Economy – Page 929 – NewzIntel.com

MIL-OSI Video: Syria: Legacy of 14 years of war is huge – Special Envoy | United Nation

Source: United Nations (Video News)

“The legacies of 14 years of war and conflict and five decades of one-man rule are huge. So are the immediate challenges facing the Syrians today,” said UN Special Envoy Geir Pedersen.

Briefing the Security Council today (Mar 25) on Syria’s political and humanitarian landscape, Pedersen described a resurgence of violence in early March that he said bears the hallmarks of renewed internal conflict.

“On Thursday March 6, armed groups associated with the former regime attacked and ambushed caretaker authority forces across the coastal region,” Pedersen said. “Reports indicate attacks on military and internal security targets, and also several hospitals.”

He noted the “scale and sophistication” of the attacks were “striking,” many carried out by groups linked to former regime officers. But what followed was worse, he said, pointing to mass killings of civilians.

“Far more disturbing was the appalling civilian death toll, including widespread summary killings of civilians and unarmed individuals,” he told the Council. “Accounts of entire families executed at point blank, and widespread footage of grave violations of a plainly sectarian and retaliatory nature – singling out Allawites.”

On the humanitarian front, UN Emergency Relief Coordinator Tom Fletcher warned that critical funding gaps are forcing aid agencies to make “brutal choices.”

“Last year’s appeal was only 35 per cent funded – causing us to reduce our humanitarian response by more than half,” he said. “We are under no illusions about the grim financial outlook.”

Fletcher said the UN had completed a country-wide rapid needs assessment and was now focusing aid on the most vulnerable — roughly half of the 16.7 million people in need.

“Let us be problem solvers rather than problem observers,” he urged. “The price of failure will far outweigh the investment we are asking for.”

Joumana Seif, co-founder of the Syrian Women’s Political Movement, echoed calls for long-term accountability alongside immediate aid, urging Syrians to lead the process.

“Today, more than ever, Syrians must create a transparent and inclusive national plan for transitional justice,” she said, emphasizing the role of civil society and victim associations in ensuring justice and preventing future atrocities.

Representing the Syrian government, Ambassador Qusay Abdul Jabbar al-Dahha told the Council that the country is moving forward with constitutional reform following the national dialogue conference.

“With the aim of preparing the legal framework for the transitional phase, the Presidency of the Republic formed a committee to draft the Constitutional Declaration, which was subsequently approved,” he said.

He stressed that the “new Syria will be a state of law,” vowing that attacks on civilians “will not go unpunished, regardless of the identity of the perpetrators.”

https://www.youtube.com/watch?v=VFrQSem_g80

MIL OSI Video –

March 27, 2025

MIL-OSI: Volunteer State Bank Rebrands as Volunteer Bank, Emphasizing Its Commitment to Middle Tennessee

Source: GlobeNewswire (MIL-OSI)

NASHVILLE, Tenn., March 26, 2025 (GLOBE NEWSWIRE) — Volunteer State Bank has rebranded as Volunteer Bank. A locally owned and headquartered financial provider since 1977, the evolution reflects a new look for the future of banking— while embracing the bank’s continued dedication to its customers and expanding footprint in Middle Tennessee.

The rebrand is not the result of a merger or change in ownership, but rather a reflection of the bank’s commitment to the next 50 years—ensuring it remains a strong, independent, and community-focused financial partner for generations to come. The updated logo pays homage to Tennessee, with one of the arms of the “V” symbolizing the state’s shape, reinforcing Volunteer Bank’s pride in serving the region.

“For nearly 50 years, we have built relationships rooted in trust, service, and local decision-making,” said Tony Gregory, chairman, president, and chief executive officer of Volunteer Bank. “As we evolve into Volunteer Bank, we do so with great respect for our history and an even greater vision for the future. We are thrilled to share our refreshed look with our Middle Tennessee neighbors.”

Over the coming weeks, customers and communities will soon see the new Volunteer Bank identity come to life across the bank’s branch locations, digital platforms, and in the cities served throughout Davidson, Williamson, Rutherford, Sumner, Robertson and Wilson counties.

“Middle Tennessee deserves a financial partner who leads with local expertise, serves with purpose and remains genuinely dedicated to giving back to the communities we call home,” Gregory added. “We are passionate about empowering our neighbors to succeed—a commitment we call ‘The Home State Advantage’.”

About Volunteer State Bank

Volunteer Bank is a privately owned, Tennessee-based community bank with over $1.5 billion in assets. Founded in 1977, Volunteer State Bank operates 18 full-service branches throughout Middle Tennessee in Davidson, Robertson, Rutherford, Sumner, Williamson and Wilson counties. Volunteer Bank offers a full suite of financial solutions designed to empower individuals and businesses at every stage of their financial journey. For more information on products, locations, and hours of operation, please visit Volunteer.Bank.

Media Contacts:

Lindsey Hammons, VP, Marketing, Engagement and Communications
Volunteer Bank
Lindsey.Hammons@Volunteer.Bank

The MIL Network –

March 27, 2025

MIL-OSI: 3D Systems Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

ROCK HILL, S.C., March 26, 2025 (GLOBE NEWSWIRE) — 3D Systems Corporation (NYSE:DDD) announced today its financial results for the fourth quarter and full year ended December 31, 2024.

Full-year 2024 revenue of $440 million, above lower end of guidance range, inclusive of a $9 million revenue reduction in Q4 driven by a change in accounting estimates for Regenerative Medicine program milestone recognition. This change in estimate is related to the now anticipated use of pre-clinical human decedent testing, successfully demonstrated by our partner, United Therapeutics, which led to refinement of the milestone technical criteria.
Continued reduction in operating expenses in Q4 reflecting the company’s focus on cost savings and efficiency improvements.
Announcement of a new cost reduction initiative expected to deliver over $50 million in incremental annualized savings related to actions taken throughout 2025 and the first-half 2026.
All regulatory approvals have been obtained for sale of Geomagic software platform, with a sale price of $123 million and targeted close in early April.
Balance sheet cash and cash equivalents of $171 million as of December 31, 2024. Proceeds from Geomagic sale to further strengthen balance sheet in Q2.
Normalizing for divestiture, 2025 full-year forecast reflects return to flat to modest top line organic growth with progressive cost reductions strengthening EBITDA performance throughout the year. Target is to exit 2025 at positive adjusted-EBITDA levels, with continuing momentum in 2026.

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
(in millions, expect per share data)	(unaudited)			(unaudited)
Revenue	$	111.0		$	114.8		$	440.1		$	488.1
Gross profit	$	34.4		$	44.0		$	164.2		$	196.4
Gross profit margin		31.0	%		38.3	%		37.3	%		40.2	%
Operating expense	$	64.8		$	371.3		$	441.6		$	602.4
Operating loss	$	(30.4	)	$	(327.3	)	$	(277.4	)	$	(406.0	)
Net loss attributable to 3D Systems Corporation	$	(33.7	)	$	(292.7	)	$	(255.6	)	$	(362.7	)
Diluted loss per share	$	(0.25	)	$	(2.25	)	$	(1.94	)	$	(2.79	)

Non-GAAP measures for year-over-year comparisons ⁽¹⁾
Non-GAAP gross profit margin		31.3	%		39.8	%		37.4	%		40.6	%
Non-GAAP operating expense	$	58.4		$	65.4		$	250.3		$	246.0
Adjusted EBITDA	$	(19.1	)	$	(14.0	)	$	(66.4	)	$	(26.3	)
Non-GAAP diluted loss per share	$	(0.19	)	$	(0.13	)	$	(0.62	)	$	(0.28	)

⁽¹⁾ See “Presentation of Information in this Press Release” below for a description, and the Appendix for the reconciliation of non-GAAP measurements to the most closely comparable GAAP measure.

Summary Comments on Results

“While 2024 was a challenging year for sales, reflecting weak customer capex spending on new manufacturing plant capacity through the first three quarters, we were pleased to see a healthy uptick in the sale of new industrial printer systems and global services in the fourth quarter,” said Dr. Jeffrey Graves, president & CEO of 3D Systems. “In addition, with the largest installed base in the additive manufacturing industry, we were pleased to see a return to healthy consumable sales across most markets, reflecting higher utilization rates for existing machines. These positive changes in our core business units were unfortunately masked by the impact of an accounting estimate change in our Regenerative Medicine program related to refinement of technical acceptance criteria associated with a potential change in testing methodology for printed human lungs, which are the focus of this program. This estimate change relates to the incorporation of in vivo human decedent testing protocols, which have recently been successfully demonstrated by our partner, United Therapeutics. While this accounting estimate change was not originally contemplated in our 2024 guidance, I am pleased that our core businesses still delivered within the full-year revenue range communicated in our prior forecast, and that the market showed signs of strengthening in the fourth quarter.”

Dr. Graves continued, “While sales were weak across our industry for the last year, for 3D Systems 2024 will be remembered as a historic year of innovation, one in which dozens of new products were launched in both our Healthcare and Industrial markets. This strength in new products was a direct reflection of the continuity in R&D investment that we maintained over this challenging period. Naming just a few key milestones, early in the year we announced the largest contract in the Company’s history, securing our leadership in the dental market for the straightening of teeth, while simultaneously building critical momentum in the even larger adjacent market for teeth replacement, culminating in the announcement of our jetted denture solution which was granted clearance by the FDA in September. In our Industrial business, our collaboration with Daimler Truck demonstrated the exceptional savings potential for integrating digital rights management with on-demand localized print capabilities using Oqton work-flow management for critical spare parts, a market that is expected to reach $8 billion for trucks by 2027. With the broadest range of metal and polymer additive manufacturing technology in the entire industry, and our application-first mindset, we believe our organic growth prospects will be a key differentiator in the path ahead.”

Dr. Graves concluded, “With our new products now gaining traction in the market, our focus is increasingly centered on driving gross margin expansion and operating expense improvements in the face of continuing uncertainty in the global markets. Given this potential demand profile, we believe it is prudent to undertake further significant actions to reduce costs and improve operating efficiencies to support our long-term mission of delivering growth with sustainable profitability. Our latest cost initiative, which began in Q1 of 2025, is targeted at delivering over $50 million of incremental annualized savings based on actions taken over the next six quarters. Importantly, while these efforts will not be fully completed until the middle of 2026, we anticipate significant improvements associated with them, in conjunction with those taken previously, leading us to expect break-even-or-better adjusted-EBITDA performance by the fourth quarter of 2025, despite essentially flat-to-modest revenue growth. From a balance sheet perspective, having previously retired over 50% of our Convertible Notes due November 2026, the remainder of which reaches maturity in Q4 of 2026, our cash balance at 2024 year-end of $171 million, supplemented by proceeds from the sale of our Geomagic software platform for $123 million in the coming weeks, positions us well to continue reducing our leverage while supporting the investments needed to deliver long-term growth and profitability.”

Summary of Fourth Quarter Results

Revenue for the fourth quarter of 2024 decreased 3% to $111.0 million compared to the same period last year and includes an $8.7 million reduction due to a change in accounting estimate related to refinement of milestone recognition criteria within our Regenerative Medicine program.

Healthcare Solutions revenue, which includes revenues from our Regenerative Medicine program, decreased 21% to $40.4 million compared to the prior year period.

Industrial Solutions revenue increased 11% to $70.7 million compared to the prior year period.

Gross profit margin for the fourth quarter of 2024 was 31.0% compared to 38.3% in the same period last year. Non-GAAP gross profit margin was 31.3% compared to 39.8% in the same period last year and decreased primarily due to the accounting estimate changes previously described for our Regenerative Medicine program. Excluding the impact of these accounting estimate changes, non-GAAP gross profit margins were 36.3% for Q4 and 38.7% for the full year 2024, offering a perspective on our core Healthcare and Industrial business performance.

Net loss attributable to 3D Systems Corporation improved by $259.0 million to a loss of $33.7 million in the fourth quarter of 2024 compared to the same period in the prior year. The improvement in net loss primarily reflects the year-over-year change in impairment of goodwill and other intangible assets taken during the prior year period.

Adjusted EBITDA decreased by $5.1 million to a loss of $19.1 million in the fourth quarter of 2024 compared to the same period last year primarily driven by lower revenue and margin due to a change in accounting estimate related to refinement of milestone recognition criteria in our Regenerative Medicine program.

Summary of Full-Year 2024 Results

Revenue for 2024 of $440.1 million decreased 10% compared to the prior year. The decline in revenue primarily reflects lower hardware systems sales due to macroeconomic factors that are negatively impacting demand.

Healthcare Solutions revenue decreased 11% to $189.7 million compared to the prior year.

Industrial Solutions revenue decreased 9% to $250.4 million compared to the prior year.

Gross profit margin for the full year 2024 was 37.3% compared to 40.2% in the prior year. Non-GAAP gross profit margin was 37.4% for the full year 2024 compared to 40.6% in the prior year. Gross profit margin decreased primarily due to the change in accounting estimate related to refinement of milestone recognition criteria within our Regenerative Medicine program and unfavorable manufacturing variances.

Net loss for the full year 2024 improved by $107.1 million to a loss of $255.6 million compared to the prior year. The improvement in net loss primarily reflects the year-over-year change in impairment of goodwill and other intangible assets taken during 2023.

Adjusted EBITDA decreased by $40.1 million to a loss of $66.4 million in 2024 compared to prior year primarily driven by lower revenues and increases in consulting and outside services expenses.

2025 Outlook

Assuming no material change in current macroeconomic conditions and the expected divestiture of the Geomagic business in early Q2 of 2025, the Company is providing the following for its full year 2025 outlook:

Revenue within the range of $420 million to $435 million, representing essentially flat to modest growth when excluding Geomagic revenue for the same periods in FY’24
Non-GAAP Gross Profit Margin within the range of 37% to 39%
Non-GAAP Operating Expense within the range of $200 million to $220 million
Adjusted EBITDA to be break even or better in Q4 2025

Financial Liquidity

At December 31, 2024, cash and cash equivalents totaled $171.3 million and decreased $160.2 million since December 31, 2023. This decrease resulted primarily from the repurchase of our Convertible Notes due November 2026 of $87.2 million, cash used in operations of $44.9 million, and capital expenditures of $16.1 million. At December 31, 2024, the company had total debt, net of deferred financing costs of $212.0 million.

Q4 and FY 2024 Conference Call and Webcast

The Company will host a conference call and simultaneous webcast to discuss these results on March 27 2025, which may be accessed as follows:

Date: Thursday, March 27, 2025
Time: 8:30 a.m. Eastern Time
Listen via webcast: www.3dsystems.com/investor
Participate via telephone: 201-689-8345

A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

Presentation of Information in this Press Release

3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain Non-GAAP measures, including: Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP diluted income (loss) per share, Non-GAAP operating expense and Adjusted EBITDA. These Non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the Non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the Non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ Non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These Non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

To calculate the Non-GAAP measures, 3D Systems excludes the impact of the following items:

amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;
costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;
stock-based compensation expenses, a non-cash expense;
charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;
certain compensation expense related to the 2021 Volumetric acquisition; and
costs, including legal fees, related to significant or unusual litigation matters.

Amortization of intangibles and acquisition and divestiture-related costs are excluded from Non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from Non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from Non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business’ operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from Non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

The matters discussed above are tax effected, as applicable, in calculating Non-GAAP diluted income (loss) per share.

Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other Non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

A reconciliation of GAAP to Non-GAAP financial measures is provided in the accompanying schedules.

3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking Non-GAAP gross profit margin, Adjusted EBITDA, and Non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

About 3D Systems

More than 35 years ago, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

Investor Contact:	investor.relations@3dsystems.com
Media Contact:	press@3dsystems.com

Tables Follow


3D Systems Corporation Consolidated Balance Sheets (in thousands, except par value)

	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	171,324		$	331,525
Accounts receivable, net of reserves — $2,433 and $3,389		101,471			101,497
Inventories		118,530			152,188
Prepaid expenses and other current assets		34,329			42,612
Assets held for sale		3,176			—
Total current assets		428,830			627,822
Property and equipment, net		51,044			64,461
Intangible assets, net		18,020			62,724
Goodwill		14,879			116,082
Operating lease right-of-use assets		50,715			58,406
Finance lease right-of-use assets		8,726			12,174
Long-term deferred income tax assets		2,063			4,230
Other assets		34,569			44,761
Total assets	$	608,846		$	990,660
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY
Current liabilities:
Current operating lease liabilities	$	9,514		$	9,924
Accounts payable		41,833			49,757
Accrued and other liabilities		45,488			49,460
Customer deposits		4,712			7,599
Deferred revenue		27,298			30,448
Liabilities held for sale		10,251			—
Total current liabilities		139,096			147,188
Long-term debt, net of deferred financing costs		211,995			319,356
Long-term operating lease liabilities		52,527			56,795
Long-term deferred income tax liabilities		2,076			5,162
Other liabilities		25,001			33,400
Total liabilities		430,695			561,901
Commitments and contingencies
Redeemable non-controlling interest		1,958			2,006
Stockholders’ equity:
Common stock, $0.001 par value, authorized 220,000 shares; shares issued 135,510 and 133,619 as of December 31, 2024 and 2023, respectively		136			134
Additional paid-in capital		1,593,366			1,577,519
Accumulated deficit		(1,362,243	)		(1,106,650	)
Accumulated other comprehensive loss		(55,066	)		(44,250	)
Total stockholders’ equity		176,193			426,753
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$	608,846		$	990,660


3D Systems Corporation Consolidated Statements of Operations (in thousands, except per share amounts)

	Three Months Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenue:	(unaudited)			(unaudited)
Products	$	70,426		$	74,763		$	279,178		$	328,731
Services		40,598			40,085			160,943			159,338
Total revenue		111,024			114,848			440,121			488,069
Cost of sales:
Products		46,288			49,816			175,859			203,258
Services		30,291			21,075			100,084			88,390
Total cost of sales		76,579			70,891			275,943			291,648
Gross profit		34,445			43,957			164,178			196,421
Operating expenses:
Selling, general and administrative		43,360			59,549			210,132			210,172
Research and development		20,219			22,513			86,479			89,466
Asset impairment charges		1,234			289,190			144,967			302,787
Total operating expenses		64,813			371,252			441,578			602,425
Loss from operations		(30,368	)		(327,295	)		(277,400	)		(406,004	)
Non-operating income (loss):
Foreign exchange gain (loss), net		3,226			(978	)		2,452			(4,825	)
Interest income		1,502			3,781			7,302			19,511
Interest expense		(620	)		(689	)		(2,564	)		(3,301	)
Other income (loss), net		(1,505	)		31,887			20,214			32,307
Total non-operating income (loss)		2,603			34,001			27,404			43,692
Loss before income taxes		(27,765	)		(293,294	)		(249,996	)		(362,312	)
(Provision) benefit for income taxes		(4,689	)		1,045			(2,193	)		641
Loss on equity method investment, net of income taxes		(1,001	)		(535	)		(3,404	)		(1,282	)
Net loss before redeemable non-controlling interest		(33,455	)		(292,784	)		(255,593	)		(362,953	)
Less: net loss attributable to redeemable non-controlling interest		252			(116	)		—			(265	)
Net loss attributable to 3D Systems Corporation	$	(33,707	)	$	(292,668	)	$	(255,593	)	$	(362,688	)

Net loss per common share:
Basic	$	(0.25	)	$	(2.25	)	$	(1.94	)	$	(2.79	)
Diluted	$	(0.25	)	$	(2.25	)	$	(1.94	)	$	(2.79	)

Weighted average shares outstanding:
Basic		132,576			130,431			131,861			129,944
Diluted		132,576			130,431			131,861			129,944


3D Systems Corporation Consolidated Statements of Cash Flows (in thousands)

	Year Ended December 31,
		2024			2023
Cash flows from operating activities:
Net loss before redeemable non-controlling interest	$	(255,593	)	$	(362,953	)
Adjustments to reconcile loss income to net cash used in operating activities:
Depreciation and amortization		33,310			33,413
Accretion of debt discount		1,378			2,640
Stock-based compensation		18,457			23,504
Loss on short-term investments		—			6
Non-cash operating lease expense		9,871			9,267
Provision for inventory obsolescence and revaluation		12,360			6,350
Provision for bad debts		506			595
Loss on the disposition of businesses, property, equipment and other assets		2,795			6
Gain on debt extinguishment		(21,518	)		(32,181	)
Benefit for deferred income taxes and reserve adjustments		(952	)		(2,412	)
Loss on equity method investment		3,404			1,282
Impairments of assets		144,967			304,698
Changes in operating accounts:
Accounts receivable		(6,376	)		(6,186	)
Inventories		15,766			(20,555	)
Prepaid expenses and other current assets		7,049			(7,961	)
Accounts payable		(5,812	)		(5,526	)
Deferred revenue and customer deposits		3,602			1,245
Accrued and other liabilities		(6,187	)		(12,933	)
All other operating activities		(1,914	)		(12,994	)
Net cash used in operating activities		(44,887	)		(80,695	)
Cash flows from investing activities:
Purchases of property and equipment		(16,121	)		(27,183	)
Purchases of short-term investments		—			—
Sales and maturities of short-term investments		—			180,925
Proceeds from sale of assets and businesses, net of cash sold		96			194
Acquisitions and other investments, net of cash acquired		(3,000	)		(29,152	)
Net cash (used in) provided by investing activities		(19,025	)		124,784
Cash flows from financing activities:
Repayment of borrowings/long-term debt		(87,218	)		(100,614	)
Purchase of non-controlling interests		—			—
Taxes paid related to net-share settlement of equity awards		(2,662	)		(5,211	)
Other financing activities		(1,385	)		(644	)
Net cash used in financing activities		(91,265	)		(106,469	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(5,053	)		3,516
Net decrease in cash, cash equivalents and restricted cash		(160,230	)		(58,864	)
Cash, cash equivalents and restricted cash at the beginning of the year ^a		333,111			391,975
Cash, cash equivalents and restricted cash at the end of the year ^a	$	172,881		$	333,111

(a) The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts reported in the condensed consolidated statements of cash flows.

	December 31, 2024		December 31, 2023		December 31, 2022
Cash and cash equivalents	$	171,324	$	331,525	$	388,134
Restricted cash included in prepaid expenses and other current assets		123		119		114
Restricted cash included in other assets		1,434		1,467		3,727
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	172,881	$	333,111	$	391,975

Amounts included in restricted cash as of December 31, 2024 and December 31, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Amounts included in restricted cash as of December 31, 2022 primarily relate to $3,435 deposited into and held in an escrow account prior to its use as part of our initial investment in the National Additive Manufacturing Innovation (“NAMI”) joint venture. The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees.


Appendix 3D Systems Corporation Unaudited Reconciliations of GAAP to Non-GAAP Measures

Segment Revenue ⁽¹⁾

	Three Months Ended December 31,
*(in millions)*		2024		2023	$ Change			% Change
Healthcare Solutions	$	40.4	$	51.2	$	(10.8	)		(21.1)	%
Industrial Solutions		70.7		63.7		7.0			11.0	%
Total revenue	$	111.0	$	114.8	$	(3.8	)		(3.3)	%

⁽¹⁾Amounts in table may not foot due to rounding

	Year Ended December 31,
*(in millions)*		2024		2023	$ Change			% Change
Healthcare Solutions	$	189.7	$	213.2	$	(23.5	)	(11.0)	%
Industrial Solutions		250.4		274.9		(24.5	)	(8.9)	%
Total revenue	$	440.1	$	488.1	$	(47.9	)	(9.8)	%

⁽¹⁾Amounts in table may not foot due to rounding

Gross Profit and Gross Profit Margin ⁽¹⁾

	Three Months Ended December 31,
*(in millions)*		2024					2023
	Gross Profit		Gross Profit Margin			Gross Profit		Gross Profit Margin
GAAP	$	34.4		31.0	%	$	44.0		38.3	%
Amortization expense included in Cost of sales		0.2					0.4
Severance accrual adjustment		0.1					1.4
Non-GAAP ⁽²⁾	$	34.7		31.3	%	$	45.8		39.8	%

⁽¹⁾Amounts in table may not foot due to rounding ⁽²⁾ Calculated as non-GAAP gross profit as a percentage of total revenue.


	Year Ended December 31,
*(in millions)*		2024						2023
	Gross Profit			Gross Profit Margin			Gross Profit		Gross Profit Margin
GAAP	$	164.2			37.3	%	$	196.4		40.2	%
Amortization expense included in Cost of sales		1.0						0.5
Severance accrual adjustment		(0.4	)					1.4
Non-GAAP ⁽²⁾	$	164.8			37.4	%	$	198.4		40.6	%

⁽¹⁾Amounts in table may not foot due to rounding ⁽²⁾ Calculated as non-GAAP gross profit as a percentage of total revenue.

Non-GAAP Operating Expense⁽¹⁾

	Three Months Ended December 31,						Year Ended December 31,
*(in millions)*		2024			2023			2024			2023
Operating expense	$	64.8		$	371.3		$	441.6		$	602.4
Amortization expense		(0.8	)		(2.0	)		(13.3	)		(11.6	)
Stock-based compensation expense		(1.1	)		(8.4	)		(18.4	)		(23.5	)
Acquisition and divestiture-related expense		(1.4	)		1.2			(2.2	)		1.1
Legal and other expense		(1.8	)		(3.2	)		(11.0	)		(8.1	)
Restructuring expense		(0.1	)		(3.3	)		(1.4	)		(10.1	)
Asset impairment charges		(1.2	)		(290.1	)		(145.0	)		(304.4	)
Non-GAAP operating expense	$	58.4		$	65.4		$	250.3		$	246.0

⁽¹⁾Amounts in table may not foot due to rounding


Appendix 3D Systems Corporation Unaudited Reconciliations of GAAP to Non-GAAP Measures

Net Loss to Adjusted EBITDA ⁽¹⁾

	Three Months Ended December 31,						Year Ended December 31,
*(in millions)*		2024			2023			2024			2023
Net loss attributable to 3D Systems Corporation	$	(33.7	)	$	(292.7	)	$	(255.6	)	$	(362.7	)
Interest (income) expense, net		(0.9	)		(3.1	)		(4.7	)		(16.2	)
Provision (benefit) for income taxes		4.7			(1.0	)		2.2			(0.6	)
Depreciation expense		4.5			5.7			19.0			21.3
Amortization expense		1.0			2.4			14.3			12.1
EBITDA		(24.4	)		(288.8	)		(224.8	)		(346.1	)
Stock-based compensation expense		1.1			8.4			18.4			23.5
Acquisition and divestiture-related expense		1.4			(1.2	)		2.2			(1.1	)
Legal and other related costs		2.2			3.2			11.4			8.1
Restructuring expense		(0.2	)		4.8			0.7			11.5
Net loss attributable to redeemable non-controlling interest		0.3			(0.1	)		0.1			(0.3	)
Loss on equity method investment, net of tax		1.0			0.5			3.4			1.3
Asset impairment charges		1.2			290.1			145.0			304.4
Gain on repurchase of debt		—			(32.2	)		(21.5	)		(32.2	)
Other non-operating (income) expense		(1.7	)		1.3			(1.2	)		4.7
Adjusted EBITDA	$	(19.1	)	$	(14.0	)	$	(66.4	)	$	(26.3	)

⁽¹⁾ Amounts in table may not foot due to rounding


Appendix 3D Systems Corporation Unaudited Reconciliations of GAAP to Non-GAAP Measures

Diluted Loss per Share ⁽¹⁾

	Three Months Ended December 31,						Year Ended December 31,
*(in dollars)*		2024			2023			2024			2023
Diluted loss per share	$	(0.25	)	$	(2.25	)	$	(1.94	)	$	(2.79	)
Amortization expense		0.01			0.02			0.11			0.09
Stock-based compensation expense		0.01			0.06			0.14			0.18
Acquisition and divestiture-related expense		0.01			(0.01	)		0.02			(0.01	)
Legal expense		0.02			0.03			0.09			0.06
Restructuring expense		—			0.04			0.01			0.09
Asset impairment charges		0.01			2.23			1.10			2.35
Gain on repurchase of debt		—			(0.25	)		(0.16	)		(0.25	)
Loss on equity method investment and other		0.01			—			0.03			—
Non-GAAP diluted loss per share	$	(0.19	)	$	(0.13	)	$	(0.62	)	$	(0.28	)

⁽¹⁾Amounts in table may not foot due to rounding

The MIL Network –

March 27, 2025

MIL-OSI: Firsthand Technology Value Fund Announces Fiscal Year Financial Results, NAV of $0.15 Per Share

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., March 26, 2025 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (OTCQB: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the year ended December 31, 2024.

As of December 31, 2024, the Fund’s net assets were approximately $1.1 million, or $0.15 per share, compared with net assets of approximately $1.5 million, or $0.22 per share as of September 30, 2024. As of December 31, 2024, the Fund’s portfolio included public and private securities valued at approximately $1.1 million, or $0.15 per share, which includes approximately $0.11 per share in cash and cash equivalents.

Portfolio Summary (as of 12/31/24)

Investment		Fair Value^1,	Fair Value per Share^1,2
Equity/Debt Investments	$	0.32 million		$	0.05
Cash/Cash Equivalents	$	0.75 million		$	0.11
Other Assets	$	0.74 million		$	0.11
Total Assets	$	1.80 million		$	0.26
Total Liabilities	$	0.73 million		$	0.11
Net Assets	$	1.06 million		$	0.15

¹ Numbers may not sum due to rounding. ² Total shares outstanding: 6,893,056.

During the fourth quarter of 2024, the Valuation Committee, which was composed of two independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors.

For the year ended December 31, 2024, the Fund reported total investment income of approximately $110 thousand. After fees and expenses, the Fund reported net investment income of approximately $2.0 million, due to the waiving of certain accrued management fees during the year. The Fund reported net realized and unrealized losses on investments of approximately $2.1 million for the year.

Throughout the year, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.

About Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.

Contact:

Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
vc@firsthandtvf.com

The MIL Network –

March 27, 2025

MIL-OSI Video: Ukraine, Pact for the Future, Climate & other topics – Daily Press Briefing | United Nations

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Ukraine
Ukraine/Security Council
Pact for the Future
Climate
Renewables
Occupied Palestinian Territory
Sudan
South Sudan
Democratic Republic of the Congo
Haiti
Biological Weapons Convention
Clarification
Financial Contributions

UKRAINEThe Secretary-General welcomes the discussions and reported commitments reached in Saudi Arabia by the United States, the Russian Federation and Ukraine.Reaching an agreement on freedom of navigation in the Black Sea to ensure the protection of civilian vessels and port infrastructure, will be a crucial contribution to the global food security and supply chains, reflecting the importance of trade routes from both Ukraine and the Russian Federation to global markets.The United Nations has been working consistently, especially following the letters the Secretary-General sent to Presidents Zelenskyy, Putin and Erdogan on 7 February 2024 putting forward a proposal for the safe and free navigation in the Black Sea.The United Nations also remains closely engaged in the continued implementation of the Memorandum of Understanding with the Russian Federation on facilitating access of Russian food and fertilizers to global markets to address global food security.The Secretary-General’s good offices remain available to support all efforts towards peace.The Secretary-General reiterates his hope that such efforts will pave the way for a durable ceasefire and contribute to achieving a just, comprehensive and lasting peace in Ukraine, in line with the UN Charter, international law and relevant UN resolutions and in full respect of Ukraine’s independence, sovereignty and territorial integrity.That statement is now being shared with you electronically.
UKRAINE/SECURITY COUNCILFurther on Ukraine: Assistant Secretary-General for Humanitarian Affairs Joyce Msuya briefed Security Council members this morning and said that since 1 March, not a day has passed without an attack harming civilians in that country. She said we are particularly appalled by the strikes countrywide on 7 March that killed 21 civilians and injured many more, making it one of the deadliest days this year.Across Ukraine, Ms. Msuya said, almost 13 million people need humanitarian assistance. More than 10 million Ukrainians have been forced to flee their homes, including 3.7 million of them who are internally displaced. This displacement is disproportionately affecting women and girls, heightening their exposure to gender-based violence and hindering their access to support services, she told the members of the Security Council. She told that recent funding cuts have led to a reprioritization of Ukraine response efforts that will be announced in the coming weeks. Continued financial support will be essential to maintain our operations there.
UKRAINE/HUMANITARIANFurther on Ukraine from the ground, our colleagues in Ukraine tell us that today, an inter-agency convoy delivered vital aid to one of the most affected communities in the Donetsk region. This is the fourth convoy to front-lines communities in the region this year.Humanitarians brought in six metric tonnes of medical, hygiene and other critical supplies, including those for older people, to help some 1,500 residents remaining in the community of Kostiantynivka.Local residents there face daily shelling. Homes and critical civilian infrastructure have been damaged and electricity, water and the gas supply have been disrupted.

Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=26+March+2025

https://www.youtube.com/watch?v=zM1F1O1Svuo

MIL OSI Video –

March 27, 2025

MIL-OSI Video: Syria: Past months underscored fragility and hope – OCHA Briefing | United Nations

Source: United Nations (Video News)

On the humanitarian front, UN Emergency Relief Coordinator Tom Fletcher warned that critical funding gaps are forcing aid agencies to make “brutal choices.”

“Last year’s appeal was only 35 per cent funded – causing us to reduce our humanitarian response by more than half,” he said. “We are under no illusions about the grim financial outlook.”

Fletcher said the UN had completed a country-wide rapid needs assessment and was now focusing aid on the most vulnerable — roughly half of the 16.7 million people in need.

“Let us be problem solvers rather than problem observers,” he urged. “The price of failure will far outweigh the investment we are asking for.”

https://www.youtube.com/watch?v=UpG2QHX9-p4

MIL OSI Video –

March 27, 2025

MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025 Ministerial Panel: Republic of Congo to Promote Onshore Acreage in Upcoming Bid Round

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

BRAZZAVILLE, Republic of Congo, March 26, 2025/APO Group/ —

The Republic of Congo’s Ministry of Hydrocarbons announced that the upcoming 2025 licensing round will focus on onshore blocks in the country’s continental basin.

The announcement was made on March 25 by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, during a ministerial panel discussion at the inaugural Congo Energy & investment Forum in Brazzaville.

“Our national development plan [aims to] develop the economy, but we cannot start without the development of hydrocarbons. We have no choice but to take care of hydrocarbons to give the country the capacity to develop,” Minister Itoua stated.

During the panel session, Minister Itoua also highlighted the Ministry’s plans to collaborate with oil and gas company Trident Energy to valorize associated gas from the country’s N’Kossa oil field. The Minister announced it will launch an entity to monetize associated gas not used by international oil companies operating in the country as part of a strategy to reach zero flaring by 2030.

Meanwhile, Aimé Sakombi Molendo, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), announced that the country will hold discussions with the Republic of Congo on March 26 to explore bilateral cooperation and the possibility of co-developing hydrocarbon resources in cross-border basins. This comes as the DRC and Angola are set to kick off discussions with energy major Chevron for the joint development of the common interest zone between the two countries, with a governance agreement having been ratified in December last year.

“We will be discussing with the Republic of Congo bilaterally to see to what extent the two countries can benefit from co-development of our abundant hydrocarbon resources,” Minister Molendo stated.

José Barroso, Secretary of State for Mineral Resources, Petroleum and Gas for Angola, indicated the potential for developing joint projects in the energy sector with both the Republic of Congo and the DRC. Barroso highlighted the need to create the requisite technical conditions to incentivize national companies to participate in their respective markets in the three countries.

“In the pipeline, we have projects that we are discussing amongst ourselves, and in the short future, we will be able to communicate more on this,” Barroso stated.

Meanwhile, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), discussed the role the upcoming African Energy Bank will have on resource monetization and development in Africa. Spearheaded by APPO and the African Export-Import Bank, the bank aims to facilitate, promote and finance the development of Africa’s oil, gas and energy industries. According to Dr. Farouk, both the bank and the private sector will have an important role to play in ensuring that regional markets move forward and drive cross-border development.

“None of our countries have what it takes to address the challenges of energy by themselves. The African Energy Bank is an example of how Africa wants to be independent and be in control of its resources,” Dr. Farouk stated.

An outline of the Republic of Congo’s 2025 licensing round will be presented during the Congo Energy & Investment Forum.

MIL OSI Africa –

March 27, 2025

MIL-OSI Africa: Congo’s Société Nationale des Pétroles du Congo (SNPC) Explores Regional Market Bond for Hydrocarbon Development

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

BRAZZAVILLE, Congo (Republic of the), March 26, 2025/APO Group/ —

The Republic of Congo’s national oil company (NOC) Société Nationale des Pétroles du Congo (SNPC) is seeking to raise $300 million through regional markets to finance hydrocarbon development.

In December 2024, SNPC launched a public bond offering titled “SNPC 6.5% Net 2024-2029” as part of an innovative financing strategy. The proceeds will support drilling projects in the Nanga, Kouakouala and Le Mayombe oil fields. By tapping into subregional resources, SNPC aims to boost production, increase tax revenues and create employment opportunities within the Republic of Congo.

Speaking at the Congo Energy & Investment Forum, SNPC’s Director of Finance and Accounting, Vianney Ebenga, underscored the challenges of securing international funding for fossil energy projects, noting that “the paradigm of financial institutions at an international level has shifted to clean energy,” making it increasingly difficult to raise funds for hydrocarbon development.

To navigate this shift, Aymor Ebiou, Advisor to the Director General in charge of Finance and Mandate at SNPC, highlighted the NOC’s response: “Funding at the international level is scarce; therefore, we have to innovate. SNPC is raising funds through the subregion so that we can develop our permits together.”

Supporting this approach, Fernand Gaboumba Moukengue, Director General of LCB Capital, the lead arranger for the bond issue, praised SNPC’s strategy and emphasized the strength of the domestic market: “We are considering quickly programming the second tranche of the domestic loan. You can safely raise funds through the domestic market. Today, we are more than 20 stock exchange companies to support companies seeking financing.”

MIL OSI Africa –

March 27, 2025

MIL-OSI Africa: Congo’s Minister of Hydrocarbons Confirms Congo Energy & Investment Forum (CEIF) 2026 at Gala Dinner

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

BRAZZAVILLE, Republic of Congo, March 26, 2025/APO Group/ —

Bruno Jean-Richard Itoua, the Minister of Hydrocarbons of the Republic of Congo, opened the Congo Energy & Investment Forum’s (CEIF) Gala Dinner announcing the premier event will take place for a second edition in 2026.

“We commend the excellent organization of CEIF and are pleased to confirm its second edition in 2026. We also aim to host similar events, including one in Pointe-Noire, to further strengthen industry collaboration,” said Minister Itoua.

The Gala Dinner, a gathering of high-level energy stakeholders sponsored by Imperatus Energy, including African Ministers and global energy leaders, took center stage as the winners of the prestigious CEIF in Brazzaville were unveiled.

Denis Sassou Nguesso, President, Republic of Congo was awarded the Lifetime Achievement to the African Energy Industry Award at the opening of the main event. President Denis Sassou Nguesso is not only the President of the Republic of Congo; he is a visionary leader whose transformative impact is shaping the very future of the nation. By making the oil and gas sector the backbone of the economy, President Nguesso has sparked industrialization, expanded electrification and driven unprecedented job creation. Under his leadership, the Republic of Congo achieved the milestone of becoming an LNG producer in 2024 and witnessed an impressive surge in oil and gas discoveries, while new players entered the market. International companies have committed millions to hydrocarbon projects, and local firms have significantly scaled up their operations across the entire value chain.

Sockaht Charles, Former Chief of Cabinet at the Ministry of Hydrocarbons & Former General Director for Upstream at SNPC was given the Lifetime Achievement Award. Sockaht Charles has been an instrumental force behind the Republic of Congo’s remarkable oil and gas success, with his visionary leadership shaping policies that have unlocked unparalleled investment and growth. As former Chief of Cabinet at the Hydrocarbons Ministry and former General Director for Upstream at SNPC, he has been at the helm of driving crucial industry reforms that have reinforced the sector’s foundation. His exceptional leadership has been pivotal in advancing the Republic of Congo’s upstream sector, championing regulatory transformations and paving the way for major developments throughout the country. Through his unwavering dedication and foresight, Sockaht Charles has not only positioned the Republic of Congo as a dominant oil and gas powerhouse, but has also fueled progress, prosperity, and a brighter, more sustainable energy future for the nation.

Eni was named Game Changer of the Year. Eni is revolutionizing the Republic of Congo’s energy landscape with its groundbreaking Congo LNG project. As the country’s first natural gas liquefaction initiative, Congo LNG has set a benchmark for offshore gas development in the Republic of Congo. Through the deployment of the Tango FLNG unit and the upcoming Nguya FLNG planned to start operations in 2025, Congo LNG is redefining a new era of energy production in the Republic of Congo.

TotalEnergies took home the Explorer of the Year award. TotalEnergies has taken exploration to new heights in the Republic of Congo. Despite facing geological and operational challenges in the Moho-Bilondo offshore block, the company remained resilient, bringing the project online in 2015 and now producing 140,000 barrels per day. In the face of challenging drilling conditions in the pre-salt, TotalEnergies demonstrated that through innovative drilling and a commitment to offshore production, companies can unlock the potential of the Republic of Congo’s deep-offshore acreage.

AMMAT Global Resources won the Local Content Champion of the Year Award. Independent hydrocarbon producer Ammat Global Resources is revolutionizing the Republic of Congo’s energy sector, but its impact goes beyond exploration and production. The company has not only promoted local content but cemented it across its operations through a commitment to local inclusion, a drive for capacity building and efforts to promote community outreach. With 85% of the company’s workforce local, Ammat is setting a strong benchmark for international companies operating in the Republic of Congo.

SLB received the Service Company of the Year Award. SLB is a driving force behind deepwater development and production efficiency in the Republic of Congo. From optimizing offshore operations to enhancing well performance to maximizing recovery rates and increasing efficiency, the company has emerged as a driving force behind the country’s production goals. Going forward, SLB’s commitment to ongoing projects and its dedication to long-term industry growth will not only bolster energy security but support sustainable operations for years to come.

These awards recognize the outstanding achievements and contributions of individuals and companies in the Republic of Congo’s energy sector.

MIL OSI Africa –

March 27, 2025

MIL-OSI Africa: Secretary-General’s remarks to the Virtual High-Level Segment of the 16th Petersberg Climate Dialogue [as delivered]

Source: United Nations – English

hank you for this opportunity — and for your focus today on collective climate action and acceleration of implementation.

This could not be more timely.

There is much uncertainty and instability in our world.

But today we meet in the wake of some good news.

Just this morning, the International Renewable Energy Agency officially confirmed that 2024 was a record year for renewables additions to global power capacity.

Renewables represented more than 92 per cent of all new electricity generation capacity installed last year.

The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.

Europe’s capacity grew by 9 per cent – with Germany contributing more than one-quarter of that growth. Africa’s capacity grew by almost 7 per cent.

All of this is another reminder of a 21st century truth:

Renewables are renewing economies.

They are powering growth, creating jobs, lowering energy bills, and cleaning our air.

And every day, they become an even smarter investment.

Since 2010, the average cost of wind power has plunged 60%. Solar is 90% cheaper.

In 2023, clean energy sectors accounted for five per cent of economic growth in India and six in the US. It accounted for a fifth of China’s GDP growth, and a third of the EU’s.

The economic case for – and opportunities of – climate action have become ever clearer – particularly for those who choose to lead.

And leadership is what we need – as today’s IRENA report shows:

To accelerate the shift to renewables…

And to correct the imbalances in the transition, which is still starving developing countries – outside China – of the investment needed to fully embrace clean energy.

Excellencies, dear friends,

As the title of this session puts it so well: we are indeed at a turning point to the future.

In the ten years since Paris, we have seen other important progress.

Ninety percent of global emissions are now covered by net-zero targets.

A decade ago, the planet was on course for a global temperature rise of over four degrees Celsius.

Today, countries’ national climate plans – or NDCs – if fully delivered – will take us closer to a 2.6-degree rise.

At the same time, climate challenges are piling up.

It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever.

All of this is hitting the vulnerable hardest, and everyday people in their pockets – with higher living costs, higher insurance premiums, and higher food prices.

Just last week, the World Meteorological Organization confirmed that 2024 was another alarming year:

Almost every climate indicator reached new and increasingly dangerous heights – inflaming displacement and food insecurity and inflicting huge economic losses.

And, for the first time, the annual global temperature was 1.5 degrees Celsius hotter than pre-industrial times.

Scientists are clear – it is still possible to meet the long-term 1.5 degree limit.

But it requires urgent action. And it requires leadership.

Excellencies, dear friends,

I see two critical fronts to drive action.

First, new national climate plans – or NDCs – due by September.

Investors need certainty and predictability.

These new plans are a unique opportunity to deliver – and lay out a coherent vision for a just green transition.

They must align with the 1.5-degree limit, as agreed at COP28. And cover all emissions and the whole economy.

Together, they must reduce global emissions 60% by 2035 – compared to 2019…

And contribute to the COP28 global energy transition goals.

All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more.

The G20 – the largest emitters and economies – must lead.

Every country must step up and play their part.

The United Nations is with you all.

President Lula and I are working to secure the highest ambition from the largest economies.

The United Nations Climate Promise is supporting a hundred countries to prepare their new climate plans.

And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5 within reach, and deliver climate justice.

Second, we must drive finance to developing countries.

The COP29 finance agreement must be implemented in full.

I count on the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year by 2035.

We need new and innovative sources of financing, and credible carbon pricing.

Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

And we need serious contributions to the fund for responding to Loss and Damage, and to get it up and running.
Excellencies,

We can only meet these goals with stronger collaboration – between governments, and across society and sectors.

Those that will lag behind need to be not a reason for us to be discouraged but an increase in our commitment to move forward.

The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.

We are at a turning point. I urge you to seize this moment; and seize the prize.

Thank you.

MIL OSI Africa –

March 27, 2025

MIL-OSI Africa: Secretary-General’s remarks to the Informal Interactive Dialogue on the Implementation of the Pact for the Future [bilingual, as delivered; scroll down for all-English version]

Source: United Nations – English

r. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Quatrièmement : la technologie.

Nous mettons en œuvre les appels du Pacte mondial pour le numérique pour combler toutes les fractures numériques et veiller à ce que tout le monde puisse bénéficier d’un espace numérique sûr et sécurisé.

L’intelligence artificielle fait l’objet d’une attention particulière.

Nous élaborons un rapport sur les options novatrices de financement volontaire qui permettraient de renforcer les capacités en matière d’intelligence artificielle afin d’aider les pays du Sud à exploiter cette technologie au service de l’intérêt général – en tenant compte des recommandations formulées par mon Organe consultatif de haut niveau.

Un avant-projet de résolution visant à établir le Groupe scientifique international indépendant sur l’IA et à organiser un Dialogue mondial sur la gouvernance de l’IA a été distribué la semaine dernière – grâce au travail des co-facilitateurs, l’Espagne et le Costa Rica.

J’invite l’Assemblée générale à agir rapidement pour mettre sur pied ce Groupe et veiller à ce que le savoir-faire et les connaissances en matière d’IA soient mis à la disposition de tous les pays – tout en soutenant le Dialogue mondial.

L’ensemble du système de l’ONU se tient prêt à soutenir ces travaux.

Excellences,

Tout en défendant ces priorités, nous nous attelons par ailleurs à améliorer l’efficience et l’efficacité de nos opérations – comme l’exige le Pacte.

L’automne dernier, nous avons entrepris une évaluation complète dans l’ensemble des entités de l’ONU afin d’exploiter le potentiel de l’innovation, de l’analyse des données, de la transformation numérique et de la prospective dans l’ensemble de nos travaux – conformément à l’initiative ONU 2.0.

Les résultats sont déjà au rendez-vous : nous avons par exemple été capable de constater une accélération de l’évaluation des catastrophes dans la région Asie-Pacifique, un renforcement des programmes de sécurité sociale au Malawi, ou encore une consolidation des fonctions relatives à l’informatique dans l’ensemble du système des Nations Unies.

Ces efforts, où les données sont une question essentielle pour que nous puissions faire une bien meilleure gestion de ces données – ces efforts doivent se poursuivre, en particulier au regard des problèmes de financement auxquels nous devons faire face.

Nous comptons sur votre soutien pour mener ce travail à bien.

Excellences,

Alors que nous œuvrons pour remodeler le système multilatéral et ainsi relever les défis du monde d’aujourd’hui, le Pacte pour l’avenir est un rouage essentiel de ce processus de renouvellement constant.

Nous ne pouvons pas diluer nos efforts.

Gardons intact l’esprit et la détermination qui ont permis de forger et d’adopter le Pacte.

Nous comptons sur vous pour éclairer, inspirer et guider le travail de mise en œuvre à venir.

Une fois encore, merci pour vos idées et votre engagement.

***
[All-English]

Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,