), Makuutu (Angola), Ngualla (Tanzania) and Songwe (Malawi). Amid these developments, African Mining Week serves as a strategic platform for African regulators, industry stakeholders and global investors to engage in deal signings and forge partnerships, further solidifying Africa’s role in the global rare earth supply chain.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: New government fund to go after people smuggling gang bosses

    Source: United Kingdom – Executive Government & Departments

    News story

    New government fund to go after people smuggling gang bosses

    Nearly £1 million in government funding will support Iraq in its fight to take down the kingpins of organised immigration crime.

    Photo: Getty Images

    The evil linchpins at the top of people smuggling gangs who consider themselves untouchable will be hunted down and brought to justice thanks to nearly £1 million in government funding to support Iraq to combat organised immigration crime.

    The Home Secretary’s groundbreaking partnership with Iraq is making significant headway to tackle organised immigration crime and fortify border security in the Kurdistan Region of Iraq (KRI). New funding, specialist technology and bolder investigation processes have been pursued since the landmark agreement was signed just 4 months ago. 

    The nearly £1 million in new government funding will support the passing of new anti-smuggling legislation in the KRI, which is a critical milestone in the region’s ability to prosecute organised crime groups involved in people smuggling. It will also be used to provide targeted training, specialist technological support, and community engagement to address key security challenges in the region.  

    Successful implementation of the new law will also bolster wider National Crime Agency (NCA) operations, supporting them to disrupt high-profile criminal networks operating in the region. The NCA already has more than 70 investigations into top tier immigration crime networks, including those from or within the KRI. 

    Earlier this year, the NCA worked with KRI law enforcement partners on a joint operation for the first time ever, which resulted in the arrest of 3 high profile members of a people smuggling network impacting the UK.

    The UK-Iraq partnership has also led to a major crackdown on the use of fraudulent documents by people smuggling gangs to move migrants through the Iraqi border. Over 100 Iraqi border and airline officials are being trained to detect false papers, and the UK has distributed specialist forgery detection devices across forensic labs in Erbil, Sulaymaniyah and Dohuk. 

    The UK is a world leader in false document detection and has shared expertise, specialist equipment and intelligence with the KRG to help them take down a key route used by people smugglers, who are risking the lives of those they transport and compromising border security.

    Joint action between the Home Office, NCA and international partners is also targeting the abhorrent business model of these criminal networks, including their use of social media platforms, financial flows, and maritime equipment such as boats and engines. This multi-faceted approach is having a significant impact, with over 8,000 social media accounts taken down in 2024, and more than 600 boats and engines seized by European partners working with the NCA, before they could be used in life-threatening crossings. 

    The news comes ahead of the Home Secretary and the Prime Minister hosting the first Organised Immigration Crime Summit on 31 March and 1 April, where the Government of Iraq and the Kurdistan Regional Government will co-chair a collaborative session tightening supply chain controls. 

    Iraq is a key partner in tackling organised crime groups, to ensure the prosperity and security of UK and Iraqi citizens, delivering on the government’s Plan for Change. 

    The Home Office remains committed to supporting the Government of Iraq and the KRG in tackling the root causes of organised crime, strengthening the rule of law, and safeguarding vulnerable individuals from the dangers posed by criminal networks.

    Minister for Security, Dan Jarvis, said: 

    The ‘Mr Bigs’ of people-smuggling gangs are cowards who hide in other countries and use their stooges to do their dirty work, while they count the grubby blood money they receive. They do not care about the people they are endangering who are being recklessly crammed into increasingly crowded, flimsy boats.

    We are using every power in our disposal to hunt them down, bring them to justice and dismantle their evil people smuggling networks. The UK’s partnership with Iraq is a cornerstone in this fight, with both of our countries making significant progress in just a matter of months. Criminal ‘lords’ in Iraq who had previously thought themselves untouchable are now being sent a clear message that their abhorrent business model will fail.

    Updates to this page

    Published 31 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: 16/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 16 / 2025
    Schindellegi, Switzerland – 31 March 2025

    Trifork Group: Weekly report on share buyback

    On 28 Februay 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million).

    Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital.

    Under the program, the following transactions have been made:

    Date    Number of shares       Average purchase price (DKK)       Transaction value (DKK)
    Total beginning 29,388 84.04 2,469,874
    24 March 2025 1,900 93.98 178,562
    25 March 2025 1,900 92.99 176,681
    26 March 2025 2,000 92.20 184,400
    27 March 2025 2,200 90.24 198,528
    28 March 2025 2,480 88.11 218,513
    Accumulated 39,868 85.95 3,426,558

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 39,868 at a total amount of DKK 3,426,558. As of 25 March 2025, 1,352 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025).

    With the transactions stated above, Trifork holds a total of 294,845 treasury shares, corresponding to 1.5%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,450,054.


    Investor and media contact
    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: LPL Financial to Acquire Commonwealth Financial Network

    Source: GlobeNewswire (MIL-OSI)

    • Commonwealth supports ~2,900 independent advisors managing ~$285 billion in assets
    • Commonwealth ranked #1 in Independent Advisor Satisfaction 11 times in a row by J.D. Power
    • Founder of Commonwealth to assume advisory role to LPL Board of Directors
    • Commonwealth CEO to join LPL Management Committee, partnering to launch Office of Advisor Advocacy

    SAN DIEGO and WALTHAM, Mass., March 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) today announced that it has entered into a definitive purchase agreement to acquire Commonwealth Financial Network (“Commonwealth”), the largest independently owned wealth management firm in the country.

    Headquartered in Waltham, Mass., Commonwealth provides integrated business solutions and services for approximately 2,900 financial advisors, managing approximately $285 billion of brokerage and advisory assets. Since its founding in 1979, Commonwealth has built a culture that prioritizes exemplary client service, which has resulted in Commonwealth ranking #1 in Independent Advisor Satisfaction among financial investment firms 11 times in a row by J.D. Power.

    “Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their Advisors is embedded in all aspects of their business,” said Rich Steinmeier, LPL Financial chief executive officer. “A complement to LPL’s client-centric culture, Commonwealth’s service philosophy enhances the value we’ll collectively bring to all Advisors across the LPL network. In addition, LPL’s advanced technology, intuitive business solutions and breadth of wealth management offerings unlock boundless potential for Commonwealth Advisors and the clients they serve.”

    “As we’ve grown our business over the past 46 years, Commonwealth has placed a premium on delivering the industry’s highest standards of service. We’ve been diligent in finding a partner that shares our mission of prioritizing Advisor needs above all else. LPL became the logical choice for our next chapter,” said Joseph Deitch, Commonwealth founder, who will assume an advisory role to LPL’s Board of Directors through the conversion. “We are incredibly proud of the culture we’ve nurtured that leverages all opportunities for our Advisors to thrive. To continue supporting this mission, we are confident that LPL’s shared commitment to Advisor centricity, advocacy for Advisor independence, highly experienced team and value-added offerings will serve our Advisors extraordinarily well for the long-term.”

    Commonwealth Chief Executive Officer Wayne Bloom will join LPL’s Management Committee and report to Mr. Steinmeier, and will continue to lead the Commonwealth community and their advisor experience. He will also partner with the LPL leadership team to launch LPL’s Office of Advisor Advocacy, charged with further elevating the service experience for LPL’s growing network of advisors. “This impressive partnership accelerates our joint competitive advantage, bringing unparalleled value to our Advisors and our employees,” said Bloom. “Commonwealth will retain its brand as part of LPL, and Commonwealth Advisors will continue to benefit from their relationships with our team members, all while taking full advantage of LPL’s scale and platform that fuels its industry-leading offerings.”

    The transaction is expected to close in the second half of 2025, and the conversion to the LPL platform is expected to be completed in mid-2026, subject to the receipt of regulatory approvals and other conditions. Following the closing, LPL will evaluate opportunities to bring the Commonwealth advisor experience into the broader LPL ecosystem, including the review of key capabilities at Commonwealth that have been developed in partnership with Advisor360°.

    Under the transaction structure, LPL will acquire 100 percent of the equity of the holding company of Commonwealth for a purchase price of approximately $2.7 billion in cash. LPL anticipates financing this transaction through a combination of corporate cash, debt and equity, resulting in credit agreement leverage of roughly 2.25x following the close of the transaction, with a near-term path to reduce leverage to the midpoint of its stated range of 1.5-2.5x.

    Investor Presentation

    LPL Financial posted an investor presentation with an overview of the transaction on its Investor Relations page at investor.lpl.com.

    Conference Call and Additional Information

    The Company will hold a conference call to discuss the transaction at 8 a.m. ET on Monday, March 31, 2025. The conference call will be accessible and available for replay at investor.lpl.com/events.

    Financial and Legal Advisors to the Transaction

    Morgan Stanley & Co. LLC is acting as exclusive financial advisor to LPL, with Allen Overy Shearman Sterling LLP serving as LPL’s legal counsel. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Commonwealth, with Ropes & Gray LLP serving as Commonwealth’s legal counsel.

    About Commonwealth Financial Network®

    Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 11 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California, and an operations hub in Blue Ash, Ohio.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 Financial Advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that Advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC, a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “financial Advisors” and “Advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC and Commonwealth. Unless otherwise indicated, data in this communication is as of December 31, 2024.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Forward-Looking Statements

    Certain of the statements included in this release, such as those regarding LPL Financial and its potential growth, business strategy and plans, including the expected benefits of LPL Financial’s acquisition of Commonwealth, the timing of the closing and the conversion of such transaction, and LPL Financial’s plans to replicate the Commonwealth Advisor service experience within its ecosystem, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon LPL, Commonwealth or both. In particular, LPL Financial can provide no assurance that the assets reported as serviced by Commonwealth financial Advisors will translate into assets serviced at LPL Financial, that Commonwealth financial Advisors will join LPL Financial or that the benefits that are expected to accrue to LPL Financial, Commonwealth and their respective advisors and stockholders as a result of the transaction described herein will materialize. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include: the failure of the parties to satisfy the closing conditions applicable to the acquisition in a timely manner or at all, including obtaining the required regulatory approvals; disruptions to the parties’ businesses as a result of the announcement and pendency of the transaction; difficulties or delays of LPL Financial in onboarding Commonwealth financial Advisors, staff or clients, which could negatively affect LPL Financial’s ability to realize revenue or expense synergies or other expected benefits of the transaction; the inability of LPL Financial to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL Financial’s success in onboarding assets currently served by Commonwealth’s Advisors; disruptions to Commonwealth’s or LPL Financial’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with their financial Advisors and their clients, employees, other business partners or governmental entities; the choice by clients of Commonwealth’s Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from Commonwealth to LPL Financial; challenges replicating the Commonwealth Advisor service experience at LPL Financial; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and Commonwealth’s Advisors. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” section included in LPL Financial’s most recent Annual Report on Form 10-K. Except as required by law, LPL Financial does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

    Contacts

    LPL Media Relations
    media.relations@lplfinancial.com

    LPL Investor Relations
    investor.relations@lplfinancial.com

    The MIL Network –

  • MIL-OSI: Westport Announces Agreement to Divest the Light-Duty Segment for $73.1 Million

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX:WPRT / Nasdaq:WPRT), has entered into a binding agreement (the “Agreement”) to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the “Transaction”). The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.

    Moving forward, Westport intends to concentrate fully on providing affordable solutions for hard-to-decarbonize mobility and industrial applications, centered around the unique opportunities created by the HPDI technology and our Cespira joint venture. The Transaction also strengthens Westport’s balance sheet and enables Westport to consider strategic acquisition opportunities consistent with the above strategic focus and extend its runway to fund near-term growth.

    “This Transaction marks a significant milestone in our evolution as an alternative fuel systems enterprise. By returning to our roots and focusing on our core strengths, providing solutions in hard-to-decarbonize mobility and industrial applications, we are positioning Westport for sustainable growth and enhanced operational efficiency. The Light-Duty segment has been an important part of our history, and we are confident that Heliaca Investments is the right partner to continue its development. This Transaction allows us to streamline our operations, sharpen our focus on innovation, and create long-term value for our stakeholders. We are excited about the opportunities ahead and look forward to building on our momentum,” said Dan Sceli, Chief Executive Officer of Westport Fuel Systems.

    Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport’s Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.

    The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.

    Strategic Transformation

    The proposed divestiture is a pivotal step in refocusing Westport on its competitive strengths. Westport remains committed to providing affordable, alternative fuel solutions for the heavy-duty truck, off-road, and industrial markets. Westport believes that hydrogen will play a role in decarbonizing mobility applications long-term. However, Westport’s products are timeline-agnostic, allowing the Company to leverage its High-Pressure Controls and Systems segment and its stake in Cespira, which both have solutions available now, to address decarbonization with net zero and low carbon fuels while also providing affordable solutions utilizing zero carbon hydrogen in the future. Westport’s remaining assets, when combined, create the potential for fuel agnostic high-pressure storage solutions, complementing HPDI and Cespira’s growth aspirations.

    As the hydrogen ecosystem evolves, Westport views the natural gas market, including LNG, CNG and RNG as our foundation, with strong economics in many geographies and diverse growth opportunities. The Company’s GFI products are already industry leading on a global scale and backed by intellectual property rights that are expected to strengthen our already significant competitive advantage in high-pressure fuel solutions.

    Moreover, the Company will consider strategic merger and acquisition opportunities that align with the reimagined strategic focus.

    Creating Focus

    The resurgence of natural gas and renewable natural gas globally provides a market opportunity for Westport. In particular, while HPDI technology is well positioned and established in Europe, the North American market presents many growth opportunities. North America is again embracing natural gas and renewable natural gas as an important part of the solution to reduce the cost and the carbon footprint of heavy-duty long-haul trucking. Natural gas infrastructure is abundant and RNG production is growing.

    As we wait for hydrogen adoption, both Cespira and our High-Pressure Controls & Systems segment have products and technologies enabling the use of lower-carbon fuels today. These same products are equally viable in the future as hydrogen adoption ramps up. In the near-term, our High-Pressure Controls and Systems business has expertise in high-pressure components, providing the capability to rapidly develop CNG high pressure solutions for heavy-duty, off-road and industrial applications, providing effective solutions for decarbonization by utilizing alternative fuels today while advancing zero-emissions hydrogen solutions for the future. Additionally, the Company holds extensive intellectual property assets related to high-pressure fuels for HPDI engines. These initiatives are being designed to strengthen Westport’s competitive position and reinforce its role in advancing low-carbon fuel solutions for hard-to-decarbonize mobility applications.

    Advisors

    J.P. Morgan is acting as financial advisor to Westport and is providing a fairness opinion to the board of directors in connection with the Transaction. Bennett Jones LLP and Delfino Willkie are acting as legal advisors to Westport, and E&Y is acting as tax advisor to the Company.

    Gianni & Origoni, NautaDutilh, Wardyński & Partners and PwC are advising Heliaca Investments in connection with the Transaction.

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the Transaction alleviating liquidity concerns, the ability to strengthen our balance sheet and align our cost structure, the ability to capitalize on growth initiatives, including fund strategic acquisitions, the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business, the adoption of hydrogen and the future growth and development of HPDI. Other forward-looking statements included in the release include those relating to Westport’s future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand for high-pressure storage solutions and other products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein.

    Investor Inquiries:

    Investor Relations
    T: +1 604-718-2046
    E: invest@wfsinc.com

    The MIL Network –

  • MIL-OSI: MEXC Unveils MNT Promotion Offering Up to $1 Million in Rewards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles , March 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has announced a groundbreaking partnership with Mantle (MNT) to launch an exclusive month-long trading campaign with a prize pool of up to $1,000,000, offering users an opportunity to earn substantial rewards.

    The event presents a range of valuable opportunities for users:

    • Zero trading fees on MNT Spot and Futures markets, helping users reduce costs and optimize returns.
    • Up to 500% APR through MNT staking, offering one of the most competitive yields currently available.
    • Token rewards via Launchpool, where users can stake USDT, MX, or MNT to earn additional MNT tokens and exclusive benefits.

    Additionally, users can join the Deposit & Trade campaign, designed with a low entry threshold—ideal for newcomers looking to explore the ecosystem. For seasoned traders, the Futures Trading Competition provides a platform to demonstrate their trading expertise, climb the leaderboard based on trading volume, and compete for a share of the $300,000 prize pool.

    Event Overview

    Period: March 31, 2025, 10:00 – April 30, 2025, 10:00 (UTC)
    During the event period, users can participate in the following MNT-related activities on the platform by clicking on the links below.
    Event 1: MNT trading (Spot and Futures) is available with zero trading fees.
    Event 2: Users who deposit and trade MNT on the Spot market may qualify to share a pool of 113,340 MNT.
    Event 3: MNT staking offers returns of up to 500% APR, subject to platform terms.
    Event 4: A Futures Trading event allows participants to compete for a share of 300,000 USDT in bonus rewards.
    Event 5: The MNT Launchpool enables users to stake selected tokens in exchange for a portion of 240,000 MNT in rewards.

    As a pioneering Layer-2 scaling solution for Ethereum, Mantle uses Optimistic Rollup technology to lower transaction costs and improve network performance. This collaboration highlights MEXC’s leadership in backing innovative blockchain projects and its unwavering commitment to offering users diverse, cutting-edge trading opportunities, lowering costs and helping them maximize their potential returns.

    Looking ahead, MEXC is committed to continuously enhancing the trading experience by introducing innovative features, expanding user opportunities, and launching new initiatives aligned with the dynamic nature of the cryptocurrency market.

    For further details on the event, please see the official announcement.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/75a055b0-3b18-4f14-b6f9-f7a099054d63

    The MIL Network –

  • MIL-OSI: Enlight Announces the Financial Close for Project Country Acres

    Source: GlobeNewswire (MIL-OSI)

    The debt financing package includes $773 million of construction loans

    Country Acres consists of 403 MW of solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026

    TEL AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading global renewable energy platform, announced today that the Company has received debt financing (the “Debt Financing”) for project Country Acres (“Country Acres” or “the Project”), located near Sacramento, California, USA.

    As part of the Debt Financing, Enlight, through its subsidiary Clenera Holdings LLC, has secured construction financing commitments with a consortium of four leading global banks including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB), totaling $773 million.Upon the Project’s COD, the construction loan is expected to convert into a $376 million term loan.

    The Project has a 30-year solar generation busbar PPAand 20-year energy storage busbar purchase agreement with the Sacramento Municipal Utility District (“SMUD”).The Company expects to conclude a tax equity transaction during the construction period, noting that the Project has met the terms required to achieve safe harbor status for beginning of construction.

    Country Acres consists of 403 MW solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026. Construction at the 966-acre site has already begun, and all procurement contracts have been signed. The Project is expected to provide clean electricity equivalent to the average annual consumption of approximately 80,000 California households.

    “We are grateful to once again be partnering with leading banks on one of our largest projects,” said Adam Pishl, President and CEO of Clenera. “The American-generated, reliable energy produced at Country Acres will fueling the homes and businesses in central California for decades to come.”

    After the completion of Apex in Montana and Atrisco in New Mexico, Country Acres is one of several major solar and energy storage projects that Enlight and Clenera are now constructing in the U.S. These include Quail Ranch (128 MW and 400 MWh) and Roadrunner (290 MW and 940 MWh). Along with additional projects planned to be built in the years to come, these projects are driving Enlight’s massive expansion into the U.S. renewable energy market. This is best illustrated by the growing run rate of Enlight’s U.S. revenue base, which is expected to reach $195-207 million annually after the completion of the projects now under construction.

    The Company’s next projects in the western Unites States are Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh). The two mega projects have almost completed their development phase, and are scheduled to begin construction in the coming months. Each of the two projects employs a grid connection of 1.0 GW, one of the largest in the US. These grid connections generate potential additional development opportunities in the future through the Company’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity.

    “Country Acres is the second financial closing that we have accomplished with the same group of lenders in the past three months, illustrating the extent of our partnership and cooperation,” said Ilan Goren, GM of Enlight USA. “We look forward to further deepening this relationship as Enlight and Clenera continue the build out of our large US project portfolio.”

    “After the successful closing of Roadrunner, BNP Paribas is proud to once again support Clenera and Enlight as Coordinating Lead Arranger on their new landmark project financing of Country Acres,” said Aashish Mohan, Co-Head of Energy, Resources & Infrastructure Americas, at BNP Paribas. “Supporting premier platforms like Clenera squarely fits our energy infrastructure ambitions, and we look forward to growing our partnership with Clenera as they continue to execute on their high-quality U.S. renewables pipeline.”

    Nasir Khan, Managing Director & Head of Real Assets and Global Trade Americas at Natixis Corporate & Investment Bankng said, “Natixis is thrilled to close our second transaction with Clenera on another robust renewable energy project financing, which aligns perfectly with our commitment to the energy transition. As Clenera continues to expand its pipeline of large-scale energy projects, we look forward to further strengthening our partnership and providing innovative capital solutions to meet its long-term financial needs.”

    “CACIB is proud to partner with Clenera and Enlight once again on a landmark project which will deliver reliable, clean power to SMUD, underscoring our collective objective to provide long term sustainable and affordable power,” said Julien Tizorin – Head of Power and New Energy at CACIB

    Sondra Martinez, Managing Director and Head of Originations Nord/LB’s said “Nord/LB is extremely excited to support Clenera and Enlight on the Country Acres financing. This deal demonstrates our commitment to supporting recurring clients as they advance the energy transition and provide affordable power to local communities.” 

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, win energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

    Investor Contact

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il 

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il 

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Maris-Tech Announces Full Year 2024 Financial Results and Reports Record 51% Revenue Growth for 2024 with Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    Revenues Increased by 51%, Gross Profit Increased by 82% and Net Loss Reduced by 54% for the Year Ended December 31, 2024

    Rehovot, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced its financial results for the full year ended December 31, 2024. The Company reported record revenues of approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023. Gross profit for the year ended December 31, 2024, grew by 82%, reaching approximately $3.5 million compared to approximately $1.9 million for the year ended December 31, 2023.

    Mr. Israel Bar, Chief Executive Officer of Maris-Tech, said, “In 2024, we focused on new developments, strategic partnerships and expanding our presence in key markets. We strengthened our position in the defense sector, particularly in the miniature drone and unmanned aerial vehicles industry, and in armored vehicles and tanks. Among our key achievements, we launched the Uranus Drones – a miniature codec tailored for the drone industry – and introduced the Diamond System, which is already deployed in the battlefield, providing comprehensive protection for thousands of vehicles. We also increased our investment in marketing and business development in the United States, which has contributed to our accelerated growth.”

    Financial Highlights

    ●    Revenues: Revenues for the year ended December 31, 2024, were approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023.

    ●    Gross Profit: Gross profit for the year ended December 31, 2024, was approximately $3.5 million, an increase of 82% compared to approximately $1.9 million for the year ended December 31, 2023.

    ●    Net Loss: Net loss for the year ended December 31, 2024, was approximately $1.2 million, a decrease of 54% compared to approximately $2.7 million for the year ended December 31, 2023.

    ●    Net Loss per Ordinary Share: Net loss per ordinary share for the year ended December 31, 2024, was approximately $0.16, a decrease of 53% compared to approximately $0.34 for the year ended December 31, 2023.

    ●    Cash, Cash Equivalents and Short-Term Bank Deposits: Cash and cash equivalents and short-term bank deposits as of December 31, 2024, were approximately $2.3 million, compared to approximately $5.2 million as of December 31, 2023.

    ●    Trade Receivables Balance: Increased to approximately $3.5 million as of December 31, 2024, compared to approximately $3.0 million as of December 31, 2023.

    We expect that our existing cash and cash equivalents as of December 31, 2024, along with anticipated revenue from existing customers pursuant to existing orders and the availability of a $4 million line of credit, will be sufficient to fund our operations and meet our obligations for the next twelve months.

    Year Ended 2024 Highlights

    We strengthened our position in the defense and homeland security (“HLS”) markets, and accelerated revenue growth:

    ●    In January 2024, we secured a new purchase order for approximately $590,000 for an AI-based HLS and Defense Surveillance Application based on the Jupiter AI platform;

    ●    In February 2024, we received a purchase order for approximately $190,000 for a miniature low-power solution to enhance gun sight capabilities in tactical applications;

    ●    In February 2024, we received a repeat purchase order for approximately $600,000 with an option to increase the purchase order to approximately $730,000 to provide armored and autonomous vehicles with enhanced situational awareness;

    ●    In April 2024, we secured a new purchase order for $415,800 for a defense solution based on our Jupiter Nano platform;

    ●    In April 2024, we received a new purchase order for approximately $110,000 for a novel miniature intelligence-gathering product based on the Maris platform technology;

    ●    In June 2024, we received a new purchase order for $225,000 from Aero Sol military drone manufacturer for our Uranus-Drones solution;

    ●    In June 2024, we secured a repeat purchase order for approximately $957,000 for our situational awareness solution for Armored Vehicles;

    ●    In August 2024, we secured a $700,000 purchase order for innovative AI-Based Video Distribution Solution; and

    ●    In December 2024, we secured a $1 million purchase order from a U.S. repeat customer in the HLS industry for our advanced Jupiter-based video solution.

    Strategic Partnerships

    ●    In March 2024, we entered into a collaboration agreement with Renesas Electronics Corporation, one of the world’s largest semiconductor manufacturers, and we were accepted into the Renesas’ Preferred Partner Program; and

    ●    In June 2024, we entered into a collaboration agreement with LightPath Technologies, Inc. (Nasdaq: LPTH) (“LightPath”) for AI-Ready Infrared Cameras, providing AI accelerated hardware, software and algorithms for LightPath’s infrared cameras.

    New Products & Developments

    ●    In February 2024, we launched Emerald, a Jupiter-based multiple-channel high-definition and standard-definition raw video recording platform especially designed for defense armored vehicles;

    ●    In July 2024, we unveiled Diamond – a revolutionary defense 360° 3D Situational Awareness Solution for armored fighting vehicles;

    ●    In September 2024, we announced that our Amethyst Edge Computing video solution now supports 5G, enabling ultra-speed and high data transfer;

    ●    In September 2024, we enhanced our Diamond platform ability to combat airborne threats with Diamond Ultra; and

    ●    In December 2024, we completed the development of Uranus-Drones technology, which is now available for large-scale delivery.

    Expanded Global Awareness

    Maris-Tech strengthened our presence in the U.S. with the engagement of new sales representatives and increased participation in international defense and technology exhibitions, showcasing the Company’s cutting-edge solutions to a global audience.

    Backlog and Outlook

    Our backlog as of January 1, 2025, was approximately $9.8 million, which represents an increase from our backlog as of January 1, 2024, of approximately $9.76 million. Our backlog, as of March 28, 2025, was approximately $9.9 million.

    We define backlog as the accumulation of all pending orders with a later fulfillment date for which revenue has not been recognized, and we consider valid. The backlog consists of executed purchase orders from new customers and existing customers with which we have had long standing relationships and from governmental agencies.

    Mr. Bar concluded, “We remain committed to driving long-term growth by focusing on strategic innovation, expanding our market presence, and strengthening our relationships with global defense and homeland security customers. We believe that our pipeline of opportunities and strong order backlog position us well for continued growth in 2025 and beyond.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing: its growth in 2025 and beyond; expanding its market presence; strengthening its relationships with global defense and homeland security customers; future pipeline and opportunities; its backlog and the anticipated fulfillment of that backlog; the demand for its defense and AI-powered solutions; expanding its  presence in key markets; and its position in the defense sector, particularly in the miniature drone and unmanned aerial vehicles industry, and in armored vehicles and tanks. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the Company’s ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: Westport Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport”) (TSX: WPRT / Nasdaq: WPRT) today reported financial results for the fourth quarter and year ended December 31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “The past year has been transformative for Westport as we sharpened our strategic focus, advanced our clean transportation technologies, and enhanced operational efficiencies. We have made significant strides in aligning our operations with our competitive strengths, improving margins, and reinforcing our commitment to delivering cost-effective solutions that drive decarbonization in the transportation sector. We have also transformed our culture to be one built on discipline and excellence, driving a high-performance mindset in everything we do.

    The launch of Cespira, our joint venture with Volvo Group, was a key milestone for us in 2024. Cespira is committed to accelerating the commercialization of HPDI™ technology with carbon-neutral fuels like hydrogen and renewable natural gas. This partnership underscores the industry’s recognition of HPDI as a leading solution to enable affordable, sustainable heavy transport.

    Additionally, we are taking bold steps to streamline our operations and strengthen our financial footing, allowing us to focus on areas with the highest growth potential. A prime example of this strategic realignment is our recently announced proposed divestiture of the Light-Duty business. This decision is expected to enable us to concentrate fully on providing affordable solutions for hard to decarbonize mobility applications like long haul and heavy-duty trucking that can take advantage of the unique, practical and affordable HPDI technology and our world class high-pressure components and systems technologies and scalable alternative fuel solutions, ensuring that we remain at the forefront of emissions-reducing innovations that are cost effective.

    Looking ahead, we are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape. Hydrogen remains a critical component of the future but, in the meantime, we are delivering practical, commercially viable low-carbon solutions today such as natural gas and renewable natural gas solutions which, in some cases, can represent a lower total cost of ownership than incumbent technologies. Driven by these environmental and economic considerations we are seeing a global resurgence of interest in the heavy-duty transport sector towards utilizing natural gas as an alternative to diesel. While we will continue to invest in technology, we are positioned to take advantage of markets that are embracing products enabled by our years of investment in innovation as the world pivots to more practical and cost-effective solutions to decarbonize.  

    We are committed to providing sustainable, high-performance solutions that help our customers achieve their commercial and environmental goals, now and for years to come.”

    Dan Sceli, Chief Executive Officer

    2024 Highlights

    • Revenue was $302.3 million for 2024 and $75.1 million for the fourth quarter. Full year results were primarily driven by the transition of the Heavy-Duty OEM business into Cespira, partially offset by an increase in revenue in our Light-Duty segment. Cespira earned $22.8 million for the three months ended December 31, 2024 and $43.1 million for the period from June 3, 2024 through to December 31, 2024.
    • Net loss for the year ended December 31, 2024 was $21.8 million, or $1.27 loss per share, compared to net loss of $49.7 million for the prior year. Net loss for the fourth quarter in 2024 was $10.1 million, or $0.59 loss per share, compared to net loss of $13.9 million, or $0.81 loss per share, for the same period in 2023. For the year, the net positive change was primarily a result of improvements in gross margin, a $15.2 million gain on deconsolidation of the HPDI business in the formation of the joint venture with Volvo Group on June 3, 2024, reductions in operating expenditures and depreciation and amortization expense due to continuation of the HPDI business in Cespira, partially offset by higher income tax expense and foreign exchange losses in the year.
    • Adjusted EBITDA1 loss of $11.2 million, compared to a loss of $21.5 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of $1.8 million.
    • Cash and cash equivalents were $37.6 million for the year ended December 31, 2024. Cash provided by operating activities during the year was $7.2 million.
    • Announced the closing the HPDI joint venture, Cespira, with Volvo Group, working together to accelerate the commercialization and global adoption of the HPDI™ fuel system technology for long-haul and off-road applications.

    1 Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results            
    ($ in millions, except per share amounts)     Over / (Under)
    %    		     Over / (Under)
    %
      4Q24 4Q23 FY24 FY23
    Revenue $75.1 $87.2 (14)% $302.3 $331.8   (9)%  
    Gross Profit(2) 14.3 8.0 79% 57.6 48.9   18%  
    Gross Margin(2) 19% 9% — 19% 15%   —  
    Income (loss) from Investments Accounted for by the Equity Method(1) (2.0) 0.1 (2,100)% (5.4) 0.8   (775)%  
    Net Loss (10.1) (13.9) 27% (21.8) (49.7)   56%  
    Net Loss per Share – Basic (0.59) (0.81) 27% (1.27) (2.90)   56%  
    Net Loss per Share – Diluted (0.59) (0.81) 27% (1.27) (2.90)   56%  
    EBITDA (2) (6.1) (10.9) 44% (6.6) (35.9)   82%  
    Adjusted EBITDA (2) (1.8) (10.0) 82% (11.2) (21.5)   48%  

    (1)This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2)Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty Segment

    Revenue for the three months and year ended December 31, 2024 was $68.0 million and $262.2 million, respectively, compared with $63.4 million and $263.6 million for the three months and year ended December 31, 2023.

    Light-Duty revenue increased by $4.6 million for the three months ended December 31, 2024 as compared to the prior year. This was primarily driven by a significant increase in sales of LPG fuel system solutions to a global Original Equipment Manufacturer (“OEM”) for their Euro 6 vehicle applications in our light-duty OEM business and an increase in delayed OEM business, partially offset by lower revenues in other business lines.

    Light-Duty revenue decreased by $1.4 million for the year ended December 31, 2024 compared to the prior year. This was primarily driven by a decrease in sales in our delayed OEM business in the first half of 2024, decrease in sales to customers in developing markets, and our fuel storage business. This was partially offset by the aforementioned increase in sales of LPG fuel system solutions in our light-duty OEM business.

    Gross profit increased by $2.0 million to $14.0 million, or 21% of revenue for the three months ended December 31, 2024, as compared to $12.0 million, or 19% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions along with an increase in sales volumes.

    Gross profit for the year ended December 31, 2024 increased by $6.3 million to $55.4 million, or 21% of revenue, compared to $49.1 million, or 19% of revenue, for the prior year. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions. The segment’s manufacturing operations continues to implement operational improvement initiatives lowering its manufacturing overhead costs in the year. For the year ended December 31, 2024, Light-Duty recorded inventory write-downs of $2.1 million related to our restructuring activities in India for $0.9 million and $0.5 million related to components for markets that we have exited, and the remainder due to our periodic analysis of excess and obsolete inventory.

    Westport began supplying its Euro 6 LPG fuel system to its global OEM customer in early 2024. This production supply agreement has been instrumental in improving revenue and delivering higher margins, which more than offset the decline in revenue as a result of a key delayed OEM customer continuing to work through their inventory. Production for the Euro 7 LPG fuel system for the same global OEM customer is anticipated to begin mid-to-late 2025.

    High-Pressure Controls & Systems Segment

    Revenue for the three months and year ended December 31, 2024 was $1.4 million and $8.8 million, respectively, compared with $2.5 million and $12.0 million for the three months and year ended December 31, 2023. Revenue for the three months ended December 31, 2024 decreased by $1.1 million compared to the prior year period. Revenue for the year ended December 31, 2024 decreased $3.2 million compared to the prior year.

    The decrease in revenue for the three months and year ended December 31, 2024 compared to the prior year periods continues to be primarily driven by the general slowdown in hydrogen infrastructure development, leading to a slower adoption of automotive and industrial applications powered by hydrogen.

    Gross profit for the three months ended December 31, 2024 decreased by $0.4 million to nominal, or 0% of revenue, compared to $0.4 million, or 16% of revenue, for the same prior year period. This was primarily driven by lower sales volumes, increasing the per unit manufacturing costs in the quarter.

    Gross profit for the year ended December 31, 2024 decreased by $1.3 million to $1.5 million, or 17% of revenue, compared to $2.8 million, or 23% of revenue, for the prior year. This was primarily driven by decrease in sales volume for the year. The segment recorded $0.8 million in inventory write-downs in the year due to slow-moving inventory.

    Heavy-Duty OEM Segment

    Revenue for the three months and year ended December 31, 2024 includes revenue until the closing of the transaction to form Cespira, which occurred on June 3, 2024. Revenue for the three months and year ended December 31, 2024 was $5.7 million and $31.3 million, respectively, compared with $21.3 million and $56.2 million for the three months and year ended December 31, 2023.

    The decrease in revenue for the three months and year ended December 31, 2024 is a result of the continuation of the business in Cespira. Refer to the “Selected Cespira Financial Information” for more information on the performance of the business. Revenue earned in the three months ended December 31, 2024 reflects revenue earned from a transitional services agreement in place with Cespira that we expect to expire by the end of Q2 2026.

    Gross profit for the three months ended December 31, 2024 increased by $4.7 million to $0.3 million, or 5% of revenue, compared to negative $4.4 million or negative 21% of revenue, for the three months ended December 31, 2023. The Heavy-Duty OEM segment was impacted by a $4.5 million inventory write-down in the prior year period.

    Gross profit increased by $3.7 million to $0.7 million, or 2% of revenue, for the year ended December 31, 2024 compared to negative $3.0 million, or negative 5% of revenue, for the prior year. Heavy-Duty OEM recorded $0.4 million in inventory write-downs in the year. The segment was impacted by the aforementioned inventory write-down of $4.5 million in the prior year.

    Selected Cespira Financial Information

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain financial information from Cespira in notes 8 and 22 in our consolidated financial statements for the year ended December 31, 2024 and the period from June 3, 2024 to December 31, 2024.

    The following table sets forth a summary of the financial results of Cespira for the three months ended December 31, 2024 and the period between June 3, 2024 to December 31, 2024:

      (in millions of U.S. dollars)   Three months ended December 31,   Change   Year ended December 31,   Change
        2024   2023   $   %   2024   2023   $   %
    Revenue   $ 22.8     $ —     $ 22.8     — %   $ 43.1     $ —     $ 43.1     — %
    Gross profit     1.4       —       1.4     — %     0.5       —       0.5     — %
    Gross margin1     6 %     — %             1 %     — %        
    Operating loss     (4.8 )     —       (4.8 )   — %     (12.1 )     —       (12.1 )   — %
    Net loss attributable to the Company     (2.6 )     —       (2.6 )   — %     (6.7 )     —       (6.7 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Cespira revenue was $22.8 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment, which included our HPDI business, earned $21.3 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Cespira gross profit was $1.4 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment had negative $4.4 million in gross profit primarily driven by the aforementioned $4.5 million inventory write-down in the prior year period.

    Cespira incurred operating losses of $4.8 million for the three months ended December 31, 2024. For the prior year quarter, the Heavy-Duty OEM had operating losses of $9.3 million. Aside from the aforementioned inventory write-down in the prior year period, the Heavy-Duty OEM had comparable operating losses compared to Cespira.

    As previously announced, Westport and Weichai are parties to a technology development and supply agreement which contains an obligation for Weichai to order, and Westport to supply, certain volumes of HPDI fuel system components prior to December 31, 2024. Significant orders for HPDI fuel system components against this agreement were not received prior to year-end. Westport and Cespira continue to collaborate with Weichai Power Co. Ltd (“Weichai Power”) on an HPDI fuel system equipped version of the Weichai Power engine platforms. The parties are currently discussing the next stages of this work and the obligations of each party going forward.

    Liquidity and Going Concern

    In addition, as disclosed in Westport Management Discussion & Analysis, for the year ended December 31, 2024, we continue to sustain operating losses and use cash to support our business activities. Cash provided by operating activities was $7.2 million for the year ended December 31, 2024 was primarily driven by reductions in working capital.

    As at December 31, 2024, we had cash and cash equivalents of $37.6 million and long-term debt of $33.7 million, of which $14.7 million was current. Based on our projected capital expenditures, debt servicing obligations and operating requirements under our current business plan, we are projecting that our cash and cash equivalents will not be sufficient to fund our operations through the next twelve months from the date of the issuance of this MD&A. These conditions raise substantial doubt about Westport’s ability continue as a going concern within one year after the date our December 31, 2024 Consolidated Financial Statements are issued.

    We plan to improve our liquidity position by selling certain subsidiaries in Europe and Argentina which comprise substantially all the assets and liabilities reported within the Light-Duty segment and continue our cost reduction initiatives. On March 30, 2025, we entered into a share purchase agreement (“SPA”) with a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm, to sell all of the issued and outstanding shares of Westport Fuel Systems Italia S.r.l for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. If we are successful in closing the sale, we will receive sufficient cash to fund our operations for the next twelve months and alleviate the risk of substantial doubt identified. As of the date of issuance of our December 31, 2024 financial statements, we are seeking shareholder approval of the plan to complete the sale of these businesses to the buyer. As such, there can be no assurances that Westport will be successful in obtaining sufficient funding. Accordingly, we concluded under the accounting standards that these plans do not alleviate the substantial doubt about Westport’s ability to continue as a going concern.

    Divestment of the Light-Duty Business and 2025 Outlook

    Westport recently announced the proposed divestment of its Light-Duty business, which includes the light-duty OEM, delayed OEM, and independent aftermarket businesses (the “Transaction”). The Transaction is designed to focus the Company’s strategy and streamline its operations allowing Westport to direct its energy on solution to address hard to decarbonize sectors like long-haul, heavy-duty trucking and off-road applications that can take advantage of Cespira and our High-Pressure Controls & Systems technology – where Westport sees the largest opportunities to grow and where the Company has a unique and differentiated offering generating interest with customers as the world transitions to a more practical and easier to adopt approach to decarbonization.

    Highlights of the Transaction include:

    • Provides immediate up front proceeds to alleviate liquidity concerns, strengthening the balance sheet and funds near-term growth in Cespira and the High-Pressure Controls & Systems business;
    • Brings forward more cash today than the Light-Duty business was projected to earn over 5-years on an undiscounted cash basis; and
    • Enables management to focus exclusively on the higher growth HPDI and high-pressure segments.

    In light of the evolving market and regulatory environment, over the long term, the Light-Duty business’ ability to grow LPG / CNG sales in developed markets is expected to continue facing increased competition from pure electrification or petrol – electrification hybrids.

    The base purchase price of the Transaction is $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an additional $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. The purchaser is a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm.

    Net proceeds from the transaction are to be used to bolster the balance sheet, fund organic growth opportunities through Cespira and High-Pressure Controls & Systems over the near term as well as opportunistic bolt on acquisitions. The Transaction ultimately eliminates future restructuring costs required by the Italian operations in the light-duty business.

    Westport is shifting to a smaller, more focused organization, that is positioned to provide solutions to decarbonize challenging segments of the mobility and industrial markets.​ Westport has 30 years of experience delivering component solutions and developing HPDI fuel technology​. We are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape.

    The Company anticipates that the closing of the transaction will occur late in Q2 2025, subject to receiving shareholder approval.

    Conference call

    Westport has scheduled a conference call for Monday, March 31, 2025, at 10:30 am Pacific Time (1:30 pm Eastern Time) to discuss these results. To access the conference call please register at https://register.vevent.com/register/BI1ba7402b85a5491292e48354a2e80b90. 

    The live webcast of the conference call can be accessed through the Westport website at https://investors.wfsinc.com/. 

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com. 

    Financial Statements and Management’s Discussion and Analysis

    To view Westport full financials for the fourth quarter and year ended December 31, 2024, please visit https://investors.wfsinc.com/financials/. 

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen) including testing to the HPDI fuel system, scaling our alternative fuel-based solutions, our expectations for 2025 and beyond, including the demand for our products, the future success of our business and technology strategies, shareholder approval of the Transaction, our ability to successfully close the Transaction and realize the benefits therefrom, including, potential earn-out payments, the Transaction alleviating liquidity concerns, our focus on providing affordable solutions to decarbonize long haul and heavy-duty trucking, our ability to bolster our balance sheet, fund organic growth as well as opportunistic bolt on acquisitions, a shift to operating as a smaller, more efficient organization. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, changes in business strategy, shifts in market demand, the general economy including impacts due to inflation, the effects of competition and pricing pressures, conditions of and access to the capital and debt markets, solvency, governmental policies, trade restrictions or other changes to international trade agreements, sanctions and regulation including the imposition of tariffs, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

    Inquiries:
    Investor Relations
    T: +1 604-718-2046
    invest@wfsinc.com

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP“). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Year ended December 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 262.2   $ 8.8     $ 31.3     $ 43.1     $ 345.4  
    Cost of revenue   206.8     7.3       30.6       42.6       287.3  
    Gross profit   55.4     1.5       0.7       0.5       58.1  
    Operating expenses:
    Research & development   13.0     4.4       4.2       4.7       26.3  
    General & administrative   19.2     1.0       3.1       5.6       28.9  
    Sales & marketing   9.9     0.7       0.9       1.0       12.5  
    Depreciation & amortization   2.6     0.3       0.1       1.7       4.7  
    Equity income   1.3     —       —       —       1.3  
    Add back: Depreciation & amortization1   6.4     0.5       1.4       3.8       12.1  
    Segment EBITDA $ 18.4   $ (4.4 )   $ (6.2 )   $ (8.7 )   $ (0.9 )
      Year ended December 31, 2023
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 263.6   $ 12.0     $ 56.2     $ 331.8  
    Cost of revenue   214.5     9.2       59.2       282.9  
    Gross profit   49.1     2.8       (3.0 )     48.9  
    Operating expenses:
    Research & development   13.1     3.6       9.3       26.0  
    General & administrative   21.6     1.3       6.4       29.4  
    Sales & marketing   10.6     0.7       2.9       14.1  
    Depreciation & amortization   3.2     0.2       0.4       3.8  
    Equity income   0.8     —       —       0.8  
    Add back: Depreciation & amortization1   6.7     0.4       4.9       11.9  
    Segment EBITDA $ 8.1   $ (2.6 )   $ (17.1 )   $ (11.6 )


    NON-GAAP FINANCIAL MEASURES RECONCILIATION

    Gross Profit   Years ended December 31,
    (expressed in millions of U.S. dollars)   2024   2023
    Revenue   $ 302.3   $ 331.8
    Less: Cost of revenue   $ 244.7   $ 282.9
    Gross Profit   $ 57.6   $ 48.9
    Gross Margin as a percentage of Revenue   Years ended December 31,
    (expressed in millions of U.S. dollars)     2024       2023  
    Revenue   $ 302.3     $ 331.8  
    Gross Margin   $ 57.6     $ 48.9  
    Gross Margin as a percentage of Revenue     19 %     15 %
      Year ended December 31, 2024
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 345.4   $ 43.1   $ —     $ 302.3  
    Cost of revenue   287.3     42.6     —       244.7  
    Gross profit   58.1     0.5     —       57.6  
    Operating expenses:
    Research & development   26.3     4.7     —       21.6  
    General & administrative   28.9     5.6     14.4       37.7  
    Sales & marketing   12.5     1.0     1.2       12.7  
    Depreciation & amortization   4.7     1.7     0.4       3.4  
    Equity income (loss)   1.3     —     (6.7 )     (5.4 )
      Year ended December 31, 2023
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 331.8   $ —   $ 331.8
    Cost of revenue   282.9     —     282.9
    Gross profit   48.9     —     48.9
    Operating expenses:
    Research & development   26.0     —     26.0
    General & administrative   29.4     14.8     44.2
    Sales & marketing   14.1     2.2     16.3
    Depreciation & amortization   3.8     0.5     4.3
    Equity income   0.8     —     0.8
    Reconciliation of Segment EBITDA to Loss before income taxes   Years ended December 31,
        2024       2023  
    Total Segment EBITDA   $ (0.9 )   $ (11.6 )
    Adjustments:
    Depreciation and amortization     8.7       12.5  
    Cespira’s Segment EBITDA     (8.7 )     —  
    Cespira’s equity loss     6.7       —  
    Corporate and unallocated operating expenses     15.6       17.0  
    Foreign exchange loss     6.2       4.0  
    Loss on sale of assets     0.7       —  
    Gain on deconsolidation     (15.2 )     —  
    Loss on sale of investment     0.4       —  
    Impairment of long-term investment     —       0.4  
    Loss on extinguishment of royalty payable     —       2.9  
    Interest on long-term debt and accretion of royalty payable     2.8       3.0  
    Interest and other income, net of bank charges     (1.2 )     (2.7 )
    Loss before income taxes   $ (16.9 )   $ (48.7 )
    EBITDA and Adjusted EBITDA                
    Three months ended   31-Mar-23   30-Jun-23   30-Sep-23   31-Dec-23   31-Mar-24   30-Jun-24   30-Sep-24   31-Dec-24
    Income (loss) before income taxes   $         (9.7 )   $         (13.0 )   $         (12.0 )   $         (14.0 )   $         (12.9 )   $         6.8             $         (2.5 )   $         (8.3 )
    Interest expense, net             0.4                       (0.1 )             0.2                       (0.2 )             0.5                       0.5                       0.4                       0.2          
    Depreciation and amortization             3.0                       3.0                       3.2                       3.3                       3.2                       1.7                       1.8                       2.0          
    EBITDA   $         (6.3 )   $         (10.1 )   $         (8.6 )   $         (10.9 )   $         (9.2 )   $         9.0             $         (0.3 )   $         (6.1 )
    Stock based compensation (recovery)   $         0.7             $         0.8             $         (0.3 )   $         1.4             $         0.3             $         1.2             $         (0.1 )   $         —          
    Unrealized foreign exchange (gain) loss   $         1.1             $         2.4             $         1.4             $         (0.9 )   $         1.8             $         0.1             $         (1.1 )   $         5.4          
    Loss on extinguishment of royalty payable   $         —             $         2.9             $         —             $         —             $         —             $         —             $         —             $         —          
    Severance costs   $         —             $         —             $         4.5             $         —             $         0.5             $         0.2             $         0.1             $         0.1          
    Gain on deconsolidation   $         —             $         —             $         —             $         —             $         —             $         (13.3 )   $         —             $         (1.9 )
    Loss on sale of investment   $         —             $         —             $         —             $         —             $         —             $         —             $         0.4             $         —          
    Restructuring costs   $         —             $         —             $         —             $         —             $         —             $         0.8             $         0.2             $         —          
    Loss on sale of assets   $         —             $         —             $         —             $         —             $         —             $         —             $         —             $         0.7          
    Impairment of long-term investment   $         —             $         —             $         —             $         0.4             $         —             $         —             $         —             $         —          
    Adjusted EBITDA   $         (4.5 )   $         (4.0 )   $         (3.0 )   $         (10.0 )   $         (6.6 )   $         (2.0 )   $         (0.8 )   $         (1.8 )
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Balance Sheets
    (Expressed in thousands of United States dollars, except share amounts)
    December 31, 2024 and 2023
        December 31,
          2024       2023  
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 37,646     $ 54,853  
    Accounts receivable     73,054       88,077  
    Inventories     53,526       67,530  
    Prepaid expenses     5,660       6,323  
    Total current assets     169,886       216,783  
    Long-term investments     39,732       4,792  
    Property, plant and equipment     41,956       69,489  
    Operating lease right-of-use assets     19,019       22,877  
    Intangible assets     5,277       6,822  
    Deferred income tax assets     9,695       11,554  
    Goodwill     2,876       3,066  
    Other long-term assets     3,180       20,365  
    Total assets   $ 291,621     $ 355,748  
    Liabilities and Shareholders’ Equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 88,123     $ 95,374  
    Current portion of operating lease liabilities     2,624       3,307  
    Short-term debt     —       15,156  
    Current portion of long-term debt     14,660       14,108  
    Current portion of warranty liability     3,861       6,892  
    Total current liabilities     109,268       134,837  
    Long-term operating lease liabilities     16,433       19,300  
    Long-term debt     19,067       30,957  
    Warranty liability     1,456       1,614  
    Deferred income tax liabilities     4,029       3,477  
    Other long-term liabilities     4,343       5,115  
    Total liabilities     154,596       195,300  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,282,934 (2023 – 17,174,502) common shares issued and outstanding     1,245,805       1,244,539  
    Other equity instruments     9,472       9,672  
    Additional paid-in-capital     11,516       11,516  
    Accumulated deficit     (1,096,275 )     (1,074,434 )
    Accumulated other comprehensive loss     (33,493 )     (30,845 )
    Total shareholders’ equity     137,025       160,448  
    Total liabilities and shareholders’ equity   $ 291,621     $ 355,748  
    WESTPORT FUEL SYSTEMS INC.  
    Consolidated Statements of Operations and Comprehensive Income (Loss)  
    (Expressed in thousands of United States dollars, except share and per share amounts)  
    Years ended December 31, 2024 and 2023  
        Years ended December 31,
          2024       2023  
    Revenue   $ 302,299     $ 331,799  
    Cost of revenue     244,708       282,862  
    Gross profit     57,591       48,937  
    Operating expenses:        
    Research and development     21,587       26,003  
    General and administrative     37,679       44,234  
    Sales and marketing     12,676       16,278  
    Foreign exchange loss     6,248       3,974  
    Depreciation and amortization     3,367       4,299  
    Loss on sale of assets     703       32  
          82,260       94,820  
    Loss from operations     (24,669 )     (45,883 )
             
    Income from investments accounted for by the equity method     (5,402 )     780  
    Gain on deconsolidation     15,198       —  
    Loss on sale of investment     (352 )     —  
    Loss on extinguishment of royalty payable     —       (2,909 )
    Interest on long-term debt and accretion of royalty payable     (2,797 )     (2,981 )
    Impairment of long-term investment     —       (413 )
    Interest and other income, net of bank charges     1,161       2,690  
    Loss before income taxes     (16,861 )     (48,716 )
    Income tax expense (recovery):        
    Current     3,183       1,786  
    Deferred     1,797       (784 )
          4,980       1,002  
    Net loss for the year     (21,841 )     (49,718 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     (2,535 )     4,473  
    Ownership share of equity method investments’ other comprehensive loss   $ (113 )   $ —  
        $ (2,648 )   $ 4,473  
    Comprehensive loss   $ (24,489 )   $ (45,245 )
    Loss per share:        
    Net loss per share – basic and diluted   $ (1.27 )   $ (2.90 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,248,090       17,173,016  
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Statements of Cash Flows
    (Expressed in thousands of United States dollars)
    Years ended December 31, 2024 and 2023
        Years ended December 31,
          2024       2023  
             
    Operating activities:        
    Net loss for the year   $ (21,841 )   $ (49,718 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     8,661       12,490  
    Stock-based compensation expense     1,066       1,727  
    Unrealized foreign exchange loss     6,248       3,974  
    Deferred income tax expense (recovery)     1,797       (784 )
    Loss (income) from investments accounted for by the equity method     5,402       (780 )
    Interest on long-term debt and accretion of royalty payable     74       9  
    Impairment of long-term investment     —       413  
    Change in inventory write-downs to net realizable value     3,283       7,066  
    Gain on deconsolidation     (15,198 )     —  
    Loss on sale of investment     352       —  
    Net loss on sale of assets     627       32  
    Loss on extinguishment of royalty payable     —       2,909  
    Change in bad debt expense     282       56  
    Changes in operating assets and liabilities:        
    Accounts receivable     25,567       5,340  
    Inventories     (6,836 )     9,481  
    Prepaid expenses     (153 )     2,869  
    Accounts payable and accrued liabilities     2,233       (2,448 )
    Warranty liability     (4,380 )     (5,829 )
    Net cash provided by (used in) operating activities     7,184       (13,193 )
    Investing activities:        
    Purchase of property, plant and equipment     (16,923 )     (15,574 )
    Proceeds on sale of investments     29,994       —  
    Proceeds on sale of assets     998       161  
    Dividends received from investments accounted for by the equity method     297       —  
    Capital contributions to investments accounted for by the equity method     (9,900 )     —  
    Net cash provided by (used in) investing activities     4,466       (15,413 )
    Financing activities:        
    Drawings on operating lines of credit and long-term facilities     19,336       46,367  
    Repayment of operating lines of credit and long-term facilities     (44,546 )     (39,904 )
    Payment of royalty payable     —       (8,687 )
    Net cash used in financing activities     (25,210 )     (2,224 )
    Effect of foreign exchange on cash and cash equivalents     (3,647 )     (501 )
    Net decrease in cash and cash equivalents     (17,207 )     (31,331 )
    Cash and cash equivalents, beginning of year (including restricted cash)     54,853       86,184  
    Cash and cash equivalents, end of year (including restricted cash)     37,646       54,853  

    The MIL Network –

  • MIL-OSI Banking: Digitalization for Improving Elder Care

    Source: Asia Development Bank

    The authors explore both the opportunities and challenges of the digital transformation for elder care. Through case studies from diverse contexts, the book highlights the importance of involving older people as active participants in the digital economy. It sets out practical considerations for policymakers and practitioners to help advance efficient, dignified, and high-quality elder care in the digital age.

    MIL OSI Global Banks –

  • MIL-OSI Global: Ghana’s e-levy: 3 lessons from the abolished mobile money tax

    Source: The Conversation – Africa – By Max Gallien, Research Fellow, Institute of Development Studies

    The first budget speech of Ghana’s new government on 11 March painted a picture of an economy in crisis, facing high debt and fiscal mismanagement. The finance minister, Cassiel Ato Forson, acknowledged that key International Monetary Fund performance targets would be missed and announced drastic spending cuts.

    However, most Ghanaians just wanted to know whether the minister would announce the scrapping of the country’s electronic transfer levy (or e-tax), as he’d indicated he would.

    He did, a decision parliament endorsed unanimously the next day.

    The e-levy, a fee on mobile money transactions, was introduced in 2022. Ghanaians immediately united around the issue in fierce opposition, a sentiment that grew as the tax took effect.



    Read more:
    Ghana’s e-levy is unfair to the poor and misses its revenue target: a lesson in mobile money tax design

    Both major parties had campaigned for its removal in the run-up to elections held in December 2024.

    How did the e-levy become so unpopular, and what will repealing it mean?

    Over three years, researchers from the International Centre for Tax and Development worked with partners in Ghana to study the e-levy as part of our Digitax research programme. This study generated knowledge and evidence at the interface of digital financial services, digital identities and tax.

    The e-levy’s intense politicisation and complex design made it an interesting case of a wider trend of mobile money taxes in the region. We learned more about the e-levy’s impact on informal sector workers in Accra, knowledge and sentiments, registered merchant exemptions and mobile money usage.

    Based on this research, three key lessons emerge.

    Firstly, like other taxes on mobile money, the e-levy has come to be an important source of revenue in Ghana, even if it did not live up to initial optimistic estimates of its potential.

    Secondly, beyond the revenue it raised directly, the real potential of the e-levy – and loss if it is completely abolished – lay in the data it produced. It was enabling the Ghana Revenue Authority to uncover users with significant incomes who were not registered for income tax.

    Thirdly, the new consensus against the e-levy has arisen because important stakeholders such as mobile money providers and public opinion were not adequately managed from the start.

    A difficult birth

    Much like its departure, the e-levy was announced during a time of fiscal distress. Mobile money transactions had expanded rapidly, particularly after COVID-19, making it an attractive tax target, especially for the informal sector.

    Given this growth in the digital financial sector coupled with the need for revenue, the e-levy targeted the value of electronic financial transactions.

    Introduced in the 2022 budget at 1.75%, with a 100 cedi (US$10) daily exemption, it was met with strong resistance. The budget was rejected, protests erupted, and negotiations ensued. The government attempted to win public support through town hall meetings, eventually reducing the rate to 1.5% and adding exemptions.

    It went ahead with implementation in May 2022, however.

    Negative sentiment persisted, fuelled by confusion and concerns about its implementation.

    The government framed the tax as being essential for national development and investment attraction. But efforts to justify the necessity and benefit of the tax seemed to fall short.



    Read more:
    New data on the e-levy in Ghana: unpopular tax on mobile money transfers is hitting the poor hardest

    Several International Centre for Tax and Development studies, nationally representative and one focusing on informal markets, found an overwhelming sense of dissatisfaction among Ghanaians.

    The studies also showed the grievances had less to do with the tax and its rates per se and more to do with how people viewed government and its trustworthiness to collect and spend money.

    Did Ghana’s e-levy work?

    New taxes are often unpopular, but that alone should not determine their fate.

    Other key indicators of performance include:

    Revenue: The e-levy met only 12% of the initial revenue target of GH₵6.96 billion (US$380 million). But, based on our research, we have concluded that this reflects poor forecasting rather than implementation failure. It still contributed about 1% of total tax revenue, which equated to about US$129 million annually.

    Mobile money usage: Many critics feared negative effects on financial inclusion. However, one study of this impact shows that while transactions initially dropped, they soon rebounded and continued to grow. Another International Centre for Tax and Development study found that exempted payments values and volumes increased, with registered merchants who benefited from this exemption developing greater trust in government policies.

    Equity and distributional effects: Despite exemptions, an International Centre for Tax and Development study focusing on the intended target of the e-levy, the informal sector, found that the e-levy as a whole was highly regressive. While the poorest were somewhat protected by the 100 cedi daily threshold, low-income mobile money users still bore the greatest tax burden. Additionally, with the high rate of inflation in Ghana, the unchanged daily threshold became less effective with time.

    This result is striking given that in its design, the e-levy is potentially less regressive than most mobile money taxes in Africa.

    Will it be missed?

    Given public hostility, its removal may be widely celebrated. However, it leaves a revenue gap that must be addressed. Ghana’s fiscal history suggests this could lead to new, potentially unpopular taxes.

    The bigger loss may be the dismantling of systems built to administer the e-levy. These new advances in tax administration allowed the country’s revenue authorities to track high-volume users who were not registered for income tax, offering a path towards more efficient taxation.

    As governments face mounting revenue pressures in an era of high debt and declining aid, careful attention must be paid to the politics of tax reform. Perhaps the e-levy’s greatest flaw was the haste with which it was introduced, without adequate stakeholder engagement. Uganda faced similar backlash from rushed mobile money taxation in 2018.

    Evidence shows that perceptions affect how users respond to taxes, and first impressions can be hard to overcome. So, it is essential to make sure they are seen as fair and appropriate from the start, so that they are sustainable.

    Max Gallien is a Research Lead at the International Centre for Tax and Development (ICTD). Through the ICTD, the research described in this article has been supported by the UK Foreign, Commonwealth and Development Office, the Norwegian Agency for Development Cooperation and the Gates Foundation.

    Martin Hearson is a Research Director at the International Centre for Tax and Development (ICTD). Through the ICTD, the research described in this article has been supported by the UK Foreign, Commonwealth and Development Office, the Norwegian Agency for Development Cooperation and the Gates Foundation.

    Mary Abounabhan is a Researcher at the International Centre for Tax and Development (ICTD) Through the ICTD, the research described in this article has also been supported by the UK Foreign, Commonwealth and Development Office, the Norwegian Agency for Development Cooperation and the Gates Foundation.

    – ref. Ghana’s e-levy: 3 lessons from the abolished mobile money tax – https://theconversation.com/ghanas-e-levy-3-lessons-from-the-abolished-mobile-money-tax-253285

    MIL OSI – Global Reports –

  • MIL-OSI Global: Discovery of a 4,000-year-old Bronze Age settlement in Morocco rewrites history

    Source: The Conversation – Africa – By Hamza Benattia, Prehistory, Universitat de Barcelona

    A new archaeological discovery at Kach Kouch in Morocco challenges the long-held belief that the Maghreb (north-west Africa) was an empty land before the arrival of the Phoenicians from the Middle East in around 800 BCE. It reveals a much richer and more complex history than previously thought.

    Everything found at the site indicates that during the Bronze Age, more than 3,000 years ago, stable agricultural settlements already existed on the African coast of the Mediterranean.

    This was at the same time as societies such as the Mycenaean flourished in the eastern Mediterranean.

    Our discovery, led by a team of young researchers from Morocco’s National Institute of Archaeology, expands our knowledge of the recent prehistory of north Africa. It also redefines our understanding of the connections between the Maghreb and the rest of the Mediterranean in ancient times.

    How the discovery was made

    Kach Kouch was first identified in 1988 and first excavated in 1992. At the time, researchers believed the site had been inhabited between the 8th and 6th centuries BCE. This was based on the Phoenician pottery that was found.

    Nearly 30 years later, our team carried out two new excavation seasons in 2021 and 2022. Our investigations included cutting-edge technology such as drones, differential GPS (global positioning systems) and 3D models.

    A rigorous protocol was followed for collecting samples. This allowed us to detect fossilised remains of seeds and charcoal.

    Subsequently, a series of analyses allowed us to reconstruct the settlement’s economy and its natural environment in prehistoric times.

    What the remains revealed

    The excavations, along with radiocarbon dating, revealed that the settlement underwent three phases of occupation between 2200 and 600 BCE.

    The earliest documented remains (2200–2000 BCE) are scarce. They consist of three undecorated pottery sherds, a flint flake and a cow bone.

    The scarcity of materials and contexts could be due to erosion or a temporary occupation of the hill during this phase.

    In its second phase, after a period of abandonment, the Kach Kouch hill was permanently occupied from 1300 BCE. Its inhabitants, who probably numbered no more than a hundred, dedicated themselves to agriculture and animal husbandry.

    They lived in circular dwellings built from wattle and daub, a technique that combines wooden poles, reeds and mud. They dug silos into the rock to store agricultural products.

    Analysis shows that they cultivated wheat, barley and legumes, and raised cattle, sheep, goats and pigs.

    They also used grinding stones for cereal processing, flint tools, and decorated pottery. In addition, the oldest known bronze object in north Africa (excluding Egypt) has been documented. It is probably a scrap metal fragment removed after casting in a mould.

    Interactions with the Phoenicians

    Between the 8th and 7th centuries BCE, during the so-called Mauretanian period, the inhabitants of Kach Kouch maintained the same material culture, architecture and economy as in the previous phase. However, interactions with Phoenician communities that were starting to settle in nearby sites, such as Lixus, brought new cultural practices.

    For example, circular dwellings coexisted with square ones made of stone and wattle and daub, combining Phoenician and local construction techniques.

    Furthermore, new crops began to be cultivated, like grapes and olives. Among the new materials, wheel-made Phoenician ceramics, such as amphorae (storage jugs) and plates, and the use of iron objects stand out.

    Around 600 BCE, Kach Kouch was peacefully abandoned, perhaps due to social and economic changes. Its inhabitants likely moved to other nearby settlements.

    So who were the Bronze Age inhabitants?

    It’s unclear whether the Maghreb populations in the Bronze Age lived in tribes, as would later occur during the Mauretanian period. They were probably organised as families. Burials suggest there were no clear signs of hierarchy.

    They may have spoken a language similar to the Amazigh, the indigenous north African language, which did not become written until the introduction of the Phoenician alphabet. The cultural continuity documented at Kach Kouch suggests that these populations are the direct ancestors of the Mauretanian peoples of north-west Africa.

    Why this matters

    Kach Kouch is not only the first and oldest known Bronze Age settlement in the Maghreb but also reshapes our understanding of prehistory in this region.

    The new findings, along with other recent discoveries, demonstrate that north-west Africa has been connected to other regions of the Mediterranean, the Atlantic and the Sahara since prehistoric times.



    Read more:
    Discovery of 5,000-year-old farming society in Morocco fills a major gap in history – north-west Africa was a central player in trade and culture

    Our findings challenge traditional narratives, many of which were influenced by colonial views that portrayed the Maghreb as an empty and isolated land until it was “civilized” by foreign peoples.

    As a result, the Maghreb has long been absent from debates on the later prehistory of the Mediterranean. These new discoveries not only represent a breakthrough for archaeology, but also a call to reconsider dominant historical narratives. Kach Kouch offers the opportunity to rewrite north Africa’s history and give it the visibility it has always deserved.



    Read more:
    Ancient DNA reveals Maghreb communities preserved their culture and genes, even in a time of human migration

    We believe this is a decisive moment for research that could forever change the way we understand not only the history of north Africa, but also its relationship with other areas of the Mediterranean.

    Hamza Benattia, director of the Kach Kouch Archaeological Project, received funding from the National Institute of Archaeology and Heritage of Morocco (INSAP), the Prehistoric Society Research Fund, the Stevan B. Dana Grant of the American Society of Overseas Research, the Mediterranean Archaeological Trust Grant, the Barakat Trust Early Career Award, the Centre Jacques Berque Research Grant, the Institute of Ceutan Studies Research Fund and the University of Castilla La Mancha.

    – ref. Discovery of a 4,000-year-old Bronze Age settlement in Morocco rewrites history – https://theconversation.com/discovery-of-a-4-000-year-old-bronze-age-settlement-in-morocco-rewrites-history-253172

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s tariffs could push grocery prices even higher, but there are steps Canada could take to protect consumers

    Source: The Conversation – Canada – By Mathew Iantorno, Doctoral Candidate, Faculty of Information,, University of Toronto

    The first months of Donald Trump’s presidency have been defined by a single word: tariffs. He has framed tariffs as a panacea to the woes of the American economy, promising they will restore the country’s manufacturing sector and reduce the national deficit.

    As the United States’ largest trading partner, Canada’s smaller economy is poised to suffer the most from a prolonged trade war. Although the price of all consumer goods will be affected, the grocery aisle has become a particular battleground.

    Canadians have remained defiant, with vows to “buy Canadian” already spurring rapid drops in the sale of American products.

    But with calls for the country to strengthen its economic backbone and reduce dependence on the U.S., perhaps it’s also time to consider rebooting Canada’s grocery sector to better serve Canadians as well.



    Read more:
    Canada is now in a trade war with the U.S. — here’s what you need to know to prepare for it

    Canada’s supermarket problem

    Rising grocery bills have been an ongoing concern for Canadians long before Trump’s inauguration. Today, an estimated 18 per cent of Canadians are struggling with food insecurity owing to persistent inflation and the rising cost of living. Food banks saw a record number of monthly visits in 2024 as a result.

    Yet, even as consumers feel the squeeze, Canada’s grocery giants have been posting record profits. Loblaw Companies Limited, whose supermarkets hold a dominant 28 per cent share of the sector, has become the poster child for this trend.

    In the final quarter of 2022, as Canadians were grappling with rapid inflation on their grocery bills, Loblaw posted $529 million in profits — up 30 per cent from the previous year.

    This has led customers to accuse Loblaw and other large grocery chains of profiteering, provoking both a 100,000 signature petition against “greedflation” and a month-long boycott of Loblaw chains. All this while Loblaw was still reeling from a bread price-fixing scandal yielding a $500 million antitrust settlement.



    Read more:
    Food giants reap enormous profits during times of crisis

    In response to the mounting concerns, the federal government met with the heads of Loblaw, Sobeys, Metro, Costco and Walmart in 2023 to discuss stabilizing grocery prices in Canada. Former Prime Minister Justin Trudeau would threaten and later implement amendments to the Competition Act through Bill C-56, although these reforms were focused less on immediately lowering grocery bills and more on giving new tools to Canada’s competition watchdog.

    Investing in the future

    Another area of concern is the initiatives supermarket chains such as Loblaw and Metro have been investing their profits in.

    Since 2020, supermarkets in Canada have invested heavily in self-checkout aisles. While initially a concession to the social distancing measures of the COVID-19 pandemic, these kiosks have become a ubiquitous — and often unwelcome — part of the retail experience for both workers and consumers.

    Beyond the concern that self-checkouts pressure customers to perform more work, they have also increased the precarity of supermarket employees. These technologies generally reduce total worker hours and eliminate well-paying full-time positions, all with an eye towards boosting profit margins.



    Read more:
    The rise of robo-retail: Who gets left behind when retail is automated?

    Loblaw has also invested in automating their fleet of delivery vehicles, jeopardizing jobs in the logistics sector at a time when Canada’s unemployment rate, already struggling to recover, is expected to rise due to Trump’s tariffs.

    There is also the looming concern of dynamic pricing. Following the lead of American grocery stores such as Kroger, chains run by Loblaw, Metro and Sobeys have begun to implement electronic price tags. These tags enable retailers to instantaneously update prices based on supply and demand, similar to surge pricing on ride-sharing apps like Uber.

    Electronic price labels seen at a Walmart in Los Angeles in 2024.
    (Shutterstock)

    While online commentators were quick to mock fast food chain Wendy’s for potentially using dynamic pricing to charge more for a Frosty on a hot day, this practice becomes more problematic as the availability of family staples like baby formula, which already experiences perennial scarcity, are affected by the trade war.

    The sector won’t reform itself

    There is little reason to believe Canada’s grocery industry will reform itself. Many of the pro-consumer and pro-worker initiatives put forth by these chains have amounted to little more than public relations moves.

    The much-lauded COVID hero pay for front-line grocery workers disappeared only months into the pandemic, despite pressure from unions and MPs during the Omicron wave.

    Loblaw’s widely publicized price freeze on No Name products was similarly criticised for its short duration and for merely repackaging seasonal price freezes as a pro-consumer initiative.

    When Loblaw froze prices on No Name products in 2022, its competitor Metro quickly pointed out that seasonal price freezes are in fact a standard industry practice. (CBC News)

    The company’s promise to create a discounted version of its already discounted grocery chain No Frills drew further scepticism, with the stock being entirely sourced from Loblaw brands that generate higher revenue for the company.

    The question remains: what concrete measures can be implemented to safeguard Canadian grocery bills as our country navigates this next crisis?

    Lowering grocery bills for Canadians

    A report from the Broadbent Institute suggests the idea of a windfall profit tax, which would incentivize grocery companies to invest excess profits into price reductions or higher wages.

    A more durable reform would involve creating a central bank-style regulatory entity to oversee the grocery industry, instead of relying on industry-born measures such as Canada’s recently introduced grocery code of conduct.



    Read more:
    The new Grocery Code of Conduct should benefit both Canadians and the food industry

    Federal or provincial legislation could be also passed that places guardrails on dynamic pricing in the grocery aisle, if not banning the controversial practice altogether. Government grants and tax incentive programs could be withheld from companies that invest heavily into automating workforces so the government isn’t inadvertently subsidizing job losses.

    The Competition Bureau’s 2023 report highlights another key issue: there is a need for all levels of government to shift from subsidizing large chains and encourage the growth of independent grocers in the Canadian market, driving down prices for consumers through meaningful, local competition.

    Trump’s trade war has filled Canadians with a newfound pride and motivation to buy local to support the economy. Perhaps it’s time our grocery chains showed the same commitment to the people they serve.

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

    – ref. Trump’s tariffs could push grocery prices even higher, but there are steps Canada could take to protect consumers – https://theconversation.com/trumps-tariffs-could-push-grocery-prices-even-higher-but-there-are-steps-canada-could-take-to-protect-consumers-252879

    MIL OSI – Global Reports –

  • MIL-OSI Global: AI is for the birds: How machine learning can help predict and manage avian flu outbreaks

    Source: The Conversation – Canada – By Rozita Dara, Assistant Professor, Computer Science, University of Guelph

    The active and ongoing global spread of avian influenza virus has impacted more than 14 million birds in Canada and 160 million in the USA.

    This recent outbreak has resulted in major economic losses, and a rise in egg prices in the past few years. This trend can cause disruptions in poultry supply chain and significant increases in the price of other poultry products.

    A virus like avian influenza is carried by birds, but it can “jump” species and infect livestock such as dairy or sheep or even pets like dogs and cats.



    Read more:
    Bird flu detected in Colorado dairy cattle − a vet explains the risks of the highly pathogenic avian influenza virus

    And most, if not all, human pandemic influenza viruses have had an avian origin in the past few decades. Experts warn it is only a matter of time before we face another pandemic threat.

    The good news is, we are better prepared than ever to meet that challenge. Not just because we have vaccines or treatments, although those are critical. But because we have something that can change the game entirely: artificial intelligence (AI).

    CBC News covers an outbreak of avian flu among Canadian geese in Prince Edward Island.

    Vast amounts of information

    AI can offer much in the way of advance pandemic information and planning. Remember the early days of COVID-19? What if we had more time to prepare? What if health officials had known weeks earlier where the virus was spreading, which neighbourhoods were most at risk, and what we needed to do to stop it?

    AI can analyze vast amounts of information, from wildlife health reports, geographical data, satellite images to social media trends, online content, farm data and even weather patterns to answer some questions about how, when and why pandemics happen. It spots patterns, anomalies and relationships humans cannot see in real-time.

    AI can alert monitors to where an avian influenza outbreak might occur before a region is impacted, how severe an outbreak might be and what type of intervention may be most effective. AI can help responders and governments act quickly, precisely and efficiently.

    Predicting outbreaks

    At the University of Guelph, my research team and I are working on AI solutions to help track and predict the avian influenza outbreaks. Our research — which is currently under review — has used AI to filter out misinformation about avian influenza from social media platforms and Reddit, as well as Google search data, and other online sources.

    This helps us understand public discussion about avian influenza. We have also combined these online activities with other data sources to monitor avian influenza online mentions and trends — we’ve found that AI can use this information to predict if an outbreak might occur in a specific area.

    With the availability of online and social media data, an outbreak surge can be predicted up to four weeks in advance in specific regions.

    Our research team has also created and tested decision support tools that use different types of information from wild bird reports, satellite images, climate change data and farm information. These tools help predict avian influenza outbreaks and how serious they might be in a certain area; through testing, we achieved an accuracy of 85 per cent.

    We’re currently in the process of building a Canadian tool to predict where bird flu might emerge, helping farmers and public health officials get ahead of outbreaks — this could mean the difference between a contained outbreak and a global crisis.

    More than a public health issue

    A sign warning hikers about an avian flu outbreak along the Skerwink Hiking Trail in Newfoundland.
    (Shutterstock)

    Avian influenza spreads through the food chain, wildlife and global trade. An outbreak in poultry can devastate agriculture and threaten our food security. Worse, it can jump to human populations with little warning.

    This issue is not just a public health issue. It is also an economic and social concern. But if we harness AI properly, we can give ourselves a better chance at combating these threats. We can predict where the next outbreak might come from and take action before it spreads.



    Read more:
    Soaring U.S. egg prices and millions of dead chickens signal the deep problems and risks in modern poultry production

    Using AI to predict avian flu outbreaks and spread can be applied to other situations, including other illnesses and the weather and environmental conditions that could contribute to disease spread.

    AI-based decision tools can also include augmented reality that enables the testing of thousands of hypothetical scenarios related to avian influenza. These include how outbreaks might spread, what the impacts of different intervention strategies could be, how changes in the economy and environment might occur, and how the supply chain could be impacted.

    We have the technology in our labs. But to make it work, we need strong partnerships between government, universities, farmers, industry and communities. We need to make sure that we generate high quality data, use the data ethically in a privacy-preserving manner, develop the AI tool responsibly and apply it fairly to ensure that no one is left behind.

    Rozita Dara receives funding from Ontario Ministry of Agriculture, Food and Agribusiness Alliance Tier I, funding and the University of Guelph’s Food from Thought.

    – ref. AI is for the birds: How machine learning can help predict and manage avian flu outbreaks – https://theconversation.com/ai-is-for-the-birds-how-machine-learning-can-help-predict-and-manage-avian-flu-outbreaks-252550

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: FOCUS ON: Regional platforms raising the bar on DRR financing

    Source: UNISDR Disaster Risk Reduction

    Asia and the Pacific

    The Asia-Pacific Ministerial Conference on DRR was held in Manila, the Philippines, with 7,000 ministers and participants in attendance. President Ferdinand Marcos Jr., who opened the event, emphasized funding as a priority issue of the conference and called for greater access for developing and least developed countries to financial resources. “We must significantly increase our investments and develop financing mechanisms in disaster risk reduction,” he said.

    Throughout the week, participants engaged in discussions on key themes, including financing, inclusion and local-level engagement for disaster and climate resilience. The official deliberations were accompanied by major events and exhibitions, “Are You Ready? and Tsunami: Sea Change for Resilience”, engaging thousands of children and youth in prevention, as well as awards on women’s leadership in DRR.

    Africa

    After three days of discussions, the Ninth Session of the Africa Regional Platform for Disaster Risk Reduction in Namibia concluded with the adoption of the Windhoek Declaration on advancing the Programme of Action for the Implementation of the Sendai Framework for Disaster Risk Reduction 2015–2030 in Africa. This ambitious document sets the direction for the next three years, reinforcing Africa’s commitment to reducing disaster risks and building resilience across the continent.

    Financing efforts were at the heart of the discussions. The Windhoek Declaration calls on Member States to increase budgetary allocation and establish innovative financing solutions, with support from regional and international partners to access funding, including for loss and damages and the EW4ALL initiative.

    The Windhoek Declaration also reiterates the call for inclusivity, especially in legislation and policies, but also through better national systems for gathering disaggregated data. The event called for mainstreaming of DRR in development programmes, and aligned DRR strategies with sustainable development and climate resilience policies, ensuring coherent and comprehensive approaches across all levels of governance as climate-related disasters continue to grow.

    Europe

    The 2024 Europe and Central Asia Regional Platform for Disaster Risk Reduction was held in Budva, Montenegro, bringing together over 700 participants, including ministers, civil protection leaders and diverse stakeholders from 55 United Nations Member States.

    In a show of unity, Member States endorsed a political declaration that committed to strengthening DRR and addressing the growing impacts of climate change in the region, ahead of COP29.

    They acknowledged the escalating risks across the region, exacerbated by climate change, economic vulnerabilities and geopolitical tensions, and committed to four targeted actions in line with the Sendai Framework for Disaster Risk Reduction and the European Forum for Disaster Risk Reduction Roadmap 2021–2040: integrated action on DRR and climate resilience; inclusive risk governance; increased financing for resilience; and enhanced EWS.

    Additionally, the Platform launched the Montenegro Call for Action on Earthquake Risk, aimed at strengthening regional cooperation, improving technical capacity, and driving investments towards earthquake resilience.

    Outcomes from these events, and the Regional Platform in the Arab States, will all feed into the Global Platform in Geneva in June 2025.

    Back to the UNDRR 2024 Annual Report

    MIL OSI United Nations News –

  • MIL-OSI United Nations: UNDRR 2024 Annual Report

    Source: UNISDR Disaster Risk Reduction

    02

    Strategies, governance and capacity-building

    Target E of the Sendai Framework calls for a substantial increase in the number of countries with national and local DRR strategies by 2020.

    Though a strategy is not the end goal, UNDRR has found that countries with national DRR strategies tend to have more robust DRR governance and a higher prevalence of EWS, demonstrating the value of investment in this fundamental DRR pillar.

    The Government of Jordan has developed its National Disaster Risk Reduction Strategy (2023–2030) in a participatory manner involving different governmental entities, ministries and municipalities, and the Public Security Directorate (Civil Defense), with support from UNDRR and the United Nations Development Programme country office. The strategy also integrates biological hazard risk reduction with the aim of building back better after the COVID-19 pandemic.

    Within the framework of Jordan’s efforts to deal with increasing threats and risks, the National Centre for Security and Crises Management has played a major role in developing two integrated risk registers; the national risk register and the local register for governorates. Both registers aim to improve the kingdom’s capacity to respond to disasters through accurate identification of risks, and enhanced coordination between the local and national levels for improved risk governance.

    Through this effective coordination between the national and local risk registers, Jordan has made great strides in reducing risks and enhancing community resilience, making the kingdom a role model for disaster management and risk reduction at the regional level.

    Morocco, too, has taken concrete steps to strengthen its risk governance. It established the Directorate of Natural Risk Management under the Ministry of Interior as its national DRR coordination mechanism. Morocco also established the National Risk Observatory to collect, analyse and share data on natural hazard risk. Furthermore, Morocco established a National Risk Forecasting Centre for monitoring and alerting, and an Operational Risk Anticipation Centre for forecasting, alerting and risk management assistance systems. Another successful project comprised the generalization of coverage of the entire national territory using multiscale and multi-hazard risk maps (for natural hazards).

    Albania’s National Disaster Risk Reduction Strategy demonstrates widespread integration of concerns related to climate change and triggers the engagement of new sectors, particularly tourism.

    The vision statement explicitly brings together DRR, climate change and sustainable development using the language of resilience, while the document includes a detailed plan of action for DRR implementation that integrates institutions such as the Ministry of Tourism and Environment and the Ministry of Infrastructure and Energy.

    In particular, it articulates the implementation of the ALBAdapt project Climate Services for a Resilient Albania. The Ministry of Tourism and Environment is identified as the lead institution for implementation of a set of activities that offer compounding co-benefits for both DRR and climate change adaptation, including the development of a people-centred MHEWS, the creation of a fully functional and well-resourced National Meteorological and Hydrological Service.

    This integration is supported by articulations elsewhere in the country’s strategic profile, with the National Adaptation Plan 2019 including a priority area entitled “upgrading civil defence preparedness and DRR”. Elsewhere, the National Security Strategy of the Republic of Albania (2023–2028) addresses risks ranging from national security threats to climate change impacts, emphasizing resilience to disasters, while the National Strategy for Development and European Integration (NSDEI) 2022–2030 includes the integration of DRR and climate change adaptation planning among its priorities.

    National DRR strategies are the bedrock for multi-hazard risk governance and the achievement of Sendai Framework targets. These strategies help transform risk knowledge into actions and programmes that save lives and livelihoods. In addition, they serve as guides for mobilizing resources, delegating roles and responsibilities within government, and identifying entry points for non-governmental stakeholder engagement, all leading to more inclusive, sustainable development.

    With 131 countries now reporting having national DRR strategies, and 30 receiving technical support from UNDRR to develop them, this is just a snapshot of the progress being made globally in this important area.

    Under Brazil’s presidency, the Group of 20 (G20) recognized DRR as a critical component of economic resilience. Collaborating closely with UNDRR, Brazil facilitated the adoption of the first-ever G20 Ministerial Declaration on DRR. This landmark declaration emphasized the necessity of accelerating the Sendai Framework for Disaster Risk Reduction’s implementation, aiming to reduce disaster losses by 2030, and called for the development of high-level principles for DRR financing. The work of the G20 DRR Working Group, with UNDRR as the lead knowledge partner, further reflected a comprehensive approach to integrating DRR into economic and social policies.

    UNDRR’s capacity-building continues to go from strength to strength, with nearly 10,000 DRR practitioners being trained in 2024, 77 per cent of whom reported having a better understanding of DRR as a result. At one such workshop in the Global Education and Training Institute in Incheon, Republic of Korea, a remarkable collaboration unfolded – a pioneering workshop uniting experts from UNDRR and the Green Climate Fund (GCF) to empower government stakeholders from Mongolia and Bhutan to mobilize relevant partners and stakeholders and obtain funding for their DRR measures. This joint training begins a process of transforming the daunting challenges of climate change into opportunities for proactive DRR.

    Delegates were empowered by not only technical insights, but also the forging of lasting partnerships. The workshop’s training modules, co-designed by UNDRR and GCF specialists, delved deep into practical tools such as the EW4All Checklist for Gap Analysis, equipping participants to critically assess their national capacities and pinpoint vulnerabilities. “Early warning systems are important components for our national climate change adaptation strategy,” noted Ms. Tserendulam Shagdarsuren, Director General of the Climate Change Department, Ministry of Environment and Tourism in Mongolia, emphasizing how the training illuminated the next steps for their evolving EWS.

    This pilot UNDRR–GCF initiative is part of a broader strategy to replicate capacity-building endeavours in developing countries. Future workshops are planned for countries that are in very different geographic contexts yet face similar challenges (particularly those resulting from climate change), such as Somalia, Togo and the SIDS. These workshops aim to accelerate access to climate finance and enhance DRR measures worldwide.

    In a continuation of the Media Saving Lives programme, UNDRR and partners trained 520 journalists and media practitioners in DRR and risk communications, bringing the total to over 2,500 from 80 countries. Media are an integral part of the EWS delivery chain, and engaging them to build trust between government and communities can be the difference between life and death when disaster hits.

    The rise in global temperatures and the increasing frequency and severity of extreme heat events are rapidly becoming central challenges for nations worldwide. Yet many Member States, cities and societies remain ill-prepared to address this escalating threat. The imperative for enhanced extreme heat risk reduction, governance and management is clear. Without urgent and coordinated action, extreme heat will continue to endanger billions of lives, amplify health risks and threaten the ecosystems upon which we depend.

    In response, the UNDRR/World Meteorological Organization (WMO) Centre of Excellence for Climate and Disaster Resilience – together with the Global Heat Health Information Network, Duke University and WMO Centre of Excellence for Climate and Disaster Resilience partners – has developed an extreme heat decision-support package for countries tackling this global threat. The package includes: international organization resource and ecosystem mapping, readiness reviews and profiles; national best practice analytics; evaluations of heat action plans; and materials for development of an extreme heat maturity index for self-assessment. These materials can enhance collaboration, integrated heat risk governance and policy responses to extreme heat.

    UNDRR’s work and that of United Nations system partners, coupled with increasing demands for assistance from Member States, prompted and informed the United Nations Secretary-General’s Call to Action on Extreme Heat, issued in July 2024, in which he emphasized the need for urgent action if a future characterized by even more devastating heat impacts on lives, economies and ecosystems is to be avoided.

    This work is in turn informing the development of a Common Framework for Heat Risk Governance, led by UNDRR with the Global Heat Health Information Network, and Member States, international organizations and stakeholders. The Framework will receive inputs from (and is designed to bring together) multiple sectors, domains and scales – from agriculture and food systems, to energy systems, transportation, construction materials and design, and urban cooling. It is expected to assist national and subnational decision makers in designing and resourcing integrated actions to reduce extreme heat risk to people, urban and rural ecosystems, and the environment, preventing the loss of lives and livelihoods.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: UNDRR Annual Report 2024

    Source: UNISDR Disaster Risk Reduction

    02

    Strategies, governance and capacity-building

    Target E of the Sendai Framework calls for a substantial increase in the number of countries with national and local DRR strategies by 2020.

    Though a strategy is not the end goal, UNDRR has found that countries with national DRR strategies tend to have more robust DRR governance and a higher prevalence of EWS, demonstrating the value of investment in this fundamental DRR pillar.

    The Government of Jordan has developed its National Disaster Risk Reduction Strategy (2023–2030) in a participatory manner involving different governmental entities, ministries and municipalities, and the Public Security Directorate (Civil Defense), with support from UNDRR and the United Nations Development Programme country office. The strategy also integrates biological hazard risk reduction with the aim of building back better after the COVID-19 pandemic.

    Within the framework of Jordan’s efforts to deal with increasing threats and risks, the National Centre for Security and Crises Management has played a major role in developing two integrated risk registers; the national risk register and the local register for governorates. Both registers aim to improve the kingdom’s capacity to respond to disasters through accurate identification of risks, and enhanced coordination between the local and national levels for improved risk governance.

    Through this effective coordination between the national and local risk registers, Jordan has made great strides in reducing risks and enhancing community resilience, making the kingdom a role model for disaster management and risk reduction at the regional level.

    Morocco, too, has taken concrete steps to strengthen its risk governance. It established the Directorate of Natural Risk Management under the Ministry of Interior as its national DRR coordination mechanism. Morocco also established the National Risk Observatory to collect, analyse and share data on natural hazard risk. Furthermore, Morocco established a National Risk Forecasting Centre for monitoring and alerting, and an Operational Risk Anticipation Centre for forecasting, alerting and risk management assistance systems. Another successful project comprised the generalization of coverage of the entire national territory using multiscale and multi-hazard risk maps (for natural hazards).

    Albania’s National Disaster Risk Reduction Strategy demonstrates widespread integration of concerns related to climate change and triggers the engagement of new sectors, particularly tourism.

    The vision statement explicitly brings together DRR, climate change and sustainable development using the language of resilience, while the document includes a detailed plan of action for DRR implementation that integrates institutions such as the Ministry of Tourism and Environment and the Ministry of Infrastructure and Energy.

    In particular, it articulates the implementation of the ALBAdapt project Climate Services for a Resilient Albania. The Ministry of Tourism and Environment is identified as the lead institution for implementation of a set of activities that offer compounding co-benefits for both DRR and climate change adaptation, including the development of a people-centred MHEWS, the creation of a fully functional and well-resourced National Meteorological and Hydrological Service.

    This integration is supported by articulations elsewhere in the country’s strategic profile, with the National Adaptation Plan 2019 including a priority area entitled “upgrading civil defence preparedness and DRR”. Elsewhere, the National Security Strategy of the Republic of Albania (2023–2028) addresses risks ranging from national security threats to climate change impacts, emphasizing resilience to disasters, while the National Strategy for Development and European Integration (NSDEI) 2022–2030 includes the integration of DRR and climate change adaptation planning among its priorities.

    National DRR strategies are the bedrock for multi-hazard risk governance and the achievement of Sendai Framework targets. These strategies help transform risk knowledge into actions and programmes that save lives and livelihoods. In addition, they serve as guides for mobilizing resources, delegating roles and responsibilities within government, and identifying entry points for non-governmental stakeholder engagement, all leading to more inclusive, sustainable development.

    With 131 countries now reporting having national DRR strategies, and 30 receiving technical support from UNDRR to develop them, this is just a snapshot of the progress being made globally in this important area.

    Under Brazil’s presidency, the Group of 20 (G20) recognized DRR as a critical component of economic resilience. Collaborating closely with UNDRR, Brazil facilitated the adoption of the first-ever G20 Ministerial Declaration on DRR. This landmark declaration emphasized the necessity of accelerating the Sendai Framework for Disaster Risk Reduction’s implementation, aiming to reduce disaster losses by 2030, and called for the development of high-level principles for DRR financing. The work of the G20 DRR Working Group, with UNDRR as the lead knowledge partner, further reflected a comprehensive approach to integrating DRR into economic and social policies.

    UNDRR’s capacity-building continues to go from strength to strength, with nearly 10,000 DRR practitioners being trained in 2024, 77 per cent of whom reported having a better understanding of DRR as a result. At one such workshop in the Global Education and Training Institute in Incheon, Republic of Korea, a remarkable collaboration unfolded – a pioneering workshop uniting experts from UNDRR and the Green Climate Fund (GCF) to empower government stakeholders from Mongolia and Bhutan to mobilize relevant partners and stakeholders and obtain funding for their DRR measures. This joint training begins a process of transforming the daunting challenges of climate change into opportunities for proactive DRR.

    Delegates were empowered by not only technical insights, but also the forging of lasting partnerships. The workshop’s training modules, co-designed by UNDRR and GCF specialists, delved deep into practical tools such as the EW4All Checklist for Gap Analysis, equipping participants to critically assess their national capacities and pinpoint vulnerabilities. “Early warning systems are important components for our national climate change adaptation strategy,” noted Ms. Tserendulam Shagdarsuren, Director General of the Climate Change Department, Ministry of Environment and Tourism in Mongolia, emphasizing how the training illuminated the next steps for their evolving EWS.

    This pilot UNDRR–GCF initiative is part of a broader strategy to replicate capacity-building endeavours in developing countries. Future workshops are planned for countries that are in very different geographic contexts yet face similar challenges (particularly those resulting from climate change), such as Somalia, Togo and the SIDS. These workshops aim to accelerate access to climate finance and enhance DRR measures worldwide.

    In a continuation of the Media Saving Lives programme, UNDRR and partners trained 520 journalists and media practitioners in DRR and risk communications, bringing the total to over 2,500 from 80 countries. Media are an integral part of the EWS delivery chain, and engaging them to build trust between government and communities can be the difference between life and death when disaster hits.

    The rise in global temperatures and the increasing frequency and severity of extreme heat events are rapidly becoming central challenges for nations worldwide. Yet many Member States, cities and societies remain ill-prepared to address this escalating threat. The imperative for enhanced extreme heat risk reduction, governance and management is clear. Without urgent and coordinated action, extreme heat will continue to endanger billions of lives, amplify health risks and threaten the ecosystems upon which we depend.

    In response, the UNDRR/World Meteorological Organization (WMO) Centre of Excellence for Climate and Disaster Resilience – together with the Global Heat Health Information Network, Duke University and WMO Centre of Excellence for Climate and Disaster Resilience partners – has developed an extreme heat decision-support package for countries tackling this global threat. The package includes: international organization resource and ecosystem mapping, readiness reviews and profiles; national best practice analytics; evaluations of heat action plans; and materials for development of an extreme heat maturity index for self-assessment. These materials can enhance collaboration, integrated heat risk governance and policy responses to extreme heat.

    UNDRR’s work and that of United Nations system partners, coupled with increasing demands for assistance from Member States, prompted and informed the United Nations Secretary-General’s Call to Action on Extreme Heat, issued in July 2024, in which he emphasized the need for urgent action if a future characterized by even more devastating heat impacts on lives, economies and ecosystems is to be avoided.

    This work is in turn informing the development of a Common Framework for Heat Risk Governance, led by UNDRR with the Global Heat Health Information Network, and Member States, international organizations and stakeholders. The Framework will receive inputs from (and is designed to bring together) multiple sectors, domains and scales – from agriculture and food systems, to energy systems, transportation, construction materials and design, and urban cooling. It is expected to assist national and subnational decision makers in designing and resourcing integrated actions to reduce extreme heat risk to people, urban and rural ecosystems, and the environment, preventing the loss of lives and livelihoods.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: New Scottish benefit to replace DLA

    Source: Scottish Government

    Work underway to move the benefits of over 66,000 people by end of year

    Disability Living Allowance for adults is being replaced by a new Scottish benefit.

    Work has begun to move the benefit awards of over 66,000 people to Scottish Adult Disability Living Allowance.

    The new benefit will now be paid by Social Security Scotland instead of the Department for Work and Pensions.

    There will be no gaps in payments or reductions in the support people get because of the transfer.

    People getting DLA do not need to do anything as the transfer will happen automatically.

    Social Security Scotland will send letters to let people know when their benefit is being moved and another when the move is complete. The transfer process will take four to eight weeks.

    Cabinet Secretary for Social Justice, Shirley-Anne Somerville, said:

    “I am pleased work has begun to transfer the benefit awards of every adult in Scotland currently getting DLA to our new benefit.

    “I want to reassure people affected that their payments will transfer safely and securely, with no gaps or reductions to the support they receive.

    “The Scottish Government is committed to ensuring everyone gets the financial support they’re entitled to and this has not changed following the UK Government’s announcement on welfare.”

    Background

    Scottish Adult DLA was introduced to provide support for adults who were still getting DLA on 21 March 2025. Like DLA for adults, it is not open to new applications.

    People born after 8 April 1948 can choose to apply for Adult Disability Payment after their transfer to Scottish Adult DLA is complete.

    Social Security Scotland recommends anyone thinking of doing this to get independent advice on which benefit is best for them as some people might be better off on one benefit than the other.

    Once a decision has been made on their application for Adult Disability Payment they cannot return to Scottish Adult DLA.

    Adults of working age who are newly in need of disability support can apply for Adult Disability Payment.

    Pensioners can apply for Pension Age Disability Payment, the replacement for Attendance Allowance, in most of Scotland.

    Where Pension Age Disability Payment is not yet available, pensioners can apply for Attendance Allowance from the Department for Work and Pensions.

    MIL OSI United Kingdom –

  • MIL-OSI USA: GOVERNOR GREEN, DHHL AWARD MORE THAN 660 PROJECT LEASES IN WEST OʻAHU, MARKING HISTORIC MILESTONE FOR NATIVE HAWAIIAN FAMILIES

    Source: US State of Hawaii

    GOVERNOR GREEN, DHHL AWARD MORE THAN 660 PROJECT LEASES IN WEST OʻAHU, MARKING HISTORIC MILESTONE FOR NATIVE HAWAIIAN FAMILIES

    Posted on Mar 29, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF HAWAIIAN HOME LANDS

    KA ʻOIHANA ʻĀINA HOʻOPULAPULA HAWAIʻI

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    KALI WATSON

    DIRECTOR

    KA LUNA HOʻOKELE

     

    KATIE L. LAMBERT

    DEPUTY DIRECTOR

    KA HOPE LUNA HOʻOKELE

    GOVERNOR GREEN, DHHL AWARD MORE THAN 660 PROJECT LEASES IN WEST OʻAHU, MARKING HISTORIC MILESTONE FOR NATIVE HAWAIIAN FAMILIES

    Dignitaries congratulate first West Oʻahu project lease recipient.

     

     

    FOR IMMEDIATE RELEASE

    March 29, 2025

    ʻEWA BEACH, OʻAHU – Nerves heightened and anticipation filled the room as more than 1,200 beneficiaries and their ‘ohana gathered at the Salvation Army Kroc Center in ʻEwa Beach. The group sat in eager anticipation while the Department of Hawaiian Home Lands (DHHL) prepared to announce the names of recipients for 665 project leases in West Oʻahu — the first such awards in more than 20 years.

    Most have waited decades. Some before statehood.

    “This is more than just awarding land; it’s about delivering on the promise of Prince Kūhiō and ensuring Native Hawaiian families have a permanent place to call home,” said Governor Josh Green, M.D. “Housing is healthcare — when people have stable, secure housing, their overall well-being improves. My administration is committed to making sure every family has that opportunity, and Saturday’s lease awards are a major step forward in that effort.”

    The leases, 605 in Kaʻuluokahaʻi and 60 in Kaupeʻa, represent a significant step toward homeownership. This initiative is part of DHHL’s comprehensive approach to addressing its long-standing waitlist by expediting homesteading opportunities.

    “These lease awards represent hope and progress,” said DHHL Director Kali Watson. “We are not just building homes; we are fostering communities. Our goal is to move as many beneficiaries as possible from the waitlist to the ʻāina, ensuring that Native Hawaiian families can create a legacy for future generations.”

    Unlike previous processes, beneficiaries secure a homestead lot prior to the completion of development. This approach gives families the chance to prepare for both financial and program requirements, thereby ensuring long-term stability and the opportunity to transfer their leases to eligible successors.

    “All my years living I’ve never experienced something like this, and I think this is the best,” said Roberta Akana, West O’ahu project lease awardee. “It’s magnificent.”

    “When we house Hawaiians, we house Hawaiʻi,” said Representative Darius Kila (House District 44 – Honokai Hale, Nānākuli, Māʻili). Kila’s grandmother, on the waitlist since 1988, also received a lease that day.

    Act 279, the department’s transformational $600 million allocation of general funds set forth in 2022 by the Hawaiʻi State Legislature, played a crucial role in the development of both homestead projects by providing the necessary infrastructure.

    A New Era for Hawaiian Homesteads

    The awards ceremony on Saturday, March 22, 2025, is the first of three major project lease distributions this year. DHHL will award an additional 400 leases in West Hawai‘i in April and nearly a thousand on Maui in the fall. The department’s ambitious plan aims to issue more than 6,000 project leases statewide over the next two years.

    Eighty-year-old Lani Sanborn Ahuna has been on the Oʻahu residential waitlist for 22 years and said he was overwhelmed when he heard his name called.

    “I cried. Uē, uē,” Sandborn Ahuna said. “I want to put my feet on the ʻāina no matter how old I am.”

    Following the issuance of the intended 665 project leases in Kaʻuluokahaʻi and Kaupeʻa, Watson called for the awarding of an additional 125 alternate leases: clearing the West Oʻahu project lease waitlist.

    “This initiative ensures that Native Hawaiian families not only receive land but also have the support and resources to turn it into a thriving homestead,” added Watson. “A house is more than four walls — it’s the foundation for health, education, and economic stability. Mahalo to Governor Green, our lawmakers, and our partners for making today possible.”

    Conducted the weekend before Prince Jonah Kūhiō Kalanianaʻole Day, Representative Diamond Garcia (House District 42 – Portions of Varona Village, ʻEwa, and Kapolei, Fernandez Village) paid tribute to Prince Kūhiō and the transformative impacts of project lease awards in his speech: “We honor [Prince Kūhiō] by doing the work.”

    Project leases provide a critical pathway to homeownership, offering options such as turnkey homes, owner-builder lots, and rent-to-own opportunities. Developers Gentry Homes and Mark Development, Inc. are working alongside DHHL to ensure that affordable, high-quality housing is available to beneficiaries.

    For more information about DHHL’s lease awards and upcoming projects, visit dhhl.hawaii.gov.

    # # #

    About the Department of Hawaiian Home Lands:

    The Department of Hawaiian Home Lands carries out Prince Jonah Kūhiō  Kalanianaʻole’s vision of rehabilitating native Hawaiians by returning them to the land. Established by U.S. Congress in 1921 with the passage of the Hawaiian Homes Commission Act, the Hawaiian homesteading program run by DHHL includes management of more than 200,000 acres of land statewide with the specific purpose of developing and delivering homesteading.

    Media Contact:

    Diamond Badajos

    Information and Community Relations Officer

    Department of Hawaiian Home Lands

    Cell: 808-342-0873

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: Aegon announces changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    The Hague, March 31, 2025 – Aegon today announces the nomination of David Herzog, Lori Fouché and Jay Ralph as new members of its Board of Directors at the company’s Annual General Meeting of shareholders (AGM) which will be held on June 12, 2025. 

    The Board intends to appoint David Herzog as Chair in the second half of 2025. Mr. Herzog will succeed William Connelly. To ensure a smooth transition, the Board will propose the reappointment of Mr. Connelly as a member for an additional year. Subsequently, Mr. Connelly will retire as Chair and member of the Board in the second half of 2025. 

    Mark Ellman, who joined Aegon’s Board in 2017 and whose second term will end in 2025, along with Jack McGarry, who joined the Board in 2021 and whose first term will end in 2025, will be nominated for reappointment at the AGM. Meanwhile, Dona Young, who joined Aegon’s Board in 2013 and whose third term concludes in 2025, will retire. 

    William Connelly commented: “We are delighted to propose David Herzog, Lori Fouché and Jay Ralph as new members of Aegon’s Board. We believe their expertise in insurance and asset management will strengthen the Board’s composition and support the company as we continue to execute our strategy and deliver value to our stakeholders. I would also like to take this opportunity to extend my heartfelt gratitude to Dona Young for her many contributions to Aegon. With her commitment, valuable insights and pragmatic approach, Dona has played an important role in Aegon’s transformation.” 

    David Herzog brings over forty years of life insurance and financial services experience to the Board. Currently serving as a member of the Board of Directors at MetLife, and as Chairman of the Board at DXC Technology, David’s extensive career includes key roles such as Chief Financial Officer and Executive Vice President at American International Group (AIG) from 2008 to 2016. Prior to this, Mr. Herzog was the Chief Financial Officer and Chief Operating Officer at American General Life, following its acquisition by AIG. He also held various executive positions at GenAmerica Corporation and Family Guardian Life, a Citicorp company, adding to his profound insight into the financial services industry.

    Lori Fouché brings over two decades of experience in the financial services industry and has extensive expertise in driving transformation and innovation. Most recently, Ms. Fouché served as Senior Executive Vice President and Advisor to the CEO of TIAA, a US-based provider of retirement and investment solutions, and as CEO of TIAA Financial Solutions. Prior to joining TIAA in 2018, she held several senior positions at Prudential Financial, including Group Head of Individual Solutions, President of Individual Annuities, and CEO of Group Insurance businesses. In addition to her executive roles, Ms. Fouché currently serves on the Board of The Kraft Heinz Company, a global food and beverage company, and Hippo Holdings, a property insurance provider and she is member of the Princeton University Board of Trustees.

    Jay Ralph has had a distinguished career in insurance and asset management including almost 20 years in leadership roles at Allianz SE, a global insurance and asset management company. Mr. Ralph was most recently a member of the Board of Management of Allianz SE and Chairman of both Allianz Asset Management and Allianz Life Insurance Company North America. He has also served on various boards of Allianz SE’s global subsidiaries across Europe and the Americas. Prior to this, he held several senior roles in the financial industry. Mr. Ralph currently sits on the Board of Swiss Re Group and the Siemens Pension Advisory Board. 

    The appointments are subject to shareholder approval and will be included in the agenda of the 2025 AGM, which will be published in May. Once elected by Aegon’s AGM, the appointments will be effective as of the end of that meeting. 

    Contacts

    About Aegon

    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
    • Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
    • Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.

    This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    Attachment

    The MIL Network –

  • MIL-OSI: Nasdaq Verafin Report Finds that $750 Billion in Money Laundering and Illicit Funds Flowed Through Europe

    Source: GlobeNewswire (MIL-OSI)

    More than a Quarter of the Region’s Money Laundering Activity was Across Borders

    New Analysis of European Country-Level Data and Insights into Fraud Trends, Cross-Border Flows and Money Mule Activity

    ST. JOHN’s, Newfoundland and Labrador, March 31, 2025 (GLOBE NEWSWIRE) — Nasdaq Verafin has released its new report, Financial Crime Insights: Europe, that takes a deeper dive into the scale of financial crime across Europe. This report provides new analysis of the data from the 2024 Global Financial Crime Report, and industry insights from a survey of anti-financial crime professionals from across Europe, including the EU, UK, Nordic region and more.

    Financial crime in Europe is staggering in scale and inextricably linked to a global crisis that undermines financial systems, economies and communities around the world. An estimated $750 billion in illicit funds flowed through Europe’s financial system, representing 2.3% of total European GDP. Fraud also poses a substantial threat to Europe’s financial industry, with an estimated $103.6 billion in losses resulting from various scams and bank fraud scenarios.

    New insights from our research reveals that of all funds laundered across Europe, $194.9 billion was moved across borders, representing more than a quarter of the total estimates for money laundering activity in the region in 2023. With cross-border transactions increasing globally, pan-European and international financial flows are a significant vector for illicit activity.

    This expert analysis highlights the scale of financial crime across the region, which significantly impedes the growth and security of Europe’s financial system. The nefarious activities that underpin illicit flows, such as elder abuse, fraud scams, human trafficking, drug trafficking, and terrorist financing – have serious economic and societal impacts across Europe and around the world.

    “The time is now for industry stakeholders to work together to build on the positive momentum across Europe to deliver on a step change in the fight against financial crime. Criminals are not bound by banks, borders or regulations – so by aligning on shared goals, we can strengthen economies across the region and safeguard the wider financial system from harm,” said Stephanie Champion, Executive Vice President and Head of Nasdaq Verafin. “This report highlights the need for unified action to address both domestic and cross-border risks, fostering a safer financial system for all.”

    Financial Crime Insights: Europe provides authoritative research findings and industry perspectives that define notable trends and priorities within the financial sector across the UK, EU, and Nordics. Additionally, it underscores opportunities for stakeholders within the European financial industry to align their priorities for financial crime prevention, collaborate across sectors and borders, and expedite innovation through advanced technology. Innovative solutions and data-driven strategies will be crucial for enhancing anti-money laundering and fraud prevention efforts, ultimately ensuring a more secure financial ecosystem in Europe.

    Nasdaq Verafin has been a partner to the financial industry for decades and provides an industry-leading suite of cloud-based financial crime management solutions that support banks in preventing fraud and uncovering money laundering. Today, more than 2,600 financial institutions representing $10 trillion in assets use Nasdaq Verafin to fight crimes such as scams, elder financial exploitation, human trafficking, and terrorist financing. Nasdaq Verafin’s unique consortium data approach delivers insights into counterparty risk to reduce false positives and significantly improve payments fraud detection. Its AI-driven solutions help banks automate compliance processes for efficiency and delivers highly targeted AML analytics for specific financial crime typologies and ultimately improves the effectiveness of anti-financial crime efforts.

    This report focuses on financial crime trends and perspectives in Europe, EU, the UK and the Nordic region and was produced by Nasdaq Verafin in collaboration with Celent Research and Oliver Wyman.

    The full report can be found at https://verafin.com/financial-crime-insights-europe/.

    About Nasdaq Verafin

    Nasdaq Verafin provides cloud-based Financial Crime Management Technology solutions for Fraud Detection, AML/CFT Compliance, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,600 financial institutions globally, representing nearly $10T in collective assets, use Nasdaq Verafin to prevent fraud and strengthen AML/CFT efforts. Leveraging our unique consortium data approach in targeted analytics with artificial intelligence and machine learning, Nasdaq Verafin significantly reduces false positive alerts and delivers context-rich insights to fight financial crime more efficiently and effectively. To learn how Nasdaq Verafin can help your institution fight fraud and money laundering visit www.verafin.com or call 1-877-368-9986.

    Media Relations Contacts:

    Europe:
    Hampus Stenberg
    +46 73 449 6431
    hampus.stenberg@nasdaq.com

    North America:
    Melanie Stead
    (709) 330-8005
    melanie.stead@nasdaq.com

    NDAQG

    The MIL Network –

  • MIL-OSI: Tabi Becomes Title Sponsor of 2025 Bangladesh Cricket Championship

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 31, 2025 (GLOBE NEWSWIRE) — Tabi, a Web3 entertainment and consumer blockchain platform backed by Animoca Brands and Binance Labs, has officially signed on as title sponsor of the 2025 Bangladesh Cricket Championship. The partnership marks Tabi’s first major move into the South Asian market, aligning with its mission to bring decentralized technology into everyday culture through sport, entertainment, and community engagement.

    Tabi’s sponsorship reflects more than just branding—it’s part of a broader push to integrate Web3 into real-world experiences that resonate with millions. Cricket, the most beloved sport in Bangladesh and across the region, provides an ideal platform for introducing digital ownership, fan participation, and creator economies powered by blockchain.

    “Tabi is building a Web3 world where culture, content, and community converge,” said Mori Xu, co-founder of Tabi. “Sponsoring the Bangladesh Cricket Championship allows us to connect with a passionate, mobile-first audience through a sport that embodies national identity and collective spirit. This isn’t just a logo placement—it’s an invitation to explore what ownership and participation look like in the next internet era.”

    As part of its broader regional strategy, Tabi sees this sponsorship as a key step in introducing its brand and values to a passionate, mobile-native audience. The move signals Tabi’s intent to explore long-term opportunities where blockchain can enhance fan culture, digital identity, and participation—particularly in regions where community-driven platforms thrive and traditional systems are ripe for innovation.

    While cricket serves as the cultural entry point, Tabi’s long-term goal is to help users across emerging markets access decentralized tools without friction—transforming everyday fandom into on-chain engagement.

    More details about the sponsorship campaign and on-site activations will be shared in the lead-up to the tournament.

    About Tabi Chain
    Tabi Chain is a decentralized blockchain ecosystem designed to facilitate mass adoption of Web3 through seamless social media integration. By leveraging Proof of Attention (PoA) and Tabi Mini Nodes, Tabi Chain enables users to engage with Web3 platforms effortlessly, turning social interactions into meaningful blockchain participation. The project is committed to lowering the barriers to entry for decentralized applications, governance, and digital ownership, fostering a more inclusive and accessible Web3 landscape.

    Media Content:
    Name: Mori Xu
    Media contact: tabimedium@tabilabs.org

    Disclaimer: This press release is provided by Tabi Chain. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae996481-be7f-4a47-9123-5350cb24a00b

    The MIL Network –