Emissions Trading – Page 11

MIL-OSI: Nutanix Reports Third Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Delivers Outperformance Across All Guided Metrics

Reports 18% YoY ARR Growth and Strong Free Cash Flow

SAN JOSE, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its third quarter ended April 30, 2025.

“We delivered solid third quarter results, above the high end of our guided ranges, driven by the strength of the Nutanix Cloud Platform and demand from businesses looking for a trusted long-term partner,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our recent announcements around support for external storage, modern applications, and generative AI reflect our continued focus on driving innovation and broadening our partnerships to further enhance the value proposition of the Nutanix Cloud Platform.”

“Our third quarter results included 18% year-over-year ARR growth and strong year-to-date free cash flow generation,” said Rukmini Sivaraman, CFO of Nutanix. “We remain focused on delivering sustainable, profitable growth.”

Third Quarter Fiscal 2025 Financial Summary

	Q3 FY’25	Q3 FY’24	Y/Y Change
Annual Recurring Revenue (ARR)¹	$2.14 billion	$1.82 billion	18%
Average Contract Duration²	3.1 years	3.0 years	0.1 year
Revenue	$639.0 million	$524.6 million	22%
GAAP Gross Margin	87.0%	84.8%	220 bps
Non-GAAP Gross Margin	88.2%	86.5%	170 bps
GAAP Operating Expenses	$507.3 million	$456.5 million	11%
Non-GAAP Operating Expenses	$426.5 million	$380.4 million	12%
GAAP Operating Income (Loss)	$48.6 million	$(11.6) million	$60.2 million
Non-GAAP Operating Income	$137.1 million	$73.3 million	$63.8 million
GAAP Operating Margin	7.6%	(2.2)%	980 bps
Non-GAAP Operating Margin	21.5%	14.0%	750 bps
Net Cash Provided by Operating Activities	$218.5 million	$96.4 million	$122.1 million
Free Cash Flow	$203.4 million	$78.3 million	$125.1 million

Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.

Recent Company Highlights

Nutanix held its annual .NEXT conference in Washington, D.C. on May 7 – 9, and made the following announcements at the event:

Fourth Quarter Fiscal 2025 Outlook

Revenue	$635 – $645 million
Non-GAAP Operating Margin	15.5% to 16.5%
Weighted Average Shares Outstanding (Diluted)³	Approximately 297 million

Fiscal 2025 Outlook

Revenue	$2.52 – $2.53 billion
Non-GAAP Operating Margin	~20.5%
Free Cash Flow	$700 – $730 million

Supplementary materials to this press release, including our third quarter fiscal 2025 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.

Webcast and Conference Call Information

Nutanix executives will discuss the Company’s third quarter fiscal 2025 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

Footnotes

¹Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Excludes amounts related to professional services and hardware.

²Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.

³Weighted average share count used in computing diluted non-GAAP net income per share.

Non-GAAP Financial Measures and Other Key Performance Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to debt, interest expense related to debt, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, and net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our fourth quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.

Forward-Looking Statements

This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including the strength of our platform, demand from businesses looking for a trusted long-term partner, and our continued focus on driving innovation and broadening our partnerships; our focus on delivering sustainable, profitable growth; our fourth quarter fiscal 2025 outlook; and our fiscal 2025 outlook.

These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 19, 2024 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

About Nutanix

Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

© 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

Investor Contact:
Richard Valera
ir@nutanix.com

Media Contact:
Jennifer Massaro
pr@nutanix.com


NUTANIX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	As of
	July 31, 2024			April 30, 2025
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	655,270		$	872,599
Short-term investments		339,072			1,009,870
Accounts receivable, net		229,796			270,232
Deferred commissions—current		159,849			147,361
Prepaid expenses and other current assets		97,307			110,981
Total current assets		1,481,294			2,411,043
Property and equipment, net		136,180			143,711
Operating lease right-of-use assets		109,133			142,200
Deferred commissions—non-current		198,962			180,111
Intangible assets, net		5,153			2,809
Goodwill		185,235			185,235
Other assets—non-current		27,961			31,521
Total assets	$	2,143,918		$	3,096,630
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	45,066		$	49,596
Accrued compensation and benefits		195,602			175,814
Accrued expenses and other current liabilities		24,967			22,463
Deferred revenue—current		954,543			1,008,731
Operating lease liabilities—current		24,163			24,951
Total current liabilities		1,244,341			1,281,555
Deferred revenue—non-current		918,163			1,020,467
Operating lease liabilities—non-current		90,359			120,351
Convertible senior notes, net		570,073			1,342,601
Other liabilities—non-current		49,130			43,090
Total liabilities		2,872,066			3,808,064
Stockholders’ deficit:
Common stock		7			7
Additional paid-in capital		4,118,898			4,179,565
Accumulated other comprehensive loss		146			3,391
Accumulated deficit		(4,847,199	)		(4,894,397	)
Total stockholders’ deficit		(728,148	)		(711,434	)
Total liabilities and stockholders’ deficit	$	2,143,918		$	3,096,630


NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended April 30,					Nine Months Ended April 30,
	2024			2025		2024			2025
	(in thousands, except per share data)
Revenue:
Product	$	255,465		$	345,479	$	802,047		$	1,001,585
Support, entitlements and other services		269,112			293,504		798,817			883,075
Total revenue		524,577			638,983		1,600,864			1,884,660
Cost of revenue:
Product ⁽¹⁾⁽²⁾		8,469			6,776		28,105			23,969
Support, entitlements and other services ⁽¹⁾		71,150			76,215		215,029			226,980
Total cost of revenue		79,619			82,991		243,134			250,949
Gross profit		444,958			555,992		1,357,730			1,633,711
Operating expenses:
Sales and marketing ⁽¹⁾⁽²⁾		245,901			260,402		717,926			775,185
Research and development ⁽¹⁾		159,220			186,413		471,596			543,157
General and administrative ⁽¹⁾		51,425			60,532		148,457			174,036
Total operating expenses		456,546			507,347		1,337,979			1,492,378
(Loss) income from operations		(11,588	)		48,645		19,751			141,333
Other income (expense), net		659			15,954		(2,520	)		25,172
(Loss) income before provision for income taxes		(10,929	)		64,599		17,231			166,505
Provision for income taxes		4,687			1,236		15,905			16,789
Net (loss) income	$	(15,616	)	$	63,363	$	1,326		$	149,716
Net (loss) income per share attributable to Class A common stockholders, basic	$	(0.06	)	$	0.24	$	0.01		$	0.56
Net (loss) income per share attributable to Class A common stockholders, diluted	$	(0.06	)	$	0.22	$	0.05		$	0.52
Weighted average shares used in computing net (loss) income per share attributable to Class A common stockholders, basic		245,766			267,566		243,688			267,081
Weighted average shares used in computing net (loss) income per share attributable to Class A common stockholders, diluted		245,766			296,804		297,055			292,942

________________
(1) Includes the following stock-based compensation expense:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Product cost of revenue	$	1,576	$	401	$	5,201	$	2,425
Support, entitlements and other services cost of revenue		6,391		6,623		20,690		20,768
Sales and marketing		18,901		19,513		61,110		61,558
Research and development		38,719		42,162		117,664		132,489
General and administrative		16,705		15,543		47,594		49,179
Total stock-based compensation expense	$	82,292	$	84,242	$	252,259	$	266,419

________________
(2) Includes the following amortization of intangible assets:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Product cost of revenue	$	766	$	546	$	2,626	$	2,080
Sales and marketing		99		89		218		265
Total amortization of intangible assets	$	865	$	635	$	2,844	$	2,345


NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended April 30,
	2024			2025
	(in thousands)
Cash flows from operating activities:
Net income	$	1,326		$	149,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		54,986			54,451
Stock-based compensation		252,259			266,419
Amortization of debt discount and issuance costs		33,738			2,519
Inducement expense from partial repurchase of the 2027 Notes		—			11,347
Operating lease cost, net of accretion		24,009			21,355
Non-cash interest expense		15,143			—
Other		(14,117	)		(4,690	)
Changes in operating assets and liabilities:
Accounts receivable, net		(49,669	)		(14,084	)
Deferred commissions		5,199			31,339
Prepaid expenses and other assets		37,588			(10,589	)
Accounts payable		10,326			3,774
Accrued compensation and benefits		29,660			(10,528	)
Accrued expenses and other liabilities		(83,857	)		(5,601	)
Operating leases, net		(22,394	)		(23,640	)
Deferred revenue		134,037			130,139
Net cash provided by operating activities		428,234			601,927
Cash flows from investing activities:
Maturities of investments		625,519			272,846
Purchases of investments		(740,034	)		(941,406	)
Sales of investments		—			2,011
Payments for acquisitions, net of cash acquired		(4,500	)		—
Purchases of property and equipment		(54,813	)		(59,533	)
Net cash used in investing activities		(173,828	)		(726,082	)
Cash flows from financing activities:
Proceeds from sales of shares through employee equity incentive plans		50,660			68,525
Taxes paid related to net share settlement of equity awards		(111,620	)		(212,919	)
Proceeds from the issuance of convertible notes, net of issuance costs		—			848,010
Payment of third-party debt issuance costs		—			(3,448	)
Partial repurchase of the 2027 Notes		—			(95,453	)
Payment of revolver issuance costs		—			(2,794	)
Repurchases of common stock		(106,131	)		(257,859	)
Payment of finance lease obligations		(2,928	)		(2,943	)
Net cash (used in) provided by financing activities		(170,019	)		341,119
Net increase in cash, cash equivalents and restricted cash	$	84,387		$	216,964
Cash, cash equivalents and restricted cash—beginning of period		515,771			655,662
Cash, cash equivalents and restricted cash—end of period	$	600,158		$	872,626
Restricted cash ⁽¹⁾		2,131			27
Cash and cash equivalents—end of period	$	598,027		$	872,599
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	20,938		$	25,550
Supplemental disclosures of non-cash investing and financing information:
Purchases of property and equipment included in accounts payable and accrued and other liabilities	$	983		$	1,186
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other liabilities	$	—		$	2,554

________________
(1) Included within other assets—non-current in the condensed consolidated balance sheets.

Reconciliation of Revenue to Billings (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Total revenue	$	524,577	$	638,983	$	1,600,864	$	1,884,660
Change in deferred revenue		32,708		8,062		134,037		130,139
Total billings	$	557,285	$	647,045	$	1,734,901	$	2,014,799

Disaggregation of Revenue and Billings (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Disaggregation of revenue:
Subscription revenue	$	486,620	$	609,663	$	1,498,081	$	1,794,777
Professional services revenue		26,240		28,001		74,083		83,316
Other non-subscription product revenue		11,717		1,319		28,700		6,567
Total revenue	$	524,577	$	638,983	$	1,600,864	$	1,884,660
Disaggregation of billings:
Subscription billings	$	515,920	$	627,249	$	1,617,593	$	1,925,278
Professional services billings		29,648		18,477		88,608		82,954
Other non-subscription product billings		11,717		1,319		28,700		6,567
Total billings	$	557,285	$	647,045	$	1,734,901	$	2,014,799

Subscription revenue — Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based software-as-a-service, or SaaS, offerings.

Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.

Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.

Other non-subscription product revenue — Other non-subscription product revenue includes approximately $11.1 million and $26.3 million of non-portable software revenue for the three and nine months ended April 30, 2024, respectively, $0.5 million and $2.9 million of non-portable software revenue for the three and nine months ended April 30, 2025, respectively, $0.6 million and $2.4 million of hardware revenue for the three and nine months ended April 30, 2024, respectively, and $0.8 million and $3.7 million of hardware revenue for the three and nine months ended April 30, 2025, respectively.

Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.


Annual Recurring Revenue (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Annual Recurring Revenue (ARR)	$	1,820,207	$	2,142,969	$	1,820,207	$	2,142,969


Reconciliation of GAAP to Non-GAAP Profit Measures (Unaudited)

	GAAP			Non-GAAP Adjustments																	Non-GAAP
	Three Months Ended April 30, 2025			(1)			(2)			(3)			(4)			(5)		(6)			Three Months Ended April 30, 2025
	(in thousands, except percentages and per share data)
Gross profit	$	555,992		$	7,024		$	546		$	—		$	—		$	—	$	—		$	563,562
Gross margin		87.0	%		1.1	%		0.1	%		—			—			—		—			88.2	%
Operating expenses:
Sales and marketing		260,402			(19,513	)		(89	)		—			—			—		—			240,800
Research and development		186,413			(42,162	)		—			—			—			—		—			144,251
General and administrative		60,532			(15,543	)		—			(3,545	)		—			—		—			41,444
Total operating expenses		507,347			(77,218	)		(89	)		(3,545	)		—			—		—			426,495
Income from operations		48,645			84,242			635			3,545			—			—		—			137,067
Operating margin		7.6	%		13.2	%		0.1	%		0.6	%		—			—		—			21.5	%
Net income	$	63,363		$	84,242		$	635		$	3,545		$	(80	)	$	2,950	$	(29,942	)	$	124,713
Weighted shares outstanding, basic		267,566																				267,566
Weighted shares outstanding, diluted ⁽⁷⁾		296,804																				296,804
Net income per share, basic	$	0.24		$	0.32		$	–		$	0.01		$	–		$	0.01	$	(0.11	)	$	0.47
Net income per share, diluted ⁽⁸⁾	$	0.22																			$	0.42

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Amortization of debt issuance costs and interest expense related to debt
(6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(7)   Includes 29,238 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(8)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $1,099 of interest expense related to the convertible senior notes

	GAAP			Non-GAAP Adjustments																			Non-GAAP
	Nine Months Ended April 30, 2025			(1)			(2)			(3)			(4)			(5)		(6)		(7)			Nine Months Ended April 30, 2025
	(in thousands, except percentages and per share data)
Gross profit	$	1,633,711		$	23,193		$	2,080		$	—		$	—		$	—	$	—	$	—		$	1,658,984
Gross margin		86.7	%		1.2	%		0.1	%		—			—			—		—		—			88.0	%
Operating expenses:
Sales and marketing		775,185			(61,558	)		(265	)		—			—			—		—		—			713,362
Research and development		543,157			(132,489	)		—			—			—			—		—		—			410,668
General and administrative		174,036			(49,179	)		—			(6,480	)		—			—		—		—			118,377
Total operating expenses		1,492,378			(243,226	)		(265	)		(6,480	)		—			—		—		—			1,242,407
Income from operations		141,333			266,419			2,345			6,480			—			—		—		—			416,577
Operating margin		7.5	%		14.2	%		0.1	%		0.3	%		—			—		—		—			22.1	%
Net income	$	149,716		$	266,419		$	2,345		$	6,480		$	(210	)	$	11,347	$	5,369	$	(74,862	)	$	366,604
Weighted shares outstanding, basic		267,081																						267,081
Weighted shares outstanding, diluted ⁽⁸⁾		292,942																						292,942
Net income per share, basic	$	0.56		$	1.00		$	0.01		$	0.02		$	–		$	0.04	$	0.02	$	(0.28	)	$	1.37
Net income per share, diluted ⁽⁹⁾	$	0.52																					$	1.25

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Inducement expense related to partial repurchase of the 2027 Notes
(6)   Amortization of debt issuance costs and interest expense related to debt
(7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(8)   Includes 25,861 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $2,074 of interest expense related to the convertible senior notes

	GAAP			Non-GAAP Adjustments																	Non-GAAP
	Three Months Ended April 30, 2024			(1)			(2)			(3)			(4)			(5)		(6)			Three Months Ended April 30, 2024
	(in thousands, except percentages and per share data)
Gross profit	$	444,958		$	7,967		$	766		$	—		$	—		$	—	$	—		$	453,691
Gross margin		84.8	%		1.6	%		0.1	%		—			—			—		—			86.5	%
Operating expenses:
Sales and marketing		245,901			(18,901	)		(99	)		—			—			—		—			226,901
Research and development		159,220			(38,719	)		—			—			—			—		—			120,501
General and administrative		51,425			(16,705	)		—			(1,707	)		—			—		—			33,013
Total operating expenses		456,546			(74,325	)		(99	)		(1,707	)		—			—		—			380,415
(Loss) income from operations		(11,588	)		82,292			865			1,707			—			—		—			73,276
Operating margin		(2.2	)%		15.7	%		0.2	%		0.3	%		—			—		—			14.0	%
Net (loss) income	$	(15,616	)	$	82,292		$	865		$	1,707		$	(110	)	$	16,876	$	(13,453	)	$	72,561
Weighted shares outstanding, basic		245,766																				245,766
Weighted shares outstanding, diluted ⁽⁷⁾		245,766																				301,860
Net (loss) income per share, basic	$	(0.06	)	$	0.33		$	–		$	0.01		$	–		$	0.07	$	(0.05	)	$	0.30
Net (loss) income per share, diluted	$	(0.06	)																		$	0.24

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
(6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(7)   Includes 56,094 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans

	GAAP			Non-GAAP Adjustments																				Non-GAAP
	Nine Months Ended April 30, 2024			(1)			(2)			(3)			(4)			(5)			(6)		(7)			Nine Months Ended April 30, 2024
	(in thousands, except percentages and per share data)
Gross profit	$	1,357,730		$	25,891		$	2,626		$	—		$	—		$	—		$	—	$	—		$	1,386,247
Gross margin		84.8	%		1.6	%		0.2	%		—			—			—			—		—			86.6	%
Operating expenses:
Sales and marketing		717,926			(61,110	)		(218	)		194			—			—			—		—			656,792
Research and development		471,596			(117,664	)		—			—			—			—			—		—			353,932
General and administrative		148,457			(47,594	)		—			—			(1,755	)		(225	)		—		—			98,883
Total operating expenses		1,337,979			(226,368	)		(218	)		194			(1,755	)		(225	)		—		—			1,109,607
Income from operations		19,751			252,259			2,844			(194	)		1,755			225			—		—			276,640
Operating margin		1.2	%		15.8	%		0.2	%		—			0.1	%		—			—		—			17.3	%
Net income	$	1,326		$	252,259		$	2,844		$	(194	)	$	1,755		$	925		$	49,874	$	(49,034	)	$	259,755
Weighted shares outstanding, basic		243,688																							243,688
Weighted shares outstanding, diluted ⁽⁸⁾		297,055																							297,055
Net income per share, basic	$	0.01		$	1.04		$	0.01		$	–		$	0.01		$	–		$	0.20	$	(0.20	)	$	1.07
Net income per share, diluted ⁽⁹⁾	$	0.05																						$	0.87

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Restructuring charges (reversals)
(4)   Legal fees
(5)   Other
(6)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
(7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(8)   Includes 53,367 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $12,749 of interest expense related to the convertible senior notes


Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2025			2024			2025
	(in thousands)
Net cash provided by operating activities	$	96,353		$	218,506		$	428,234		$	601,927
Purchases of property and equipment		(18,029	)		(15,095	)		(54,813	)		(59,533	)
Free cash flow	$	78,324		$	203,411		$	373,421		$	542,394

The MIL Network –

May 29, 2025

MIL-OSI Europe: Briefing – The EU’s climate action strategy – 28-05-2025

Source: European Parliament

Under the European Climate Law, the EU must reduce its net greenhouse gas (GHG) emissions by 55 % by 2030 compared with 1990, and reach climate neutrality by 2050 (see trajectory in Figure 1). Over the 2005-2023 period, net emissions in the EU decreased by 30.5 % (37 % compared with 1990). The land use, land-use change and forestry (LULUCF) sector is a significant carbon sink, although its capacity to increase carbon sequestration is under pressure, while the EU emissions trading system (ETS) is one of the most effective mitigation tools, having reduced emissions by the sectors it covers by 48.1 % since 2005. Sectors for which Member States are obliged to reduce GHG emissions under the ‘effort-sharing’ legislation decreased their emissions by 17.1 % in 2023 compared with 2005. Investments tracked as climate-related spending account for 42.6 % of the total grants and loans approved under the Recovery and Resilience Facility (RRF) and the REPowerEU initiative. By 30 June 2024, Member States had to update their national energy and climate plans (NECPs), aligned with the EU’s increased 2030 targets. As of May 2025, three final plans are still pending. A May 2025 assessment of submitted final NECPs show a significant gap reduction from earlier analysis, with net GHG emissions estimated to decrease by 54 % by 2030, compared with 1990 levels. In a 2023 survey, 46 % of EU citizens identified climate change as one of the four most serious problems facing the world. Most Europeans (56 %) said it was the responsibility of the EU or the national government to tackle climate change, followed by business/industry (53 %); 35 % found it to be a personal responsibility. This briefing is one in a series covering all EU Member States.

MIL OSI Europe News –

May 29, 2025

MIL-OSI Europe: Written question – European Oceans Pact and the emissions trading system covering buildings, road transport and additional sectors (ETS2). – E-002014/2025

Source: European Parliament

Question for written answer E-002014/2025
to the Commission
Rule 144
Oihane Agirregoitia Martínez (Renew), Nicolás González Casares (S&D)

The European Ocean Pact – expected to be adopted by the European Commission on 4 June 2025– will seek to bring coherence to all EU policies related to oceans. In addition to fostering the blue economy, it will prioritise maintaining healthy and resilient oceans and coastal regions.

The scope of the emissions trading system was extended to cover maritime transport in January 2024, with a gradual implementation timeline until 2027. Given the process of decarbonising the fleet and taking into account the sector’s efforts in this transition and the very small proportion of emissions generated by its activity, we would like to ask:

1.Does the Commission plan to include the implementation of ETS2 in the European Ocean Pact to cover other maritime activities, such as fisheries?
2.If so, what are the estimated costs for the European fleet of extending this system and what measures does the Commission intend to take to support the sector with regard to the impact of this cost?

Submitted: 20.5.2025

Last updated: 28 May 2025

MIL OSI Europe News –

May 28, 2025

MIL-OSI: CSGO Gambling Sites: Thunderpick Recognized as the Best CSGO Gambling Site in the US

Source: GlobeNewswire (MIL-OSI)

New York City, May 26, 2025 (GLOBE NEWSWIRE) — Thunderpick has been recognized as the top CSGO gambling site in the US, earning high praise for its innovative platform and user-centric approach.

Its seamless integration of unique features and a variety of betting options makes it an industry leader for CSGO enthusiasts.

JOIN THUNDERPICK NOW

With a 100% match first deposit bonus of up to $600, Thunderpick provides new players with a rewarding entry point into the CSGO gambling experience. This recognition solidifies its position as a trusted destination for online gaming and esports betting.

Overview of Thunderpick, the Top CSGO Gambling Site in the US

Thunderpick has established itself as a premier platform for CSGO gambling, catering to players looking for exceptional esports-focused offerings. Its services are designed to provide a secure, immersive, and enjoyable experience for users. Aside from offering the latest betting markets on CSGO matches, the platform also features innovative tools such as live betting and community chats that enhance player engagement.

The platform attracts players not only with its 100% first deposit bonus but also with its user-friendly interface, which ensures a smooth experience across devices. Thunderpick’s efforts to continuously innovate have made it a standout option for esports fans.

“Thunderpick’s recognition as a top CSGO gambling site in the US is a testament to our dedication to providing a world-class experience to competitive gaming enthusiasts,” a representative from the platform said. “We are proud of the trust we’ve built within the gaming community and remain committed to delivering the best features and services to our users.”

Pros of Thunderpick

Generous 100% first deposit bonus of up to $600.
Extensive betting markets for CSGO matches and other esports events.
Live betting options with updated odds in real time.
User-friendly platform with high responsiveness on mobile and desktop.
Reliable customer support accessible 24/7.

Cons of Thunderpick

Certain regions may have limited access to Thunderpick features.
Some promotional offers may include wagering requirements.

CLAIM YOUR 100% MATCH BONUS OF UP TO $600 AT THUNDERPICK

How to Join CSGO Gambling Sites in the US

Getting started with Thunderpick is simple and straightforward. Follow these steps to begin betting on CSGO matches:

Visit Thunderpick’s official website.
Sign up for an account by providing the necessary information on the registration page.
Verify your account through a confirmation email sent to you upon registration.
Make your first deposit to claim the 100% match bonus up to $600.
Start betting on your favorite CSGO events and enjoy a thrilling experience.

What Made Thunderpick the Best CSGO Online Gambling Site in the US

Thunderpick has consistently demonstrated its ability to stand out in the CSGO betting scene thanks to several unique strengths. Below are six points outlining what truly sets the platform apart.

1. Diverse Betting Markets

Thunderpick covers a wide spectrum of CSGO tournaments, from high-profile international events to smaller regional leagues. This variety allows users to stay engaged with various competitions and explore new betting opportunities regularly. The extensive range of markets ensures that both casual players and seasoned bettors find options tailored to their interests.

2. Innovative Live Betting Features

Live betting is a highlight on Thunderpick, enabling users to place wagers as matches unfold. With frequent odds updates and dynamic options, players can capitalize on in-game developments to enhance their betting strategy. This real-time functionality allows users to stay immersed in the competitive action, whether they are watching or following match updates.

3. Intuitive Interface

One of Thunderpick’s key achievements is its sleek, intuitive platform. Its interface is easy to navigate across both desktop and mobile devices, ensuring players of all experience levels can bet seamlessly. The well-organized design minimizes unnecessary complexity, allowing users to focus on the excitement of the games.

4. Reliable Promotions for New Players

The 100% first deposit bonus of up to $600 gives new users a major incentive to explore the platform’s robust offerings right from the start. Additional seasonal and event-based promotions further enhance the value provided to both new and returning players, keeping the experience fresh and engaging.

5. Secure and Transparent Operations

Advanced encryption technology ensures player data and transactions remain secure, creating an environment where users can confidently place bets. Transparency in terms of conditions further strengthens trust, ensuring that players fully understand the platform’s policies and offerings.

6. Supportive Community Features

Thunderpick fosters a community-oriented experience, featuring chatrooms and forums where users can connect, discuss matches, and share predictions. The community-driven approach encourages players to exchange strategies and insights, cultivating a sense of camaraderie among esports enthusiasts.

A satisfied player commented, “CSGO betting has never been this exciting for me! Thunderpick delivers everything I need, from live betting to amazing bonus rewards. It’s user-friendly, and I always feel secure while using the site.”

Betting Options at American CSGO Gambling Sites Online

Thunderpick offers a wide range of betting options specially tailored for CSGO enthusiasts.

1. Match Winner

This straightforward bet involves predicting which team will win a particular match. It’s perfect for both new and experienced bettors. Thunderpick’s detailed match previews provide players with valuable insights to make well-informed choices.

2. Handicap Betting

Handicap markets make unbalanced matches more engaging by leveling the playing field with adjusted odds. This type of betting allows even a clear underdog scenario to become an intriguing and strategic wager.

3. Over/Under Betting

With this option, users can wager on whether the total number of rounds in a match will exceed or fall short of a specified number. Thunderpick’s clear and updated statistics help players determine the best approach to these specialized bets.

4. Map Winner

For in-depth match analysis, players can bet on individual map outcomes rather than the overall game winner. Thunderpick provides comprehensive data on map performance, giving users an analytical edge in making predictions.

5. Tournament Outright

Long-term bets on the winner of an entire CSGO tournament offer additional excitement to major events. These bets can often yield higher returns, rewarding those who keenly track team progression and performance over time.

6. Prop Bets

Specialized markets allow players to wager on specific occurrences during matches, such as first kills or total grenade usage. Prop bets add another layer of entertainment, encouraging fans to analyze smaller yet impactful aspects of gameplay.

Payment Methods at US CSGO Betting Sites

Thunderpick ensures convenient and secure transactions through a variety of reliable payment methods.

1. Visa

Visa offers quick and simple deposit processes, making it one of the most trusted methods globally. This method is particularly convenient for players looking for prompt payment confirmations and reliable service.

2. Mastercard

Mastercard supports secure and seamless payments, ensuring transaction safety and ease of use. Its wide acceptance makes it a preferred option for users seeking accessibility and dependable processing speeds.

3. Prepaid Cards

Prepaid cards encourage budget management while also providing an anonymous option for deposits. Players who prioritize financial control appreciate this method for its transparency and ease of reloading funds.

4. Bank Transfers

Ideal for players handling larger deposits, bank transfers offer traceability and reliability. This method also allows high-limit bettors to manage their funds securely within a trusted banking framework.

5. E-Wallets

E-wallets enable fast processing for deposits and withdrawals, catering to players who value convenience. These methods are favored for their minimal delays in fund transference and user-friendly integration with Thunderpick.

Responsible Gambling at CSGO Gambling Sites in the US

Thunderpick promotes responsible gaming by offering tools such as deposit limits and self-exclusion options. These features are crafted to help players maintain a healthy balance while enjoying the platform’s offerings.

Additionally, Thunderpick collaborates with organizations focused on gambling support, ensuring users have access to help when needed.

PLACE YOUR CSGO BETS AT THUNDERPICK!

Editorial Note

This article is provided solely for informational and entertainment purposes. Nothing within should be interpreted as legal, financial, or professional advice. Readers should carry out their own research before participating in any gambling activities or signing up with any online casinos mentioned.

Gambling Caution

Online gambling comes with financial risks and may lead to addictive behavior or monetary loss. We urge all readers to gamble responsibly. If you or someone you know is struggling with gambling, professional help is available. The National Council on Problem Gambling (NCPG) can be contacted at 1-800-522-4700 or visited online at www.ncpgambling.org.

21+ only. It is up to each individual to verify whether online gambling is permitted under their local, state, or federal laws. Neither the publisher, the authors, nor any syndication partners condone or support unlawful gambling. Participation in online gambling is done at the reader’s own discretion and risk.

Affiliate Transparency

This article may include affiliate links. If you click on a link and make a purchase or register, a commission may be earned, at no extra cost to you.

Syndication and Liability Disclaimer

Any third-party publishers, media platforms, or syndication partners that republish this content do so understanding that it is meant for informational purposes only. These entities are not responsible for the legality, accuracy, or interpretation of the material.

Attachment

Thunderpick

The MIL Network –

May 27, 2025

MIL-OSI: Fortinet Named a Challenger in the 2025 Gartner® Magic Quadrant™ for Security Service Edge

Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., May 23, 2025 (GLOBE NEWSWIRE) —

News Summary

Fortinet^® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced it has been recognized as a Challenger in the Gartner ^® Magic Quadrant™ for Security Service Edge (SSE). This recognition follows Fortinet’s recent placement as a Leader and the highest in ability to execute in the 2024 Gartner^® Magic Quadrant™ for SD-WAN for the fourth consecutive year — we believe this further validates Fortinet’s vision and execution in delivering a unified SASE platform.

“We continue to demonstrate strong momentum, innovation, and growth in the SSE market,” said Nirav Shah, Senior Vice President, Products and Solutions at Fortinet. “We believe Fortinet’s placement in the Challengers quadrant is a testament to our growing adoption, positive customer feedback, aggressive roadmap execution with monthly releases, and ever-expanding market share. Our focus is on delivering real outcomes through flexible deployment models, seamless integration with existing infrastructure, and consistent AI-powered security wherever users connect.”

A Differentiated SSE Experience
With FortiSASE, Fortinet delivers the most unified, flexible, and intelligent solution on the market today, enabling secure access from anywhere while reducing complexity, enhancing user experience, and strengthening security across hybrid environments. Key differentiators include:

Unified solution: Unlike many fragmented offerings, FortiSASE is built on a single operating system, FortiOS, a unified management console, endpoint agent, and centralized data lake. This cohesive architecture ensures consistent security policy enforcement and streamlined operations across all environments from on-premises to the cloud. The integration of Fortinet Secure SD-WAN with cloud-delivered SSE, and digital experience monitoring (DEM) under one platform provides comprehensive visibility and control, reducing complexity and potential security gaps.
Flexible connectivity: FortiSASE offers unparalleled flexibility to accommodate a wide range of organizational needs by supporting BYOD, contractors, agent-based, and agentless devices, as well as third-party SD-WAN solutions, facilitating seamless integration into existing infrastructures. Fortinet is also investing in building its own global cloud infrastructure, further enhancing performance, scalability, and control across its SASE services. Fortinet Sovereign SASE gives organizations flexibility and control over their data, especially in regulated sectors like finance and healthcare. Organizations can also integrate FortiSASE with Fortinet’s WLAN/LAN portfolio to secure thin edge locations without the need for additional appliances or agents, ensuring comprehensive protection even in resource-constrained environments.
Intelligent innovation: FortiSASE, powered by FortiGuard AI-Powered Security Services, delivers broad protection through integrated capabilities like secure web gateway (SWG), universal zero-trust network access (ZTNA), cloud access security broker (CASB), Firewall-as-a-Service (FWaaS), and remote browser isolation (RBI), all managed from a single unified console. Security teams can enforce zero-trust policies to manage access and data flows to generative AI (GenAI) apps, gaining visibility into usage patterns, destinations, and enabling enterprise-wide AI governance.

What Customers Are Saying About FortiSASE
In addition to this latest Gartner acknowledgement, Fortinet was the only vendor to be recognized with the Gartner^® Peer Insights™ Customers’ Choice Recognition two years in a row for Security Service Edge. In the 2025 Gartner ^® Peer Insights™ Voice of the Customer, security service edge (SSE), FortiSASE customers had this to say:

“Elevating user experience with FortiSASE: perfect features and functionality”
We use SIA (secured internet access) and SPA (secured private access) functionality of FortiSASE and the overall experience is exceptionally great.

“Reliable SSE with ZTNA solution with breadth of design options”
Secure and reliable internet access for all hybrid users. Secure users regardless of their access location. Our overall experience with the solution is great and users are happy from the day we deployed this endpoint on their machines.

“Best of the breed cloud delivered security solution to secure hybrid workforce”
This solution allows us to accommodate growing user count without compromising performance. The solution provides robust security features, which include web filtering to provide protection against web-based threats. The Solution provides secure access to users irrespective of their location, Users are allowed to access the internet or servers post compliance checks. Our overall experience is highly positive.

Additional Resources

Download the report for more information about the 2025 Gartner^® Magic Quadrant™ for Security Service Edge.
Learn more about FortiSASE and our customer-first approach to SSE.
Read more about Fortinet Unified SASE.
Read more about the Fortinet Security Fabric.
Visit fortinet.com/trust to learn more about Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products.
Learn more about Fortinet’s commitment to product security and integrity, including its responsible product development and vulnerability disclosure approach and policies.
Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. The Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
Learn more about Fortinet’s FortiGuard Security Services portfolio.
Read about how Fortinet customers are securing their organizations.
Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner, Magic Quadrant for Security Service Edge, By Charlie Winckless, Thomas Lintemuth, Dale Koeppen, 20 May 2025

Gartner, Magic Quadrant for Data Center Switching, By Andrew Lerner, Simon Richard, Nauman Raja, Jorge Aragon, Jonathan Forest, 31 March 2025

Gartner, Magic Quadrant for Cyber-Physical Systems Protection Platforms, By Katell Thielemann, Wam Voster, Ruggero Contu, 12 February 2025

Gartner, Magic Quadrant for Email Security Platforms, By Max Taggett, Nikul Patel, Franz Hinner, Deepak Mishra, 16 December 2024

Gartner, Magic Quadrant for Access Management, By Brian Guthrie, Nathan Harris, Abhyuday Data, Josh Murphy, 2 December 2024

Gartner, Magic Quadrant for SD-WAN, By Jonathan Forest, Karen Brown, Nauman Raja, 30 September 2024

Gartner, Magic Quadrant for Endpoint Protection Platforms, By Evgeny Mirolyubov, Franz Hinner, Deepak Mishra, Satarupa Patnaik, Chris Silva, 23 September 2024

Gartner, Magic Quadrant for Privileged Access Management, By Abhyuday Data, Michael Kelley, Nayara Sangiorgio, Felix Gaehtgens, Paul Mezzera, 9 September 2024

Gartner, Magic Quadrant for Single-Vendor SASE, By Andrew Lerner, Jonathan Forest, Neil MacDonald, Nat Smith, Charlie Winckless, 3 July 2024

Gartner, Magic Quadrant Security Information and Event Management, By Andrew Davies, Mitchell Schneider, Rustam Malik, Eric Ahlm, 8 May 2024

Gartner, Magic Quadrant for Enterprise Wired & WLAN Infrastructure, By Tim Zimmerman, Christian Canales, Nauman Raja, Mike Leibovitz, 6 March 2024

Note: Fortinet acquired Perception Point in December 2024. Perception Point was recognized in the 2024 Magic Quadrant for Email Security Platforms

“Fortinet was recognized in 11 different Magic Quadrant reports including being named an Honourable Mention in Magic Quadrant for Data Center Switching, for Access Management, and for Privileged Access Management.”

Gartner, Voice of the Customer for Security Service Edge, Peer Contributors, 27, September 2024. Gartner, Voice of the Customer for Security Service Edge, Peer Contributors, 29, September, 2023

About Fortinet
Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

The MIL Network –

May 27, 2025

MIL-OSI Canada: Supporting Veterans and our Communities Veteran Service Club Support Program Intake now Open

Source: Government of Canada regional news

Released on May 23, 2025

Today, Parks, Culture and Sport Minister Alana Ross was joined by representatives from Royal Canadian Legion/Sask Command to see first-hand the improvements at Royal Canadian Legion Branch 2 that were funded through the Saskatchewan Veteran Service Club Support Program.

“Our government is proud to invest $1.5 million annually in organizations that support our veterans in Saskatchewan,” Ross said. “These veterans service clubs enrich our communities and work tirelessly on behalf of veterans who have faithfully served our province and country.”

Introduced in 2019-20, the program provides grants up to $30,000 to organizations such as Legion branches, Army, Navy and Air Force Veterans (ANAVETS) units, and more. The grant is used to support facility upgrades, operations, events, and other activities to advance the work and help strengthen the long-term sustainability of veteran service organizations across the province.

In 2024-25, grants were provided to 81 Legion branches, ANAVETS units, and other veterans organizations across the province, including two facilities in Prince Albert.

The 2025-26 application intake will close on June 1.

Last year, Royal Canadian Legion Branch #2, in Prince Albert, received $30,000 to help replace a leaky roof. In previous years, the Branch also received funding to repair sidewalks, renovate bathrooms, replace heating, ventilation and air conditioning (HVAC) unit and two windows, paint the building exterior, install outdoor lighting and upgrade their parking lot.

“Thank you to the Government of Saskatchewan for their leadership in continuing to recognize the work that the Royal Canadian Legion branches do in each community for our Veterans and their families,” Royal Canadian Legion Branch #2 President Rick Hodgson said.

The program is delivered collaboratively by the Royal Canadian Legion Saskatchewan Command, the Saskatchewan ANAVETS and the Government of Saskatchewan.

More information about the program, guidelines, applications and eligibility are available through the Royal Canadian Legion Saskatchewan Command at 306-525-8739 or admin@sasklegion.ca.

-30-

For more information, contact:

MIL OSI Canada News –

May 27, 2025

MIL-OSI: Solitron Devices, Inc. Announces Fiscal 2025 Fourth Quarter and Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., May 23, 2025 (GLOBE NEWSWIRE) — Solitron Devices, Inc. (OTC Pink: SODI) (“Solitron” or the “Company”) is pleased to announce fiscal 2025 fourth quarter and fiscal year 2025 results.

FISCAL 2025 FOURTH QUARTER HIGHLIGHTS –

Net sales decreased 22% to approximately $3.13 million in the fiscal 2025 fourth quarter versus $4.00 million in the fiscal 2024 fourth quarter.
Net bookings increased 301% to $8.92 million in the fiscal 2025 fourth quarter versus $2.23 million in the fiscal 2024 fourth quarter.
Backlog increased 62% to $18.11 million at the end of the fiscal 2025 fourth quarter as compared to $11.21 million at the end of the fiscal 2024 fourth quarter.
Net loss was ($0.37) million, or ($0.18) per share, for the fiscal 2025 fourth quarter versus net income of $5.80 million, or $2.78 per share, for the fiscal 2024 fourth quarter.

FISCAL YEAR 2025 HIGHLIGHTS –

Net sales increased 10% to approximately $14.05 million in fiscal year 2025 versus $12.76 million in fiscal year 2024.
Net bookings increased 62% to $20.76 million in fiscal year 2025 versus $12.84 million in fiscal year 2024.
Backlog increased 62% to $18.11 million at the end of fiscal year 2025 versus $11.21 million as the end of fiscal year 2024.
Net income decreased to $0.82 million, or $0.39 per share, in fiscal year 2025 versus $5.80 million, or $2.78 per share, in fiscal year 2024. Fiscal year 2024 net income benefited from two non-recurring events – a $2.24 million bargain purchase gain related to the acquisition of Micro Engineering, Inc. (MEI) and an income tax benefit of $3.02 million based on the release of the Company’s deferred tax valuation.

Fiscal year 2025 results include a full year of financial information for MEI, while fiscal year 2024 only contain two full quarters of MEI’s financials based on the acquisition date of September 1, 2023. MEI contributed $6.08 million in revenue in fiscal year 2025.

On a positive note, the Company had substantial bookings in the last two quarters from contracts related to the two largest defense programs we supply to. These programs typically order every 12-18 months, so we expect bookings to lag sales for next few quarters. We continue to see positive comments related to future production levels for both the AMRAAM and HIMARS programs. The CEO of RTX recently stated that AMRAAM production was scheduled to double in calendar year 2025 as compared to calendar year 2024 levels. HIMARS continues to perform well in Ukraine, and we have seen reports of possible production increases as well. Lockheed was just awarded a follow-on contract only a few months after the previous award, which should lead to a supplemental order within the next few quarters. Foreign demand for both systems is strong. Foreign sales are typically included as part of normal production orders for both programs.

On a negative note, revenue was down in the fourth quarter due to the lag time between receipt of orders and production. In the fourth quarter of fiscal year 2025, revenue was $3.13 million. We expect soft revenues in the first quarter of fiscal year 2026, ending May 31, 2025, and for sales to pick up at the end of the fiscal second quarter, before reaching a steadier level in the fiscal third quarter.

We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.

SOLITRON DEVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND FISCAL YEAR ENDED FEBRUARY 28, 2025, AND FEBRUARY 29, 2024 (in thousands except for share and per share amounts)

	For The Three Months Ended			For The Three Months Ended			For The Fiscal Year Ended			For The Fiscal Year Ended
	February 28, 2025			February 29, 2024			February 28, 2025			February 29, 2024
	unaudited			unaudited
Net sales	$	3,131		$	4,004		$	14,049		$	12,757
Cost of sales	2,554			2,778			10,057			8,950

Gross profit	577			1,226			3,992			3,807

Selling, general and administrative expenses	748			858			2,994			2,873

Operating income (loss)	(171		)	368			998			934

Other income (loss)
Interest income	–			4			6			29
Interest expense	(73		)	(69		)	(272		)	(177		)
Dividend income	30			2			70			29
Realized gain (loss) on investments	80			–			127			332
Unrealized gain (loss) on investments	(62		)	166			65			(579		)
Bargain purchase gain	–			2,236			–			2,236
Other expense	–			(46		)	–			(27		)
Total other income (loss)	(25		)	2,293			(4		)	1,843

Net income (loss) before income tax	(196		)	2,661			994			2,777
Income tax (expense) benefit	(178		)	3,024			(178		)	3,024

Net income (loss)	$	(374	)	$	5,685		$	816		$	5,801

Net income (loss) per common share – basic and diluted	$	(0.18	)	$	2.73		$	0.39		$	2.78

Weighted average shares outstanding – basic and diluted	2,082,553			2,083,436			2,082,553			2,083,436

SOLITRON DEVICES, INC. CONSOLIDATED BALANCE SHEETS AS OF FEBRUARY 28, 2025, AND FEBRUARY 29, 2024 (in thousands, except for share and per share amounts)

	February 28, 2025			February 29, 2024

ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	4,099		$	2,217
Marketable securities		919			904
Accounts receivable		2,129			2,826
Inventories, net		3,440			4,132
Prepaid expenses and other current assets		132			532
TOTAL CURRENT ASSETS		10,719			10,611

Property, plant and equipment, net		8,635			7,356
Finance lease, right of use asset		–			1,715
Intangible assets		2,905			3,114
Deferred tax asset		1,622			1,837
Other assets		555			107
TOTAL ASSETS	$	24,436		$	24,740

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	439		$	439
Customer deposits		118			539
Accrued contingent consideration, current		570			465
Finance lease liability		–			1,750
Mortgage loan, current portion		152			111
Accrued expenses and other current liabilities		846			1,080
TOTAL CURRENT LIABILITIES		2,125			4,384

Accrued contingent consideration, non-current		663			751
Mortgage loan, net of current portion		3,765			2,537
TOTAL LIABILITIES		6,553			7,672

STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, authorized 500,000 shares, none issued		–			–
Common stock, $.01 par value, authorized 10,000,000 shares, 2,082,553 shares outstanding, net of 487,827 treasury shares at February 28, 2025 and 2,083,436 shares outstanding, net of 487,827 treasury shares at February 29, 2024, respectively		21			21
Additional paid-in capital		1,834			1,834
Retained earnings		17,440			16,625
Less treasury stock		(1,412	)		(1,412	)
TOTAL STOCKHOLDERS’ EQUITY		17,883			17,068
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	24,436		$	24,740

The unaudited financial information disclosed in this press release for the three months ended February 28, 2025, is based on management’s review of operations for that period and the information available to the Company as of the date of this press release. The Company’s results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent auditors have audited the Company’s results for the fiscal year ending February 28, 2025. The financial results presented herein should not be considered a substitute for the information filed or to be filed with the SEC in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the respective periods once such reports become available.

About Solitron Devices, Inc.
Solitron Devices, Inc., a Delaware corporation, designs, develops, manufactures, and markets solid state semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a large variety of bipolar and metal oxide semiconductor (“MOS”) power transistors, power and control hybrids, junction and power MOS field effect transistors (“Power MOSFETS”), and other related products. Most of the Company’s products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy (“JAN”) transistors, diodes, and Standard Military Drawings voltage regulators, are sold as standard or catalog items.

Effective September 1, 2023, Solitron closed its acquisition of Micro Engineering Inc. (MEI) based in Apopka, Florida. MEI specializes in solving design layout and manufacturing challenges while maximizing efficiency and keeping flexibility to meet unique customer needs. Since 1980 the MEI team has been dedicated to overcoming obstacles to provide cost efficient and rapid results. MEI specializes in low to mid volume projects that require engineering dedication, quality systems and efficient manufacturing.

Forward-Looking Statements
This press release contains forward-looking statements regarding future events and the future performance of Solitron Devices, Inc. that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company’s expectations regarding future performance and trends, including production levels, government spending, backlog and delivery timelines, new product development, our efforts and performance following our acquisition of MEI, and potential future revenue and trends with respect thereto from each of the foregoing. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, the risks and uncertainties arising from potential adverse developments or changes in government budgetary spending and policy including with respect to the war in Ukraine, which may among other factors be affected by the possibility of reduced government spending on programs in which we participate, inflation, elevated interest rates, adverse trends in the economy and the possibility of a recession the likelihood of which appears to have increased based on recent economic data, the possibility that management’s estimates and assumptions regarding bookings, sales and other metrics prove to be incorrect; the timing and size of orders from our clients, our delivery schedules and our liquidity and cash position; our ability to make the appropriate adjustments to our cost structure; our ability to properly account for inventory in the future; the demand for our products and potential loss of, or reduction of business from, substantial clients our dependence on government contracts, which are subject to termination, price renegotiations and regulatory compliance and which may among other factors be adversely affected by the factors described elsewhere herein, our ability to continue to integrate MEI in an efficient and effective manner, and the possibility that such acquisition or any other acquisition or strategic transaction we may pursue does not yield the results or benefits desired or anticipated. Descriptions of other risk factors and uncertainties are contained in the Company’s Securities and Exchange Commission filings, including its most recent Annual Report on Form 10-K for the fiscal year ended February 28, 2025.

Tim Eriksen
Chief Executive Officer
(561) 848-4311
Corporate@solitrondevices.com

The MIL Network –

May 27, 2025

MIL-OSI: Intchains Group Limited Reports First Quarter 2025 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

Total revenues of US$18.2 million exceeds guidance, up 445.5% YoY

Total ETH-based cryptocurrency units were approximately 7,023, up 23.2% QoQ

Income from operations reach US$5.1 million, achieving turnaround from prior-year period

SINGAPORE, May 22, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Operating and Financial Highlights

Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide range of altcoin mining products, with each unit incorporating anywhere from tens to hundreds of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC chips for Q1 2025 was 709,857 units, compared to 494,235 units for the same period last year, representing an increase of 43.6%.
Revenue: Our revenue for Q1 2025 reached RMB132.4 million (US$18.2 million), reflecting a increase of 445.5% from RMB24.3 million for the same period of 2024.
Income/(Loss) from Operations: We recorded income from operations of RMB36.9 million (US$5.1 million) for Q1 2025, compared to a loss from operations of RMB34.6 million for the same period of 2024.
Net Loss: Our net loss for Q1 2025 was RMB34.0 million (US$4.7 million), reflecting an increase of 129.8% from RMB14.8 million for the same period in 2024.
Non-GAAP Adjusted Net Loss: Non-GAAP adjusted net loss in the first quarter of 2025 was RMB32.0 million (US$4.4 million), reflecting an increase of 139.6% from RMB13.3 million for the same period in 2024. Non-GAAP adjusted net loss excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.
Cryptocurrencies: As of March 31, 2024, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB101.6 million (US$14.0 million), primarily comprised of approximately 7,023 ETH-based cryptocurrencies, valued at RMB93.7 million (US$13.1 million).

Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “In the first quarter of 2025, the cryptocurrency market encountered considerable headwinds. Nevertheless, the Company demonstrated agility and foresight by promptly launching the Aleo series mining machines in response to shifting market dynamics. These altcoin mining machines delivered substantial profitability for miners amid challenging macro market conditions while driving sustainable corporate growth –further validating our expertise in altcoin mining machine innovations and our competitive edge through differentiated market positioning.

In addition, the Company introduced Goldshell Byte, an innovative dual-mining machine. This milestone reflects the Company’s unique capability to design and manufacture advanced mining machines spanning multiple altcoin protocols. The modular design—featuring a standard miner with pluggable mining cards—offers strategic flexibility for miners and encourages wider participation by retail users. Its compact, home-friendly form factor further promotes widespread participation in the decentralized network.

During the quarter, small- and mid-cap cryptocurrencies, including Ethereum, experienced downward pressure. Despite this, the Company remained committed to its long-term dollar-cost averaging strategy. As of March 31, 2025, the Company held approximately 7,023 ETH, representing a 23.2% increase quarter-over-quarter.

In the second quarter of 2025, Ethereum completed its Pectra upgrade, and the Ethereum Foundation reaffirmed its long-term vision with the appointment of a new board of directors. The Company views these developments as positive signals and continues to believe in the enduring value of blockchain technology. As a long-term accumulator of Ethereum, the Company will continue to build its position in alignment with its strategic outlook on decentralized applications.”

First Quarter 2025 Financial Results

Revenue

Revenue was RMB132.4 million (US$18.2 million) for the first quarter of 2025, representing an increase of 445.5% from RMB24.3 million for the same period in 2024. The substantial growth was primarily driven by strong market demand for our newly-launched Aleo series mining machines, which accounted for 74.8% of the total revenue for the first quarter of 2025.

Cost of Revenue

Cost of revenue was RMB57.0 million (US$7.9 million) for the first quarter of 2025, representing an increase of 273.8% from RMB15.3 million for the same period of 2024. The percentage increase in cost of revenue was lower than the percentage increase in our revenue, which was primarily due to the higher gross margins for the Aleo series mining machines sold in the first quarter of 2025.

Operating Expenses

Total operating expenses were RMB38.4 million (US$5.3 million) for the first quarter of 2025, representing a decrease of 11.8% from RMB43.6 million for the same period of 2024. The decrease was primarily due to a decrease in research and development expenses, partially offset by an increase of general and administrative expenses.

Research and development expenses decreased by 27.9% to RMB26.4 million (US$3.6 million) for the first quarter of 2025 from RMB36.5 million for the same period of 2024. The decrease was primarily due to lower expenses related to preliminary research costs conducted for new projects.
Sales and marketing expenses increased by 37.8% to RMB2.2 million (US$0.3 million) for the first quarter of 2025 from RMB1.6 million for the same period of 2024, mainly driven by increased personnel-related expenses.
General and administrative expenses increased by 81.8% to RMB9.8 million (US$1.4 million) for the first quarter of 2025 from RMB5.4 million for the same period of 2024, mainly driven by increased professional fees, as well as the personnel-related expenses.

Interest Income

Interest income decreased by 24.0% to RMB3.2 million (US$0.4 million) for the first quarter of 2025 from RMB4.2 million for the same period of 2024, mainly due to a lower cash level resulting from our strategy of allocating part of our operating cash flow to acquire ETH-based cryptocurrencies.

Change in fair value of cryptocurrencies

Change in fair value of cryptocurrencies was RMB70.8 million (US$9.8 million) loss for the first quarter of 2025, compared to RMB5.4 million gain for the same period of 2024. The loss was primarily due to an approximately 46.0% decline in the price of ETH, while we simultaneously increased our holdings of ETH-based cryptocurrency as part of our ongoing ETH accumulation strategy.

Other Income, Net

Other income, net remained steady at RMB0.1 million and RMB0.2 million (US$0.03 million), respectively, for the first quarter of 2024 and 2025.

Net Loss

As a result of the foregoing, our net loss increased by 129.8% to RMB34.0 million (US$4.7 million) for the first quarter of 2025 from RMB14.8 million for the same period of 2024.

Non-GAAP Adjusted Net Loss

Non-GAAP adjusted net loss increased by 139.6% to RMB32.0 million (US$4.4 million) for the first quarter of 2025 from RMB13.3 million for the same period of 2024.

Basic and Diluted Net Loss Per Ordinary Share

Basic and diluted net loss per ordinary share both increased by 133.3% to RMB0.28 (US$0.04) for the first quarter of 2025 from RMB0.12 for the same period of 2024.

Non-GAAP Basic and Diluted Net Loss Per Ordinary Share

Non-GAAP adjusted basic and diluted net loss per ordinary share increased by 145.5% to RMB0.27 (US$0.04) for the first quarter of 2025 from RMB0.11 for the same period of 2024. Each ADS represents two of the Company’s Class A ordinary shares.

Recent Development

Aleo Mining: In the first quarter of 2025, we led the market with the launch of our Aleo series mining machines, which were well-received by the crypto mining communities globally despite sustained macro market pressures. By the end of May 2025, we had released five key models of the Aleo series, which have demonstrated strong competitiveness in the PoW sector in terms of daily profitability.

Goldshell Byte: On March 26, 2025, we officially launched Goldshell Byte, our latest flagship product, and an innovative dual-mining machine. Designed to allow miners to dynamically respond to market changes, Goldshell Byte combines standardized hardware with modular pluggable cards, drawing upon the our deep and extensive experience across multiple altcoin ecosystems. This innovation is expected to further strengthen our market position in the altcoin mining space.

Conference Call Information

The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on May 22, 2025 (8:00 AM Beijing Time on May 23, 2025). Details for the conference call are as follows:

Event Title: Intchains Group Limited First Quarter 2025 Earnings Conference Call

Date: May 22, 2025

Time: 8:00 PM U.S. Eastern Time

Registration Link: https://register-conf.media-server.com/register/BI0dda68e5b19a4a7daade5ed1cf188ed8

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://ir.intchains.com/.

About Intchains Group Limited

Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

Exchange Rate Information

The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.2567 on the last trading day of the first quarter of 2025 (March 31, 2025). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Use of Non-GAAP Financial Measures

In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For investor and media inquiries, please contact:

Intchains Group Limited
Investor relations
Email: ir@intchains.com

Redhill
Belinda Chan
Tel: +852-9379-3045
Email: belinda.chan@creativegp.com

INTCHAINS GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data, or as otherwise noted)
	As of December 31,		As of March 31
	2024		2025
	RMB		RMB		US$
ASSETS
Current Assets：
Cash and cash equivalents	322,252		243,316		33,530
USDC	1,690		3,458		476
Cryptocurrency, current	30,079		11,674		1,609
Inventories, net	98,614		92,494		12,746
Prepayments and other current assets, net	69,703		67,857		9,351
Short-term investments	198,562		300,530		41,414
Total current assets	720,900		719,329		99,126
Non-current Assets:
Cryptocurrencies, non-current	148,790		101,566		13,996
Long-term investments	20,569		21,913		3,020
Property, equipment, and software, net	157,065		155,934		21,489
Intangible assets, net	3,552		3,424		472
Right-of-use assets	272		—		—
Deferred tax assets	28,942		26,173		3,607
Other non-current assets	9,419		9,712		1,338
Total non-current assets	368,609		318,722		43,922
Total assets	1,089,509		1,038,051		143,048
LIABILITIES, AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	14,847		5,191		715
Contract liabilities	37,447		28,866		3,979
Income tax payable	2,023		1,241		171
Lease liabilities	272		—		—
Provision for warranty	161		241		33
Accrued liabilities and other current liabilities	21,692		17,367		2,393
Total current liabilities	76,442		52,906		7,291
Total liabilities	76,442		52,906		7,291
Shareholders’ Equity:
Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 120,081,456 and 120,803,478 shares issued, 120,020,962 and 120,742,984 shares outstanding as of December 31, 2024 and March 31, 2025, respectively)	1		1		—
Subscriptions receivable from shareholders	(1	)	(1	)	—
Additional paid-in capital	195,236		201,629		27,785
Statutory reserves	51,762		51,912		7,154
Accumulated other comprehensive income	3,777		3,459		477
Retained earnings	762,292		728,145		100,341
Total shareholders’ equity	1,013,067		985,145		135,757
Total liabilities and shareholders’ equity	1,089,509		1,038,051		143,048

INTCHAINS GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data, or as otherwise noted)
	For the Three Months ended March 31,
	2024		2025
	RMB		RMB		US$
Products revenue	24,271		132,391		18,244
Cost of revenue	(15,262	)	(57,045	)	(7,861	)
Gross profit	9,009		75,346		10,383
Operating expenses:
Research and development expenses	(36,540	)	(26,354	)	(3,632	)
Sales and marketing expenses	(1,623	)	(2,237	)	(308	)
General and administrative expenses	(5,410	)	(9,838	)	(1,356	)
Total operating expenses	(43,573	)	(38,429	)	(5,296	)
Income/(Loss) from operations	(34,564	)	36,917		5,087
Interest income	4,150		3,154		435
Foreign exchange loss, net	(254	)	(179	)	(25	)
Change in fair value of cryptocurrencies	5,442		(70,814	)	(9,758	)
Other income, net	139		193		27
Loss before income tax expenses	(25,087	)	(30,729	)	(4,234	)
Income tax (expense)/benefit	10,292		(3,268	)	(450	)
Net loss	(14,795	)	(33,997	)	(4,684	)
Foreign currency translation adjustment, net of nil tax	108		(318	)	(44	)
Total comprehensive loss	(14,687	)	(34,315	)	(4,728	)

Weighted average number of shares used in per share calculation
— Basic	119,888,044		120,053,052		120,053,052
— Diluted	119,888,044		120,053,052		120,053,052
Net loss per share
— Basic	(0.12	)	(0.28	)	(0.04	)
— Diluted	(0.12	)	(0.28	)	(0.04	)

INTCHAINS GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except per share data)
	For the Three Months ended March 31,
	2024		2025
	RMB		RMB		US$
Income/(Loss) from operations	(34,564	)	36,917		5,087
Add:
Share-based compensation expense	1,452		2,022		279
Non-GAAP adjusted operating income/(loss)	(33,112	)	38,939		5,366
Net loss	(14,795	)	(33,997	)	(4,684	)
Add:
Share-based compensation expense	1,452		2,022		279
Non-GAAP adjusted net loss	(13,343	)	(31,975	)	(4,405	)

Non-GAAP adjusted net loss per share
— Basic	(0.11	)	(0.27	)	(0.04	)
— Diluted	(0.11	)	(0.27	)	(0.04	)

INTCHAINS GROUP LIMITED UNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION

As of Quarter Ended	Cryptocurrency	Approximate Number of Cryptocurrency Held at End of Quarter	Original Cost Basis	Approximate Average Cost Price Per Unit of Cryptocurrency	Lowest Market Price Per Unit of Cryptocurrency During Quarter (a)	Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price (b)	Highest Market Price Per Unit of Cryptocurrency During Quarter (c)	Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price (d)	Market Price Per Unit of Cryptocurrency at End of Quarter (e)	Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price (f)
		Unit	USD	USD	USD	USD	USD	USD	USD	USD
March 31, 2025	ETH	6,347	18,031,664	2,841	1,754	11,132,638	3,746	23,775,862	1,842	11,691,174
	ETH-Coinbase Staked	676	1,954,713	2,892	1,914	1,293,864	4,065	2,747,940	2,017	1,363,492
	Bitcoin	12.66	946,882	74,793	76,555	969,186	109,358	1,384,472	83,416	1,056,047
	USDT&USDC	2,108,065	2,111,681	1	1	2,091,378	1	2,124,947	1	2,107,951
	Others	Multiple *	84,283	Multiple *	Multiple *	33,817	Multiple *	94,121	Multiple *	37,553
	Total		23,129,223			15,520,883		30,127,342		16,256,217

December 31, 2024	ETH	5,075	15,102,524	2,976	2,309	11,718,175	4,109	20,853,175	3,414	17,326,050
	ETH-Coinbase Staked	627	1,800,713	2,872	2,487	1,559,349	4,450	2,790,150	3,701	2,320,527
	Bitcoin	10.29	720,567	70,026	58,864	605,711	108,389	1,115,323	95,285	980,483
	USDT&USDC	4,425,484	4,428,159	1	1	4,384,335	1	4,469,357	1	4,419,574
	Others	Multiple *	78,298	Multiple *	Multiple *	30,694	Multiple *	101,589	Multiple *	69,389
	Total		22,130,261			18,298,264		29,329,594		25,116,023

September 30, 2024	ETH	3,522	10,115,116	2,872	2,116	7,452,552	3,563	12,548,886	2,596	9,143,112
	ETH-Coinbase Staked	627	1,800,713	2,872	2,290	1,435,830	3,926	2,461,602	2,807	1,759,989
	Bitcoin	8.47	549,364	64,860	49,050	415,454	70,000	592,900	63,552	538,285
	USDT&USDC	9,847,687	9,849,266	1	1	9,814,682	1	9,857,395	1	9,845,929
	Others	Multiple *	105,405	Multiple *	Multiple *	36,415	Multiple *	72,441	Multiple *	53,661
	Total		22,419,864			19,154,933		25,533,224		21,340,976

June 30, 2024	ETH	1,937	6,179,744	3,190	2,814	5,450,718	3,974	7,697,638	3,394	6,574,178
	ETH-Coinbase Staked	480	1,301,108	2,711	2,954	1,417,920	4,243	2,036,640	3,645	1,749,600
	Bitcoin	3.95	265,883	67,312	56,500	223,175	72,777	287,469	61,613	243,371
	USDT&USDC	10,422,648	10,423,276	1	1	10,386,315	1	10,458,980	1	10,404,063
	Others	Multiple *	107,484	Multiple *	Multiple *	54,226	Multiple *	122,435	Multiple *	64,202
	Total		18,277,495			17,532,354		20,603,162		19,035,414

March 31,2024	ETH	346	999,180	2,888	2,100	726,600	4,094	1,416,524	3,618	1,251,828
	ETH-Coinbase Staked	479	1,297,687	2,709	2,236	1,071,044	4,341	2,079,339	3,842	1,840,318
	Bitcoin	0.67	44,995	67,157	38,501	25,796	73,836	49,470	70,407	47,173
	USDT&USDC	99,583	99,583	1	1	99,583	1	99,583	1	99,583
	Others	Multiple *	81,571	Multiple *	Multiple *	67,814	Multiple *	124,481	Multiple *	91,346
	Total		2,523,016			1,990,837		3,769,397		3,330,248

* The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to their lower significance. This category is labeled as ‘Multiple’ to indicate the presence of diverse prices associated with different type of cryptocurrency. Due to their immaterial nature, detailed price listings are not provided.
(a) The “Lowest Market Price Per Unit of Cryptocurrency During Quarter” represents the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
(b) The “Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price” represents a mathematical calculation consisting of the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
(c) The “Highest Market Price Per Unit of Cryptocurrency During Quarter” represents the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
(d) The “Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price” represents a mathematical calculation consisting of the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
(e) The “Market Price Per Unit of Cryptocurrency at End of Quarter” represents the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter, which aligns with our revenue recognition cut-off.
(f) The “Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price” represents a mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.

The MIL Network –

May 27, 2025

MIL-OSI: Chemung Financial Corporation Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

ELMIRA, N.Y., May 22, 2025 (GLOBE NEWSWIRE) — Chemung Financial Corporation (Nasdaq: CHMG) announced today that its Board of Directors has approved a quarterly cash dividend of $0.32 per share, payable on July 1, 2025, to common stock shareholders of record as of the close of business on June 17, 2025.

Chemung Financial Corporation is a $2.8 billion financial services holding company headquartered in Elmira, New York and operates 30 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance.

This press release may be found at www.chemungcanal.com

Category: Financial

Source: Chemung Financial Corp

Contact:
Scott T. Heffner
Senior Vice President, Director of Marketing (607) 737-3706
Stheffner@chemungcanal.com

The MIL Network –

May 27, 2025

Trump administration blocks Harvard from enrolling international students, threatens broader crackdown

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump’s administration revoked Harvard University’s ability to enroll international students on Thursday, and is forcing current foreign students to transfer to other schools or lose their legal status, while also threatening to expand the crackdown to other colleges.

Homeland Security Secretary Kristi Noem ordered the department to terminate Harvard University’s Student and Exchange Visitor Program certification effective for the 2025-2026 school year, the department said in a statement.

Noem accused the university of “fostering violence, antisemitism, and coordinating with the Chinese Communist Party.”

Harvard said the move by the Trump administration – which affects thousands of students – was illegal and amounted to retaliation.

The decision marked a significant escalation of the Trump administration’s campaign against the elite Ivy League university in Cambridge, Massachusetts, which has emerged as one of Trump’s most prominent institutional targets. The move came after Harvard refused to provide information that Noem demanded about some foreign student visa holders at Harvard, the department said.

Harvard enrolled nearly 6,800 international students in the 2024-2025 school year, amounting to 27% of its total enrollment, according to university statistics.

In 2022, Chinese nationals were the biggest group of foreign students at 1,016, university figures showed. After that were students from Canada, India, South Korea, Britain, Germany, Australia, Singapore and Japan.

The Chinese Embassy in Washington did not immediately respond to a request for comment.

“It is a privilege, not a right, for universities to enroll foreign students and benefit from their higher tuition payments to help pad their multibillion-dollar endowments,” Noem said in a statement.

In a letter to the university, Noem gave Harvard “the opportunity” to regain its certification by turning over within 72 hours a raft of records about foreign students, including any video or audio of their protest activity in the past five years.

Harvard called the government’s action “unlawful” and said it was “fully committed” to educating foreign students.

“This retaliatory action threatens serious harm to the Harvard community and our country, and undermines Harvard’s academic and research mission,” the university said in a statement.

Congressional Democrats denounced the revocation, with U.S. Representative Jaime Raskin calling it an “intolerable attack on Harvard’s independence and academic freedom” and saying it was government retaliation for Harvard’s previous resistance to Trump.

Trump has already frozen some $3 billion in federal grants to Harvard in recent weeks, leading the university to sue to restore the funding.

In a separate lawsuit related to Trump’s efforts to terminate the legal status of hundreds of foreign students across the U.S., a federal judge ruled on Thursday that the administration could not end their status without following proper regulatory procedures. It was not immediately clear how that ruling would affect the action against Harvard.

During an interview with Fox News’ “The Story with Martha MacCallum,” Noem was asked if she was considering similar moves at other universities, including Columbia University in New York.

“Absolutely, we are,” Noem said. “This should be a warning to every other university to get your act together.”

TRUMP TARGETS UNIVERSITIES

Trump, a Republican, took office in January pledging a wide-ranging immigration crackdown. His administration has tried to revoke student visas and green cards of foreign students who participated in pro-Palestinian protests.

He has undertaken an extraordinary effort to revamp private colleges and schools across the U.S., claiming they foster anti-American, Marxist and “radical left” ideologies. He has criticized Harvard for hiring prominent Democrats for teaching or leadership positions.

The U.S. Department of Health and Human Services said on Monday that it was terminating a further $60 million in federal grants to Harvard because it failed to address antisemitic harassment and ethnic discrimination.

In a legal complaint filed earlier this month, Harvard said it was committed to combating antisemitism and had taken steps to ensure its campus is safe and welcoming to Jewish and Israeli students.

Aaron Reichlin-Melnick, a senior fellow with the American Immigration Council, a pro-immigration advocacy group, said the action against Harvard’s student visa program “needlessly punishes thousands of innocent students.”

“None of them have done anything wrong, they’re just collateral damage to Trump,” he said on the social media site Bluesky.

(Reuters)

May 27, 2025

MIL-OSI: Best Sportsbook Promos: SportsBetting.ag Picked as the Top US Site for Sports Betting Bonuses

Source: GlobeNewswire (MIL-OSI)

Belize City, May 22, 2025 (GLOBE NEWSWIRE) — When it comes to finding the best sportsbook promos site for US players, SportsBetting.ag stands out for one simple reason: it offers more value, more often. From generous sign-up bonuses to ongoing reloads and weekly boosts, it delivers consistent promotions that actually benefit real bettors. With clear terms and fast payouts, it’s the go-to destination for anyone serious about maximizing their bankroll.

GET UP TO $250 IN FREE BETS AT SPORTSBETTING.AG

Why SportsBetting.ag Has The Best Sportsbook Promos

SportsBetting.ag earns its title as the best sportsbook promos site by delivering consistent, high-value offers that directly enhance the betting experience for US players. Its promotional structure isn’t just competitive—it’s built to keep both casual and seasoned bettors engaged over the long term. Here are five key reasons why it leads the pack:

$1,000 Welcome Bonus: New players get a 50% bonus up to $1,000 with a 10x rollover—one of the most generous offers for US bettors.
25% Reload for Life: Every deposit qualifies for a 25% reload bonus with no limits on how often it can be used.
Regular Odds Boosts & Risk-Free Bets: Daily odds boosts and risk-free bets on major events keep promos fresh and valuable.
Low Deposit, Fast Activation: Bonuses start at just $20 and are credited quickly, perfect for casual and frequent bettors alike.
Clear Terms, No Surprises: Straightforward rules and transparent rollover make promos easy to understand and use.

GET UP TO $250 IN FREE BETS AT SPORTSBETTING.AG

How to Get the Best Sportsbook Promos at SportsBetting.ag

Claiming top-tier sportsbook bonuses at SportsBetting.ag is fast, simple, and designed to reward both new and returning players. Whether you’re signing up for the first time or making a reload deposit, here’s how to make sure you get the most out of every offer:

Register at Sportsbetting.ag: Head to SportsBetting.ag and complete the short registration form. Make sure your account details match your payment information to avoid any verification delays.
Make a Qualifying Deposit: For the welcome bonus, deposit at least $20. Use the correct promo code (typically SB1000) at checkout to activate the 50% bonus up to $1,000.
Claim the 25% Reload Bonus: Existing users can enter promo code LIFEBONUS with every deposit to receive a 25% reload bonus. There’s no limit on how many times this can be used.
Check the Promotions Page Regularly: SportsBetting.ag updates its promos frequently, especially during NFL, NBA, and MLB seasons. Look out for risk-free bets, odds boosts, and special event offers tied to big games.
Meet the Rollover Requirements: Each bonus comes with a wagering requirement—typically 10x for the welcome bonus and 6x for reloads. Stick to eligible markets and minimum odds to ensure your bets count toward the rollover.
Cash Out or Reinvest: Once rollover terms are met, winnings can be withdrawn or used for future bets. Funds are usually available within 24-48 hours, depending on your chosen withdrawal method.

By following these steps, bettors can maximize every deposit and take full advantage of one of the most rewarding promo systems available to US players today.

Top Sportsbook Promos to Claim at Sportsbetting.ag

SportsBetting.ag offers one of the most competitive bonus lineups for US players, with promotions built to reward both newcomers and loyal users. These bonuses go beyond typical one-time offers and provide ongoing value across the full range of sports and betting styles. Here’s a closer look at the top sportsbook promos currently available.

50% Welcome Bonus up to $1,000

The flagship offer at SportsBetting.ag is the 50% welcome bonus, available to all new players making their first deposit. By using promo code SB1000, players can unlock up to $1,000 in bonus funds, starting with a minimum deposit of just $20. This offer comes with a 10x rollover requirement, which is competitive among US-facing sportsbooks. The bonus funds can be used across all major sports markets, giving players the flexibility to bet how they want. With 30 days to meet the rollover, it’s a strong value for bettors who plan to stay active.

25% Lifetime Reload Bonus

Unlike other sportsbooks that restrict reload offers to limited-time windows, SportsBetting.ag gives players a consistent edge through its 25% lifetime reload bonus. By entering promo code LIFEBONUS with each deposit of $50 or more, users receive a 25% boost—every single time. The rollover requirement is a manageable 6x, making it one of the most accessible ongoing promotions for US sports bettors. There are no restrictions on how often this bonus can be claimed, which makes it ideal for players who deposit frequently and want to stretch their bankroll further without waiting for a special event.

Risk-Free Bets on Select Events

For marquee matchups and special occasions, SportsBetting.ag offers limited-time risk-free bet promotions. These typically surface around major sports events like the Super Bowl, NBA Playoffs, and high-profile UFC cards. While the terms can vary, most risk-free offers involve placing a wager (usually between $25 and $50) and receiving a refund in site credit if the bet loses. These promotions are a great way to place high-stakes bets or try out less familiar markets without the usual downside. Availability is announced in advance, and players may need to opt in or use a specific code to qualify.

Odds Boosts and Enhanced Payouts

Daily odds boosts are another key promotional feature at SportsBetting.ag. These enhanced lines apply to a wide range of markets including moneylines, parlays, and player props across major leagues such as the NFL, NBA, MLB, and NHL. Odds boosts offer significantly better potential payouts without requiring larger bets or special entry steps—they are automatically available and clearly marked in the bet slip. For players focused on maximizing returns without taking on extra risk, this is one of the most straightforward ways to get added value.

Seasonal and Event-Based Bonuses

Throughout the year, SportsBetting.ag rolls out rotating bonuses tied to major sports seasons and events. These include March Madness bracket challenges, NFL kickoff promos, playoff specials, and even leaderboard contests that reward volume play. While the format of these promotions can shift—from free bets to deposit matches or betting competitions—they consistently offer strong value for players who stay active during high-profile sports periods. Details are posted regularly on the site’s promotions page, and these limited-time offers are often among the most lucrative for engaged users.

Overall, SportsBetting.ag’s bonus program is built for longevity and consistency. Whether you’re signing up for the first time or placing your 100th wager, there’s always a promotion available to make your bets go further. With clear terms and real benefits, it stands out as the most rewarding sportsbook promos site for US players.

Sports Betting Markets to Explore with Bonuses

SportsBetting.ag doesn’t just offer top-tier promotions—it backs them up with a full roster of betting markets across all major US sports. Whether you’re using a welcome bonus or taking advantage of reload offers, you’ll have access to deep betting lines, player props, futures, and live in-game options. Here’s a breakdown of the top sports markets where your bonus funds can go to work.

NFL Betting

The NFL remains the most popular league for US sports bettors, and SportsBetting.ag provides full-season coverage—from preseason to the Super Bowl. Bonuses can be used on moneylines, spreads, totals, player props, and futures for every team in the league. You can back dominant franchises like the Kansas City Chiefs, San Francisco 49ers, and Buffalo Bills, or bet on rising teams like the Detroit Lions and Houston Texans. Odds boosts and risk-free bet offers often center around Sunday matchups and primetime games, giving bettors even more value during key NFL weeks.

NBA Betting

Basketball fans can use sportsbook promos on every NBA game, including regular season matchups, playoffs, and the Finals. Teams like the Boston Celtics, Denver Nuggets, Milwaukee Bucks, and Los Angeles Lakers draw consistent betting action, especially when tied to featured promotions or odds enhancements. SportsBetting.ag also offers extensive coverage of player props and live betting for fast-paced, in-game wagers—ideal for turning reload bonuses into real-time profits.

MLB Betting

MLB’s long season is perfect for stretching out your bonus funds over time. SportsBetting.ag covers all 30 teams with daily lines, team totals, pitcher props, and game-specific boosts. Popular teams like the New York Yankees, Los Angeles Dodgers, and Atlanta Braves attract major market action, while sharp bettors can find value in under-the-radar clubs like the Cleveland Guardians and Tampa Bay Rays. During peak months, promos often include parlay boosts and streak-based bonuses tied to MLB series outcomes.

NHL Betting

Hockey fans will find competitive odds and full-season markets across the NHL, including moneylines, puck lines, goal props, and period-specific bets. Teams such as the Colorado Avalanche, Toronto Maple Leafs, New York Rangers, and Edmonton Oilers lead in futures and nightly handle. Bonus offers are often extended during the Stanley Cup Playoffs, with enhanced odds and second-chance bet promos for close games and overtime thrillers.

College Sports (NCAAF & NCAAB)

College football and basketball bring weekly excitement, especially during bowl season and March Madness. SportsBetting.ag offers deep coverage of powerhouses like the Alabama Crimson Tide, Georgia Bulldogs, Michigan Wolverines, and Texas Longhorns in NCAAF, as well as elite hoops programs like the Kansas Jayhawks, Duke Blue Devils, and UConn Huskies in NCAAB. Bonuses can be used across spreads, moneylines, over/unders, and tournament props, with special promotions typically activated during major playoff and championship weekends.

UFC & Combat Sports

For fans of MMA and boxing, SportsBetting.ag provides full cards with pre-fight odds, method-of-victory props, round betting, and live wagering. UFC events featuring stars like Israel Adesanya, Sean O’Malley, Jon Jones, and Tom Aspinall often come with exclusive promos, including risk-free bets and enhanced parlays. These are high-action opportunities to turn bonus dollars into quick returns.

No matter your sport of choice, SportsBetting.ag ensures that every bonus you claim can be used across a wide selection of betting markets. From top-tier NFL matchups to under-the-radar college games and headline UFC cards, there’s always action—and promo value—to explore.

Top Sportsbook Promo Bet Types at SportsBetting.ag

SportsBetting.ag gives players flexibility when using bonuses by supporting a wide range of bet types across major leagues and events. Whether you’re activating a welcome offer, reload bonus, or risk-free bet, you’ll find multiple ways to put your promo dollars to work. Here are the most popular and promo-friendly bet types available on the platform:

Moneyline Bets – A straightforward wager on which team or athlete will win. Perfect for new bettors using bonuses, especially on favorites with strong odds.
Point Spreads – Ideal for balancing mismatches, spread bets are popular in NFL and NBA markets and count toward rollover requirements for most promotions.
Totals (Over/Under) – Wagering on combined score totals is a common choice for using reload bonuses—especially in high-scoring leagues like the NBA and college football.
Player Props – Bet on individual performances like passing yards, home runs, or goals scored. These bets are available across NFL, NBA, MLB, and more, and are often featured in special boosted promos.
Parlays – Combine multiple bets into one for bigger payouts. SportsBetting.ag frequently offers parlay insurance or boosts that pair well with promo funds.
Live (In-Game) Bets – Bet as the action unfolds with dynamic odds that shift in real time. Many bonuses can be used for live betting, making it a popular option for experienced players.
Futures – Long-term bets on outcomes like championship winners or season awards. Futures are a smart way to lock in value using bonus funds before a season heats up.
Risk-Free Bets – Offered during special events, these let you place a wager and get refunded in site credit if it loses—great for trying larger bets with less risk.

Each of these bet types not only counts toward promo rollover requirements but also gives bettors strategic ways to stretch bonus value. Whether you’re playing it safe or chasing big wins, SportsBetting.ag gives you the tools and flexibility to do both.

Why These Are the Best Sportsbook Promos & Bonuses

In a crowded US sportsbook market, a promotional offering is only as good as its consistency, clarity, and actual value to players. What sets SportsBetting.ag apart is its ability to deliver reliable, ongoing bonuses that are easy to claim, transparent in structure, and designed to serve real bettors—not just first-time sign-ups. Here’s what makes it stand out:

Consistent Value Across the Board

While many sportsbooks focus solely on welcome offers, SportsBetting.ag builds long-term value with ongoing reload bonuses, risk-free bets, and odds boosts. The 25% lifetime reload bonus is a prime example of this approach—available on every deposit with no seasonal limitations. This kind of ongoing support keeps players engaged beyond their first wager.

USA-Focused Promotions

All bonuses and terms at SportsBetting.ag are tailored specifically for US-based players. That means easy qualification, support for major American sports, and betting options structured around leagues like the NFL, NBA, MLB, NHL, and NCAA. There’s no guesswork when it comes to currency, deposit methods, or availability—everything is streamlined for a US audience.

Clear Bonus Terms and Fast Access

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Editorial Note

This article is provided solely for informational and entertainment purposes. Nothing within should be interpreted as legal, financial, or professional advice. Readers should carry out their own research before participating in any gambling activities or signing up with any online casinos mentioned.

Gambling Caution

Online gambling comes with financial risks and may lead to addictive behavior or monetary loss. We urge all readers to gamble responsibly. If you or someone you know is struggling with gambling, professional help is available. The National Council on Problem Gambling (NCPG) can be contacted at 1-800-522-4700 or visited online at www.ncpgambling.org.

21+ only. It is up to each individual to verify whether online gambling is permitted under their local, state, or federal laws. Neither the publisher, the authors, nor any syndication partners condone or support unlawful gambling. Participation in online gambling is done at the reader’s own discretion and risk.

Affiliate Transparency

This article may include affiliate links. If you click on a link and make a purchase or register, a commission may be earned, at no extra cost to you.

Syndication and Liability Disclaimer

Any third-party publishers, media platforms, or syndication partners that republish this content do so understanding that it is meant for informational purposes only. These entities are not responsible for the legality, accuracy, or interpretation of the material.

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SportsBetting

The MIL Network –

May 27, 2025

MIL-OSI Australia: Townsville man fined for illegal dumping

Source: Tasmania Police

Issued: 22 May 2025

The man received a hefty fine for unlawfully dumping the rubbish.

DETSI investigates every case of illegal dumping.

A man has received a hefty fine for unlawfully dumping rubbish in bushland in the Townsville Town Common Conservation Park.

Remote cameras captured a ute with rubbish in the tray entering the conservation park on 16 March 2025. The vehicle was later captured leaving the conservation park with an empty tray.

Rangers from the Department of the Environment, Tourism, Science and Innovation (DETSI) conducted a site inspection and discovered the waste, which included air-conditioning units, empty boxes and other general waste.

Executive Director Waste and Enforcement Jackie McKeay said officers from DETSI’s Litter and Illegal Dumping Compliance Operations issued a show cause notice to the driver of the vehicle.

“The man admitted that he dumped the waste in the conservation park, and he went back to clean it up,” Ms McKeay said.

“He was issued with a Penalty Infringement Notice for $2,580. This fine is a reminder to Queenslanders that our remote cameras can be anywhere at any time.

“We take a zero-tolerance approach to illegal dumping, and we investigate every report we receive.

“Recently, the Queensland Government made it easier for people to report illegal dumping with the new Litter and Illegal Dumping Online Reporting System.

“Unlawfully dumping waste is a pollution risk and a fire hazard, and it can harm our native animals.”

People can report littering and illegal dumping to their local council or via the online reporting tool: Report it.

MIL OSI News –

May 27, 2025

MIL-OSI Australia: $2 million to extinguish battery fire risk in Queensland

Source: Tasmania Police

Issued: 22 May 2025

Sparked by the recent spike in battery fires, the Queensland Government has committed $2 million to put out the battery fire risk in Queensland by expanding collection points.

With more than 200 battery-related fires in Queensland in the past year, the Local Government Battery Collection Program is part of the Queensland Government’s three-point plan to tackle battery safety.

Grants of up to $100,000 are available for Queensland councils or groups of councils to expand battery collection points and provide safer and more convenient disposal of problem batteries that currently have limited options for disposal.

By supporting Queensland councils to expand the number of collection points, this funding will not only make it safer and easier to properly dispose of batteries; but environmental risks and fires caused by battery combustion in council waste collection trucks and facilities will also be reduced.

Executive Director at the Department of the Environment, Tourism, Science and Innovation Claire Andersen said the three-point plan addresses risks to human safety, council infrastructure and the environment.

“Lithium-ion batteries power our everyday lives – from simple AA batteries to e-scooters to rechargeable toothbrushes.

“But when disposed of incorrectly they can spark dangerous fires that put lives at risk, shut down essential services and leave councils and ratepayers footing the bill of costly damage and repairs.

“With the increase in battery fires over the past year, it was clear that urgent action was needed – so we quickly established our three-point plan which is rolling out now.

“This is an integral aspect of this plan; these grants are available to all Queensland councils or groups of councils to expand their battery collection points.

“Not only are we funding battery collection expansion, but we are also working with industry to implement strategies and powering up public awareness and education.

“Our message is simple: don’t bin your batteries.”

To find your nearest battery collection point visit: www.recyclemate.com.au

For more information on the Local Government Battery Collection Program or to make an application, click here.

Media contact: DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

MIL OSI News –

May 27, 2025

MIL-OSI Europe: Press release – Parliament supports proposals to simplify EU carbon leakage instrument

Source: European Parliament

The proposed changes to the EU carbon border adjustment mechanism (CBAM) are part of simplification efforts to reduce the administrative burden for SMEs and occasional importers.

Parliament today endorsed the Commission’s proposal, which is a part of the “Omnibus I” simplification package presented on 26 February 2025. MEPs adopted only technical amendments for clarification purposes and supported a new de minimis mass threshold of 50 tonnes. This would exempt the vast majority (90%) of importers − mainly small and medium-sized enterprises and individuals − who import only small quantities of CBAM goods. The CBAM environmental objectives remain achievable, as 99% of total CO2 emissions from imports of iron, steel, aluminium, cement and fertilisers would still be covered by the rules.

For the imports covered, the changes also simplify the authorisation process for declarants (parties wishing to import goods subject to the CBAM), the calculation of emissions and the management of CBAM financial liability, while strengthening anti-abuse provisions.

Quote

After the vote, rapporteur Antonio Decaro (S&D, IT) said: “The CBAM is a crucial instrument to help the EU prevent carbon leakage and incentivise climate action outside the EU. I am therefore glad that Parliament decided not to reopen other provisions of the CBAM legislation. This approach enables us to simplify matters for companies without dismantling or weakening the CBAM. We will continue to work quickly to bring legal clarity and certainty to all CBAM stakeholders.”

Next steps

MEPs adopted the text by 564 votes in favour, 20 against and with 12 abstentions. Parliament is now ready to start negotiations with Council on the final shape of the legislation.

Background

The EU’s carbon border adjustment mechanism is the EU’s tool to equalise the price of carbon paid for EU products operating under the EU emissions trading system (ETS) with that of imported goods, and to encourage greater climate ambition in non-EU countries. In early 2026, the Commission will assess whether to extend the scope of the CBAM to other ETS sectors at risk of carbon leakage.

MIL OSI Europe News –

May 23, 2025

MIL-OSI: DMG Blockchain Solutions Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 21, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its fiscal second quarter 2025 financial results. All financial references are in Canadian Dollars unless specified otherwise. Readers are encouraged to review the Company’s March 31, 2025 quarterly unaudited financial statements and management’s discussion and analysis thereof for an assessment of the Company’s performance and applicable risk factors, available at www.sedarplus.ca.

Q2 2025 Financial Results Highlights

Revenue: $12.6 million in Q2 2025, up 9% from $11.6 million in Q1 2025 and up 26% from $10.0 million in Q2 2024
Bitcoin Mined: 91 bitcoin mined in Q2 2025, down from 97 bitcoin in Q1 2025
Cash Flow from Operations: -$1.0 million in Q2 2025, as the Company mined $7.1 million more bitcoin than it sold
Hashrate: 1.76 EH/s average for Q2 2025, up 8% from Q1 2025 and up 82% from Q2 2024
Cash, Short-term Investments and Digital Assets: $61.9 million as of quarter-end Q2 2025, down 3% from Q1 2025 and up 42% from Q2 2024
Total Assets: $129.5 million as of quarter-end Q2 2025, down 6% from Q1 2025 and up 9% from Q2 2024
Net Income: -$0.02 per share in Q2 2025 versus -$0.02 in Q1 2025 and $0.00 per share in Q2 2024

DMG’s CEO, Sheldon Bennett, commented: “In Q2, we continued to increase our Bitcoin mining hashrate, as we deployed our hydro direct-liquid-cooled miners. In addition, we advanced our AI strategy with the purchase of 2 megawatts of prefabbed data center infrastructure and have been making progress with respect to engaging Canadian public sector entities and private enterprises for off-take agreements, which we believe will be instrumental in aiding DMG in pursuing non-dilutive financing opportunities. Finally, the Systemic Trust, our digital asset custody platform, is currently focused on building on its platform development execution to gain customer adoption, ramp revenue and broaden its platform capabilities throughout calendar 2025.”

Financial Second Quarter 2025 Financial Results Review

Revenue increased by $1,011,749 to $12,644,574 for the three months ended March 31, 2025 compared to the prior quarter. During the three months ended March 31, 2025, the Company received in its wallets from mining activity 91.27 bitcoin and ended the period with a balance of 458.07 bitcoin.

Operating and maintenance expenses for the three months ended March 31, 2025 were $7,625,097, up from $5,270,851 in the prior year period. This increase is primarily due to a $1,796,739 rise in utilities expenses, driven by expanded digital currency mining operations with additional operating miners and fluctuating energy prices. Furthermore, new hosting fees paid to third parties, totaling $682,756, also contributed to this increase.

Research costs for the three months ended March 31, 2025 increased by $122,232 compared to the prior year period. Research in fiscal 2025 continues to focus on software and relates to work on Systemic Trust, Helm, Reactor and Blockseer Explorer.

General and administrative costs for the three months ended March 31, 2025 were $1,936,402 in comparison to $1,846,398 in the prior year period. General and administrative costs consist mostly of wages, professional fees, consulting fees and financing costs. The overall increase of $90,004 is attributable mainly to financing costs related to the Company’s credit facility with Sygnum Bank.

Depreciation for the three months ended March 31, 2025 was $4,314,108 compared to $3,805,988 in the prior year period.

Net income decreased by $3,348,566 to a net loss of $3,346,351 for the three months ended March 31, 2025 from the prior year period.

Total assets as of March 31, 2025 were $129,506,488, an increase of $25,637,507 from the end of the prior year end. The increase is mainly attributable to the Company’s purchase of $7,116.500 short-term investments and a net increase in digital currency of $19,695,408 due to the increased price of bitcoin.

Second Quarter 2025 Results Conference Call Details

The Company will host a conference call to review its results and provide a corporate update on May 22, 2025 at 4:30 PM ET. Participants should register for the call via the link.

In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on May 22, 2025.

About DMG Blockchain Solutions Inc.

DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory-compliant manner.

For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

DMG Blockchain Solutions Inc. Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)
	Notes	As at March 31, 2025 (unaudited)		As at September 30, 2024 (audited)
ASSETS		$		$
Current
Cash and cash equivalents		804,771		1,679,060
Amounts receivable	6	3,888,754		4,910,251
Digital currency	5	54,023,111		34,327,703
Prepaid expense and other current assets		494,184		337,042
Marketable securities	8	231,944		316,803
Short-term investment	9	7,116,500		–
Assets held for sale		30,408		–
Total current assets		66,589,672		41,570,859

Long-term deposits	10	5,791,547		2,047,682
Property and equipment	11	50,066,817		53,798,978
Intangible asset		276,040		–
Long-term investments	12	45,000		45,000
Amount recoverable	7	6,737,412		6,406,462
Total assets		129,506,488		103,868,981

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Trade and other payables	13	5,024,344		5,183,107
Deferred revenue	19	113		–
Current portion of lease liability		99,641		43,483
Current portion of loans payable	14	20,421,551		13,928,462
Total current liabilities		25,545,649		19,155,052

Long-term lease liability		131,012		51,842
Total liabilities		25,676,661		19,206,894

Shareholders’ Equity
Share capital	15(a)	120,326,738		113,086,455
Reserves	15(b)(c)	55,773,443		45,853,100
Accumulated other comprehensive income		18,905,080		10,448,614
Accumulated deficit		(91,175,434	)	(84,726,082	)
Total shareholders’ equity		103,829,827		84,662,087
Total liabilities and shareholders’ equity		129,506,488		103,868,981

The disclosed notes are integral to these condensed consolidated financial statements


DMG Blockchain Solutions Inc. Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in Canadian Dollars, except for number of shares) (Unaudited)
		For the Three Months Ended				For the Six Months Ended
	Notes	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
		$		$		$		$
Revenue	17	12,644,574		10,015,659		24,277,399		19,706,423

Expenses
Operating and maintenance costs	18(a)	7,625,097		5,270,851		14,304,940		10,418,502
General and administrative	18(b)	1,936,402		1,846,398		3,773,081		2,732,459
Stock-based compensation		737,114		398,010		1,415,642		766,502
Research and development		608,448		486,216		1,162,412		924,395
Provision (recovery) for doubtful accounts		(1,976	)	42		(6,719	)	3,806
Depreciation	11	4,314,108		3,805,988		8,663,578		8,147,770
Total expenses		15,219,193		11,807,503		29,312,934		22,993,434

Loss before other items		(2,574,619	)	(1,791,844	)	(5,035,535	)	(3,287,011	)

Other income (expense)
Interest and other income	7	166,648		170,044		330,950		335,825
Provision of sales tax receivable		(668,685	)	(381,690	)	(976,424	)	(635,590	)
Gain (loss) on disposition of assets		(1,618	)	4,809		(1,619	)	4,809
Foreign exchange loss		7,414		(28,341	)	(901,975	)	(122,926	)
Unrealized gain on revaluation of digital currency	5	–		1,019,456		28,083		9,182,316
Realized gain (loss) on sale of digital currency		(147,601	)	1,143,489		154,208		1,995,359
Gain (loss) on change in fair value of marketable securities		(127,890	)	(133,708	)	(84,859	)	111,043
Gain (loss) on fair value of investments		–		–		37,819		(609,120	)
Net income (loss)		(3,346,351	)	2,215		(6,449,352	)	6,974,705

Other comprehensive income
Items that may be reclassified subsequently to income or loss:
Unrealized revaluation gain (loss) on digital currency	5	(6,830,755	)	15,472,215		8,488,687		15,472,215
Cumulative translation adjustment		(810	)	(11,278	)	(32,221	)	(1,196	)
Comprehensive income (loss)		(10,177,916	)	15,463,152		2,007,114		22,445,724


Basic and diluted income (loss) per share	15(d)	(0.02	)	0.00		(0.03	)	0.04
Weighted average number of shares outstanding	15(d)
– basic		203,242,018		169,029,065		194,424,988		168,585,910
– diluted		203,242,018		172,516,428		194,424,988		173,248,160

The disclosed notes are integral to these condensed consolidated interim financial statements


DMG Blockchain Solutions Inc. Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars) (Unaudited)
	For the Six Months Ended
	March 31, 2025		March 31, 2024
	$		$
OPERATING ACTIVITIES
Net income (loss) for the period	(6,449,352	)	6,974,705
Non-cash items:
Accretion	7,827		23,272
Depreciation	8,663,579		8,147,770
Share-based payments	1,415,642		766,502
Unrealized foreign exchange loss	911,046		40,351
Loss (gain) on disposition of assets	1,618		(4,809	)
Loss (gain) on change in fair value of marketable securities	84,860		(111,043	)
Loss (gain) on fair value of investment	(37,819	)	609,120
Provision for sales tax receivable	976,424		635,590
Bad debt (recovery) expense	(6,719	)	3,806
Digital currency related revenue	(23,409,103	)	(18,355,313	)
Unrealized gain on digital currency	(28,083	)	(9,182,315	)
Digital currency sold	12,389,905		20,173,781
Realized gain on sale of digital currency	(154,208	)	(1,995,359	)
Non-cash interest income	(330,950	)	(329,914	)
Accrued interest	748,459		–

Changes in non-cash operating working capital:
Prepaid expenses and other current assets	1,433,405		(144,388	)
Amounts receivable	144,544		(212,015	)
Deferred revenue	113		11,277
Trade and other payables	(76,596	)	1,144,920
Net cash provided by operating activities	(3,715,408	)	8,195,938

INVESTING ACTIVITIES
Purchase of property and equipment	(4,772,107	)	(830,859	)
Purchase of intangible assets	(276,040	)	–
Deposits on mining equipment	(7,324,024	)	(18,102,867	)
Purchase of short-term investment	(7,116,500	)	(609,120	)
Refund of security deposits	1,792,907		–
Net cash used by investing activities	(17,695,764	)	(19,542,846	)

FINANCING ACTIVITIES
Proceeds from issuance of units	17,254,945		–
Share issuance costs	(1,570,875	)	–
Proceeds from option exercises	60,913		438,024
Principal lease payments	(37,596	)	(61,187	)
Proceeds from secured loan	5,829,013		10,791,288
Repayment of loans payable	(1,000,000	)	(1,668	)
Net cash provided by financing activities	20,536,400		11,166,457

Impact of currency translation on cash	483		17
Change in cash	(874,289	)	(180,434	)
Cash, beginning	1,679,060		1,789,913
Cash, end	804,771		1,609,479

The disclosed notes are integral to these condensed consolidated interim financial statements

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the planned conference call, DMG’s strategies and plans, increasing hashrate and the anticipated timelines, the expected arrival and operation of the hydro miners and containers, the development of Systemic Trust including generating revenues, the potential for a 2-megawatt prefabricated data center, improving fleet efficiency and continuing to execute on Core+ software initiatives and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs (which includes energy costs), increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

The MIL Network –

May 22, 2025

MIL-OSI: LexinFintech Holdings Ltd. Reports First Quarter 2025 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, May 21, 2025 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, commented, “The continued improvement across key performance indicators marks the success of our transformation towards a business model driven by data analytics, risk management, and refined operations.

In the first quarter, key risk metrics continued to trend strongly, validating the effectiveness of our risk management revamp initiatives. Thanks to the ongoing improvements in risk performance, net income for the first quarter exceeded RMB430 million, sustaining its strong growth trajectory and returning to the highest level for the past 13 quarters.

Looking ahead, we will focus on prioritizing customer-centric approaches, elevating customer experience and boosting the competitiveness of our offers, strengthening the business synergies across our ecosystem, and driving technological innovation—particularly in the application of AI. Through operational excellence and strategic agility, we aim to build long-term resilience and competitiveness in a dynamic environment.

Despite the challenging macroeconomic environment, evolving industry landscape, and geopolitical uncertainties, the management remains confident in achieving a significant year-over-year growth in net income, reaffirming our full-year net income guidance.

The management has consistently attached great importance to delivering value to shareholders through various approaches. In November 2024, the board raised the cash dividend payout ratio from 20% to 25% of total net income. We are pleased to announce that the board of directors has approved to further increase the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025.”

Mr. James Zheng, Chief Financial Officer of Lexin, commented, “Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase. Net profit take rate was 1.58%, calculated as net income divided by average loan balance, advancing by 27 basis points compared to the previous quarter. The strong net income growth was underpinned by sustained improvements in asset quality, alongside a further reduction in funding costs.

Looking ahead, we’re committed to a prudent operating strategy, ecosystem synergy enhancement and operational refinement. For the full year 2025, we expect our net income to deliver strong year-over-year growth.”

First Quarter 2025 Operational Highlights:

User Base

Total number of registered users reached 232 million as of March 31, 2025, representing an increase of 8.1% from 215 million as of March 31, 2024, and users with credit lines reached 46.2 million as of March 31, 2025, up by 7.8% from 42.8 million as of March 31, 2024.
Number of active users¹ who used our loan products in the first quarter of 2025 was 4.8 million, representing an increase of 6.0% from 4.5 million in the first quarter of 2024.
Number of cumulative borrowers with successful drawdown was 34.5 million as of March 31, 2025, an increase of 7.6% from 32.0 million as of March 31, 2024.

Loan Facilitation Business

As of March 31, 2025, we cumulatively originated RMB1,376.7 billion in loans, an increase of 17.6% from RMB1,171.1 billion as of March 31, 2024.

Total loan originations² in the first quarter of 2025 was RMB51.6 billion, a decrease of 11.0% from RMB58.0 billion in the first quarter of 2024.
Total outstanding principal balance of loans³ reached RMB107 billion as of March 31, 2025, representing a decrease of 11.7% from RMB122 billion as of March 31, 2024.

Credit Performance⁴

90 day+ delinquency ratio was 3.3% as of March 31, 2025, as compared with 3.6% as of December 31, 2024.
First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2025.

Tech-empowerment Service

For the first quarter of 2025, we served over 95 business customers with our tech-empowerment service.
In the first quarter of 2025, the business customer retention rate⁵ of our tech-empowerment service was over 80%.

Installment E-commerce Platform Service

GMV⁶ in the first quarter of 2025 for our installment e-commerce platform service was RMB1,126 million, representing an increase of 24.7% from RMB903 million in the first quarter of 2024.
In the first quarter of 2025, our installment e-commerce platform service served over 310,000 users and 200 merchants.

Other Operational Highlights

The weighted average tenor of loans originated on our platform in the first quarter of 2025 was approximately 13.4 months, as compared with 12.5 months in the first quarter of 2024.
Repeated borrowers’ contribution⁷ of loans across our platform for the first quarter of 2025 was 86.1%.

First Quarter 2025 Financial Highlights:

Total operating revenue was RMB3,104 million, representing a decrease of 4.3% from the first quarter of 2024.
Credit facilitation service income was RMB2,191 million, representing a decrease of 17.3% from the first quarter of 2024. Tech-empowerment service income was RMB625 million, representing an increase of 72.8% from the first quarter of 2024. Installment e-commerce platform service income was RMB288 million, representing an increase of 24.4% from the first quarter of 2024.
Net income attributable to ordinary shareholders of the Company was RMB430 million, representing an increase of over 100% from the first quarter of 2024. Net income per ADS attributable to ordinary shareholders of the Company was RMB2.39 on a fully diluted basis.
Adjusted net income attributable to ordinary shareholders of the Company⁸ was RMB472 million, representing an increase of over 100% from the first quarter of 2024. Adjusted net income per ADS attributable to ordinary shareholders of the Company⁸ was RMB2.62 on a fully diluted basis.

__________________________

Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

First Quarter 2025 Financial Results:

Operating revenue was RMB3,104 million in the first quarter of 2025, as compared to RMB3,242 million in the first quarter of 2024.

Credit facilitation service income was RMB2,191 million in the first quarter of 2025, as compared to RMB2,648 million in the first quarter of 2024. The decrease was due to the decrease in guarantee income and loan facilitation and servicing fees-credit oriented, partially offset by the increases in financing income.

Loan facilitation and servicing fees-credit oriented was RMB1,136 million in the first quarter of 2025, as compared to RMB1,417 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of off-balance sheet loans.

Guarantee income was RMB548 million in the first quarter of 2025, as compared to RMB744 million in the first quarter of 2024. The decrease was primarily due to the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

Financing income was RMB507 million in the first quarter of 2025, as compared to RMB487 million in the first quarter of 2024. The increase was primarily driven by the increase in the average outstanding balance of the on-balance-sheet loans.

Tech-empowerment service income was RMB625 million in the first quarter of 2025, as compared to RMB362 million in the first quarter of 2024. The increase was primarily driven by the increase of loan facilitation volume through ICP and the increase of referral services.

Installment e-commerce platform service income was RMB288 million in the first quarter of 2025, as compared to RMB232 million in the first quarter of 2024. The increase was primarily driven by the increase in transaction volume in the first quarter of 2025.

Cost of sales consisted of cost of inventory sold and other costs. Cost of sales was RMB262 million in the first quarter of 2025, as compared to RMB236 million in the first quarter of 2024, which was consistent with the increase in installment e-commerce platform service income.

Funding cost was RMB83.0 million in the first quarter of 2025, as compared to RMB90.7 million in the first quarter of 2024. The decrease was primarily driven by the decrease in the funding rates to fund the on-balance sheet loans.

Processing and servicing costs was RMB551 million in the first quarter of 2025, as compared to RMB588 million in the first quarter of 2024. The decrease was primarily driven by a decrease in risk management expenses.

Provision for financing receivables was RMB182 million for the first quarter of 2025, as compared to RMB137 million for the first quarter of 2024. The increase was primarily due to the increase of the outstanding loan balances of on-balance sheet loans and reflects the most recent performance in relation to on-balance sheet loans.

Provision for contract assets and receivables was RMB130 million in the first quarter of 2025, as compared to RMB166 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of the outstanding loan balances of off-balance sheet loans.

Provision for contingent guarantee liabilities was RMB677 million in the first quarter of 2025, as compared to RMB828 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

Gross profit was RMB1,219 million in the first quarter of 2025, as compared to RMB1,197 million in the first quarter of 2024.

Sales and marketing expenses was RMB493 million in the first quarter of 2025, as compared to RMB418 million in the first quarter of 2024. This increase was primarily due to an increase in online advertising costs.

Research and development expenses was RMB156 million in the first quarter of 2025, as compared to RMB135 million in the first quarter of 2024. The increase was primarily due to increased investment in technology development.

General and administrative expenses was RMB101 million in the first quarter of 2025, as compared to RMB89.8 million in the first quarter of 2024. The increase was primarily due to the increase in personnel related costs.

Change in fair value of financial guarantee derivatives and loans at fair value was a gain of RMB74.6 million in the first quarter of 2025, as compared to a loss of RMB316 million in the first quarter of 2024. The change was primarily driven by the fair value gains realized as a result of the release of guarantee obligation as loans are repaid, partially offset by the fair value loss from the re-measurement of the expected loss rates.

Income tax expense was RMB101 million in the first quarter of 2025, as compared to income tax benefit of RMB53.4 million in the first quarter of 2024. The increase was primarily due to the increase in income before income tax expense.

Net income was RMB430 million in the first quarter of 2025, as compared to RMB202 million in the first quarter of 2024.

Recent Development

Updated Dividend Policy

In the third quarter of 2024, the Board of the Company approved to raise the cash dividend payout ratio to 25% of total net income, effective from January 1, 2025. On May 19, 2025, the Board has further approved an updated dividend policy, under which the cash dividend payout will be increased to 30% of total net income, to be paid semi-annually starting from the second half of 2025.

Business Outlook

Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Based on our preliminary assessment, we expect net income for the full year 2025 to achieve a significant year-over-year growth driven by continued improvements in asset quality. The forecast is subject to the impact of macroeconomic factors, and we may adjust the performance outlook as appropriate based on evolving circumstances.

Conference Call

The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 21, 2025 (10:00 AM Beijing/Hong Kong time on May 22, 2025).

Participants who wish to join the conference call should register online at:

https://register-conf.media-server.com/register/BI0dc0f8f7695c4583bd50587c8b103490

Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.lexin.com.

About LexinFintech Holdings Ltd.

We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

For more information, please visit http://ir.lexin.com.

To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “ expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

LexinFintech Holdings Ltd.
IR inquiries:
Will Tan
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: willtan@lexin.com

Media inquiries:
Ruifeng Xu
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: media@lexin.com

SOURCE LexinFintech Holdings Ltd.

LexinFintech Holdings Ltd. Unaudited Condensed Consolidated Balance Sheets
	As of
(In thousands)	December 31, 2024			March 31, 2025
	RMB			RMB			US$
ASSETS
Current Assets
Cash and cash equivalents		2,254,213			3,173,298			437,292
Restricted cash		1,638,479			1,545,269			212,944
Restricted term deposit and short-term investments		138,497			218,490			30,109
Short-term financing receivables, net⁽¹⁾		4,668,715			4,743,393			653,657
Short-term contract assets and receivables, net⁽¹⁾		5,448,057			5,009,319			690,303
Deposits to insurance companies and guarantee companies		2,355,343			2,203,109			303,597
Prepayments and other current assets		1,321,340			1,347,805			185,732
Amounts due from related parties		61,722			77,239			10,644
Inventories, net		22,345			19,341			2,665
Total Current Assets		17,908,711			18,337,263			2,526,943
Non-current Assets
Restricted cash		100,860			80,464			11,088
Long-term financing receivables, net⁽¹⁾		112,427			92,087			12,690
Long-term contract assets and receivables, net⁽¹⁾		317,402			350,993			48,368
Property, equipment and software, net		613,110			636,939			87,773
Land use rights, net		862,867			854,267			117,721
Long-term investments		284,197			244,193			33,651
Deferred tax assets		1,540,842			1,589,522			219,042
Other assets		500,363			433,738			59,772
Total Non-current Assets		4,332,068			4,282,203			590,105
TOTAL ASSETS		22,240,779			22,619,466			3,117,048

LIABILITIES
Current liabilities
Accounts payable		74,443			63,294			8,722
Amounts due to related parties		10,927			9,124			1,257
Short-term borrowings and current portion of long-term borrowings		690,772			781,324			107,669
Short-term funding debts		2,754,454			3,207,177			441,961
Deferred guarantee income		975,102			1,158,164			159,599
Contingent guarantee liabilities		1,079,000			769,397			106,026
Accruals and other current liabilities		4,019,676			3,909,239			538,708
Total Current Liabilities		9,604,374			9,897,719			1,363,942
Non-current Liabilities
Long-term borrowings		585,024			505,408			69,647
Long-term funding debts		1,197,211			891,390			122,837
Deferred tax liabilities		91,380			102,617			14,141
Other long-term liabilities		22,784			14,006			1,930
Total Non-current Liabilities		1,896,399			1,513,421			208,555
TOTAL LIABILITIES		11,500,773			11,411,140			1,572,497
Shareholders’ equity:
Class A Ordinary Shares		205			205			30
Class B Ordinary Shares		41			41			7
Treasury stock		(328,764	)		(305,025	)		(42,034	)
Additional paid-in capital		3,314,866			3,331,382			459,077
Statutory reserves		1,178,309			1,178,309			162,375
Accumulated other comprehensive income		(29,559	)		(31,818	)		(4,385	)
Retained earnings		6,604,908			7,035,232			969,481
Total shareholders’ equity		10,740,006			11,208,326			1,544,551
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		22,240,779			22,619,466			3,117,048

__________________________
(1) Short-term financing receivables, net of allowance for credit losses of RMB102,124 and RMB118,804 as of December 31, 2024 and March 31, 2025, respectively.

Short-term contract assets and receivables, net of allowance for credit losses of RMB409,590 and RMB287,845 as of December 31, 2024 and March 31, 2025, respectively.

Long-term financing receivables, net of allowance for credit losses of RMB1,820 and RMB1,471 as of December 31, 2024 and March 31, 2025, respectively.

Long-term contract assets and receivables, net of allowance for credit losses of RMB30,919 and RMB20,519 as of December 31, 2024 and March 31, 2025, respectively.

LexinFintech Holdings Ltd. Unaudited Condensed Consolidated Statements of Operations
	For the Three Months Ended March 31,
(In thousands, except for share and per share data)	2024			2025
	RMB			RMB			US$
Operating revenue:
Credit facilitation service income		2,648,478			2,190,866			301,910
Loan facilitation and servicing fees-credit oriented		1,417,248			1,136,229			156,577
Guarantee income		744,251			547,814			75,491
Financing income		486,979			506,823			69,842
Tech-empowerment service income		361,543			624,850			86,107
Installment e-commerce platform service income		231,909			288,383			39,740
Total operating revenue		3,241,930			3,104,099			427,757
Operating cost
Cost of sales		(235,747	)		(262,032	)		(36,109	)
Funding cost		(90,738	)		(83,004	)		(11,438	)
Processing and servicing cost		(587,731	)		(551,141	)		(75,949	)
Provision for financing receivables		(136,683	)		(182,149	)		(25,101	)
Provision for contract assets and receivables		(165,942	)		(129,685	)		(17,871	)
Provision for contingent guarantee liabilities		(828,377	)		(677,180	)		(93,318	)
Total operating cost		(2,045,218	)		(1,885,191	)		(259,786	)
Gross profit		1,196,712			1,218,908			167,971
Operating expenses:
Sales and marketing expenses		(417,617	)		(493,128	)		(67,955	)
Research and development expenses		(134,982	)		(155,626	)		(21,446	)
General and administrative expenses		(89,760	)		(100,753	)		(13,884	)
Total operating expenses		(642,359	)		(749,507	)		(103,285	)
Change in fair value of financial guarantee derivatives and loans at fair value		(315,923	)		74,639			10,286
Interest expense, net		(3,904	)		(4,702	)		(648	)
Investment income/(loss)		90			(11,699	)		(1,612	)
Others, net		20,425			3,832			528
Income before income tax expense		255,041			531,471			73,240
Income tax expense		(53,418	)		(101,147	)		(13,938	)
Net income		201,623			430,324			59,302
Net income attributable to ordinary shareholders of the Company		201,623			430,324			59,302

Net income per ordinary share attributable to ordinary shareholders of the Company
Basic		0.61			1.27			0.18
Diluted		0.60			1.20			0.16

Net income per ADS attributable to ordinary shareholders of the Company
Basic		1.22			2.55			0.35
Diluted		1.21			2.39			0.33

Weighted average ordinary shares outstanding
Basic		330,277,142			338,073,723			338,073,723
Diluted		333,650,104			359,646,902			359,646,902

LexinFintech Holdings Ltd. Unaudited Condensed Consolidated Statements of Comprehensive Income
	For the Three Months Ended March 31,
(In thousands)	2024		2025
	RMB		RMB			US$
Net income		201,623		430,324			59,302
Other comprehensive income
Foreign currency translation adjustment, net of nil tax		2,323		(2,259	)		(311	)
Total comprehensive income		203,946		428,065			58,991
Total comprehensive income attributable to ordinary shareholders of the Company		203,946		428,065			58,991

LexinFintech Holdings Ltd. Unaudited Reconciliations of GAAP and Non-GAAP Results
	For the Three Months Ended March 31,
(In thousands, except for share and per share data)	2024			2025
	RMB			RMB		US$
Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company
Net income attributable to ordinary shareholders of the Company		201,623			430,324		59,302
Add: Share-based compensation expenses		23,274			29,541		4,071
Interest expense associated with convertible notes		5,322			–		–
Investment (income)/loss		(90	)		11,699		1,612
Adjusted net income attributable to ordinary shareholders of the Company		230,129			471,564		64,985

Adjusted net income per ordinary share attributable to ordinary shareholders of the Company
Basic		0.70			1.39		0.19
Diluted		0.68			1.31		0.18

Adjusted net income per ADS attributable to ordinary shareholders of the Company
Basic		1.39			2.79		0.38
Diluted		1.35			2.62		0.36

Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS
Basic		330,277,142			338,073,723		338,073,723
Diluted		339,997,043			359,646,902		359,646,902

Reconciliations of Non-GAAP EBIT to Net income
Net income		201,623			430,324		59,302
Add: Income tax expense		53,418			101,147		13,938
Share-based compensation expenses		23,274			29,541		4,071
Interest expense, net		3,904			4,702		648
Investment (income)/loss		(90	)		11,699		1,612
Non-GAAP EBIT		282,129			577,413		79,571

Additional Credit Information

Vintage Charge Off Curve¹

Dpd30+/GMV by Performance Windows¹

First Payment Default 30+¹

1. Loans facilitated under ICP are excluded from the chart.

The MIL Network –

May 22, 2025

MIL-OSI: CORRECTION — LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

Q4 Revenue up 10% year-over-year

FY25 Operating Cash Flow increases 46% year-over-year

FY25 Share Repurchases totaled $101 million

LiveRamp^® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

Q4 Financial Highlights¹

Total revenue was $189 million, up 10%.
Subscription revenue was $145 million, up 9%.
Marketplace & Other revenue was $44 million, up 14%.
GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
Net cash provided by operating activities was $63 million compared to $28 million.
Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

Fiscal Year Financial Highlights¹

Total revenue was $746 million, up 13%.
Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
Marketplace & Other revenue was $177 million, up 21%.
GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
Net cash provided by operating activities was $154 million compared to $106 million.
Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):


	GAAP		Non-GAAP
	Q4 FY25	FY25	Q4 FY25	FY25
Subscription revenue	$145	$569	—	—
YoY change	9%	11%	—	—
Marketplace & Other revenue	$44	$177	—	—
YoY change	14%	21%	—	—
Total revenue	$189	$746	—	—
YoY change	10%	13%	—	—

Gross profit	$131	$530	$136	$550
% Gross margin	69%	71%	72%	74%
YoY change	(3 pts)	(2 pts)	(3 pts)	(1 pt)

Operating income (loss)	($12)	$5	$23	$136
% Operating margin	(6%)	1%	12%	18%
YoY change	2 pts	(1 pt)	3 pts	2 pts

Net earnings (loss)	($6)	($1)	$20	$115
Diluted earnings (loss) per share	($0.10)	($0.01)	$0.30	$1.70

Shares to calculate diluted EPS	66.0	66.1	67.5	67.5
YoY change	(1%)	(3%)	(1%)	(1%)

Net operating cash flow	$63	$154	—	—
Free cash flow	—	—	$62	$153

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

Additional Business Highlights & Metrics

On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
Fourth quarter subscription net retention was 104% and platform net retention was 106%.
Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

Financial Outlook

LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

For the first quarter of fiscal 2026, LiveRamp expects to report:

Revenue of $191 million, an increase of 9%
GAAP operating income of $6 million
Non-GAAP operating income of $33 million

For fiscal 2026, LiveRamp expects to report:

Revenue of between $787 million and $817 million, an increase of between 6% and 10%
GAAP operating income of between $85 million and $89 million
Non-GAAP operating income of between $178 million and $182 million

Conference Call

LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

For more information, contact:

LiveRamp Investor Relations
Investor.Relations@LiveRamp.com

LiveRamp^®and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

________________________
^¹ Unless otherwise indicated, all comparisons are to the prior year period.


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,
					$		%
	2025		2024		Variance		Variance

Revenues	188,724		171,852		16,872		9.8	%
Cost of revenue	57,929		47,722		10,207		21.4	%
Gross profit	130,795		124,130		6,665		5.4	%
% Gross margin	69.3	%	72.2	%

Operating expenses
Research and development	45,926		45,161		765		1.7	%
Sales and marketing	56,961		60,476		(3,515	)	(5.8	)%
General and administrative	32,175		30,252		1,923		6.4	%
Gains, losses and other items, net	7,241		2,516		4,725		187.8	%
Total operating expenses	142,303		138,405		3,898		2.8	%

Loss from operations	(11,508	)	(14,275	)	2,767		19.4	%
% Margin	(6.1	)%	(8.3	)%

Total other income, net	4,762		5,070		(308	)	(6.1	)%
Loss from continuing operations before income taxes	(6,746	)	(9,205	)	2,459		26.7	%
Income tax benefit	(479	)	(3,027	)	2,548		84.2	%
Net earnings from continuing operations	(6,267	)	(6,178	)	(89	)	(1.4	)%

Earnings from discontinued operations, net of tax	–		805		(805	)	(100.0	)%

Net loss	(6,267	)	(5,373	)	(894	)	(16.6	)%

Basic loss per share:
Continuing operations	(0.10	)	(0.09	)	(0.00	)	(2.0	)%
Discontinued operations	0.00		0.01		(0.01	)	(100.0	)%
Basic loss per share	(0.10	)	(0.08	)	(0.01	)	(17.3	)%

Diluted loss per share:
Continuing operations	(0.10	)	(0.09	)	(0.00	)	(2.0	)%
Discontinued operations	0.00		0.01		(0.01	)	(100.0	)%
Diluted loss per share	(0.10	)	(0.08	)	(0.01	)	(17.3	)%

Basic weighted average shares	65,957		66,323
Diluted weighted average shares	65,957		66,323

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the twelve months ended March 31,
					$		%
	2025		2024		Variance		Variance

Revenues	745,580		659,661		85,919		13.0	%
Cost of revenue	215,910		179,489		36,421		20.3	%
Gross profit	529,670		480,172		49,498		10.3	%
% Gross margin	71.0	%	72.8	%

Operating expenses
Research and development	176,668		151,201		25,467		16.8	%
Sales and marketing	213,106		195,693		17,413		8.9	%
General and administrative	126,499		110,166		16,333		14.8	%
Gains, losses and other items, net	7,993		11,708		(3,715	)	(31.7	)%
Total operating expenses	524,266		468,768		55,498		11.8	%

Income from operations	5,404		11,404		(6,000	)	(52.6	)%
% Margin	0.7	%	1.7	%

Total other income, net	17,436		22,957		(5,521	)	(24.0	)%
Income from continuing operations before income taxes	22,840		34,361		(11,521	)	(33.5	)%
Income tax expense	25,342		24,270		1,072		4.4	%
Net earnings (loss) from continuing operations	(2,502	)	10,091		(12,593	)	(124.8	)%

Earnings from discontinued operations, net of tax	1,688		1,790		(102	)	(5.7	)%

Net earnings (loss)	(814	)	11,881		(12,695	)	(106.9	)%

Basic earnings (loss) per share:
Continuing operations	(0.04	)	0.15		(0.19	)	(124.8	)%
Discontinued operations	0.03		0.03		(0.00	)	(5.5	)%
Basic earnings (loss) per share	(0.01	)	0.18		(0.19	)	(106.9	)%

Diluted earnings (loss) per share:
Continuing operations	(0.04	)	0.15		(0.19	)	(125.5	)%
Discontinued operations	0.03		0.03		(0.00	)	(3.1	)%
Diluted earnings (loss) per share	(0.01	)	0.17		(0.19	)	(107.0	)%

Basic weighted average shares	66,126		66,266
Diluted weighted average shares	66,126		67,918

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,				For the twelve months ended March 31,
	2025		2024		2025		2024

Income (loss) from continuing operations before income taxes	(6,746	)	(9,205	)	22,840		34,361
Income tax expense (benefit)	(479	)	(3,027	)	25,342		24,270
Net earnings from continuing operations	(6,267	)	(6,178	)	(2,502	)	10,091
Earnings from discontinued operations, net of tax	–		805		1,688		1,790
Net earnings (loss)	(6,267	)	(5,373	)	(814	)	11,881

Basic earnings (loss) per share	(0.10	)	(0.08	)	(0.01	)	0.18
Diluted earnings (loss) per share	(0.10	)	(0.08	)	(0.01	)	0.17

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,135		3,097		14,415		8,785
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	—		—		—		1,875
Total excluded items from continuing operations	34,542		30,393		130,387		93,672

Income from continuing operations before income taxes and excluding items	27,796		21,188		153,227		128,033
Income tax expense (2)	7,759		3,947		38,296		29,882
Non-GAAP net earnings (loss) from continuing operations	20,037		17,241		114,931		98,151

Non-GAAP earnings per share from continuing operations
Basic	0.30		0.26		1.74		1.48
Diluted	0.30		0.25		1.70		1.45

Basic weighted average shares	65,957		66,323		66,126		66,266
Diluted weighted average shares	67,479		68,471		67,499		67,918

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2025		2024		2025		2024

Income (loss) from operations	(11,508	)	(14,275	)	5,404		11,404
Operating income (loss) margin	(6.1	)%	(8.3	)%	0.7	%	1.7	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,135		3,097		14,415		8,785
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	–		–		–		1,875
Total excluded items	34,542		30,393		130,387		93,672

Income from operations before excluded items	23,034		16,118		135,791		105,076
Non-GAAP operating income margin	12.2	%	9.4	%	18.2	%	15.9	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2024		2023		2024		2023

Net earnings (loss) from continuing operations	(6,267	)	(6,178	)	(2,502	)	10,091
Income tax expense (benefit)	(479	)	(3,027	)	25,342		24,270
Total other expense, net	(4,762	)	(5,070	)	(17,436	)	(22,957	)

Income (loss) from operations	(11,508	)	(14,275	)	5,404		11,404
Depreciation and amortization	3,803		3,823		17,207		11,508

EBITDA	(7,705	)	(10,452	)	22,611		22,912

Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	–		–		–		1,875

Other adjustments	31,407		27,296		115,972		84,887

Adjusted EBITDA	23,702		16,844		138,583		107,799

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	March 31		March 31		$		%
	2025		2024		Variance		Variance
Assets
Current assets:
Cash and cash equivalents	413,331		336,867		76,464		22.7	%
Restricted cash	595		2,604		(2,009	)	(77.2	)%
Short-term investments	7,500		32,045		(24,545	)	(76.6	)%
Trade accounts receivable, net	186,169		190,313		(4,144	)	(2.2	)%
Refundable income taxes, net	9,708		8,521		1,187		13.9	%
Other current assets	38,886		31,682		7,204		22.7	%
Total current assets	656,189		602,032		54,157		9.0	%

Property and equipment	23,813		25,394		(1,581	)	(6.2	)%
Less – accumulated depreciation and amortization	17,629		17,213		416		2.4	%
Property and equipment, net	6,184		8,181		(1,997	)	(24.4	)%

Intangible assets, net	20,167		34,583		(14,416	)	(41.7	)%
Goodwill	501,756		501,756		–		–	%
Deferred commissions, net	44,452		48,143		(3,691	)	(7.7	)%
Other assets, net	30,623		36,748		(6,125	)	(16.7	)%
	1,259,371		1,231,443		27,928		2.3	%

Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	112,271		81,202		31,069		38.3	%
Accrued payroll and related expenses	50,776		61,575		(10,799	)	(17.5	)%
Other accrued expenses	38,586		42,857		(4,271	)	(10.0	)%
Deferred revenue	45,885		30,942		14,943		48.3	%
Total current liabilities	247,518		216,576		30,942		14.3	%

Other liabilities	62,994		65,732		(2,738	)	(4.2	)%

Stockholders’ equity:
Preferred stock	–		–		–		n/a
Common stock	15,918		15,594		324		2.1	%
Additional paid-in capital	2,045,316		1,933,776		111,540		5.8	%
Retained earnings	1,313,358		1,314,172		(814	)	(0.1	)%
Accumulated other comprehensive income	4,295		3,964		331		8.4	%
Treasury stock, at cost	(2,430,028	)	(2,318,371	)	(111,657	)	4.8	%
Total stockholders’ equity	948,859		949,135		(276	)	(0.0	)%
	1,259,371		1,231,443		27,928		2.3	%


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the three months ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	(6,267	)	(5,373	)
Earnings from discontinued operations, net of tax	—		(805	)
Non-cash operating activities:
Depreciation and amortization	3,803		3,823
Loss on disposal or impairment of assets	44		6
Lease-related impairment and restructuring charges	(28	)	(546	)
Gain on sale of strategic investments	(515	)	—
Loss on marketable equity securities	206		—
Provision for doubtful accounts	(453	)	1,947
Deferred income taxes	(496	)	(498	)
Non-cash stock compensation expense	24,166		24,780
Changes in operating assets and liabilities:
Accounts receivable, net	25,187		8,700
Deferred commissions	46		(3,971	)
Other assets	4,703		8,514
Accounts payable and other liabilities	11,738		(246	)
Income taxes	(523	)	(7,285	)
Deferred revenue	969		(1,403	)
Net cash provided by operating activities	62,580		27,643
Cash flows from investing activities:
Capital expenditures	(293	)	(1,791	)
Cash paid in acquisitions, net of cash received	—		(170,281	)
Purchases of investments	—		(24,509	)
Proceeds from sales of investments	—		25,000
Proceeds from sale of strategic investment	763		—
Net cash provided by (used in) investing activities	470		(171,581	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	202		1
Shares repurchased for tax withholdings upon vesting of stock-based awards	(1,026	)	(719	)
Acquisition of treasury stock	(25,447	)	(15,177	)
Net cash used in financing activities	(26,271	)	(15,895	)
Net cash provided by (used in) continuing operations	36,779		(159,833	)
Cash flows from discontinued operations:
From operating activities	(798	)	805
Net cash provided by (used in) discontinued operations	(798	)	805
Net cash provided by (used in) continuing and discontinued operations	35,981		(159,028	)
Effect of exchange rate changes on cash	580		(447	)

Net change in cash, cash equivalents and restricted cash	36,561		(159,475	)
Cash, cash equivalents and restricted cash at beginning of period	377,365		498,946
Cash, cash equivalents and restricted cash at end of period	413,926		339,471

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	558		4,905
Cash received for income taxes, net from discontinued operations	—		(1,258	)
Cash paid for operating lease liabilities	2,426		2,594


Operating lease assets obtained in exchange for operating lease liabilities	—		148
Operating lease assets, and related lease liabilities, relinquished in lease terminations	(40	)	—
Purchases of property, plant and equipment remaining unpaid at period end	20		104
Marketable equity securities obtained in disposition of strategic investment	652		—
Excise tax payable on net stock repurchases	64		—


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the twelve months ended March 31,
	2025		2024
Cash flows from operating activities:
Net earnings (loss)	(814	)	11,881
Earnings from discontinued operations, net of tax	(1,688	)	(1,790	)
Non-cash operating activities:
Depreciation and amortization	17,207		11,508
Loss on disposal or impairment of assets	85		1,219
Lease-related impairment and restructuring charges	14		1,769
Gain on sale of strategic investments	(515	)	—
Loss on marketable equity securities	206		—
Provision for doubtful accounts	695		2,254
Impairment of goodwill	—		2,875
Deferred income taxes	(447	)	(458	)
Non-cash stock compensation expense	107,979		71,304
Changes in operating assets and liabilities:
Accounts receivable, net	3,547		(32,336	)
Deferred commissions	3,691		(11,113	)
Other assets	2,105		9,426
Accounts payable and other liabilities	3,573		8,508
Income taxes	3,430		22,275
Deferred revenue	14,897		8,334
Net cash provided by operating activities	153,965		105,656
Cash flows from investing activities:
Capital expenditures	(1,042	)	(4,255	)
Cash paid in acquisitions, net of cash received	(1,951	)	(170,281	)
Purchases of investments	(1,967	)	(48,894	)
Proceeds from sales of investments	26,989		50,750
Proceeds from sale of strategic investment	763		—
Purchases of strategic investments	(1,400	)	(1,000	)
Net cash provided by (used in) investing activities	21,392		(173,680	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	8,833		7,222
Shares repurchased for tax withholdings upon vesting of stock-based awards	(10,331	)	(5,835	)
Acquisition of treasury stock	(101,198	)	(60,502	)
Net cash used in financing activities	(102,696	)	(59,115	)
Net cash provided by (used in) continuing operations	72,661		(127,139	)
Cash flows from discontinued operations:
From operating activities	1,688		1,790
Net cash provided by discontinued operations	1,688		1,790
Net cash provided by (used in) continuing and discontinued operations	74,349		(125,349	)
Effect of exchange rate changes on cash	106		372

Net change in cash, cash equivalents and restricted cash	74,455		(124,977	)
Cash, cash equivalents and restricted cash at beginning of period	339,471		464,448
Cash, cash equivalents and restricted cash at end of period	413,926		339,471

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	22,548		2,465
Cash received for income taxes, net from discontinued operations	(2,486	)	(2,765	)
Cash received for tenant improvement allowances	(2,628	)	—
Cash paid for operating lease liabilities	9,798		10,293


Operating lease assets obtained in exchange for operating lease liabilities	2,327		11,825
Operating lease assets, and related lease liabilities, relinquished in lease terminations	(595	)	(4,486	)
Purchases of property, plant and equipment remaining unpaid at period end	20		104
Marketable equity securities obtained in disposition of strategic investment	652		—
Excise tax payable on net stock repurchases	128		—

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)

	6/30/2023			9/30/2023			12/31/2023			3/31/2024			FY2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025

Net cash provided by (used in) operating activities	$	25,693		$	35,764		$	16,556		$	27,643		$	105,656		$	(9,328	)	$	55,596		$	45,117		$	62,580		$	153,965

Less:
Capital expenditures		(53	)		(200	)		(2,211	)		(1,791	)		(4,255	)		(226	)		(241	)		(282	)		(293	)		(1,042	)

Free Cash Flow	$	25,640		$	35,564		$	14,345		$	25,852		$	101,401		$	(9,554	)	$	55,355		$	44,835		$	62,287		$	152,923


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
																															Yr-to-Yr
	FY2024															FY2025															FY2025 to FY2024
	6/30/2023			9/30/2023			12/31/2023			3/31/2024			FY2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			%		$

Revenues		154,069			159,871			173,869			171,852			659,661			175,961			185,483			195,412			188,724			745,580		13.0	%	85,919
Cost of revenue		45,621			41,212			44,934			47,722			179,489			51,749			51,234			54,998			57,929			215,910		20.3	%	36,421
Gross profit		108,448			118,659			128,935			124,130			480,172			124,212			134,249			140,414			130,795			529,670		10.3	%	49,498
% Gross margin		70.4	%		74.2	%		74.2	%		72.2	%		72.8	%		70.6	%		72.4	%		71.9	%		69.3	%		71.0	%

Operating expenses
Research and development		34,519			33,733			37,788			45,161			151,201			44,118			43,889			42,735			45,926			176,668		16.8	%	25,467
Sales and marketing		44,879			44,135			46,203			60,476			195,693			54,175			51,107			50,863			56,961			213,106		8.9	%	17,413
General and administrative		26,664			26,009			27,241			30,252			110,166			30,961			31,369			31,994			32,175			126,499		14.8	%	16,333
Gains, losses and other items, net		116			6,574			2,502			2,516			11,708			206			397			149			7,241			7,993		(31.7	)%	(3,715	)
Total operating expenses		106,178			110,451			113,734			138,405			468,768			129,460			126,762			125,741			142,303			524,266		11.8	%	55,498

Income (loss) from operations		2,270			8,208			15,201			(14,275	)		11,404			(5,248	)		7,487			14,673			(11,508	)		5,404		(52.6	)%	(6,000	)
% Margin		5.0	%		24.3	%		40.2	%		(31.6	)%		1.7	%		(3.0	)%		4.0	%		7.5	%		(6.1	)%		0.7	%

Total other income, net		4,849			6,431			6,607			5,070			22,957			4,444			4,197			4,033			4,762			17,436		(24.0	)%	(5,521	)

Income (loss) from continuing operations before income taxes		7,119			14,639			21,808			(9,205	)		34,361			(804	)		11,684			18,706			(6,746	)		22,840		(33.5	)%	(11,521	)
Income tax expense (benefit)		8,705			10,163			8,429			(3,027	)		24,270			6,685			9,952			9,184			(479	)		25,342		4.4	%	1,072
Net earnings (loss) from continuing operations		(1,586	)		4,476			13,379			(6,178	)		10,091			(7,489	)		1,732			9,522			(6,267	)		(2,502	)	(124.8	)%	(12,593	)

Earnings from discontinued operations, net of tax		–			387			598			805			1,790			–			–			1,688			–			1,688		(5.7	)%	(102	)

Net earnings (loss)	$	(1,586	)	$	4,863		$	13,977		$	(5,373	)	$	11,881		$	(7,489	)	$	1,732		$	11,210		$	(6,267	)	$	(814	)	(106.9	)%	(12,695	)

Basic earnings (loss) per share:
Continuing Operations		(0.02	)		0.07			0.20			(0.09	)		0.15			(0.11	)		0.03			0.15			(0.10	)		(0.04	)	(124.8	)%	(0.19	)
Discontinued Operations		0.00			0.01			0.01			0.01			0.03			0.00			0.00			0.03			0.00			0.03		(5.5	)%	(0.00	)
Basic earnings (loss) per share		(0.02	)		0.07			0.21			(0.08	)		0.18			(0.11	)		0.03			0.17			(0.10	)		(0.01	)	(106.9	)%	(0.19	)

Diluted earnings (loss) per share:
Continuing Operations		(0.02	)		0.07			0.20			(0.09	)		0.15			(0.11	)		0.03			0.14			(0.10	)		(0.04	)	(125.5	)%	(0.19	)
Discontinued Operations		0.00			0.01			0.01			0.01			0.03			0.00			0.00			0.03			0.00			0.03		(3.1	)%	(0.00	)
Diluted earnings (loss) per share		(0.02	)		0.07			0.21			(0.08	)		0.17			(0.11	)		0.03			0.17			(0.10	)		(0.01	)	(107.0	)%	(0.19	)


Basic weighted average shares		66,497			66,284			65,961			66,323			66,266			66,621			66,294			65,631			65,957			66,126
Diluted weighted average shares		66,497			67,868			67,943			66,323			67,918			66,621			67,309			66,743			65,957			66,126

Some earnings (loss) per share amounts may not add due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
	FY2024										FY2025
	6/30/2023		9/30/2023		12/31/2023		3/31/2024		FY2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		FY2025
Expenses:
Cost of revenue	45,621		41,212		44,934		47,722		179,489		51,749		51,234		54,998		57,929		215,910
Research and development	34,519		33,733		37,788		45,161		151,201		44,118		43,889		42,735		45,926		176,668
Sales and marketing	44,879		44,135		46,203		60,476		195,693		54,175		51,107		50,863		56,961		213,106
General and administrative	26,664		26,009		27,241		30,252		110,166		30,961		31,369		31,994		32,175		126,499
Gains, losses and other items, net	116		6,574		2,502		2,516		11,708		206		397		149		7,241		7,993

Gross profit, continuing operations:	108,448		118,659		128,935		124,130		480,172		124,212		134,249		140,414		130,795		529,670
% Gross margin	70.4	%	74.2	%	74.2	%	72.2	%	72.8	%	70.6	%	72.4	%	71.9	%	69.3	%	71.0	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,290		1,217		1,181		3,097		8,785		3,846		3,748		3,686		3,135		14,415
Non-cash stock compensation (cost of revenue)	629		629		817		1,478		3,553		1,596		1,499		1,455		1,615		6,165
Non-cash stock compensation (research and development)	5,077		5,293		6,960		9,859		27,189		10,205		10,920		10,085		10,494		41,704
Non-cash stock compensation (sales and marketing)	3,736		4,786		4,089		6,337		18,948		7,093		7,383		7,278		5,716		27,470
Non-cash stock compensation (general and administrative)	3,850		5,027		5,631		7,106		21,614		9,091		9,266		7,942		6,341		32,640
Restructuring charges (gains, losses, and other)	116		6,574		2,502		2,516		11,708		206		397		149		7,241		7,993
Transformation costs (general and administrative)	1,875		—		—		—		1,875		—				—		—		—
Total excluded items	18,573		23,526		21,180		30,393		93,672		32,037		33,213		30,595		34,542		130,387

Expenses, excluding items:
Cost of revenue	41,702		39,366		42,936		43,147		167,151		46,307		45,987		49,857		53,179		195,330
Research and development	29,442		28,440		30,828		35,302		124,012		33,913		32,969		32,650		35,432		134,964
Sales and marketing	41,143		39,349		42,114		54,139		176,745		47,082		43,724		43,585		51,245		185,636
General and administrative	20,939		20,982		21,610		23,146		86,677		21,870		22,103		24,052		25,834		93,859

Gross profit, excluding items:	112,367		120,505		130,933		128,705		492,510		129,654		139,496		145,555		135,545		550,250
% Gross margin	72.9	%	75.4	%	75.3	%	74.9	%	74.7	%	73.7	%	75.2	%	74.5	%	71.8	%	73.8	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
	FY2024							FY2025
	6/30/2023		9/30/2023	12/31/2023	3/31/2024		FY2024	6/30/2024		9/30/2024	12/31/2024	3/31/2025		FY2025

Income (loss) from continuing operations before income taxes	7,119		14,639	21,808	(9,205	)	34,361	(804	)	11,684	18,706	(6,746	)	22,840
Income tax expense (benefit)	8,705		10,163	8,429	(3,027	)	24,270	6,685		9,952	9,184	(479	)	25,342
Net earnings (loss) from continuing operations	(1,586	)	4,476	13,379	(6,178	)	10,091	(7,489	)	1,732	9,522	(6,267	)	(2,502	)

Earnings from discontinued operations, net of tax	–		387	598	805		1,790	–		–	1,688	–		1,688

Net earnings (loss)	(1,586	)	4,863	13,977	(5,373	)	11,881	(7,489	)	1,732	11,210	(6,267	)	(814	)

Earnings (loss) per share:
Basic	(0.02	)	0.07	0.21	(0.08	)	0.18	(0.11	)	0.03	0.17	(0.10	)	(0.01	)
Diluted	(0.02	)	0.07	0.21	(0.08	)	0.17	(0.11	)	0.03	0.17	(0.10	)	(0.01	)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,290		1,217	1,181	3,097		8,785	3,846		3,748	3,686	3,135		14,415
Non-cash stock compensation (cost of revenue and operating expenses)	13,292		15,735	17,497	24,780		71,304	27,985		29,068	26,760	24,166		107,979
Restructuring and merger charges (gains, losses, and other)	116		6,574	2,502	2,516		11,708	206		397	149	7,241		7,993
Transformation costs (general and administrative)	1,875		–	–	–		1,875	–		–	–	–		–
Total excluded items from continuing operations	18,573		23,526	21,180	30,393		93,672	32,037		33,213	30,595	34,542		130,387

Income from continuing operations before income taxes and excluding items	25,692		38,165	42,988	21,188		128,033	31,233		44,897	49,301	27,796		153,227
Income tax expense (2)	6,167		9,036	10,732	3,947		29,882	7,371		10,745	12,421	7,759		38,296
Non-GAAP net earnings from continuing operations	19,525		29,129	32,256	17,241		98,151	23,862		34,152	36,880	20,037		114,931

Non-GAAP earnings per share from continuing operations
Basic	0.29		0.44	0.49	0.26		1.48	0.36		0.52	0.56	0.30		1.74
Diluted	0.29		0.43	0.47	0.25		1.45	0.35		0.51	0.55	0.30		1.70

Basic weighted average shares	66,497		66,284	65,961	66,323		66,266	66,621		66,294	65,631	65,957		66,126
Diluted weighted average shares	67,388		67,868	67,943	68,471		67,918	68,463		67,309	66,743	67,479		67,499

Some totals may not add due to rounding

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
(Unaudited)
(Dollars in thousands)
	For the		For the
	quarter ending		year ending
	June 30, 2025		March 31, 2026

			Low		High

GAAP income from operations	$	6,000	$	85,000	$	89,000

Excluded items:
Purchased intangible asset amortization		3,000		11,000		11,000
Non-cash stock compensation		24,000		82,000		82,000
Total excluded items		27,000		93,000		93,000

Non-GAAP income from operations	$	33,000	$	178,000	$	182,000


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

APPENDIX A

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

Q4 FISCAL 2025 FINANCIAL RESULTS

EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS

To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.

Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:

Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.

Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.

Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.

Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.

Our non-GAAP financial schedules are:

Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.

Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.

Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

PDF available: http://ml.globenewswire.com/Resource/Download/d38f8ec4-85ab-47f8-b916-e99c4789ac26

The MIL Network –

May 22, 2025

MIL-OSI: AMSC Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Business Outlook

Source: GlobeNewswire (MIL-OSI)

Business Highlights:

• Full year revenues increased 53% year over year to $222.8 million
• Full year net income increased $17.1 million year over year to $6.0 million
• Generated $6.3 million of operating cash flow in the fourth quarter, helping to further strengthen the balance sheet

Company to host conference call tomorrow, May 22 at 10:00 am ET

AYER, Mass., May 21, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and that protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its fourth quarter and fiscal year ended March 31, 2025 (“fiscal 2024”).

Revenues for the fourth quarter of fiscal 2024 were $66.7 million compared with $42.0 million for the same period of fiscal 2023. The year-over-year increase was driven by organic growth in New Energy Power Systems revenues along with the contributions from the acquisition of NWL, Inc.

AMSC’s net income for the fourth quarter of fiscal 2024 was $1.2 million, or $0.03 per share, compared to net loss of $1.6 million, or $0.05 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the fourth quarter of fiscal 2024 was $4.8 million, or $0.13 per share, compared with a non-GAAP net income of $1.9 million, or $0.06 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Revenues for fiscal 2024 were $222.8 million as compared to $145.6 million in fiscal 2023. The year-over-year increase was driven by higher D-VAR and NEPSI revenues than in the prior year period along with the contribution from the acquisition of NWL, Inc.

AMSC reported net income for fiscal 2024 of $6.0 million, or $0.16 per share, compared to a net loss of $11.1 million, or $0.37 per share in fiscal 2023. The Company’s non-GAAP net income for fiscal 2024 was $24.0 million, or $0.65 per share, compared with non-GAAP net income of $0.6 million, or $0.02 per share, for fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents and restricted cash on March 31, 2025 totaled $85.4 million.

“AMSC reported its strongest quarterly and annual performance in years,” said Daniel P. McGahn, Chairman, President and CEO of AMSC. “Fiscal fourth quarter revenue grew sequentially to over $66 million, up nearly 60% year-over-year. Net income surpassed $1.2 million, making our third consecutive quarter of profitability, and seventh consecutive quarter of positive operating cash flow. We secured $75 million in new orders, bringing total year-end orders to a recent record of nearly $320 million. Our fiscal 2024 results reflect improved financial performance, a resilient and diversified order pipeline, and solid operational execution—positioning AMSC for long-term success. With expanding end markets, we’re focused on broadening our offerings, entering new sectors, and strengthening customer relationships. We enter fiscal 2025 with strong momentum and confidence in our ability to continue building a more resilient and profitable company.”

Business Outlook

For the first quarter ending June 30, 2025, AMSC expects that its revenues will be in the range of $64.0 million to $68.0 million. The Company’s net income for the first quarter of fiscal 2025 is expected to exceed $1.0 million, or $0.03 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $4.0 million, or $0.10 per share.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, May 22, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4917468.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marintec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding our goals and strategies; business diversification; order pipeline; long-term success, including through expanding end markets, broadening offerings, entering new sectors; strengthening customer relationships; strong momentum; building a more resilient and profitable company; our expected GAAP and non-GAAP financial results for the quarter ending June 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition;and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.


UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
Revenues
Grid	$	55,592		$	34,211		$	187,170		$	122,065
Wind		11,063			7,817			35,648			23,574
Total revenues		66,655			42,028			222,818			145,639

Cost of revenues		48,964			31,598			160,964			110,356

Gross margin		17,691			10,430			61,854			35,283

Operating expenses:
Research and development		3,493			2,298			11,425			7,991
Selling, general and administrative		12,101			7,953			43,091			31,600
Amortization of acquisition related intangibles		444			538			1,733			2,152
Change in fair value of contingent consideration		—			1,870			6,682			4,922
Restructuring		—			—			—			(14	)
Total operating expenses		16,038			12,659			62,931			46,651

Operating income (loss)		1,653			(2,229	)		(1,077	)		(11,368	)

Interest income, net		807			784			3,708			1,302
Other expense, net		(49	)		(117	)		(265	)		(736	)
Income (loss) before income tax (benefit) expense		2,411			(1,562	)		2,366			(10,802	)

Income tax (benefit) expense		1,204			17			(3,667	)		309

Net income (loss)	$	1,207		$	(1,579	)	$	6,033		$	(11,111	)

Net income (loss) per common share
Basic	$	0.03		$	(0.05	)	$	0.16		$	(0.37	)
Diluted	$	0.03		$	(0.05	)	$	0.16		$	(0.37	)

Weighted average number of common shares outstanding
Basic		37,672			33,139			36,990			29,825
Diluted		38,516			33,139			37,718			29,825

CONSOLIDATED BALANCE SHEET
(In thousands, except per share data)
	March 31,			March 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	79,494		$	90,522
Accounts receivable, net		46,186			26,325
Inventory, net		71,169			41,857
Prepaid expenses and other current assets		8,055			7,295
Restricted cash		1,613			468
Total current assets		206,517			166,467

Property, plant and equipment, net		38,572			10,861
Intangibles, net		5,916			6,369
Right-of-use assets		3,829			2,557
Goodwill		48,164			43,471
Restricted cash		4,274			1,290
Deferred tax assets		1,178			1,119
Equity-method Investments		1,113			—
Other assets		958			637
Total assets	$	310,521		$	232,771


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	32,282		$	24,235
Lease liability, current portion		685			716
Debt, current portion		—			25
Contingent consideration		—			3,100
Deferred revenue, current portion		66,797			50,732
Total current liabilities		99,764			78,808

Deferred revenue, long term portion		9,336			7,097
Lease liability, long term portion		2,684			1,968
Deferred tax liabilities		1,595			300
Other liabilities		28			27
Total liabilities		113,407			88,200

Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 39,887,536 and 37,343,812 shares issued and 39,484,185 and 36,946,181 shares outstanding at March 31, 2025 and 2024, respectively		399			373
Additional paid-in capital		1,259,540			1,212,913
Treasury stock, at cost, 403,351 and 397,631 at March 31, 2025 and 2024, respectively		(3,765	)		(3,639	)
Accumulated other comprehensive income		1,565			1,582
Accumulated deficit		(1,060,625	)		(1,066,658	)
Total stockholders’ equity		197,114			144,571
Total liabilities and stockholders’ equity	$	310,521		$	232,771

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
	Year Ended March 31,
	2025			2024
Cash flows from operating activities:
Net income (loss)	$	6,033		$	(11,111	)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization		5,560			4,494
Stock-based compensation expense		7,794			4,652
Provision for excess and obsolete inventory		1,532			1,970
Amortization of operating lease right-of-use assets		976			321
Deferred income taxes		(4,304	)		65
Earnings from equity method investments		132			—
Change in fair value of contingent consideration		6,682			4,922
Other non-cash items		(587	)		44
Unrealized foreign exchange gain on cash and cash equivalents		(41	)		(2	)
Changes in operating asset and liability accounts:
Accounts receivable		(3,213	)		4,340
Inventory		(7,707	)		(6,841	)
Prepaid expenses and other current assets		543			5,992
Operating leases		(1,563	)		(327	)
Accounts payable and accrued expenses		3,209			(13,498	)
Deferred revenue		13,239			7,117
Net cash provided by operating activities		28,285			2,138

Cash flows from investing activities:
Purchases of property, plant and equipment		(2,415	)		(934	)
Cash paid to settle NWL contingent consideration liability		(3,278	)		—
Cash paid for NWL Acquisition, net of cash acquired		(29,577	)		—
Change in other assets		64			(27	)
Net cash used in investing activities		(35,206	)		(961	)

Cash flows from financing activities:
Repurchase of treasury stock		(126	)		—
Repayment of debt		(25	)		(65	)
Cash paid related to registration of common stock shares		(148	)		—
Proceeds from public equity offering, net		—			65,227
Proceeds from exercise of employee stock options and ESPP		307			279
Net cash provided by financing activities		8			65,441

Effect of exchange rate changes on cash, cash equivalents and restricted cash		14			(13	)

Net (decrease) increase in cash, cash equivalents and restricted cash		(6,899	)		66,605
Cash, cash equivalents and restricted cash at beginning of year		92,280			25,675
Cash, cash equivalents and restricted cash at end of year	$	85,381		$	92,280

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(In thousands, except per share data)
	Three Months Ended March 31,					Year Ended March 31,
	2025		2024			2025		2024
Net income (loss)	$	1,206	$	(1,579	)	$	6,033	$	(11,111	)
Stock-based compensation		2,855		1,044			7,794		4,652
Amortization of acquisition-related intangibles		706		538			2,433		2,158
Change in fair value of contingent consideration		—		1,870			6,682		4,922
Acquisition costs		—		—			1,095		—
Non-GAAP net income		4,767		1,873			24,037		621

Non-GAAP net income per share – basic	$	0.13	$	0.06		$	0.65	$	0.02
Non-GAAP net income per share – diluted	$	0.12	$	0.05		$	0.64	$	0.02
Weighted average shares outstanding – basic		37,672		33,139			36,990		29,825
Weighted average shares outstanding – diluted		38,516		34,447			37,718		30,909

Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income
(In millions, except per share data)
	Three months ending
	June 30, 2025
Net income	$	1.0
Stock-based compensation		2.6
Amortization of acquisition-related intangibles		0.4
Non-GAAP net income	$	4.0
Non-GAAP net income per share	$	0.10
Shares outstanding		38.7

Note: Non-GAAP net income (loss) is defined by the Company as net income (loss) before; stock-based compensation; amortization of acquisition-related intangibles; changes in fair value of contingent consideration; acquisition costs; other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income (loss) and net income (loss) per share for the fiscal quarter ending June 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above, including as a result of changes in the fair value of contingent consideration.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income (loss) is set forth in the table above. Non-GAAP net income (loss) per share is defined as non-GAAP net income (loss) divided by shares outstanding.

AMSC Contacts
Investor Relations Contact:
Carolyn Capaccio, CFA
Phone: 212-838-3777
amscIR@allianceadvisors.com

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com

Public Relations Contact:
RooneyPartners
Joe Luongo
(914) 906-5903
jluongo@rooneypartners.com

The MIL Network –

May 22, 2025

MIL-OSI: LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Q4 Revenue up 10% year-over-year

FY25 Operating Cash Flow increases 46% year-over-year

FY25 Share Repurchases totaled $101 million

SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — LiveRamp^® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

Q4 Financial Highlights¹

Total revenue was $189 million, up 10%.
Subscription revenue was $145 million, up 9%.
Marketplace & Other revenue was $44 million, up 14%.
GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
Net cash provided by operating activities was $63 million compared to $28 million.
Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

Fiscal Year Financial Highlights¹

Total revenue was $746 million, up 13%.
Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
Marketplace & Other revenue was $177 million, up 21%.
GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
Net cash provided by operating activities was $154 million compared to $106 million.
Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):


	GAAP		Non-GAAP
	Q4 FY25	FY25	Q4 FY25	FY25
Subscription revenue	$145	$569	—	—
YoY change	9%	11%	—	—
Marketplace & Other revenue	$44	$177	—	—
YoY change	14%	21%	—	—
Total revenue	$189	$746	—	—
YoY change	10%	13%	—	—

Gross profit	$131	$530	$136	$550
% Gross margin	69%	71%	72%	74%
YoY change	(3 pts)	(2 pts)	(3 pts)	(1 pt)

Operating income (loss)	($12)	$5	$23	$136
% Operating margin	(6%)	1%	12%	18%
YoY change	2 pts	(1 pt)	3 pts	2 pts

Net earnings (loss)	($6)	($1)	$20	$115
Diluted earnings (loss) per share	($0.10)	($0.01)	$0.30	$1.70

Shares to calculate diluted EPS	66.0	66.1	67.5	67.5
YoY change	(1%)	(3%)	(1%)	(1%)

Net operating cash flow	$63	$154	—	—
Free cash flow	—	—	$62	$153

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

Additional Business Highlights & Metrics

On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
Fourth quarter subscription net retention was 104% and platform net retention was 106%.
Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

Financial Outlook

LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

For the first quarter of fiscal 2026, LiveRamp expects to report:

Revenue of $191 million, an increase of 9%
GAAP operating loss of $33 million
Non-GAAP operating income of $6 million

For fiscal 2026, LiveRamp expects to report:

Revenue of between $787 million and $817 million, an increase of between 6% and 10%
GAAP operating loss of between $178 million and $182 million
Non-GAAP operating income of between $85 million and $89 million

Conference Call

LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

For more information, contact:

LiveRamp Investor Relations
Investor.Relations@LiveRamp.com

LiveRamp^®and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

________________________
^¹ Unless otherwise indicated, all comparisons are to the prior year period.


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,
					$		%
	2025		2024		Variance		Variance

Revenues	188,724		171,852		16,872		9.8	%
Cost of revenue	57,929		47,722		10,207		21.4	%
Gross profit	130,795		124,130		6,665		5.4	%
% Gross margin	69.3	%	72.2	%

Operating expenses
Research and development	45,926		45,161		765		1.7	%
Sales and marketing	56,961		60,476		(3,515	)	(5.8	)%
General and administrative	32,175		30,252		1,923		6.4	%
Gains, losses and other items, net	7,241		2,516		4,725		187.8	%
Total operating expenses	142,303		138,405		3,898		2.8	%

Loss from operations	(11,508	)	(14,275	)	2,767		19.4	%
% Margin	(6.1	)%	(8.3	)%

Total other income, net	4,762		5,070		(308	)	(6.1	)%
Loss from continuing operations before income taxes	(6,746	)	(9,205	)	2,459		26.7	%
Income tax benefit	(479	)	(3,027	)	2,548		84.2	%
Net earnings from continuing operations	(6,267	)	(6,178	)	(89	)	(1.4	)%

Earnings from discontinued operations, net of tax	–		805		(805	)	(100.0	)%

Net loss	(6,267	)	(5,373	)	(894	)	(16.6	)%

Basic loss per share:
Continuing operations	(0.10	)	(0.09	)	(0.00	)	(2.0	)%
Discontinued operations	0.00		0.01		(0.01	)	(100.0	)%
Basic loss per share	(0.10	)	(0.08	)	(0.01	)	(17.3	)%

Diluted loss per share:
Continuing operations	(0.10	)	(0.09	)	(0.00	)	(2.0	)%
Discontinued operations	0.00		0.01		(0.01	)	(100.0	)%
Diluted loss per share	(0.10	)	(0.08	)	(0.01	)	(17.3	)%

Basic weighted average shares	65,957		66,323
Diluted weighted average shares	65,957		66,323

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the twelve months ended March 31,
					$		%
	2025		2024		Variance		Variance

Revenues	745,580		659,661		85,919		13.0	%
Cost of revenue	215,910		179,489		36,421		20.3	%
Gross profit	529,670		480,172		49,498		10.3	%
% Gross margin	71.0	%	72.8	%

Operating expenses
Research and development	176,668		151,201		25,467		16.8	%
Sales and marketing	213,106		195,693		17,413		8.9	%
General and administrative	126,499		110,166		16,333		14.8	%
Gains, losses and other items, net	7,993		11,708		(3,715	)	(31.7	)%
Total operating expenses	524,266		468,768		55,498		11.8	%

Income from operations	5,404		11,404		(6,000	)	(52.6	)%
% Margin	0.7	%	1.7	%

Total other income, net	17,436		22,957		(5,521	)	(24.0	)%
Income from continuing operations before income taxes	22,840		34,361		(11,521	)	(33.5	)%
Income tax expense	25,342		24,270		1,072		4.4	%
Net earnings (loss) from continuing operations	(2,502	)	10,091		(12,593	)	(124.8	)%

Earnings from discontinued operations, net of tax	1,688		1,790		(102	)	(5.7	)%

Net earnings (loss)	(814	)	11,881		(12,695	)	(106.9	)%

Basic earnings (loss) per share:
Continuing operations	(0.04	)	0.15		(0.19	)	(124.8	)%
Discontinued operations	0.03		0.03		(0.00	)	(5.5	)%
Basic earnings (loss) per share	(0.01	)	0.18		(0.19	)	(106.9	)%

Diluted earnings (loss) per share:
Continuing operations	(0.04	)	0.15		(0.19	)	(125.5	)%
Discontinued operations	0.03		0.03		(0.00	)	(3.1	)%
Diluted earnings (loss) per share	(0.01	)	0.17		(0.19	)	(107.0	)%

Basic weighted average shares	66,126		66,266
Diluted weighted average shares	66,126		67,918

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,				For the twelve months ended March 31,
	2025		2024		2025		2024

Income (loss) from continuing operations before income taxes	(6,746	)	(9,205	)	22,840		34,361
Income tax expense (benefit)	(479	)	(3,027	)	25,342		24,270
Net earnings from continuing operations	(6,267	)	(6,178	)	(2,502	)	10,091
Earnings from discontinued operations, net of tax	–		805		1,688		1,790
Net earnings (loss)	(6,267	)	(5,373	)	(814	)	11,881

Basic earnings (loss) per share	(0.10	)	(0.08	)	(0.01	)	0.18
Diluted earnings (loss) per share	(0.10	)	(0.08	)	(0.01	)	0.17

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,135		3,097		14,415		8,785
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	—		—		—		1,875
Total excluded items from continuing operations	34,542		30,393		130,387		93,672

Income from continuing operations before income taxes and excluding items	27,796		21,188		153,227		128,033
Income tax expense (2)	7,759		3,947		38,296		29,882
Non-GAAP net earnings (loss) from continuing operations	20,037		17,241		114,931		98,151

Non-GAAP earnings per share from continuing operations
Basic	0.30		0.26		1.74		1.48
Diluted	0.30		0.25		1.70		1.45

Basic weighted average shares	65,957		66,323		66,126		66,266
Diluted weighted average shares	67,479		68,471		67,499		67,918

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2025		2024		2025		2024

Income (loss) from operations	(11,508	)	(14,275	)	5,404		11,404
Operating income (loss) margin	(6.1	)%	(8.3	)%	0.7	%	1.7	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,135		3,097		14,415		8,785
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	–		–		–		1,875
Total excluded items	34,542		30,393		130,387		93,672

Income from operations before excluded items	23,034		16,118		135,791		105,076
Non-GAAP operating income margin	12.2	%	9.4	%	18.2	%	15.9	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2024		2023		2024		2023

Net earnings (loss) from continuing operations	(6,267	)	(6,178	)	(2,502	)	10,091
Income tax expense (benefit)	(479	)	(3,027	)	25,342		24,270
Total other expense, net	(4,762	)	(5,070	)	(17,436	)	(22,957	)

Income (loss) from operations	(11,508	)	(14,275	)	5,404		11,404
Depreciation and amortization	3,803		3,823		17,207		11,508

EBITDA	(7,705	)	(10,452	)	22,611		22,912

Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	–		–		–		1,875

Other adjustments	31,407		27,296		115,972		84,887

Adjusted EBITDA	23,702		16,844		138,583		107,799

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	March 31		March 31		$		%
	2025		2024		Variance		Variance
Assets
Current assets:
Cash and cash equivalents	413,331		336,867		76,464		22.7	%
Restricted cash	595		2,604		(2,009	)	(77.2	)%
Short-term investments	7,500		32,045		(24,545	)	(76.6	)%
Trade accounts receivable, net	186,169		190,313		(4,144	)	(2.2	)%
Refundable income taxes, net	9,708		8,521		1,187		13.9	%
Other current assets	38,886		31,682		7,204		22.7	%
Total current assets	656,189		602,032		54,157		9.0	%

Property and equipment	23,813		25,394		(1,581	)	(6.2	)%
Less – accumulated depreciation and amortization	17,629		17,213		416		2.4	%
Property and equipment, net	6,184		8,181		(1,997	)	(24.4	)%

Intangible assets, net	20,167		34,583		(14,416	)	(41.7	)%
Goodwill	501,756		501,756		–		–	%
Deferred commissions, net	44,452		48,143		(3,691	)	(7.7	)%
Other assets, net	30,623		36,748		(6,125	)	(16.7	)%
	1,259,371		1,231,443		27,928		2.3	%

Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	112,271		81,202		31,069		38.3	%
Accrued payroll and related expenses	50,776		61,575		(10,799	)	(17.5	)%
Other accrued expenses	38,586		42,857		(4,271	)	(10.0	)%
Deferred revenue	45,885		30,942		14,943		48.3	%
Total current liabilities	247,518		216,576		30,942		14.3	%

Other liabilities	62,994		65,732		(2,738	)	(4.2	)%

Stockholders’ equity:
Preferred stock	–		–		–		n/a
Common stock	15,918		15,594		324		2.1	%
Additional paid-in capital	2,045,316		1,933,776		111,540		5.8	%
Retained earnings	1,313,358		1,314,172		(814	)	(0.1	)%
Accumulated other comprehensive income	4,295		3,964		331		8.4	%
Treasury stock, at cost	(2,430,028	)	(2,318,371	)	(111,657	)	4.8	%
Total stockholders’ equity	948,859		949,135		(276	)	(0.0	)%
	1,259,371		1,231,443		27,928		2.3	%


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the three months ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	(6,267	)	(5,373	)
Earnings from discontinued operations, net of tax	—		(805	)
Non-cash operating activities:
Depreciation and amortization	3,803		3,823
Loss on disposal or impairment of assets	44		6
Lease-related impairment and restructuring charges	(28	)	(546	)
Gain on sale of strategic investments	(515	)	—
Loss on marketable equity securities	206		—
Provision for doubtful accounts	(453	)	1,947
Deferred income taxes	(496	)	(498	)
Non-cash stock compensation expense	24,166		24,780
Changes in operating assets and liabilities:
Accounts receivable, net	25,187		8,700
Deferred commissions	46		(3,971	)
Other assets	4,703		8,514
Accounts payable and other liabilities	11,738		(246	)
Income taxes	(523	)	(7,285	)
Deferred revenue	969		(1,403	)
Net cash provided by operating activities	62,580		27,643
Cash flows from investing activities:
Capital expenditures	(293	)	(1,791	)
Cash paid in acquisitions, net of cash received	—		(170,281	)
Purchases of investments	—		(24,509	)
Proceeds from sales of investments	—		25,000
Proceeds from sale of strategic investment	763		—
Net cash provided by (used in) investing activities	470		(171,581	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	202		1
Shares repurchased for tax withholdings upon vesting of stock-based awards	(1,026	)	(719	)
Acquisition of treasury stock	(25,447	)	(15,177	)
Net cash used in financing activities	(26,271	)	(15,895	)
Net cash provided by (used in) continuing operations	36,779		(159,833	)
Cash flows from discontinued operations:
From operating activities	(798	)	805
Net cash provided by (used in) discontinued operations	(798	)	805
Net cash provided by (used in) continuing and discontinued operations	35,981		(159,028	)
Effect of exchange rate changes on cash	580		(447	)

Net change in cash, cash equivalents and restricted cash	36,561		(159,475	)
Cash, cash equivalents and restricted cash at beginning of period	377,365		498,946
Cash, cash equivalents and restricted cash at end of period	413,926		339,471

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	558		4,905
Cash received for income taxes, net from discontinued operations	—		(1,258	)
Cash paid for operating lease liabilities	2,426		2,594


Operating lease assets obtained in exchange for operating lease liabilities	—		148
Operating lease assets, and related lease liabilities, relinquished in lease terminations	(40	)	—
Purchases of property, plant and equipment remaining unpaid at period end	20		104
Marketable equity securities obtained in disposition of strategic investment	652		—
Excise tax payable on net stock repurchases	64		—


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the twelve months ended March 31,
	2025		2024
Cash flows from operating activities:
Net earnings (loss)	(814	)	11,881
Earnings from discontinued operations, net of tax	(1,688	)	(1,790	)
Non-cash operating activities:
Depreciation and amortization	17,207		11,508
Loss on disposal or impairment of assets	85		1,219
Lease-related impairment and restructuring charges	14		1,769
Gain on sale of strategic investments	(515	)	—
Loss on marketable equity securities	206		—
Provision for doubtful accounts	695		2,254
Impairment of goodwill	—		2,875
Deferred income taxes	(447	)	(458	)
Non-cash stock compensation expense	107,979		71,304
Changes in operating assets and liabilities:
Accounts receivable, net	3,547		(32,336	)
Deferred commissions	3,691		(11,113	)
Other assets	2,105		9,426
Accounts payable and other liabilities	3,573		8,508
Income taxes	3,430		22,275
Deferred revenue	14,897		8,334
Net cash provided by operating activities	153,965		105,656
Cash flows from investing activities:
Capital expenditures	(1,042	)	(4,255	)
Cash paid in acquisitions, net of cash received	(1,951	)	(170,281	)
Purchases of investments	(1,967	)	(48,894	)
Proceeds from sales of investments	26,989		50,750
Proceeds from sale of strategic investment	763		—
Purchases of strategic investments	(1,400	)	(1,000	)
Net cash provided by (used in) investing activities	21,392		(173,680	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	8,833		7,222
Shares repurchased for tax withholdings upon vesting of stock-based awards	(10,331	)	(5,835	)
Acquisition of treasury stock	(101,198	)	(60,502	)
Net cash used in financing activities	(102,696	)	(59,115	)
Net cash provided by (used in) continuing operations	72,661		(127,139	)
Cash flows from discontinued operations:
From operating activities	1,688		1,790
Net cash provided by discontinued operations	1,688		1,790
Net cash provided by (used in) continuing and discontinued operations	74,349		(125,349	)
Effect of exchange rate changes on cash	106		372

Net change in cash, cash equivalents and restricted cash	74,455		(124,977	)
Cash, cash equivalents and restricted cash at beginning of period	339,471		464,448
Cash, cash equivalents and restricted cash at end of period	413,926		339,471

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	22,548		2,465
Cash received for income taxes, net from discontinued operations	(2,486	)	(2,765	)
Cash received for tenant improvement allowances	(2,628	)	—
Cash paid for operating lease liabilities	9,798		10,293


Operating lease assets obtained in exchange for operating lease liabilities	2,327		11,825
Operating lease assets, and related lease liabilities, relinquished in lease terminations	(595	)	(4,486	)
Purchases of property, plant and equipment remaining unpaid at period end	20		104
Marketable equity securities obtained in disposition of strategic investment	652		—
Excise tax payable on net stock repurchases	128		—

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)

	6/30/2023			9/30/2023			12/31/2023			3/31/2024			FY2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025

Net cash provided by (used in) operating activities	$	25,693		$	35,764		$	16,556		$	27,643		$	105,656		$	(9,328	)	$	55,596		$	45,117		$	62,580		$	153,965

Less:
Capital expenditures		(53	)		(200	)		(2,211	)		(1,791	)		(4,255	)		(226	)		(241	)		(282	)		(293	)		(1,042	)

Free Cash Flow	$	25,640		$	35,564		$	14,345		$	25,852		$	101,401		$	(9,554	)	$	55,355		$	44,835		$	62,287		$	152,923


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
																															Yr-to-Yr
	FY2024															FY2025															FY2025 to FY2024
	6/30/2023			9/30/2023			12/31/2023			3/31/2024			FY2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			%		$

Revenues		154,069			159,871			173,869			171,852			659,661			175,961			185,483			195,412			188,724			745,580		13.0	%	85,919
Cost of revenue		45,621			41,212			44,934			47,722			179,489			51,749			51,234			54,998			57,929			215,910		20.3	%	36,421
Gross profit		108,448			118,659			128,935			124,130			480,172			124,212			134,249			140,414			130,795			529,670		10.3	%	49,498
% Gross margin		70.4	%		74.2	%		74.2	%		72.2	%		72.8	%		70.6	%		72.4	%		71.9	%		69.3	%		71.0	%

Operating expenses
Research and development		34,519			33,733			37,788			45,161			151,201			44,118			43,889			42,735			45,926			176,668		16.8	%	25,467
Sales and marketing		44,879			44,135			46,203			60,476			195,693			54,175			51,107			50,863			56,961			213,106		8.9	%	17,413
General and administrative		26,664			26,009			27,241			30,252			110,166			30,961			31,369			31,994			32,175			126,499		14.8	%	16,333
Gains, losses and other items, net		116			6,574			2,502			2,516			11,708			206			397			149			7,241			7,993		(31.7	)%	(3,715	)
Total operating expenses		106,178			110,451			113,734			138,405			468,768			129,460			126,762			125,741			142,303			524,266		11.8	%	55,498

Income (loss) from operations		2,270			8,208			15,201			(14,275	)		11,404			(5,248	)		7,487			14,673			(11,508	)		5,404		(52.6	)%	(6,000	)
% Margin		5.0	%		24.3	%		40.2	%		(31.6	)%		1.7	%		(3.0	)%		4.0	%		7.5	%		(6.1	)%		0.7	%

Total other income, net		4,849			6,431			6,607			5,070			22,957			4,444			4,197			4,033			4,762			17,436		(24.0	)%	(5,521	)

Income (loss) from continuing operations before income taxes		7,119			14,639			21,808			(9,205	)		34,361			(804	)		11,684			18,706			(6,746	)		22,840		(33.5	)%	(11,521	)
Income tax expense (benefit)		8,705			10,163			8,429			(3,027	)		24,270			6,685			9,952			9,184			(479	)		25,342		4.4	%	1,072
Net earnings (loss) from continuing operations		(1,586	)		4,476			13,379			(6,178	)		10,091			(7,489	)		1,732			9,522			(6,267	)		(2,502	)	(124.8	)%	(12,593	)

Earnings from discontinued operations, net of tax		–			387			598			805			1,790			–			–			1,688			–			1,688		(5.7	)%	(102	)

Net earnings (loss)	$	(1,586	)	$	4,863		$	13,977		$	(5,373	)	$	11,881		$	(7,489	)	$	1,732		$	11,210		$	(6,267	)	$	(814	)	(106.9	)%	(12,695	)

Basic earnings (loss) per share:
Continuing Operations		(0.02	)		0.07			0.20			(0.09	)		0.15			(0.11	)		0.03			0.15			(0.10	)		(0.04	)	(124.8	)%	(0.19	)
Discontinued Operations		0.00			0.01			0.01			0.01			0.03			0.00			0.00			0.03			0.00			0.03		(5.5	)%	(0.00	)
Basic earnings (loss) per share		(0.02	)		0.07			0.21			(0.08	)		0.18			(0.11	)		0.03			0.17			(0.10	)		(0.01	)	(106.9	)%	(0.19	)

Diluted earnings (loss) per share:
Continuing Operations		(0.02	)		0.07			0.20			(0.09	)		0.15			(0.11	)		0.03			0.14			(0.10	)		(0.04	)	(125.5	)%	(0.19	)
Discontinued Operations		0.00			0.01			0.01			0.01			0.03			0.00			0.00			0.03			0.00			0.03		(3.1	)%	(0.00	)
Diluted earnings (loss) per share		(0.02	)		0.07			0.21			(0.08	)		0.17			(0.11	)		0.03			0.17			(0.10	)		(0.01	)	(107.0	)%	(0.19	)


Basic weighted average shares		66,497			66,284			65,961			66,323			66,266			66,621			66,294			65,631			65,957			66,126
Diluted weighted average shares		66,497			67,868			67,943			66,323			67,918			66,621			67,309			66,743			65,957			66,126

Some earnings (loss) per share amounts may not add due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
	FY2024										FY2025
	6/30/2023		9/30/2023		12/31/2023		3/31/2024		FY2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		FY2025
Expenses:
Cost of revenue	45,621		41,212		44,934		47,722		179,489		51,749		51,234		54,998		57,929		215,910
Research and development	34,519		33,733		37,788		45,161		151,201		44,118		43,889		42,735		45,926		176,668
Sales and marketing	44,879		44,135		46,203		60,476		195,693		54,175		51,107		50,863		56,961		213,106
General and administrative	26,664		26,009		27,241		30,252		110,166		30,961		31,369		31,994		32,175		126,499
Gains, losses and other items, net	116		6,574		2,502		2,516		11,708		206		397		149		7,241		7,993

Gross profit, continuing operations:	108,448		118,659		128,935		124,130		480,172		124,212		134,249		140,414		130,795		529,670
% Gross margin	70.4	%	74.2	%	74.2	%	72.2	%	72.8	%	70.6	%	72.4	%	71.9	%	69.3	%	71.0	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,290		1,217		1,181		3,097		8,785		3,846		3,748		3,686		3,135		14,415
Non-cash stock compensation (cost of revenue)	629		629		817		1,478		3,553		1,596		1,499		1,455		1,615		6,165
Non-cash stock compensation (research and development)	5,077		5,293		6,960		9,859		27,189		10,205		10,920		10,085		10,494		41,704
Non-cash stock compensation (sales and marketing)	3,736		4,786		4,089		6,337		18,948		7,093		7,383		7,278		5,716		27,470
Non-cash stock compensation (general and administrative)	3,850		5,027		5,631		7,106		21,614		9,091		9,266		7,942		6,341		32,640
Restructuring charges (gains, losses, and other)	116		6,574		2,502		2,516		11,708		206		397		149		7,241		7,993
Transformation costs (general and administrative)	1,875		—		—		—		1,875		—				—		—		—
Total excluded items	18,573		23,526		21,180		30,393		93,672		32,037		33,213		30,595		34,542		130,387

Expenses, excluding items:
Cost of revenue	41,702		39,366		42,936		43,147		167,151		46,307		45,987		49,857		53,179		195,330
Research and development	29,442		28,440		30,828		35,302		124,012		33,913		32,969		32,650		35,432		134,964
Sales and marketing	41,143		39,349		42,114		54,139		176,745		47,082		43,724		43,585		51,245		185,636
General and administrative	20,939		20,982		21,610		23,146		86,677		21,870		22,103		24,052		25,834		93,859

Gross profit, excluding items:	112,367		120,505		130,933		128,705		492,510		129,654		139,496		145,555		135,545		550,250
% Gross margin	72.9	%	75.4	%	75.3	%	74.9	%	74.7	%	73.7	%	75.2	%	74.5	%	71.8	%	73.8	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
	FY2024							FY2025
	6/30/2023		9/30/2023	12/31/2023	3/31/2024		FY2024	6/30/2024		9/30/2024	12/31/2024	3/31/2025		FY2025

Income (loss) from continuing operations before income taxes	7,119		14,639	21,808	(9,205	)	34,361	(804	)	11,684	18,706	(6,746	)	22,840
Income tax expense (benefit)	8,705		10,163	8,429	(3,027	)	24,270	6,685		9,952	9,184	(479	)	25,342
Net earnings (loss) from continuing operations	(1,586	)	4,476	13,379	(6,178	)	10,091	(7,489	)	1,732	9,522	(6,267	)	(2,502	)

Earnings from discontinued operations, net of tax	–		387	598	805		1,790	–		–	1,688	–		1,688

Net earnings (loss)	(1,586	)	4,863	13,977	(5,373	)	11,881	(7,489	)	1,732	11,210	(6,267	)	(814	)

Earnings (loss) per share:
Basic	(0.02	)	0.07	0.21	(0.08	)	0.18	(0.11	)	0.03	0.17	(0.10	)	(0.01	)
Diluted	(0.02	)	0.07	0.21	(0.08	)	0.17	(0.11	)	0.03	0.17	(0.10	)	(0.01	)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,290		1,217	1,181	3,097		8,785	3,846		3,748	3,686	3,135		14,415
Non-cash stock compensation (cost of revenue and operating expenses)	13,292		15,735	17,497	24,780		71,304	27,985		29,068	26,760	24,166		107,979
Restructuring and merger charges (gains, losses, and other)	116		6,574	2,502	2,516		11,708	206		397	149	7,241		7,993
Transformation costs (general and administrative)	1,875		–	–	–		1,875	–		–	–	–		–
Total excluded items from continuing operations	18,573		23,526	21,180	30,393		93,672	32,037		33,213	30,595	34,542		130,387

Income from continuing operations before income taxes and excluding items	25,692		38,165	42,988	21,188		128,033	31,233		44,897	49,301	27,796		153,227
Income tax expense (2)	6,167		9,036	10,732	3,947		29,882	7,371		10,745	12,421	7,759		38,296
Non-GAAP net earnings from continuing operations	19,525		29,129	32,256	17,241		98,151	23,862		34,152	36,880	20,037		114,931

Non-GAAP earnings per share from continuing operations
Basic	0.29		0.44	0.49	0.26		1.48	0.36		0.52	0.56	0.30		1.74
Diluted	0.29		0.43	0.47	0.25		1.45	0.35		0.51	0.55	0.30		1.70

Basic weighted average shares	66,497		66,284	65,961	66,323		66,266	66,621		66,294	65,631	65,957		66,126
Diluted weighted average shares	67,388		67,868	67,943	68,471		67,918	68,463		67,309	66,743	67,479		67,499

Some totals may not add due to rounding

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
(Unaudited)
(Dollars in thousands)
	For the		For the
	quarter ending		year ending
	June 30, 2025		March 31, 2026

			Low		High

GAAP income from operations	$	6,000	$	85,000	$	89,000

Excluded items:
Purchased intangible asset amortization		3,000		11,000		11,000
Non-cash stock compensation		24,000		82,000		82,000
Total excluded items		27,000		93,000		93,000

Non-GAAP income from operations	$	33,000	$	178,000	$	182,000


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

APPENDIX A

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

Q4 FISCAL 2025 FINANCIAL RESULTS

EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS

To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.

Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:

Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.

Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.

Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.

Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.

Our non-GAAP financial schedules are:

Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.

Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.

Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

PDF available: http://ml.globenewswire.com/Resource/Download/f10eae40-8315-4829-8708-f54db5dee34b

The MIL Network –

May 22, 2025

MIL-OSI Europe: Briefing – EU emissions trading system for buildings, road transport and additional sectors (ETS2): Status and concerns – 21-05-2025

Source: European Parliament

The EU aims to become the first climate-neutral continent in the world by 2050. Since the announcement of the European Green Deal and following the adoption of the European Climate Law in 2021, the EU’s climate agenda has been built even more around the principle of carbon pricing. The EU emissions trading system (ETS) is, today, the cornerstone of the EU’s strategy to achieve this vision, complemented by a mix of industrial, energy and climate policies. Currently, the EU ETS covers stationary (power and industrial) installations, domestic aviation and maritime transport. Following the revision of the EU ETS Directive, greenhouse gas (GHG) emissions from buildings, road transport and additional sectors not covered by the existing EU ETS will be covered under a new ETS2. Carbon pricing is expected to regulate around 75 % of EU GHG emissions from 2027. Following the adoption of the revised ETS Directive in 2023, Member States had to transpose the ETS2 into national law. The ETS2 will target GHG emissions from fuel for the sectors covered. Fuel suppliers have to buy and surrender emissions allowances and are likely to pass on the cost of this new instrument to final consumers. Consumers are likely to face higher energy bills if they do not switch to low-carbon technologies, which is why the ETS2, while aiming to achieve climate objectives, has become a social concern. A new Social Climate Fund will support the switch to low-carbon technologies in the building and transport sectors, including but not only through direct payments for vulnerable households impacted by the new ETS2. However, some stakeholders have claimed that the Social Climate Fund will not be enough and are asking for the ETS2 to be delayed or modified. This briefing looks at the recent issues and concerns that have been raised regarding the ETS2.

MIL OSI Europe News –

May 22, 2025

MIL-OSI Europe: Answer to a written question – Social Climate Fund (SCF) and limited liability housing companies in Finland – E-001228/2025(ASW)

Source: European Parliament

The rules of the Social Climate Fund (SCF) and those concerning the use of the remaining Member State revenues under the new Emissions Trading System for buildings, road transport and additional sectors (ETS2) are different. SCF rules are more targeted and developed through the SCF Regulation[1], the recently adopted Guidances on the Social Climate Plans[2] and on the do no significant harm (DNSH) principle[3].

Article 9 of the SCF Regulation allows support through intermediaries, if the entire benefit is passed on to the vulnerable and relevant safeguards are in place. Thus, the investments and measures carried out by the Finnish limited liability housing companies could be financed if they are included the Finnish Social Climate Plan and if a measure can be designed in such a way that the entire benefit is passed on to vulnerable households (homeowners, or renters), e.g. in the form of an improved building standard and reduced heating bills.

Under the ETS Directive[4], Member States must use the revenues for the purposes listed in Articles 10(3) and 30d(6), which include measures to improve energy efficiency and deep renovations. The decarbonisation of heating and cooling of buildings, the reduction of the energy needs of buildings and social aspects are mentioned especially when it comes to ETS2.

[1] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2023.130.01.0001.01.ENG .
[2] https://climate.ec.europa.eu/document/download/9fbce2e3-5052-4d61-874a-54af0c7dbf55_en?filename=c_2025_881_part_1_en.pdf .
[3] https://climate.ec.europa.eu/document/download/2f3269ea-fb02-4481-a1d5-3453ba3172ea_en?filename=c_2025_880_part_1_en.pdf .
[4] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02003L0087-20240301 .

Last updated: 21 May 2025

MIL OSI Europe News –

May 22, 2025

MIL-OSI Australia: Safeguarding Queensland’s iconic Great Barrier Reef and waterways

Source: Tasmania Police

Issued: 20 May 2025

A bold new collaboration is set to transform water quality monitoring, analysis and publication across the Great Barrier Reef and South-east Queensland (SEQ) catchments.

The Queensland Government is teaming up with leading universities to form the new Catchment Water Quality Alliance.

The University of Queensland’s (UQ) Reef Catchments Science Partnership and James Cook University’s (JCU) TropWATER will work with the Queensland Department of the Environment, Tourism, Science and Innovation (DETSI) to safeguard precious waterways, undertaking water quality monitoring across Queensland.

The Alliance aims to assist communities and organisations take better care of Queensland ecosystems. This will be achieved by improving water quality monitoring, innovative data sharing platforms and engaging regional stakeholders.

The water quality monitoring data will be used for a range of purposes including reporting on the health of the waterways, rivers and reef and guiding best practice for improving catchment management initiatives across Queensland.

The collaboration will also allow for a deeper exploration of data that has been collected over the past 20 years.

The efforts of the Alliance will build on work already underway such as the Great Barrier Reef Catchment Loads Monitoring Program (GBRCLMP) and the South East Queensland (SEQ) Catchments Water Quality Monitoring Program.

GBRCLMP involves First Nations, industry and Natural Resource Management (NRM) groups as well as landholders to undergo comprehensive training, equipping them with the skills and knowledge needed to track long-term trends in catchment health, while fostering a deep understanding of local waterways.

The South East Queensland (SEQ) Catchments Water Quality Monitoring Program is essential for identifying sediment and nutrient sources and guiding resource management.

Queensland Chief Scientist Professor Kerrie Wilson said this collaborative initiative will play a vital role in protecting Queensland’s iconic ecosystems and ensure the resilience of the Great Barrier Reef and SEQ catchments for generations to come.

“By harnessing scientific expertise from both government and academia, and using innovative approaches in Reef and SEQ catchment areas, it will help us to stay at the forefront of water quality assessment,” Professor Wilson said.

“The Alliance will help to provide the science and real-world data to inform environmental decision-makers.”

JCU TropWATER Director Professor Damien Burrows said TropWATER brings over three decades of experience working with growers, graziers and governments to monitor and improve water quality in the Great Barrier Reef.

“Being based in North Queensland, close to reef catchments, gives us a unique ability to respond quickly to local weather events to capture critical data that feeds directly into government datasets – building a clearer, more regionally informed picture of water quality issues,” he said.

“Our strength is not just in monitoring, but in how we work with communities. We focus on communicating the science clearly and directly to growers and regional groups, allowing the data to be understood and used where it matters most.

“With Alliance staff based in Townsville, we’re well positioned to connect local insights, water quality science and decision-making. This partnership will enhance how data, communication and collaboration can drive water quality solutions.”

University of Queensland Head of the School of Environment, Professor Steve Chenoweth said UQ is excited to be joining the Alliance.

“It’s a new model for how universities can work more effectively with government,” he said.

“Not only is it an opportunity to focus our world-leading scientific capability on delivering what’s needed for Queensland’s outstanding catchments and reefs, the Alliance also offers unique training opportunities for Queensland’s future environmental scientists who will be better equipped to understand how they can deliver real-world impacts.”

MIL OSI News –

May 22, 2025

MIL-OSI: Lelantos Energy Unveils Strategic Initiatives for 2025

Source: GlobeNewswire (MIL-OSI)

TUCSON, Ariz., May 21, 2025 (GLOBE NEWSWIRE) — via IBN — Lelantos Energy, a wholly owned subsidiary of Lelantos Holdings, Inc. (OTC PINK: LNTO) (“Lelantos” or the “Company”), is pleased to announce its 2025 strategic initiatives focused on expanding access to renewable energy, working with underserved communities, and driving innovation in tax credit and renewable credit monetization.

Powering Progress: Commercial Solar Expansion

Lelantos Energy has solidified its partnership with NeRD Power to provide a comprehensive turnkey solution for commercial solar projects. From small businesses to utility-scale developments, the collaboration brings together expert engineering, financing, and installation capabilities. The partnership is exploring further integration to broaden its impact in the commercial solar sector.

Honoring Veterans: Free Solar 4 Veterans Program

In an initiative to support U.S. veterans, Lelantos Energy has launched the Free Solar 4 Veterans program in partnership with The Warrior Up Foundation and NeRD Power. This initiative will begin by providing free solar installations to disabled veterans and the widows of fallen soldiers, promoting energy independence and reducing financial burdens. A pilot project is already underway, and a media campaign is being planned to attract broader support and funding. More information can be found at freesolar4vets.org.

Empowering Communities: Government and Municipal Partnerships

Lelantos Energy is spearheading a Sustainable Community Network program with its strategic partner, SEDC Solar, for the Washington D.C. Housing Authority. This initiative will provide green energy systems at no cost to over 550 low-income households, supported by a coalition of finance partners and tax-credit incentives.

In addition, Lelantos is executing a Memorandum of Understanding to form a joint venture with a GSA-certified agency and NeRD Power to develop government-funded solar projects, marking a strategic move into the federal renewable energy space.

Driving Financial Innovation: Investment Tax Credit Monetization

As the exclusive sales partner of Coulomb Capital, Lelantos Energy is scaling its Investment Tax Credit (ITC) monetization efforts. With access to a robust network of high-net-worth and institutional buyers, Lelantos has already begun managing high-value ITC transactions. A multichannel marketing strategy is underway to deepen executive outreach and grow the sales pipeline.

First-Mover Advantage: Carbon and Renewable Energy Credit Platform

In collaboration with Carbontricity and Electryone Advisors, Lelantos Energy has been given access to a digital platform for the automated issuance and monetization of renewable energy and carbon credits. Compliant with global standards such as M-RETS and I-REC, the platform utilizes blockchain and NFT technology for secure, transparent transactions.

Holding exclusive rights to this platform in North America through Electryone Advisors, Lelantos is poised to become a first-mover in the next evolution of global carbon trading.

About Lelantos Holdings

Founded in the spirit of “Solution Hunting,” Lelantos Holdings’ innovative business structure is purpose-built to acquire or joint venture with established entities in strategic market sectors. With a focus on sustainable energy, Lelantos Holdings has a mission of being at the forefront of innovation in a dynamic industry, and the goal of operating as a vertically integrated entity to reduce overhead and increase service offerings. Their management team is dedicated to fostering innovation and advancing technological developments.

Lelantos Holdings website: www.Lelantosholdings.io

About Lelantos Energy

INNOVATIVE. STRATEGIC. SOLUTION ORIENTED.

Lelantos Energy offers a forward-thinking solution and a comprehensive approach to adapt to the dynamic landscape of commercial solar, residential solar, microgrid design, energy storage architecture, and EV supercharging. The company has strategically joined forces with experienced and leading industry professionals as well as dedicated lending resources to create a model that will seek to manage project risks, pursue favorable returns (though no guarantees can be made) and support the Company’s efforts to enhance the deployment of renewable energy projects.

Lelantos Energy website: www.LNTO.Energy

About the Free Solar 4 Vets Program

POWERING UP THE LIVES OF OUR VETERANS

Dedicated to honoring the sacrifices of our nation’s heroes, the mission of our program is to help veterans secure energy independence and a renewed sense of purpose through programs that empower them economically and socially. Powered by a joint venture among Lelantos Energy, a veteran’s foundation, and a large-scale solar installer, the program aims to utilize donations and a tax equity fund to provide free solar systems for veterans and widows of fallen soldiers.

Free Solar 4 Vets Program website: https://www.freesolar4vets.org/

FORWARD-LOOKING INFORMATION

Certain information set forth in this press release contains “forward-looking information,” including “future-oriented financial information” and “financial outlook,” within the meaning of applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) future liquidity, working capital and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect to the future so they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The United States Securities and Exchange Commission (“SEC”) has provided guidance to issuers regarding the use of social media to disclose material nonpublic information. In this regard, investors and others should note that we announce material financial information on our company website, www.LelantosHoldings.io, in addition to SEC filings, press releases, public conference calls and webcasts. We also use social media to communicate with the public about our company, our services and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC’s guidance, we encourage investors, the media and others interested in our company to review the information we post on the Company website.

CONTACT INFORMATION

Lelantos Holdings, Inc.
info@Lelantos.Group

Wire Service Contact:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com

The MIL Network –

May 22, 2025

MIL-OSI: VanEck Prepares to Launch PurposeBuilt Fund to Invest in Real-World Applications on Avalanche

Source: GlobeNewswire (MIL-OSI)

The information contained in the private placement memorandum (the “PPM”) for the VanEck PurposeBuilt Fund, L.P. is not complete and may be changed. Van Eck may not solicit subscriptions until the limited partnership’s interests are available for purchase. The private placement memorandum is not an offer or a solicitation for subscriptions referenced therein and is not a solicitation for an offer or solicitation for subscriptions in any state where the offer is not permitted. Please view the PPM here: VanEck PurposeBuilt Fund Private Placement Memorandum.

NEW YORK, May 21, 2025 (GLOBE NEWSWIRE) — VanEck, a leading asset manager, is today announcing the upcoming launch of the VanEck PurposeBuilt Fund, a private digital assets fund that will invest in businesses building on Avalanche and launching tokens designed to create long-term value and utility. The Fund is expected to launch in June 2025.

The Fund will invest in liquid tokens and venture-backed projects—spanning industries that include gaming, financial services, payments and AI—typically around or after a Token Generation Event, with a fundamentals-first strategy focused on long-term outcomes. Idle capital will be deployed onchain through Avalanche-native real-world asset (RWA) products, including tokenized money market funds, to maintain liquidity while reinforcing the broader onchain economy.

The Fund will be managed by the team behind the VanEck Digital Assets Alpha Fund (DAAF), one of the strongest-performing directional liquid token funds in the market, with over $100 million in assets under management. Since launching in 2022, DAAF has focused on investing in liquid tokens tied to scalable products, economic alignment and real adoption. This same approach is being applied to the PurposeBuilt Fund, with a focus on the Avalanche ecosystem, currently valued at nearly $50 billion. The team sees a growing concentration of serious builders leveraging the Avalanche network to pioneer new markets, while generating onchain economic activity. The PurposeBuilt Fund reflects VanEck’s conviction in the “GDP onchain” thesis: that blockchain technology will eventually be core to global economic and financial systems and that the projects that align with this vision will be the most durable.

“The next wave of value in crypto will come from real businesses, not more infrastructure,” said Pranav Kanade, Portfolio Manager of VanEck Digital Assets Alpha Fund. “Avalanche has become a magnet for thoughtful builders, and with the VanEck PurposeBuilt Fund, we’re bringing capital and conviction to the founders creating lasting value, not chasing momentum.”

The Fund is designed to address a persistent challenge in today’s crypto market. Founders launching legitimate blockchain-enabled businesses often struggle to stand out in an environment dominated by short-term speculation. This distorts incentives, undermines token credibility and slows real adoption. The Fund offers strategic, differentiated capital and long-term alignment, empowering mission-driven founders to stay focused, remain long-term oriented and scale effectively.

“VanEck’s launch of the PurposeBuilt Fund marks a pivotal moment for the Avalanche ecosystem,” commented John Nahas, Chief Business Officer at Ava Labs. “We’re seeing a shift away from speculative hype toward real utility and sustainable token economies, and the VanEck PurposeBuilt Fund aims to bring the kind of long-term capital and strategic conviction that builders need to lead that shift. This fund reinforces the strength of Avalanche as the home for serious founders who are scaling real businesses and driving meaningful onchain adoption.”

Avalanche continues to attract teams creating real-world applications across sectors, including DeFi, RWAs, AI, gaming, payments and FinTech. These builders are delivering enterprise-grade products already being adopted by web2 platforms and traditional institutions. The VanEck PurposeBuilt Fund ensures they have the capital, support and signal they need to succeed.

About VanEck

VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends — including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 — that subsequently shaped the investment management industry.

Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of 4/30/2025, VanEck managed approximately $116.6 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.

About Avalanche

Avalanche is an ultra-fast, low-latency blockchain platform designed for builders who need high performance at scale. The network’s architecture allows for the creation of sovereign, efficient and fully interoperable public and private layer 1 (L1) blockchains which leverage the Avalanche Consensus Mechanism to achieve high throughput and near-instant transaction finality. The ease and speed of launching an L1, and the breadth of architectural customization choices, make Avalanche the perfect environment for a composable multi-chain future.

Supported by a global community of developers and validators, Avalanche offers a fast, low-cost environment for building decentralized applications (dApps). With its combination of speed, flexibility, and scalability, Avalanche is the platform of choice for innovators pushing the boundaries of blockchain technology.

General Disclosures

This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.

Important Disclosures – VanEck PurposeBuilt Fund and VanEck Digital Assets Alpha Fund

The VanEck PurposeBuilt Fund and the VanEck Digital Assets Alpha Fund (together, the “Funds”) are not registered investment companies under the Investment Company Act of 1940 and are therefore not subject to the same regulatory requirements as mutual funds or ETFs. Both Funds rely on an exemption from registration as Commodity Pool Operators under CFTC Rule 4.13(a)(3) and are subject to related trading limitations, investor suitability requirements, and offering and marketing restrictions.

VAN ECK ABSOLUTE RETURN ADVISERS CORPORATION (“VEARA”), THE INVESTMENT MANAGER OF THE FUNDS, IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. VEARA HAS ENGAGED OR MAY ENGAGE IN UNDERLYING OR SPOT VIRTUAL CURRENCY TRANSACTIONS IN THE FUNDS. ALTHOUGH NFA HAS JURISDICTION OVER VEARA, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY FOR UNDERLYING OR SPOT MARKET VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS. YOU SHOULD ALSO BE AWARE THAT GIVEN CERTAIN MATERIAL CHARACTERISTICS OF THESE PRODUCTS, INCLUDING LACK OF A CENTRALIZED PRICING SOURCE AND THE OPAQUE NATURE OF THE VIRTUAL CURRENCY MARKET, THERE CURRENTLY IS NO SOUND OR ACCEPTABLE PRACTICE FOR NFA TO ADEQUATELY VERIFY THE OWNERSHIP AND CONTROL OF A VIRTUAL CURRENCY OR THE VALUATION ATTRIBUTED TO A VIRTUAL CURRENCY BY VEARA.

Each Fund is available to Qualified Purchasers Only. Prospective investors should carefully review the respective Private Placement Memorandum (“PPM”) before investing. There is no guarantee either Fund will achieve its investment objectives, and investors may lose all or a substantial portion of their investment. Past performance is not indicative of future results.

Both Funds pursue speculative investment strategies and involve significant risks. Individual investor performance may vary materially due to factors such as investment timing, new issue participation, expense structures, and the impact of loss carryforwards. Investor performance will be reflected in monthly statements provided by the Administrator.

The VanEck PurposeBuilt Fund seeks capital appreciation through investments in Digital Assets, tokenized real world assets (“RWAs”), Digital Asset projects, and companies associated with the Avalanche ecosystem. Investments include equity, equity-like, and debt instruments of early-stage blockchain and Digital Asset companies. The Fund may employ staking, yield-farming, and investments across centralized and decentralized platforms.

The VanEck Digital Assets Alpha Fund seeks capital appreciation by investing in 5 to 30 Digital Assets with high perceived upside relative to current valuations and generally with market capitalizations above $100 million. It also invests in public and private securities of Digital Asset companies. The Fund intends to generate yield through staking and DeFi-based lending, maintaining a general allocation of 70–90% in Digital Assets with the remainder focused on yield-generating strategies.

VanEck Purpose Build Fund and VanEck Digital Assets Alpha Fund: Investments may include a wide variety of digital instruments and structures, including cryptocurrencies, stablecoins, NFTs, tokens, RWAs, DeFi protocols, DAOs, ICOs, SAFTs, SAFEs, token warrants, and synthetic assets. These technologies are new, may be untested, and are subject to competitive pressures, adoption challenges, and technological obsolescence.

General Digital Asset Risk Disclosures

Cryptocurrencies and digital assets are not suitable for all investors. Investments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets.

Digital asset prices are highly volatile, and the value of digital assets, and Web3 companies, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment.

Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing.

Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products.

Web3 companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies.

This communication is for informational purposes only and does not constitute financial, tax, or legal advice, nor a recommendation to buy or sell any cryptocurrency or fund interest.

©️ Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
Phone: 800.826.2333
Email: info@vaneck.com

Media Contact

Kayla Gill
Serotonin
kayla@serotonin.co

The MIL Network –

May 21, 2025

MIL-OSI: Wix Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Strong start to year with Q1’25 total bookings of $511 million, up 12% y/y, with very robust top of funnel demand in the quarter and new cohort strength continuing through April and early May
Q1’25 total revenue of $474 million exceeded expectations, up 13% y/y, driven by accelerating Self Creators growth accompanied by solid Partners momentum as Studio adoption continued to ramp healthily
Launched Wixel, a new standalone AI-powered visual design platform that brings the most advanced creative tools into a single intuitive interface and puts complete visual editing control into the hands of everyone – marking Wix’s milestone foray into creation beyond websites
Achieved FCF margin of 30% in Q1’25 as we continued to maintain a resilient operating cost structure amidst robust top-line performance
Increased share repurchase board authorization to a total of $400 million under current program

NEW YORK — Wix.com Ltd. (Nasdaq: WIX) (the “Company”), the leading SaaS website builder platform¹, today reported financial results for the first quarter of 2025. In addition, the Company provided its outlook for the second quarter and an updated outlook for full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q1’25 Shareholder Update and other materials.

“This year we are setting out to reimagine and expand the online creation experience and have set the bar high with the milestone release of Wixel, which I believe will democratize digital creation,” said Avishai Abrahami, Wix Co-founder and CEO. “We have been transforming web development since 2006 and are now organically extending our user-first design expertise, AI leadership and focus on accessibility to beyond websites. What you see today is the first version of our standalone next-gen visual design platform, representing the culmination of years of development in advanced design and AI and unifying the best models, intuitive UI, and powerful high-end features into one cohesive platform. Importantly, with Wixel, anyone, regardless of skill level, can now create beautiful visuals with just a few clicks. We have an ambitious roadmap for Wixel ahead and I’m excited to see how Wixel starts to reshape the design world.”

Lior Shemesh, CFO at Wix, added, “Our strong first quarter results demonstrate the critical value of the Wix platform to anyone and everyone requiring an online presence globally amid an ever evolving macro environment, particularly SMBs. Top of funnel demand was very strong with Q1’25 new user cohort bookings finishing 12% higher than the bookings generated by the Q1’24 cohort in its first quarter. This acceleration in new cohort growth was almost entirely driven by better fundamentals, particularly an increased number of users, as well as product innovation. Encouragingly, these strong cohort trends have continued through April and early May, bolstering confidence in 2H bookings and revenue growth acceleration as additional cohorts layer on through the year. As a result of this new cohort strength and healthy existing user behavior, bookings grew a solid 12% y/y and revenue growth of 13% y/y finished above expectations in Q1. Durability was broad based across our segments with our Partners business delivering 24% y/y revenue growth, fueled by ongoing market share gains driven by Studio, as well as another consecutive quarter of Self Creators growth acceleration as AI continued to remove friction for more users in the website creation journey.”

Q1 2025 Financial Results

Total revenue in the first quarter of 2025 was $473.7 million, up 13% y/y
Creative Subscriptions revenue in the first quarter of 2025 was $337.7 million, up 11% y/y
- Creative Subscriptions ARR increased to $1.373 billion as of the end of the quarter, up 10% y/y
Business Solutions revenue in the first quarter of 2025 was $136.0 million, up 18% y/y
- Transaction revenue² was $58.9 million, up 19% y/y
Partners revenue³ in the first quarter of 2025 was $171.6 million, up 24% y/y
Total bookings in the first quarter of 2025 were $510.9 million, up 12% y/y
- Creative Subscriptions bookings in the first quarter of 2025 were $369.5 million, up 10% y/y
- Business Solutions bookings in the first quarter of 2025 were $141.4 million, up 15% y/y
Total gross margin on a GAAP basis in the first quarter of 2025 was 68%
- Creative Subscriptions gross margin on a GAAP basis was 83%
- Business Solutions gross margin on a GAAP basis was 30%
Total non-GAAP gross margin in the first quarter of 2025 was 69%
- Creative Subscriptions gross margin on a non-GAAP basis was 84%
- Business Solutions gross margin on a non-GAAP basis was 31%
GAAP net income in the first quarter of 2025 was $33.8 million, or $0.61 per basic share and $0.57 per diluted share
Non-GAAP net income in the first quarter of 2025 was $93.9 million, or $1.69 per basic share and $1.55 per diluted share
Net cash provided by operating activities for the first quarter of 2025 was $145.5 million, while capital expenditures totaled $3.1 million, leading to free cash flow of $142.4 million
In January, we completed $200 million of share repurchases, repurchasing 868,026 Wix ordinary shares in total at an approximate volume-weighted average price per share of $230.41
Total employee count at the end of Q1’25 was 5,275

Increase to Share Repurchase Program

Wix’s Board of Directors has authorized an increase to its program to repurchase the Company’s securities (ordinary shares and/or convertible notes) by an additional amount of up to $200 million, on top of the $200 million previously approved by the Board on February 26th, 2025 (which has not been used to date). This approval brings the repurchase authorization under the program to a total amount of up to $400 million.

____________________
^{1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.}
^{2 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.}
^{3 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.}

Financial Outlook

Healthy first quarter results demonstrate impactful product innovation and disciplined execution of our key growth initiatives, including Studio, AI and our focus empowering Self Creators. Notably, new cohort strength remains robust through April and early May against a dynamic macro backdrop. We expect new cohort strength to continue and drive top-line growth acceleration in 2H as additional cohorts layer on throughout the year.

While we are encouraged by our strong Q1 results and robust top of funnel, we are maintaining full year bookings outlook of $2,025 – 2,060 million, up 11-13% y/y. This reflects conservatism due to macro uncertainty, specifically in our Business Solutions segment, with potential volatility offset by fully dissipating FX headwinds.

With these same considerations, we are also maintaining our full year revenue outlook of $1,970 – 2,000 million, up 12-14% y/y.

We expect total revenue in Q2 2025 to be $485 – 489 million, up 11-12% y/y.

For the full year 2025, we continue to expect non-GAAP total gross margin of ~70% and non-GAAP operating expenses to be 47-48% of revenue for the full year.

We continue to expect to generate free cash flow of $590 – 610 million, or ~30-31% of revenue.

As a result, we remain on track to achieve Rule of 45 in 2025 at the high end of our outlook.

Conference Call and Webcast Information

Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, May 21st, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

For more about Wix, please visit our Press Room
Media Relations Contact: PR@wix.com

Share Repurchase Program

Under the Board authorized repurchase program, Company securities may be repurchased from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of its securities under this Board authorization. The repurchase program does not obligate the Company to acquire any particular amount of securities, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Repurchases under the repurchase program may begin after conclusion of the 30-day period for creditors of the Company to object to the Company’s intent to perform the distribution by way of repurchase in accordance with the Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel), 5760-2000 and the Israeli Regulations (Approval of Distribution), 5761–2001. The actual timing, number and value of securities repurchased depend on a number of factors, including the market price of the Company’s ordinary shares, general market and economic conditions, any objections received by the Company from its creditors, the Company’s financial results and liquidity, and other considerations. The Company expects to fund repurchases with cash on hand and future cash generated from its operations.

Non-GAAP Financial Measures and Key Operating Metrics

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow margin, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “subject”, “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our ability to attract and retain registered users and partners, and generate new premium subscriptions and additional business solutions as we continuously adjust our marketing strategy and customer care; maintenance of our brand and reputation, and generation of revenue from sources other than premium subscriptions; risks associated with international operations and the use of platform in various countries; risks related to the macroeconomic environment and ongoing global conflicts; security risks and payment risks and fluctuations in foreign currency exchange rates; failures of third-party hardware, software and infrastructure on which we rely, or failure to manage the operation of our infrastructure; adverse market conditions, including inflation, interest rates and other adverse developments that may adversely affect our cash balances and investment portfolio; our history of operating losses and inability to achieve sustained profitability; downturns or upturns in sales are not immediately reflected in full in our operating results; our ability to repurchase our ordinary shares and/or 0.00% Convertible Senior Notes due 2025 pursuant to our repurchase program; our ability to raise capital when needed or on acceptable terms; risks related to acquisitions and investments, pricing decisions, pandemics, natural disasters and other catastrophic events; our ability to develop and introduce new products and services, as well as maintain third-party products and are ability to keep up with rapid changes in design and technology; our ability to attract and retain qualified employees and key personnel; our ability to attract a diversified customer base and increased competition; our ability to maintain compatibility of our platform and solutions with changes in third-party applications and changes to technologies used in our solutions; our ability to acquire and service small business users; risks related to security breaches and unauthorized access to data, cyberattacks; our expectation regarding the uncertain future relationship between the United States and other countries with respect to trade policies, taxes, government regulations, and tariffs; our ability to comply with the regulations applicable to our operations, including new governmental regulations regarding the internet, consumer protection, artificial intelligence (“AI”), privacy and data protection laws and regulations, as well as contractual privacy and data protection obligations; risks relating to intellectual property, including infringements, litigation and claims, and our ability to maintain and protect our intellectual property rights and proprietary information; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; risks related to the development and integration of AI, generative AI, agentic AI, machine learning, and similar tools into our offerings, and comply with the regulatory environment impacting AI and AI-related activities; risks related to activities of registered users or content of their websites, and risks related to domain names and industry regulations; risks related to compliance with laws and regulations, including those related to economic sanctions, tariffs, export controls, anti-corruption and anti-money laundering, anti-trust, and consumer protection, and changes in these laws and regulations; risks related to tax, including application of indirect taxes, tax laws, changes in tax laws or changes in provision for income tax and examination of income tax returns; risks related to ordinary shares, activist shareholders, and our status as a foreign private issuer; risks related to our incorporation and location in Israel, including conflicts in the area; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; and our ability to enter into new markets and attracting new customer demographics, including our ability to successfully attract new partners and large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 21, 2025. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.


Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
(In thousands, except loss per share data)

	Three Months Ended
	March 31,
		2025		2024
	(unaudited)
Revenues
Creative Subscriptions	$	337,676	$	304,293
Business Solutions		135,975		115,483
		473,651		419,776

Cost of Revenues
Creative Subscriptions		56,067		54,803
Business Solutions		95,725		82,494
		151,792		137,297

Gross Profit		321,859		282,479

Operating expenses:
Research and development		127,497		124,245
Selling and marketing		111,563		107,234
General and administrative		45,394		41,330
Total operating expenses		284,454		272,809
Operating income		37,405		9,670
Financial income, net		5,832		18,884
Other income, net		64		211

Income before taxes on income		43,301		28,765
Income tax expenses		9,535		4,763
Net income	$	33,766	$	24,002

Basic net income per share	$	0.61	$	0.43

Basic weighted-average shares used to compute net income per share		55,708,670		56,098,997

Diluted net income per share	$	0.57	$	0.41

Diluted weighted-average shares used to compute net income per share		60,384,510		58,647,238

Wix.com Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

	Period ended
	March 31,			December 31,
		2025			2024
Assets	(unaudited)			(audited)
Current Assets:
Cash and cash equivalents	$	653,276		$	660,939
Short-term deposits		112,078			106,844
Restricted deposits		793			773
Marketable securities		304,555			338,593
Trade receivables		47,328			44,674
Prepaid expenses and other current assets		59,132			128,577
Total current assets		1,177,162			1,280,400

Long-Term Assets:
Prepaid expenses and other long-term assets		31,343			27,021
Property and equipment, net		125,450			128,155
Marketable securities		6,183			6,135
Intangible assets, net		20,680			22,141
Goodwill		49,329			49,329
Operating lease right-of-use assets		395,513			399,861
Total long-term assets		628,498			632,642

Total assets	$	1,805,660		$	1,913,042

Liabilities and Shareholders’ Deficiency
Current Liabilities:
Trade payables	$	38,032		$	47,077
Employees and payroll accruals		78,983			143,131
Deferred revenues		698,343			661,171
Current portion of convertible notes, net		573,674			572,880
Accrued expenses and other current liabilities		79,546			63,246
Operating lease liabilities		29,369			27,907
Total current liabilities		1,497,947			1,515,412
Long Term Liabilities:
Deferred revenues		96,461			89,271
Deferred tax liability		1,066			1,965
Other long-term liabilities		19,414			16,021
Operating lease liabilities		359,389			369,159
Total long-term liabilities		476,330			476,416

Total liabilities		1,974,277			1,991,828

Shareholders’ Deficiency
Ordinary shares		107			107
Additional paid-in capital		1,923,576			1,840,574
Treasury shares		(1,225,165	)		(1,025,167	)
Accumulated other comprehensive loss		641			7,242
Accumulated deficit		(867,776	)		(901,542	)
Total shareholders’ deficiency		(168,617	)		(78,786	)

Total liabilities and shareholders’ deficiency	$	1,805,660		$	1,913,042

Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
OPERATING ACTIVITIES:
Net income	$	33,766		$	24,002
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		6,137			6,442
Amortization		1,461			1,483
Share based compensation expenses		60,261			58,142

Amortization of debt discount and debt issuance costs		794			790
Changes in accrued interest and exchange rate on short term and long term deposits		(224	)		880
Amortization of premium and discount and accrued interest on marketable securities, net		3,557			597

Remeasurement loss (gain) on Marketable equity		–			(3,367	)
Changes in deferred income taxes, net		1			(5,011	)
Changes in operating lease right-of-use assets		4,803			5,024
Changes in operating lease liabilities		(8,763	)		(3,652	)
Loss (gain) on foreign exchange, net		(2,006	)		553
Decrease (increase) in trade receivables		(2,654	)		1,119
Decrease (increase) in prepaid expenses and other current and long-term assets		58,289			(12,568	)
Decrease in trade payables		(9,338	)		(2,123	)

Decrease in employees and payroll accruals		(64,148	)		(2,429	)

Increase in short term and long term deferred revenues		44,362			41,319

Increase in accrued expenses and other current liabilities		19,193			2,635

Net cash provided by operating activities	$	145,491			113,836
INVESTING ACTIVITIES:

Proceeds from short-term deposits and restricted deposits		107,780			823

Investment in short-term deposits and restricted deposits		(112,810	)		(30,162	)
Investment in marketable securities		(27,693	)		(27,847	)
Proceeds from marketable securities		58,292			52,805

Purchase of property and equipment and lease prepayment		(2,629	)		(7,715	)
Capitalization of internal use of software		(421	)		(410	)
Proceeds from sale of equity securities		–			22,148
Proceed from realization of investments in privately held companies		417			–

Purchases of investments in privately held companies		(750	)		(550	)

Net cash provided by investing activities	$	22,186			9,092
FINANCING ACTIVITIES:

Proceeds from exercise of options and ESPP shares		22,654			22,628
Purchase of treasury stock		(200,000	)		(241,302	)

Net cash used in financing activities	$	(177,346	)		(218,674	)
Effect of exchange rates on cash, cash equivalent and restricted cash		2,006			(553	)

DECREASE IN CASH AND CASH EQUIVALENTS		(7,663	)		(96,299	)

CASH AND CASH EQUIVALENTS—Beginning of period		660,939			609,622
CASH AND CASH EQUIVALENTS—End of period	$	653,276		$	513,323

Wix.com Ltd.
KEY PERFORMANCE METRICS
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Creative Subscriptions		337,676			304,293
Business Solutions		135,975			115,483
Total Revenues	$	473,651		$	419,776

Creative Subscriptions		369,469			334,637
Business Solutions		141,436			122,644
Total Bookings	$	510,905		$	457,281

Free Cash Flow	$	142,441		$	105,711

Free Cash Flow excluding HQ build out	$	142,441		$	111,073
Creative Subscriptions ARR		1,372,670		$	1,244,264



Wix.com Ltd.
RECONCILIATION OF REVENUES TO BOOKINGS
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Revenues	$	473,651		$	419,776
Change in deferred revenues		44,362			41,319
Change in unbilled contractual obligations		(7,108	)		(3,814	)
Bookings	$	510,905		$	457,281

Y/Y growth		12	%

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Creative Subscriptions Revenues	$	337,676		$	304,293
Change in deferred revenues		38,901			34,158
Change in unbilled contractual obligations		(7,108	)		(3,814	)
Creative Subscriptions Bookings	$	369,469		$	334,637

Y/Y growth		10	%

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Business Solutions Revenues	$	135,975		$	115,483
Change in deferred revenues		5,461			7,161
Business Solutions Bookings	$	141,436		$	122,644

Y/Y growth		15	%



Wix.com Ltd.
RECONCILIATION OF COHORT BOOKINGS
(In millions)
	Three Months Ended
	March 31,
		2025			2024

Q1 Cohort revenues		9		$	9
Q1 Change in deferred revenues		27			23
Q1 Cohort Bookings	$	36		$	32



Wix.com Ltd.
RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
(In thousands)
	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Revenues	$	473,651		$	419,776
FX impact on Q1/25 using Y/Y rates		4,225			–
Revenues excluding FX impact	$	477,876		$	419,776
Y/Y growth		14	%

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Bookings	$	510,905		$	457,281
FX impact on Q1/25 using Y/Y rates		7,775			–
Bookings excluding FX impact	$	518,680		$	457,281
Y/Y growth		13	%



Wix.com Ltd.
TOTAL ADJUSTMENTS GAAP TO NON-GAAP
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
(1) Share based compensation expenses:	(unaudited)
Cost of revenues	$	3,320		$	3,590
Research and development		31,491			31,102
Selling and marketing		9,177			10,483
General and administrative		16,273			12,967
Total share based compensation expenses		60,261			58,142
(2) Amortization		1,472			1,483
(3) Acquisition related expenses		–			5
(4) Amortization of debt discount and debt issuance costs		794			790
(5) Sales tax accrual and other G&A expenses		699			121
(6) Unrealized loss (gain) on equity and other investments		(42	)		(3,367	)
(7) Non-operating foreign exchange income		(3,079	)		(4,663	)
(8) Provision for income tax effects related to non-GAAP adjustments		–			774
Total adjustments of GAAP to Non GAAP	$	60,105		$	53,285



Wix.com Ltd.
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Gross Profit	$	321,859		$	282,479
Share based compensation expenses		3,320			3,590
Amortization		667			667
Non GAAP Gross Profit		325,846			286,736

Non GAAP Gross margin		69	%		68	%

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Gross Profit – Creative Subscriptions	$	281,609		$	249,490
Share based compensation expenses		2,367			2,669
Non GAAP Gross Profit – Creative Subscriptions		283,976			252,159

Non GAAP Gross margin – Creative Subscriptions		84	%		83	%

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Gross Profit – Business Solutions	$	40,250		$	32,989
Share based compensation expenses		953			921
Amortization		667			667
Non GAAP Gross Profit – Business Solutions		41,870			34,577

Non GAAP Gross margin – Business Solutions		31	%		30	%



Wix.com Ltd.
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Operating income	$	37,405		$	9,670
Adjustments:
Share based compensation expenses		60,261			58,142
Amortization		1,472			1,483
Sales tax accrual and other G&A expenses		699			121
Acquisition related expenses		–			5
Total adjustments	$	62,432		$	59,751

Non GAAP operating income	$	99,837		$	69,421

Non GAAP operating margin		21	%		17	%



Wix.com Ltd.
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
(In thousands, except per share data)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Net income	$	33,766		$	24,002
Share based compensation expenses and other Non GAAP adjustments		60,105			53,285
Non-GAAP net income	$	93,871		$	77,287


Basic Non GAAP net income per share	$	1.69		$	1.38

Weighted average shares used in computing basic Non GAAP net income per share		55,708,670			56,098,997

Diluted Non GAAP net income per share	$	1.55		$	1.29

Weighted average shares used in computing diluted Non GAAP net income per share		60,384,510			60,073,986



Wix.com Ltd.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)

	Three Months Ended
	March 31,
		2025			2024
	(unaudited)
Net cash provided by operating activities	$	145,491		$	113,836
Capital expenditures, net		(3,050	)		(8,125	)
Free Cash Flow	$	142,441		$	105,711


Capex related to HQ build out		–			5,362

Free Cash Flow excluding HQ build out	$	142,441		$	111,073

The MIL Network –

May 21, 2025

MIL-OSI New Zealand: Budget 2025 – Greenpeace braced for ‘scorched earth’ budget from Govt

Source: Greenpeace

With the Government set to release its Budget tomorrow, Greenpeace is calling for bold investment in climate and nature, but is bracing for the worst.

“Given that this Government just legalised killing kiwi, we’re bracing for a Scorched Earth Budget,” says Greenpeace Aotearoa spokesperson Gen Toop.

Greenpeace has been critical of the Luxon-led Government’s anti-environment policies, but says that the PM’s war on nature does not have to continue in the 2025 Budget.

Budget 2024 decreased funding for DOC to such an extent that last year the agency was asking for public donations to fund its work and is this year reportedly facing a 30% shortfall for maintaining its hut and track network.

“This Budget is a chance for the Government to change course from its war on nature,” says Toop. “It’s a chance to invest in climate action, protect biodiversity, and support everyday people with the cost of living – that’s what a responsible, future-focused Budget would do.”

“People have a right to clean water, a livable climate, and groceries and power bills they can afford. Any budget that prioritises corporate profits and tax cuts for landlords instead of those basic rights is not the kind of budget we need,” says Toop.

Greenpeace says a Budget that truly tackles the climate, biodiversity, and cost of living crises would:

Make a significant investment in distributed solar to bring down power bills, reduce emissions and help communities generate their own energy.
Create an ecological farming fund to support farmers to transition away from intensive dairy and take advantage of the rise in demand for plant-based food.
Bring back Jobs for Nature, funding real employment in the restoration of forests, rivers and wetlands to combat the biodiversity crisis.
Fund it all by taxing corporations and the ultra-wealthy, starting with bringing the country’s biggest climate polluter, Fonterra and intensive dairying into the Emissions Trading Scheme.

Since taking the reins, the Government has abolished the clean car discount; forced the Ministry for the Environment, the Environmental Protection Agency and the Department of Conservation to cut jobs; canceled the Auckland Light Rail Project; cut public transport subsidies for young people; and steadfastly refused to put agriculture into the Emissions Trading Scheme.

MIL OSI New Zealand News –

May 21, 2025

MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

May 20, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:

The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.

Outlook

After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.

Risks

Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.

Fiscal Policy

Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.

Financial Sector Policies

Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.

Addressing Growth Bottlenecks

A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.

Strengthening Labor and Firm Productivity

Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
Policies to support firm productivity should address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.

Domestic Capital Market Reforms

Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.

Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.

Managing the Green Transition

To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support. The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.

Supporting EU Reforms

The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.

* * * * *

The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva-Maria Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/05/19/mcs-05192025-kingdom-of-the-netherlands-staff-concluding-statement-of-2025-art-iv-mission

MIL OSI

MIL OSI Russia News –

May 21, 2025

MIL-OSI: Currenc Group Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 20, 2025 (GLOBE NEWSWIRE) — Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Total Processing Value (TPV) through Tranglo was US$1.30 billion for the first quarter of 2025, decreasing by 3.7% year-over-year. Total number of transactions decreased to 2.77 million for the first quarter of 2025 from 2.94 million for the same period of 2024. The decline in TPV was mainly due to the decline in business volume from the Hong Kong market.
Total revenues excluding TNG Asia and GEA¹ were US$10.0 million for the first quarter of 2025, representing a year-over-year decrease of 11.5%, primarily due to the 23.1% decline in global airtime revenue.

	For the three-month period ended March 31,
	2025		2024
	$		$
	(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA		4,583		5,025

Global Airtime Revenue		2,022		2,573
Indonesian Airtime Revenue		3,437		3,742
Total Revenue excluding TNG Asia & GEA		10,042		11,340

Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$4.6 million for the first quarter of 2025, down 8% year-over-year. The decline in remittance revenue was mainly due to a decrease in remittance revenue from the Hong Kong market. Tranglo’s overall take rate declined to 0.35% in the first quarter of 2025 from 0.37% in the same period of 2024.

Currenc’s global airtime transfer revenues were US$2.0 million for the first quarter of 2025, representing a year-over-year decrease of 23.1%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the first quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.

Total direct costs of revenue were US$6.9 million for the first quarter of 2025, representing a year-over-year decrease of 20.7%.

The direct payout rate for Tranglo’s remittance business was 0.13% for the first quarter of 2025, flat compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first quarter of 2025 was 31.8%, compared to 33.6% for the same period of 2024.

Total operating expenses increased to $7.5 million for the first quarter of 2025 from $5.8 million for the same period of 2024. The increase was mainly due to expenses of $2.2 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.
As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred $0.5 million in operating costs related to these new businesses in the first quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in 2025.
- Tranglo’s operating costs for the first quarter of 2025 were $3.2 million, representing an increase of 14% from $2.8 million in the same period of 2024.
- WalletKu’s operating costs were $0.2 million for the first quarter of 2025, as compared to $0.4 million for the same period of 2024.
- Professional fees and director fees were $0.8 million and $0.6 million for the first quarter of 2025, respectively.

Other income totaled $1.0 million for the first quarter of 2025, mainly contributed by Tranglo.

EBITDA analysis

For the three-month period ended March 31, 2025

Tranglo

WalletKu

TNG
Asia
and GEA

Headquarters
and
adjustments

Group
Total

(dollars in thousands)

Net income (loss)

1,160

(136

)

–

(5,511

)

(4,487

)

Add:

Income tax expenses

141

–

(93

)

48

Interest expense, net

21

–

1,066

1,087

EBIT

1,322

(136

)

–

(4,538

)

(3,352

)

Depreciation and amortization

–

554

EBITDA

1,322

(136

)

–

(4,538

)

(2,798

)

The Company’s total EBITDA for the first quarter of 2025 was a loss of $2.8 million.

Tranglo and WalletKu’s combined EBITDA for the first quarter of 2025 was $1.2 million.

TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.

Headquarters expenses and adjustments recorded an EBIT loss of $4.5 million, mainly contributed by:
- $2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
- $0.8 million for professional fees.

For the three-month period ended March 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		1,070		(123	)		(1,039	)		(2,540	)		(2,632	)

Add:
Income tax expenses		163		–			–			(92	)		71
Interest expense, net		–		–			242			1,069			1,311
EBIT		1,233		(123	)		(797	)		(1,563	)		(1,250	)
Depreciation and amortization		–		–			–			–			1,016
EBITDA		1,233		(123	)		(797	)		(1,563	)		(234	)

Net loss was US$4.5 million for the first quarter of 2025, primarily driven by the net loss of $5.5 million incurred by headquarters and adjustments.

Management Comments
“As demand for digital remittance continues to grow steadily, intensified market competition is compressing pricing,” said Alex Kong, Founder and Executive Chairman of Currenc. “Against this backdrop, we strove to maintain Tranglo’s healthy take rate while delivering TPV of US $1.30 billion in the first quarter of 2025, underscoring the strength of our core remittance platform and our disciplined strategic execution. Looking ahead, we are positioning Currenc for higher‑margin growth through two key initiatives: scaling our AI product offerings and expanding our remittance services into major corridors. We believe this combination of broader reach and AI‑driven innovation will support a more diversified revenue base and a structurally stronger bottom line.”

Ronnie Hui, Chief Executive Officer of Currenc, commented, “While softer airtime demand weighed on our total revenues, our remittance business remained resilient amid a competitive environment in the first quarter of 2025, supporting a combined EBITDA for Tranglo and WalletKu of US $1.2 million. We are reallocating capital toward accelerating our AI initiatives and building higher‑margin remittance corridors to boost product value and operational scale, priming the Company for quality growth throughout the year. We also enhanced cost management and maintained Tranglo’s payout rate at 0.13%. Operating expenses rose to US $7.5 million, primarily due to a one‑time US $2.2 million share‑based incentive linked to the de‑SPAC merger, as well as costs related to our new AI initiatives. Outside of these expenses, our headquarters’ operating costs remained broadly stable. Going forward, this strengthened bottom line will allow us to invest in AI-driven growth while maintaining financial discipline.”

Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. Currenc believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that Currenc does not consider indicative of the performance of its business. While Currenc believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

About Currenc Group Inc.
Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

For additional information, please refer to the Currenc website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor & Media Contact
Currenc Group Investor Relations
Email: investors@currencgroup.com

SOURCE: Currenc Group Inc.


CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three months ended March 31,
	2025			2024
	US$			US$
Revenue		10,055,569			13,104,123

Cost of revenue		(6,854,172	)		(8,696,562	)
Gross profit		3,201,397			4,407,561
Selling expenses		–			(3,987	)

General and administrative expenses		(7,522,252	)		(5,824,208	)

Loss from operations		(4,320,855	)		(1,420,634	)
Finance costs, net		(1,087,313	)		(1,311,363	)
Other income		969,691			189,735
Other expenses		(402	)		(19,137	)

Loss before income tax		(4,438,879	)		(2,561,399	)
Income tax expense		(48,479	)		(70,529	)

Net loss		(4,487,358	)		(2,631,928	)
Net income attributable to non-controlling interests		(187,000	)		(403,056	)

Net loss attributable to Currenc Group Inc.		(4,674,358	)		(3,034,984	)

Net loss per share, basic and diluted (1)	$	(0.13	)	$	(0.09	)

Shares used in net loss per share computation, basic and diluted (1)		35,374,891			33,980,753

Other comprehensive loss:
Foreign currency translation adjustments		171,532			368,135

Total comprehensive loss		(4,315,826	)		(2,263,793	)
Total comprehensive loss (income) attributable to non-controlling interests		(228,069	)		(407,798	)
Total comprehensive loss attributable to Currenc Group Inc.		(4,543,895	)		(2,671,591	)

^{(1) Retrospectively restated to reflect Reverse Recapitalization}

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31, 2025			December 31, 2024
		US$			US$
ASSETS
Current assets:
Cash and cash equivalents		62,300,298			63,821,397
Restricted cash		40,978			40,742
Accounts receivable, net		2,103,924			2,115,681
Other financial assets		3,171,000			–
Amounts due from related parties		449,094			560,823
Prepayments, receivables and other assets		25,874,112			20,948,216
Total current assets		93,939,406			87,486,859
Non-current assets:
Equipment and software, net		1,118,661			1,055,520
Right-of-use asset		294,965			349,240
Intangible assets		3,000,978			3,386,117
Goodwill		12,059,428			12,059,428
Deferred tax assets		344,291			342,822
Total non-current assets:		16,818,323			17,193,127
Total assets		110,757,729			104,679,986
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings		20,128,362			20,150,058
Receivable factoring		480,225			258,415
Other financial liabilities		3,329,550			–
Accounts payable, accruals and other payables		51,411,453			55,329,740
Amounts due to related parties		76,472,666			67,697,074
Convertible bonds		1,750,000			1,750,000
Lease liabilities		177,505			171,909
Total current liabilities:		153,749,761			145,357,196
Non-current liabilities:
Deferred tax liabilities		784,479			876,912
Employee benefit obligation		39,259			45,289
Lease liabilities		111,833			156,647
Total non-current liabilities:		935,571			1,078,848
Total liabilities		154,685,332			146,436,044

Commitments and contingencies (Note 10)

Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized 46,527,999 and 46,527,999 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) (1)		4,653			4,653
Additional paid-in capital (1)		67,797,587			65,638,838
Accumulated deficit		(136,197,260	)		(131,522,902	)
Accumulated other Comprehensive Loss		7,873			(108,122	)
Total shareholders’ deficit attributable to Currenc Group Inc.		(68,387,147	)		(65,987,533	)
Non-controlling interests		24,459,544			24,231,475
Total deficit		(43,927,603	)		(41,756,058	)
Total liabilities and shareholders’ deficit		110,757,729			104,679,986

^{(1) Retrospectively restated to reflect Reverse Recapitalization}

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three months ended March 31,
	2025			2024
	US$			US$
Cash flows from operating activities:
Net loss		(4,487,358	)		(2,631,928	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for Share-based compensation		2,158,749			–
Depreciation of equipment and software		123,799			142,518
Depreciation of right-of-use assets		53,712			41,981
Amortization of intangible assets		385,139			831,392
Deferred income taxes		(92,426	)		54,704
Disposal of fixed assets		401			–
Unrealized foreign exchange gain		328,269			(124,690	)
Changes in operating assets and liabilities:
Accounts receivable		33,923			(110,270	)
Prepayments, receivables and other assets		(4,918,772	)		9,477,057
Escrow money payable		–			218,542
Client money payable		–			146,847
Accounts payable, accruals and other payables		(4,068,655	)		(7,014,740	)
Interest payable on convertible bonds		–			952,736
Amount due from a director		729,198			–
Amount due to Immediate holding company		23,766			–
Amounts due from related parties		(3,652	)		–
Amounts due to related parties		8,245,995			(2,205,121	)
Net cash used in operating activities		(1,487,912	)		(220,972	)

Cash flows from investing activities:
Decrease in short-term investments		–			615
Purchases of property, plant and equipment		(175,158	)		(12,058	)
Proceeds received from disposal of PPE		596			–
Net cash used in investing activities		(174,562	)		(11,443	)

Cash flows from financing activities:
Proceeds from borrowings		–			639,210
Repayment of borrowings		–			(95,742	)
Proceeds from receivable factoring		433,287			586,789
Repayment of receivable factoring		(218,974	)		(610,559	)
Payment of principal elements of lease liabilities		(65,286	)		(46,295	)
Payment of interest elements of lease liabilities		(7,416	)		(2,952	)
Net cash generated from/(used in) financing activities		141,611			470,451

Net decrease in cash and cash equivalents		(1,520,863	)		238,036
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period		63,862,139			58,960,384
Cash and cash equivalents, restricted cash and escrow money receivable at end of the period		62,341,276			59,198,420

Supplemental disclosure of cash flow information:
Income taxes paid		(140,905	)		(15,825	)
Interest paid		(48,773	)		(346,270	)

CURRENC GROUP INC. AND SUBSIDIARIES

EBITDA Analysis for the First Quarter of 2025 and 2024

For the three-month period ended March 31, 2025

Tranglo

WalletKu

TNG Asia and GEA

Headquarters and adjustments

Group Total

(dollars in thousands)

Net income (loss)

1,160

(136

)

–

(5,511

)

(4,487

)

Add:

Income tax expenses

141

–

(93

)

48

Interest expense, net

21

–

1,066

1,087

EBIT

1,322

(136

)

–

(4,538

)

(3,352

)

Depreciation and amortization

–

554

EBITDA

1,322

(136

)

–

(4,538

)

(2,798

)

For the three-month period ended March 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		1,070		(123	)		(1,039	)		(2,540	)		(2,632	)

Add:
Income tax expenses		163		–			–			(92	)		71
Interest expense, net		–		–			242			1,069			1,311
EBIT		1,233		(123	)		(797	)		(1,563	)		(1,250	)
Depreciation and amortization		–		–			–			–			1,016
EBITDA		1,233		(123	)		(797	)		(1,563	)		(234	)

_{¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.}
_{² Tranglo maintained a positive EBITDA for the first quarter of 2025 and 2024.}
_{³ Tranglo and WalletKu maintained a combined positive EBITDA for the first quarter of 2025 and 2024.}

____________________________________
_{¹ Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.}

The MIL Network –

May 21, 2025

MIL-OSI Europe: Answer to a written question – The need to develop the steel industry in the context of developing armament programmes – E-001209/2025(ASW)

Source: European Parliament

1. The EU Emissions Trading System (ETS) enables the EU to achieve its climate targets at the lowest cost by allowing the market to set the carbon price. It also has in-built features to protect industries such as steel from carbon leakage (displacement of production and emissions to outside the EU). These include free allocation of emission allowances, the possibility of state aid to compensate indirect carbon costs for electro-intensive production (such as electric arc furnaces), and the introduction of the Carbon Border Adjustment Mechanism (CBAM).

As such, the Commission has no plans to suspend the ETS, but is preparing a comprehensive review of the ETS Directive by 31 July 2026, as required under the existing Directive.

2. Steel overcapacity continues to grow across regions, as evidenced in the latest review of the steel safeguard measure. Tackling unfair trade remains a priority for the Commission and it is fully committed to ensuring a robust use of trade defence instruments. The Commission will continue to take all necessary measures to protect the steel industry against unfair and injurious trading practices. In addition, an increasing number of trade barriers are being erected in many third countries. Therefore, the European Steel and Metals Action Plan[1] announced that by the third quarter of 2025 at the latest, the Commission will propose a long-term measure providing a highly effective level of protection to the EU’s steel sector. It will take into account changes in EU demand as well as security and resilience considerations, while preserving a certain level of openness in the EU market. The Commission will also conduct by the end of 2025 a comprehensive review of CBAM, accompanied by an anti-circumvention strategy.

[1] https://single-market-economy.ec.europa.eu/publications/european-steel-and-metals-action-plan_en.

Last updated: 20 May 2025

MIL OSI Europe News –

May 21, 2025

MIL-OSI Australia: Fine for possessing hatchling crocodile

Source: Tasmania Police

Issued: 20 May 2025

Open larger image

The hatchling crocodile was found in a fish tank inside the home and has now been placed at a farm or zoo.

A juvenile estuarine crocodile has been seized, and a man has been fined following a joint investigation in Cairns between the Department of the Environment, Tourism, Science and Innovation (DETSI) and the Queensland Police Service.

After receiving information from a concerned member of the public, police and DETSI’s Queensland Parks and Wildlife Service (QPWS) searched a home in Manoora on 16 May 2025.

The hatchling crocodile was found in a fish tank, and a man in his twenties was issued with a $2,419 Penalty Infringement Notice for unlawfully keeping the crocodile.

Acting Manager Northern Wildlife Operations, Dinouk Perera, said it is unlawful to keep estuarine and freshwater crocodiles in Queensland without a permit, and the animal was confiscated by QPWS officers.

“We believe the crocodile was captured as a hatchling and is now several months old,” Mr Perera said.

“The man admitted that he had broken the law by taking the crocodile from the wild and although he was remorseful, we take a zero-tolerance approach to the unlawful possession of wildlife.

“We have examined the crocodile and although it appears healthy, it cannot be released back into the wild as it may have been exposed to disease. It is destined for a life at a farm or zoo, or at an educational facility.

“The maximum court-ordered penalty for unlawfully keeping an estuarine crocodile is $36,292.”

Anyone with information about the deliberate taking, harming or killing of crocodiles, or the illegal trade of wildlife is urged to call 1300 130 372.

MIL OSI News –

May 21, 2025

Category: Emissions Trading

Source: Greenpeace

IMF Communications Department

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