Category: Finance

MIL-OSI Security: Texas Doctor Who Falsely Diagnosed Patients Sentenced to 10 Years’ Imprisonment in Connection with $118M in Fraudulent Health Care Claims

Source: Office of United States Attorneys

A Texas rheumatologist was sentenced to 10 years in prison and three years of supervised release for perpetrating a health care fraud scheme involving over $118 million in false claims and the payment of over $28 million by insurers as a result of him falsely diagnosing patients with chronic illnesses to bill for tests and treatments that the patients did not need. Jorge Zamora-Quezada M.D., 68, of Mission, also falsified patient records to support the false diagnoses after receiving a federal grand jury subpoena. Following a 25-day trial, Zamora-Quezada was convicted of one count of conspiracy to commit health care fraud, seven counts of health care fraud, and one count of conspiracy to obstruct justice. In addition to his prison term, Zamora-Quezada was ordered to forfeit $28,245,454, including 13 real estate properties, a jet, and a Maserati GranTurismo.

According to the evidence presented at trial, Zamora-Quezada falsely diagnosed his patients with rheumatoid arthritis and administered toxic medications in order to defraud Medicare, Medicaid, TRICARE, and Blue Cross Blue Shield. The fraudulent diagnoses made the defendant’s patients believe that they had a life-long, incurable condition that required regular treatment at his offices. After falsely diagnosing his patients, Zamora-Quezada administered unnecessary treatments and ordered unnecessary testing on them, including a variety of injections, infusions, x-rays, MRIs, and other procedures—all with potentially harmful and even deadly side effects. To receive payment for these expensive services, Zamora-Quezada fabricated medical records and lied about the patients’ condition to insurers.

“Dr. Zamora-Quezada funded his luxurious lifestyle for two decades by traumatizing his patients, abusing his employees, lying to insurers, and stealing taxpayer money,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “His depraved conduct represents a profound betrayal of trust toward vulnerable patients who depend on care and integrity from their doctors. Today’s sentence is not just a punishment—it’s a warning. Medical professionals who harm Americans for personal enrichment will be aggressively pursued and held accountable to protect our citizens and the public fisc.”

“Through the false diagnoses and excessive false billing, Dr. Zamora-Quezada abused both patient trust and public resources,” said Special Agent in Charge Jason E. Meadows of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “It is imperative to investigate and address this form of fraud — not only to protect vulnerable individuals from harm but to uphold the integrity of the federal health care system and safeguard the use of public funds.”

“The FBI is dedicated to working with all of our partners to address health care fraud,” said Special Agent in Charge Aaron Tapp of the FBI’s San Antonio Field Office. “This case was not only a concern to us because of the financial loss — the physical and emotional harm suffered by the patients and their families was alarming and profound. We hope this significant sentence will help bring closure to the many victims in this case.”

Evidence at trial established that Dr. Zamora-Quezada falsely diagnosed patients in order to defraud insurers and enrich himself. Other rheumatologists in the Rio Grande Valley testified at trial that they saw hundreds of patients previously diagnosed with rheumatoid arthritis by Zamora-Quezada who did not have the condition, prompting one physician to explain that for “most” it was “obvious that the patient did not have rheumatoid arthritis.” Zamora-Quezada’s false diagnoses and powerful medications caused debilitating side effects on his patients, including strokes, necrosis of the jawbone, hair loss, liver damage, and pain so severe that basic tasks of everyday life, such as bathing, cooking, and driving, became difficult. As one patient testified, “Constantly being in bed and being unable to get up from bed alone, and being pumped with medication, I didn’t feel like my life had any meaning.” One mother described how she felt that her child served as a “lab rat,” and others described abandoning plans for college or feeling like they were “living a life in the body of an elderly person.”

Former employees detailed how Zamora-Quezada imposed strict quotas for procedures, leading to a climate of fear. Zamora-Quezada referred to himself as the “eminencia” — or eminence, threw a paperweight at an employee who failed to generate enough unnecessary procedures, hired employees he could manipulate because they were on J-1 visas and their immigration status could be jeopardized if they lost their jobs, and fired those who challenged him. Testimony also revealed Zamora-Quezada’s obstruction of insurer audits by fabricating missing patient files, including by taking ultrasounds of employees and using those images as documentation in the patient records. Testimony at trial established that Zamora-Quezada told employees to “aparecer” the missing records — “to make them appear.” Former employees also recounted being sent to a dilapidated barn to attempt to retrieve records. There, files were saturated with feces and urine, rodents, and termites that infested not only the records but also the structure.

Zamora-Quezada’s patient file storage facility

Zamora-Quezada used proceeds from his crimes to fund a lavish lifestyle, replete with real estate properties across the country and in Mexico, a jet, and a Maserati.

One of Zamora-Quezada’s luxury properties

Zamora-Quezada’s jet

FBI, HHS-OIG, Texas HHS-OIG, and the Texas Medicaid Fraud Control Unit investigated the case, with assistance from the Defense Criminal Investigative Service.

Principal Assistant Chief Jacob Foster and Assistant Chiefs Rebecca Yuan and Emily Gurskis of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Laura Garcia for the Southern District of Texas prosecuted the case. Assistant U.S. Attorney Kristine Rollinson handled asset forfeiture. Fraud Section Assistant Chief Kevin Lowell initially handled the prosecution. The prosecution team thanks the Fraud Section’s Data Analytics Team, whose work initiated the investigation, Victim Witness Specialist Olga De La Rosa of the U.S. Attorney’s Office for the Southern District of Texas, and the Texas Department of Insurance.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

May 22, 2025
MIL-OSI Security: Chief Executive Officer of Digital Asset Company Found Guilty in Multi-Million Dollar Crypto-Fraud Scheme

Source: Office of United States Attorneys

Defendant Misappropriated Millions of Dollars of Investors’ Funds for His Own Use Including to Purchase Real Estate and Luxury Vehicles

Earlier today, at the federal courthouse in Brooklyn, a federal jury convicted Braden John Karony on all counts of a three-count indictment charging him with conspiracy to commit securities fraud, wire fraud, and money laundering. The charges arose from the defendant’s and his co-conspirators’ roles in defrauding investors in a decentralized finance digital asset called “SafeMoon,” issued by their company SafeMoon LLC. As alleged, the defendant agreed with his co-conspirators to lie to SafeMoon investors about whether SafeMoon executives could access the liquidity pool and whether they were using the assets from the liquidity pool for their personal benefit. As SafeMoon’s market capitalization grew to more than $8 billion, the defendant fraudulently diverted and misappropriated millions of dollars’ worth of liquidity from the SafeMoon liquidity pool for their personal benefit. The verdict followed a 12-day trial before United States District Judge Eric R. Komitee. When sentenced, Karony faces up to 45 years in prison. The jury also issued a verdict to forfeit one residential property and the proceeds from the sale of another residential property, amounting to approximately $2 million.

Joseph Nocella, Jr., United States Attorney for the Eastern District of New York; Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI); and Darren B. McCormack, Acting Special Agent in Charge, Homeland Security Investigations, New York (HSI New York) announced the verdict.

“As proven at trial, the SafeMoon digital asset was anything but safe and turned out to be pie in the sky for investors who were deliberately misled by Karony, a man who sought to get rich quick by stealing and diverting millions of dollars,” stated United States Attorney Nocella. “Karony used his scheme to purchase multiple homes, sports cars, custom trucks, and other luxury goods. Today’s guilty verdict should serve as a warning to all would-be fraudsters that my Office will vigorously prosecute individuals like the defendant who victimize digital asset investors and undermine investor confidence in digital assets markets, thereby threatening the stability and growth of these emerging technologies.”

Mr. Nocella expressed his appreciation to the U.S. Securities and Exchange Commission for its work on the case.

“Braden Karony, the CEO of SafeMoon, exploited his company’s digital portfolio with fictional success stories and stole millions of dollars in crypto-assets to finance luxury purchases,” stated FBI Assistant Director in Charge Raia. “Along with his co-conspirators, Karony violated his clients’ trust and wallets while attempting to conceal his misconduct through discreet transactions. May today’s conviction emphasize the FBI’s commitment to securing all markets and protecting the American people from individuals who abuse their position to satisfy personal greed.”

“Braden Karony misled investors; intentionally diverted and misappropriated millions in cryptocurrency for his personal benefit; and lined the driveways of his million dollar homes with luxury cars. While the name of his company is SafeMoon, there was nothing safe about this investment that was just a front for theft. By following the money with complex cryptocurrency tracing, IRS-CI New York’s Cyber and J5 groups worked with our investigative partners to see that this conman is held accountable for his greedy acts,” stated IRS-CI New York Special Agent in Charge Chavis. “The Joint Chiefs of Global Tax Enforcement (J5) is a global partnership that works together to gather information, share intelligence, and conduct coordinated operations against transnational financial crimes. The J5 includes the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Intelligence and Investigation Service, His Majesty’s Revenue and Customs from the U.K. and IRS-CI from the U.S.”

“Steered by his selfish desires and insatiable greed, Braden John Karony treated millions of dollars in investors’ funds as his own personal bank account,” stated HSI New York Acting Special Agent in Charge McCormack. “The defendant will soon be trading his sprawling real estate and luxury vehicles for a jail cell within the four walls of a federal penitentiary. As reflected by today’s conviction, whether it involves fiat or crypto, HSI New York’s El Dorado Task Force will relentlessly pursue individuals intent on exploiting investors and the American financial system for their own gain.”

Background on SafeMoon

As proven at trial, SafeMoon tokens were digital assets first issued in March 2021 by SafeMoon LLC on a public blockchain. Through the operation of SafeMoon’s smart contract, every transaction in SafeMoon was automatically subject to a 10% tax, meaning, for example, that if a holder of SafeMoon transferred 10 SafeMoon to another user, 1 SafeMoon would automatically be retained from the transfer as a tax and the remaining 9 SafeMoon would be received by the other party. As marketed to SafeMoon investors, the proceeds of SafeMoon’s 10% tax were split into two 5% tranches, the proceeds of which were supposed to benefit holders of SafeMoon in specific ways. The first 5% tranche of the tax proceeds would be “reflected” back to, and distributed among, all SafeMoon holders in proportion to their current SafeMoon holdings and thereby increase the total quantity of SafeMoon held by every SafeMoon investor automatically. The remaining 5% tranche of SafeMoon tax proceeds would be deposited into designated SafeMoon liquidity pools. The larger the SafeMoon liquidity pool, the greater the liquidity in the market for SafeMoon. In the months after its launch in March 2021, SafeMoon grew to have millions of holders and a market capitalization of more than $8 billion.

The Defendants’ Fraudulent Scheme

Karony and his co-conspirators misrepresented various material aspects of the SafeMoon offering to investors. Such misrepresentations included that SafeMoon relied on “locked” liquidity pools that would automatically increase in size due to a 10% tax imposed on every SafeMoon transaction; that the “locked” SafeMoon liquidity pool prevented the defendants and other insiders at SafeMoon from being able to “rug pull”—a type of crypto fraud— SafeMoon investors by removing liquidity from the SafeMoon liquidity pool; that tokens in the liquidity pool would only be used for limited pre-defined business purposes, not personal enrichment; that the defendants would manually add token pairs to the SafeMoon liquidity pool when transactions of SafeMoon occurred on specific centralized exchanges; and that the developers were not and had not been holding and trading SafeMoon for their benefit.

In reality, Karony and his co-conspirators retained access to the SafeMoon liquidity pools and used that access to intentionally divert and misappropriate millions of dollars’ worth of tokens for their personal benefit. In addition, although they publicly denied that they personally held or traded SafeMoon, they repeatedly bought and sold SafeMoon, sometimes at the height of SafeMoon market price, which generated millions of dollars in profits. Karony and his co-conspirators masked their movement of the fraudulent proceeds via numerous private un-hosted crypto wallet addresses, complex transaction routing, and pseudonymous centralized exchange accounts. Karony acquired over $9 million in crypto assets from the scheme and used some of the proceeds to purchase luxury vehicles and real estate, including a $2.2 million home in Utah, additional homes in Utah and Kansas, a $277,000 Audi R8 sports car, another Audi R8, a Tesla, and custom Ford F-550 and Jeep Gladiator pickup trucks.

Co-conspirator Thomas Smith previously pleaded guilty and is awaiting sentencing. Co-conspirator Kyle Nagy remains at large.

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys Dana Rehnquist, Sara K. Winik, and Jessica K. Weigel are in charge of the prosecution, with assistance from Paralegal Specialists Asher Martin-Rosenthal and Madison Bates. Assistant United States Attorney Laura Mantell is handling forfeiture matters.

The Defendant:

BRADEN JOHN KARONY
29
Provo, Utah

E.D.N.Y. Docket No. 23-CR-433 (EK)

MIL Security OSI –

May 22, 2025
MIL-OSI Security: Houston Pharmacy Owner Sentenced to 19 Years in Prison for Illegal Distribution of Opioids and Tax Fraud

Source: United States Attorneys General 7

A Texas man was sentenced on Monday to 19 years in prison for unlawfully conspiring to distribute millions of opioid pills and aiding the falsification of tax records.

According to court documents, Christopher Obaze, 64, of Houston, Texas, was the owner and pharmacist-in-charge of Chrisco Pharmacy. Obaze and his co-conspirators operated Chrisco Pharmacy as an illegal “ghosting pharmacy,” purchasing pharmaceutical opioids and other commonly abused prescription drugs from wholesalers and then selling them in bulk to drug traffickers, without involving physicians, patients, or prescriptions. From January 2018 through October 2021, Obaze and his co-conspirators distributed at least 2,268,700 hydrocodone 10-325 mg and oxycodone 30 mg pills as part of the scheme.

The defendant and his pharmacy technician attempted to conceal their illegal activities by reporting no dispensing of the drugs to the Texas State Board of Pharmacy’s prescription monitoring program after July 2018, and by structuring cash deposits and submitting false documents to banks to maintain accounts to hold the proceeds of their unlawful distribution scheme. Obaze also aided and assisted in the preparation and presentation of false and fraudulent tax returns to the IRS by understating, among other things, the gross receipts of Chrisco Pharmacy.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas, Special Agent in Charge William Kimbell of the Drug Enforcement Administration (DEA) Houston Division, and Special Agent in Charge Lucy Tan of the IRS Criminal Investigation (IRS-CI) Houston Field Office made the announcement.

The DEA and IRS-CI investigated the case.

Trial Attorney Drew Pennebaker of the Criminal Division’s Fraud Section prosecuted the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of 9 strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Office of the Inspector General for the Department of Health and Human Services, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

May 22, 2025
MIL-OSI: ReconAfrica Announces the Appointment of Mark Friesen as Managing Director, Investor Relations and Capital Markets, an Update on the Transaction with NAMCOR and Proposed Warrant Extension

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces an update to its investor relations contact, an update on the transaction with Namcor Exploration and Production (Pty) (“NAMCOR”) announced in the Company’s news release dated September 22, 2022 and that it intends to extend the expiry date of certain common share purchase warrants of the Company.

UPDATE TO INVESTOR RELATIONS CONTACT

Mr. Grayson Andersen has left ReconAfrica to pursue new career opportunities. The Company, its Board of Directors and Management thank Grayson for his contributions and wish him the best in his future endeavours.

Effective immediately, Mark Friesen has joined ReconAfrica as Managing Director, Investor Relations and Capital Markets and is based in Calgary. Mark has extensive energy finance and investor relations experience in the Canadian and U.S. markets. Mark’s prior corporate experience includes being the Director of Investor Relations with Kiwetinohk Energy Corp. and doing business development and corporate planning with Kiwetinohk, Murphy Oil Corporation and through his own consulting company. Mark began his career in equity research covering the energy sector at Bank of Montreal (BMO), FirstEnergy Capital Corp., TD Bank and Royal Bank of Canada (RBC). Mark holds a CFA (Chartered Financial Analyst) designation and received a Bachelor of Commerce (Hons) degree in Finance from the University of Manitoba.

Investors can continue to contact the Company by email at investors@reconafrica.com or by phone at +1-877-631-1160.

UPDATE ON NAMCOR TRANSACTION

The Company and NAMCOR have not yet completed the transaction pursuant to the definitive purchase and sale agreement announced September 22, 2022, but report that discussions are ongoing.

PROPOSED WARRANT EXTENSION

The Company intends to extend the expiry date of an aggregate 6,795,454 outstanding common share purchase warrants of the Company (the “July Warrants”) by 18 months to January 18, 2027 and an aggregate 1,071,500 outstanding common share purchase warrants of the Company (the “September Warrants” and collectively with the July Warrants, the “Warrants”) by 18 months to February 1, 2027 (collectively with the extension of July Warrants, the “Extension”).

The July Warrants were issued pursuant to a public offering which closed on July 18, 2023 and are set to expire on July 18, 2025. The July Warrants were issued pursuant to a warrant indenture dated July 18, 2023 between the Company and Odyssey Trust Company. Each July Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.35 and all other terms of the July Warrants, including exercise price, will remain the same.

A total of 295,227 outstanding compensation warrants issued as compensation to the underwriters for part of the financing in July 2023 cannot be extended and will expire on July 18, 2025.

The September Warrants were issued pursuant to a non-brokered private placement which closed on September 1, 2023 and are set to expire on September 1, 2025. Each September Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.40 and all other terms of the September Warrants, including exercise price, will remain the same.

220,000 of the July Warrants are held by parties who are considered to be “related parties” of the Company. The September Warrants are all held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines have been relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.

The Extension remains subject to receipt of approval of the TSX Venture Exchange.

About ReconAfrica

ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola, and northwestern Botswana, where the Company holds rights to petroleum licences comprising over 13 million acres. The Company will be drilling its next well, Prospect I which is located onshore Namibia in Petroleum Exploration Licence 073 (“PEL 73”). This will be the Company’s largest exploration prospect drilled to date. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in all of its project areas.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Brian Reinsborough, President and Chief Executive Officer | Tel: +1-877-631-1160

Mark Friesen, Investor Relations | Tel: +1-877-631-1160

IR Inquiries Email: investors@reconafrica.com

Media Inquiries Email: media@reconafrica.com

Cautionary Note Regarding Forward-Looking Statements:

Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form for the period ended December 31, 2024, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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-Evening Report: NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth

Source: The Conversation (Au and NZ) – By Adrian Sawyer, Professor of Taxation, University of Canterbury

Hagen Hopkins/Getty Images

Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests.

This is a big change from last year’s tax announcements, which were largely focused on individuals.

So far this year, the government has announced tax policies to encourage overseas investment and to make employee share schemes for start-ups and unlisted companies more attractive.

This week, the government also announced the demise of the Digital Services Tax – which Treasury estimated would be worth more than NZ$100 million a year – after threats of retaliation from US President Donald Trump.

But each of these policies would result in a drop in tax revenue. That raises a key question: where will the money to run the government come from when two successive budgets have included tax revenue cuts?

Overseas money for investment

This month, the government announced a commitment of $75 million over the next four years to encourage foreign investment in infrastructure and make it easier for startups to attract and retain high quality staff.

Broken down, this would be $65 million for a change to the rules around “thin capitalisation”, pending the outcome of consultation on the details. At a basic level, this policy is targeting how much debt companies with overseas subsidiaries can have when investing in New Zealand infrastructure.

The other $10 million is earmarked as a deferral of tax liability for some employee share schemes to help startups and unlisted companies.

The goal of both policies seems to be to encourage international investment in New Zealand to boost growth in our otherwise sluggish economy.

The government’s ‘Growth Budget’ is set to include policy changes that will see drops in tax revenue.
Hagen Hopkins/Getty Images

No digital services tax

The demise of the digital services tax is the other big tax policy to be announced ahead of today’s budget.

Left over from the previous Labour government, the policy would have applied a 3% tax on digital services revenue earned from New Zealand customers by global tech giants such as Meta, X and Google (many of which are based in the US).

But Donald Trump has been highly critical of these sorts of levies, describing them as overseas extortion. Revenue Minister Simon Watts has admitted Trump’s objections were part of the decision to scrap the tax.

While the government will save the money set aside in last year’s budget for administrative costs, the potential tax revenue will be a big loss. Treasury had previously forecast New Zealand would gain $479m in tax revenue from the levy between 2027 and 2029.

But Watts said, “the forecast revenues from the introduction of a Digital Services Tax no longer meet the criteria for inclusion in the Crown accounts”.

A hole in revenue

When it comes to tax, the pre-budget announcements will all involve costs to the government or drops in revenue.

There are rumours the budget will include changes to the companies tax. But, if anything, this will be a drop in the amount of tax companies pay. So again, a drop in tax revenue.

The challenge facing the government is where the money to operate comes from. And the choices it has are limited.

Firstly, it could increase tax elsewhere. But that would require either a reversal of last year’s income tax cuts, or the long-standing policy not to target wealth – such as with a capital gains tax.

Or, the government could make drastic cuts to spending. And, considering the announcement that this year’s budget would be tight, with over a $1 billion cut from the government’s discretionary operating spending (known as an operating allowance), this seems to be the path they have taken, at least partially.

The final option would be to borrow now to boost infrastructure and business investment in the hope that resulting economic growth will generate greater revenue later.

We won’t know the answers to these questions until Budget 2025 is released, and there have been a lot of mixed messages. Considering Finance Minister Nicola Willis has dubbed this a “Growth Budget”, however, it seems likely the focus will be on encouraging investment and growth through business activity, rather than any tax increases.

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

– ref. NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth – https://theconversation.com/nz-budget-2025-tax-cuts-and-reduced-revenues-mean-the-government-is-banking-on-business-growth-257229

MIL OSI Analysis – EveningReport.nz –

May 22, 2025
MIL-OSI USA: As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities

US Senate News:

Source: United States Senator for Washington Maria Cantwell
05.21.25
As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities
NEW: 23 Republican WA state legislators join letter to full WA federal delegation, urging them to protect Medicaid
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined Washington state health care professionals to highlight statewide alarm and opposition to proposed Medicaid cuts.
“The House Republicans are now trying to cobble together what I believe is a serious attack on Medicaid, and these will have impacts across our economy,” said Sen. Cantwell. “It undermines the program by shifting the burden to the states and making the entire healthcare system more expensive.”
“If you cut Medicaid, and you cut people on Medicaid, they’re not going to stop having health care needs,” added Sen. Cantwell. “They’re just going to go to a more expensive, unfunded setting to get that care. Medicaid provides the critical financial support for the healthcare sector and for our economies to keep going every day.”
Matt Kollman, CEO of Skyline Hospital in White Salmon, warned that the cuts would endanger the survival of rural hospitals, and ultimately the health of rural residents.
“You don’t just have the opportunity, when you live in White Salmon, to drive a few blocks extra and go to the next hospital,” Kollman said. “You’re talking about a drive that in the best of conditions might be 60 or 90 minutes. That is a disruptive burden for many families, and it would lead to their delay, or possible just outright deferral of health care altogether. And to me, that’s not acceptable.”
“I also know that it’s not acceptable to other members of our community,” added Kollman. “Recently, I was able to present Senator Cantwell and Representative Newhouse with a letter that was signed by many elected officials and community members, including Republicans, elected Republicans in my district and throughout the state, who are asking Congress to be very careful about what they do with Medicaid. To consider the consequences, to be very thoughtful, and to understand that you’re messing with something that is a very intimate and relied on part of people’s lives every day.”
Also today, 23 Republican members of the Washington state legislature sent a letter to the entire Washington state federal Congressional delegation, urging the delegation to “protect Medicaid funding for Washington State.”
This week, the Republican-led U.S. House Budget Committee held a rare weekend meeting late Sunday night as part of the effort to rush to the floor a reconciliation bill containing over $700 billion in cuts and significant changes to Medicaid, the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Then, early this morning, the House Rules Committee began a meeting at 1 a.m. – when most Americans were asleep – since GOP House leadership have indicated their intent to bring the reconciliation bill and its draconian cuts to the floor for a final vote as soon as later today.
Republican proposals include imposition of work requirements and new restrictions on who can receive long-term care support from Medicaid.
Other participants at the virtual presser were
•            Rashad Collins, CEO, Neighborcare Health (Community Health Center with over 20 Seattle-area clinics)
•            Kym Clift, CEO, TriState Health (Clarkston, WA)
•            Lynn Kimball, Executive Director at Aging & Long Term Care of Eastern Washington
•            Dr. Rachel Issaka, gastroenterologist and clinical researcher, Fred Hutchinson Cancer Center
•            Jacquiline Blanco, RN, a Seattle-area perinatal obstetric nurse and Public Policy Committee member at the Association of Women’s Health, Obstetric, and Neonatal Nurses
Video of the event is available HERE and a transcript of Sen. Cantwell’s opening remarks is available HERE.
Also today, Sen. Cantwell delivered a speech on the Senate floor, warning of the impacts to state economies and budgets if the Republican proposal becomes law. Video of her floor speech is available HERE and a transcript is available HERE.
Medicaid, known as Apple Health in Washington state, covers over 1.9 million Washingtonians. On May 2, Sen. Cantwell released a snapshot report highlighting the impact that Medicaid cuts would have on Washington state’s highly-ranked long-term care system for seniors and people with disabilities. In February, she additionally released a snapshot report that demonstrated how cuts would harm health care access in Washington state, and followed up with a report in March that dove into impacts on the Puget Sound region.
Highlights of those snapshot reports include:
In Washington state, WA-04 (Central Washington) and WA-05 (Eastern Washington) have the highest proportions of adults and total population on Medicaid (Apple Health). In District 4, 70% of children are on Medicaid.
In the Puget Sound, children in Seattle’s blue-collar strongholds would feel the deepest pain from Medicaid cuts. More than half of children in Burien, SeaTac, Kent, Federal Way, Auburn, Renton, and Rainier Valley depend on Medicaid.
In an exclusive new survey of 68 WA nursing homes, 67 of 68 would cut services if Medicaid were cut by 5% or more, and 65% would consider closing.
Over the past two months, Sen. Cantwell also took a tour around the state to hear from folks who would be directly impacted by cuts to Medicare. Doctors, patients, and health care providers in Seattle, Spokane, the Tri-Cities, and Wenatchee warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Congressman Danny K. Davis Applauds Reintroduction of Second Chance Reauthorization Act of 2025

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

Washington, DC — Today, Congressman Danny K. Davis (D-IL), original author of the Second Chance Act of 2008, proudly announced the reintroduction of the Second Chance Reauthorization Act of 2025, a bipartisan, bicameral effort to bolster reentry services across the nation. Introduced in the U.S. House by Rep. Davis and Rep. Carol Miller (R-WV) and in the Senate by Sens. Shelley Moore Capito (R-WV) and Cory Booker (D-NJ), the legislation renews vital programs that support returning citizens with housing, career development, and behavioral health services.

“Sixteen years ago, I introduced the Second Chance Act because I believed every person deserves an opportunity to reclaim their life, reunite with their family, and rebuild their future,” said Congressman Danny K. Davis. “Since then, over 442,000 individuals across America have benefited from these services, including thousands here in Chicago. Reentry is not a privilege. It is a right backed by resources, dignity, and support.”

With more than 600,000 individuals returning home from prison each year, and many more transitioning from local jails, reentry has become a national priority for reducing recidivism and promoting public safety. The Second Chance Act of 2008, authored by Congressman Davis and signed into law by President George W. Bush, established the nation’s first coordinated federal effort to fund reentry programs.

In Chicago and across Illinois’ 7th Congressional District, Second Chance funding has supported a wide array of community organizations and justice-focused initiatives, including workforce training programs, mentoring services, transitional housing, and behavioral health treatment. These services are particularly critical for Black and Brown communities that have long borne the brunt of mass incarceration.

“This bill is about investing in people and giving communities—like those I represent in Chicagoland—the resources to reduce crime, restore families, and rewrite futures,” Davis added. “This is bipartisan work at its best—and it’s deeply rooted in both justice and compassion.”

From 2009 to 2024, over 1,300 Second Chance grants were awarded across 49 states and territories, supporting 871 agencies nationwide. The reauthorization will strengthen evidence-based programs and expand services for individuals struggling with substance use disorder and mental health challenges.

The American Jail Association, American Parole and Probation Association, Correctional Leaders Association, Council of State Governments Justice Center, Major County Sheriffs of America, National Alliance on Mental Illness, National Association of Counties, National Association of State Alcohol and Drug Abuse Directors, National Association of State Mental Health Program Directors, National District Attorneys Association, National League of Cities, Prison Fellowship, Treatment Alternatives for Safe Communities, and U.S. Chamber of Commerce support the legislation.

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MIL OSI USA News –

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 Submissions: Finland – Modirum Partners with State Networks Finland to Deliver Real-Time Group Video Services for Finland’s Nationwide Public Safety Network

Source: Modirum

Helsinki, Finland, 21.5.2025 – Modirum and State Networks Finland (Erillisverkot) have announced a strategic partnership to deploy real-time group video services on Virve 2, Finland’s next-generation nationwide public safety network. This collaboration introduces a cutting-edge video platform designed to improve situational awareness, operational coordination, and decision-making for authorities and organizations operating in safety-critical environments.

Enhancing Situational Awareness and Operational Readiness with Secure, Mission-Critical Video Solutions

Modern public safety operations demand fast and secure access to live information from the field. Modirum’s NSC3 Group Video Service enables the secure transmission of live video, audio, and location data between field units and command centers — empowering faster response, better coordination, and ultimately, saving lives.

Already in operational use by several Finnish public safety organizations, the platform supports various video inputs, including body-worn cameras, vehicle-mounted systems, drones, and fixed surveillance units. Purpose-built for harsh operational environments, NSC3 ensures reliable, real-time collaboration for first responders and other mission-critical actors.

“For data security reasons, videos captured by public authorities cannot travel through commercial networks. Together with Modirum, we’ve built a centralized, secure Group Video Service tailored for safety-critical organizations. It provides a highly reliable and encrypted way to transfer live video from the field to command centers.”
— Tuomas Ahlfors, Product Manager, State Networks (Erillisverkot)

“The Group Video Service has proven to be a critical operational tool, significantly enhancing situational awareness and resource coordination. It enables more agile deployments and better crisis response.”
— Mauri Kataja, Account Manager, State Networks (Erillisverkot)

“We are proud to partner with State Networks, a recognized European leader in secure public safety infrastructure. Their commitment to innovation and national resilience aligns closely with Modirum’s mission to deliver AI-driven, mission-critical platforms that strengthen operational capabilities in demanding conditions.”
— Tero Silvola, CEO, Modirum

About State Networks – Erillisverkot

State Networks Finland is a government-owned special-purpose entity under the Prime Minister’s Office, responsible for safeguarding mission-critical communication and infrastructure services in all circumstances. Through its Virve 2 broadband network, it delivers secure communications and situational awareness solutions for emergency services, public authorities, and other essential actors in Finnish society.

Learn more: https://www.erillisverkot.fi

About NSC3 by Modirum

NSC3 is Modirum’s advanced platform for real-time situational awareness and secure communications. Supporting input from drones, body cams, dash cams, and IP cameras, NSC3 delivers seamless video sharing and features the industry’s fastest patented video engine, integrated Push-to-Talk and messaging, and is optimized for low-latency performance in all network conditions.

Learn more: https://modirumplatforms.com/platforms/critical-communication/nsc3

Modirum

Modirum is a leading innovator in delivering secure, AI-driven solutions for Critical Communications, Telecom, Finance, Public & Government, Health Care and Energy sectors. With a focus on platform development, our mission is to empower public safety organizations and businesses by enabling them to launch, deliver, and scale services more efficiently while maintaining trust, reliability, and innovation.

With 27 years of experience and a team of 250+ experts, we’ve successfully executed 500+ projects across 30 countries. Our expert team partners with organizations to deliver cutting-edge solutions tailored to the unique needs of the industries we serve.

MIL OSI – Submitted News –

May 22, 2025

MIL-OSI: Prospera Energy Announces Financing & Operations Update and Q1 2025 Financials

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)

Financing Update
Prospera Energy is pleased to announce it has secured commitments for $3 million, with a substantial portion coming from company insiders through the recently announced convertible debenture and existing financing instruments. The funding is specifically earmarked for the recently initiated capital program and will be released in multiple tranches. This financing reflects strong internal alignment and confidence in Prospera’s strategic business plan. The capital injection accelerates the Corporation’s operational plans and positions it for continued production growth momentum throughout the summer. The recently announced convertible debenture offering remains open, presenting a timely opportunity for investors to participate alongside insiders as Prospera advances its execution strategy.

Operational Update
Service rig activity has begun at Cuthbert, with capital allocated to five well workovers (including a high impact horizontal well remediation from the 2023 drilling program), multiple water injector cleanouts and continued infrastructure upgrades. At Luseland, a five-well reactivation program is planned with equipment ordered and preparations started to build five single well batteries (“SWB”).

The polymer flood pilot site has been finalized following reservoir analysis, injection capability & compatibility assessments, and source water confirmation. Lab and core analysis is now in progress with leading polymer partners as Prospera advances toward execution.

Prospera has completed its Q1 2025 reserves update, which reflect a $5 million increase in PDP reserves, now totaling $33 million —strengthening net asset value and capital-raising capacity.

Live Webinar to Accompany Q1 2025 Financial Results
Stakeholders are encouraged to join Prospera Energy for a live investor webinar on May 22^nd, 2025, at 10:00 AM MST, where management will review Q1 2025 financial results, key operational milestones, and the Company’s strategic direction: Click here to register.

Q1 2025 Financials
In the first quarter of 2025, Prospera deployed $2.3 million of reactivation focused capital towards twenty-seven wells within its core, 100% owned Hearts Hill and Luseland properties. This program resulted in an additional production capability of 249 boe/d at an average capital efficiency of $9,317/boe. The full benefit of the Q1 capital program is expected to be realized in Q2 with all of the wells being online. Additionally, Prospera successfully advanced several strategic initiatives during the quarter, including:


1)	Secured Additional Term Debt Funding Obtained $3.3 million in additional advances pursuant to the term debt financing agreement executed in July 2024. This strategic funding enhances liquidity and supports the Corporation’s ongoing development and optimization programs.

2)	Acquisition of White Tundra Petroleum On March 6, 2025, the Corporation entered into an agreement to acquire 100% of the issued and outstanding common shares of White Tundra Petroleum (“WTP”), whose assets are located near Loyalist and Hanna, Alberta. This related party transaction—due to the Corporation’s Executive Chairman also serving as WTP’s CEO and a shareholder—includes consideration of 18,000,000 Prospera common shares, contingent upon WTP achieving 85 boe/d for three consecutive days, and the assumption of $645,000 in debt. An additional 7,312,500 performance-based shares may be issued if production reaches 128 boe/d for seven consecutive days within six months of closing. The transaction, subject to TSXV approval, is expected to close on June 1, 2025.

3)	Convertible Debt Settlement On March 6, 2025, the Corporation reached a settlement agreement with the holders of $1,500,000 in convertible debt maturing on March 26, 2025. The agreement includes:
	Refinancing the principal into a 12-month, $1,500,000 promissory note bearing 12% interest, with $250,000 monthly repayments beginning six months post-issuance. Interest will be paid as a balloon payment at the end of the term. $200,000 of the total $559,375 accrued interest payable on the convertible debentures will be settled through the issuance of a 12-month convertible note bearing 12% interest, convertible into common shares of the Corporation at $0.05 per share. The Corporation retains the right to settle the convertible note in cash by providing thirty days notice, during which time the holder retains the right to convert. the remaining $359,375 of accrued interest payable will be settled through the issuance of 8,984,371 common shares of the Corporation at a deemed price of $0.04 per share, subject to TSXV acceptance.
4)	Corporate Workforce Optimization Prospera completed a workforce optimization initiative that streamlined corporate decision-making and improved operational efficiency. This resulted in reductions in staffing, office, software, parking, and other G&A-related costs.

Operational highlights for Q1 2025 are as follows:

PEI realized average net sales of 660 boe/d in Q1 2025, an increase of 3% from Q1 2024 net sales of 640 boe/d; an increase of 6% from Q4 2024 net sales of 625 boe/d .
Sales revenue was $4,598,472 ($77.33/boe) in Q1 2025 compared to $3,932,190 ($67.44/boe) in Q1 2024, representing a 17% increase.

Operating costs per boe increased 54% in Q1 2025 at $59.46 per boe compared $38.69 per boe in Q1 2024. Costs were higher due to multiple unplanned electricity outages, one-time infrastructure and road upgrades, bringing field equipment to baseline operating conditions followed by enhanced maintenance programs, health and safety upgrades, and additional costs associated with extreme cold weather experienced during the quarter.
PEI earned an operating netback of $627,266 ($10.55/boe) in Q1 2025 compared to $1,608,373 ($27.56/boe) in Q1 2024; $153,901 ($2.68/boe) in Q4 2024.

About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.
It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

For Further Information:

Shawn Mehler, PR
Email: investors@prosperaenergy.com

Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com

Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

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 Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

May 22, 2025

MIL-OSI: New Bitcoin–Dogecoin Dual Mining Guide Highlights PBK Miner as a Passive Income Powerhouse

Source: GlobeNewswire (MIL-OSI)

Carshalton, UK, May 21, 2025 (GLOBE NEWSWIRE) — In a market where miners are constantly seeking greater efficiency and returns, a new guide has emerged spotlighting how dual mining of Bitcoin (BTC) and Dogecoin (DOGE) can offer higher hash-rate performance and increased daily earnings—with cloud platform PBK Miner leading the charge.

Cryptocurrency mining, once dominated by DIY hardware setups, is now more accessible than ever thanks to cloud solutions that eliminate complexity and reduce costs. PBK Miner stands at the forefront of this trend.

Why PBK Miner?

PBK Miner is designed for users of all experience levels, offering a streamlined interface and automated cloud infrastructure. Key features include:

✅ Over 100 global mining farms powered by renewable energy
✅ More than 500,000 machines operating across the network
✅ 8+ million users worldwide
✅ Instant $10 sign-up bonus and $0.60 daily check-in rewards
✅ Support for 10+ cryptocurrencies, including BTC, DOGE, ETH, XRP, USDT, BCH, and more

Security & Sustainability

PBK Miner places strong emphasis on:

User security: McAfee® and Cloudflare® protection, 100% uptime, and 24/7 support
Environmental responsibility: Carbon-neutral mining with renewable energy

This commitment to ethical and secure operations enhances long-term viability and investor trust.

Getting Started in 2 Simple Steps

Step 1: Register an Account

Visit pbkminer.com and sign up using just your email. No hardware or software setup is required.

Step 2: Choose a Mining Contract

Pick from a range of investment contracts with varying levels of return:

Contract Name	Investment	Total Return
Experience Contract	$100	$107
Bitcoin Miner S21 Imm	$500	$531.75
Bitcoin Miner S19 XP+ Hyd	$1,000	$1,130
Litecoin Miner L7	$5,000	$7,250
WhatsMiner M63S+	$8,000	$12,960
On-rack Filecoin Miner	$30,000	$55,500

Profits start being credited as soon as the next day. Once your balance reaches $100, you can withdraw or reinvest.

Affiliate Program: Earn Without Investing

PBK Miner also offers a lucrative referral program:

Earn up to $30,000/month by referring new users
No investment required to participate
No cap on referrals — unlimited earning potential

In summary:

If you are looking for ways to increase your passive income, cloud mining is a great option. If used properly, these opportunities can help you grow your cryptocurrency wealth in “autopilot” mode with minimal time investment. At the very least, they should be more time-efficient than any type of active trading. Passive income is the goal of every investor and trader, and with PBK Miner, maximizing your passive income potential is easier than ever.

Learn More

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

The MIL Network –

May 22, 2025

MIL-OSI USA: May 21st, 2025 Heinrich, Murray, Klobuchar, Merkley Slam USDA for Evasive Response on Wildfire Mitigation Projects, Workforce Cuts, and Funding Freezes
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, along with U.S. Senator Patty Murray (D-Wash.), Ranking Member of the Senate Appropriations Committee; Amy Klobuchar (D-Minn.), Ranking Member of the Senate Committee on Agriculture, Nutrition, and Forestry; and U.S. Senator Jeff Merkley (D-Ore.), Ranking Member of the Senate Interior-Environment Appropriations Subcommittee, is once again pressing the U.S. Department of Agriculture (USDA) for answers after receiving a deeply inadequate response to a February oversight letter regarding the Department’s unlawful halt of federal funds needed to mitigate and fight wildfires.

In a follow-up letter sent to USDA Deputy Under Secretary Kristin Sleeper, the lawmakers criticized the USDA’s April response for failing to answer the majority of their questions and demanded a comprehensive and transparent accounting of the agency’s actions under the Trump Administration.

“We write to address your recent response to the letter we sent on February 11, 2025, regarding the disbursement of funds for forest management and restoration projects and the universal hiring freeze under the Department of Agriculture. Our letter outlined ten specific questions, of which only two were addressed in your April 10 response,” the senators wrote.

“Your incomplete response left significant questions unanswered concerning which projects, grants, agreements, and staff have been affected by the Trump Administration’s recent actions. Although the Forest Service has lost approximately 5,000 employees through resignation and early retirement since February, we understand that additional reduction-in-force actions are still planned. Questions remain about the Department’s plan to carry out Congressional directives and, most importantly, protect American communities in danger as they face a daunting fire season,” the senators continued.

“Despite our clear and detailed inquiry, the Forest Service has only answered two of our ten questions,” the senators wrote. “This lack of transparency is unacceptable in the face of ongoing threats to public safety, wildfire resilience, and rural economies across the country.”

The senators requested a response to the questions they originally sent to the USDA, which went unanswered by the Department in their correspondence:
1. Please provide a full list of Forest Service programs for which disbursements were or currently are paused, including any paused under Executive Order 14154 or the now rescinded memorandum from the Office of Management and Budget.
1. Please provide a full list of individual projects, including the location and total award amount, for which funds were obligated but disbursements are now paused. Please include projects carried out by Departmental personnel as well as those carried out through grants, contracts, or agreements. If obligated funds have been paused, what is the legal basis for pausing the disbursement of already obligated funds?
1. Did the agency inform non-federal partners affected by the pause before halting their payments? Has the agency communicated with those same partners concerning the status of the affected projects since the pause was initiated? If so, please provide examples of any communications notifying applicants or current participants of the affected programs.
1. 4. What is the status of agency personnel that were hired under funds appropriated by the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA)? Are those personnel still being paid their salaries? How many of these personnel, if any, have been terminated, furloughed, put on administrative leave, or otherwise notified of future administrative leave?
1. How many Forest Service employees have been terminated, furloughed, put on administrative leave, or otherwise notified of future administrative leave since January 20, 2025? Please provide the job titles and duty stations for each category described above.
1. How many Forest Service employees accepted the deferred resignation offer being offered to federal employees by the Office of Personnel Management? Please provide data broken down by position, grade, and duty station.
1. Does the Department plan to reimburse contractors whose payments are paused but are continuing to act under the terms of their contract with the Department? What is the status of Departmental reviews of these paused projects?
1. Please provide the minimum amount of time the pause on funding could last.
The senators requested additional answers to the following new questions:
1. The spending plan provided by the Forest Service for Fiscal Year 2025 contains no information on agency activity beyond what Congress provided to each mission area. Please provide a thorough spending plan that details the expected changes to each program area for this fiscal year, at least at the level of detail provided in the Fiscal Year 2025 Budget Justification’s “Detail Tables.”
1. Please provide the years-to-date number of acres treated nationwide for hazardous fuels using funds provided through annual appropriations, IIJA, or IRA compared with the 10-year average.
1. Pursuant to existing law, a reduction-in-force plan must avoid undue interruption to the agency’s work. What is the Forest Service’s statutory authority for pursuing a reduction-in-force despite the loss of more than 15 percent of its total employees that has already resulted a significant decrease in the agency’s work?
1. The President’s Fiscal Year 2026 budget recommends moving Wildland Fire Management programs out of the Forest Service. Has the Administration conducted an analysis of how this proposal would impact the Forest Service’s management of National Forest System (NFS) lands, particularly the Forest Service’s efforts to reduce wildfire risk on NFS lands? For this proposal, did the Administration consult States, Tribes, private sector, and the Forest Service employees’ union?
1. If the President’s Fiscal Year 2026 budget, which proposes to cut NFS management funding, were enacted, how many Forest Service recreation sites, ranger stations, facilities, or services would be closed or limited in availability? Has the Forest Service analyzed how the current and additional proposed workforce reductions will impact its ability to maintain safe, sanitary recreation sites?
1. How many Forest Service employees who have left the Forest Service since January 20, 2025 were certified to respond to wildfires? How many Forest Service employees being considered in workforce reduction plans are certified to respond to wildfires?
The senators concluded their letter by underscoring how USDA is required by law to carry out its work as Congress intended, “The Forest Service provides a critical support function for communities across the country, from supporting the nation’s wood products sector to mitigating the threat of catastrophic wildfire. Continuing to carry out this work as Congress prescribed is not only required under the law but essential for our nation’s security.”

Full text of the letter is available here.
MIL OSI USA News –
May 22, 2025
MIL-OSI USA: Welch and Britt’s Bill to Boost Flood Resiliency and Hydrology Research Advances Bill would make permanent the hydrology research center at UVM

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

WASHINGTON, D.C. — U.S. Senators Peter Welch (D-Vt.) and Katie Britt (R-Ala.) today celebrated the advancement of the bipartisan Water Research Optimization Act of 2025, legislation to streamline hydrological forecast modeling within the National Weather Service. The Senators’ legislation advanced out of the Senate Committee on Commerce, Science, and Transportation this morning.
“Investing in hydrology modeling and prediction is crucial to boosting flood resilience across the country, from Vermont to Alabama. That includes supporting important hydrology research and programs at the University of Vermont that improve hydrologic forecasting, such as the Cooperative Institute for Research to Operations in Hydrology,” said Senator Welch. “Our bipartisan bill will strengthen and align current hydrology research at the National Weather Service with vital research at UVM to foster flood resilience and help communities rebuild better after natural disasters. I am thankful for the support of the Commerce Committee and urge my colleagues to support the bill as it comes to the Senate floor.”
“I continue to be grateful to Commerce Committee Chair Cruz for his work to advance critical legislation out of committee. I’m also thankful for Senator Welch’s partnership on this important bipartisan bill. The National Water Center has been instrumental to NOAA’s efforts to strengthen America’s water forecasting capabilities, improve weather-preparedness, and modernize water research technologies. The Center’s world-class capabilities truly benefit communities across our entire nation. I’m proud to champion this effort to further enhance this renowned research and applied science, and I’m committed to getting this signed into law,” said Senator Britt.
CIROH has evolved into a revolutionary, collaborative hub between the public and private sector for research and development. The Water Research Optimization Act of 2025 would make CIROH’s research center at the University of Vermont (UVM) permanent and align UVM’s hydrology work with the National Weather Service to boost flood resiliency research.
“We are grateful to Senators Welch and Britt for their leadership in introducing pivotal legislation to support CIROH. Funding for these efforts allows the University of Vermont to continue vital research on water that impacts the quality of life of Vermonters and communities across the country. We are proud to be able to contribute to this work,” said Kirk Dombrowski, Vice President for Research and Economic Development, University of Vermont.
CIROH’s national coalition of academic, industry, and non-profit partners includes the University of Vermont, which functions closely alongside the National Oceanic and Atmospheric Administration’s (NOAA) National Water Center to support stakeholders with hydrological data and important weather-related forecasts and warnings. This legislation would place CIROH Centers under the supervision and oversight of the National Weather Service’s Office of Water Protection and codify the National Water Center’s authority to lead the transition of water resources research.
Read and download the full text of the bill.

MIL OSI USA News –

May 22, 2025
MIL-OSI: NowVertical Group Reports First Quarter 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

Company Hosting Investor Webinar on Thursday May 22, 2025, at 10:00 AM EST
- Q1 2025 revenue was $10.4 million, up 23% Y/Y excluding recent divestitures
- Q1 2025 Income from Operations was $1.5 million, up 1,253% Y/Y excluding recent divestitures
- Q1 2025 Adjusted EBITDA was $2.5 million, up 119% Y/Y excluding recent divestitures
TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSX-V: NOW) (“NOW” or the “Company”), a leader in AI-driven data solutions, announces financial results for its first fiscal quarter ended March 31, 2025. Unless otherwise specified, all dollar amounts are expressed in U.S. dollars. Management will host an investor webinar at 10:00 AM EST (7:00 AM PST) on Thursday May 22^nd, to discuss the Company’s financial and business results.

Selected Financial Highlights for the Three Months Ended March 31, 2025:
- Revenue was $10.4 million in the three months ended March 31, 2025 (“Q1 2025”), a 20% decrease from $12.9 million for the three months ending March 31, 2024 (“Q1 2024”). Excluding the disposition of Allegient Defense, Inc. (“Allegient”) on May 24, 2024, Q1 2024 revenue was $8.4 million, translating to a year-over-year growth of 23%.
- Gross Profit was $5.1 million in Q1 2025, a 15% decrease from $6.0 million in Q1 2024. Excluding the Allegient business, Q1 2024 gross profit was $4.5 million, translating to a year-over year increase of 15%.
- Administrative Expenses were $3.6 million in Q1 2025, a 38% decrease from $5.8 million in Q1 2024. Excluding the Allegient business, Q1 2024 administrative expenses were $4.6 million, translating to a year-over-year decrease of 22%.
- Income from Operations was $1.5 million in Q1 2025, a 660% increase from $0.2 million in Q1 2024. Excluding the Allegient business, Q1 2024 had a Loss from Operations of $0.1 million, translating to a year-over-year increase of 1,253%.
- Adjusted EBITDA was $2.5 million in Q1 2025, a 69% increase from $1.5 million in Q1 2024. Excluding the Allegient business, Adjusted EBITDA was $1.2 million in Q1 2024, translating to a year-over-year increase of 119%.
- Net Loss was $0.7 million in Q1 2025, a 55% decrease from $1.5 million in Q1 2024. Excluding the Allegient business, Net Loss was $1.9 million in Q1 2024, translating to a year-over-year decrease of 63%.
“NOW again delivered a strong quarter and continues to demonstrate its transformation into a business defined by consistency, stability, and sustainable performance. Q1 2025 marks our fifth consecutive quarter of continuous growth and operational improvement, underscoring our momentum across the business,” said Sandeep Mendiratta, CEO of NOW. “We delivered Adjusted EBITDA of $2.5 million, representing an EBITDA margin of 24%, in line with our $10 million annual run-rate target. Our 23% year-over-year revenue growth is a direct result of disciplined execution and a sharpened operational focus. We have successfully renegotiated acquisition-related liabilities, unlocking an estimated $5.4 million in cash savings and improving our payment schedules. These efforts have strengthened our balance sheet and position us for sustained organic revenue growth with strong margins across our core markets.”

Q1 2025 and Subsequent Business Highlights:
- May 13, 2025: Announced that the company was named Qlik Latin America Channel Growth Partner of the Year 2024. The award highlights NOW’s ability to scale customer impact and accelerate business value.
- May 08, 2025: Announced its UK operations have been recognised as a Google Cloud Premier Partner, the highest designation within the Google Cloud Partner Advantage programme.
- April 22, 2025: The company announced that further to its news release on March 10, 2025, it has settled aggregate of CAD$35,220.62 representing the net amount of certain bonus entitlements owing to certain employees through the issuance of an aggregate of 93,917 Class A Subordinate voting shares in the capital of the Company
- April 17, 2025: NOW announced the launch of its flagship Data Catalyst Solution on the Microsoft Azure Marketplace, reinforcing the Company’s strategic positioning at the intersection of enterprise AI, data infrastructure modernisation, and Microsoft ecosystem expansion.
- April 14, 2025: The company announced that it will be presenting at the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub.
- April 08, 2025: Announced that it has received the 2025 Google Cloud Data & Analytics Partner of the Year award for Latin America.
- April 01, 2025: NOW announced its 2024 record financial results.
Q1 2025 Financial Results Investor Webinar:

The Company invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our upcoming webinar. Management will discuss Q1 2025 results, followed by a question-and-answer session.

Investor Webinar Registration:

Time: Thursday, May 22, 2025, 10:00 AM in Eastern Time (US and Canada)

Registration Link:
https://us02web.zoom.us/webinar/register/WN_81iVl2rzQrS7E0lJ7xjlPA

A recording of the webinar and supporting materials will be made available in the investor’s section of the Company’s website at https://www.nowvertical.com/news-and-media.

Additional Information:

The Company’s first quarter 2025 condensed consolidated interim financial statements, notes to financial statements, and management’s discussion and analysis for the three ended March 31, 2025, are available on the Company’s SEDAR+ profile at www.sedarplus.com. Unless otherwise indicated, all references to “$” in this press release refer to US dollars, and all references to “CAD$” in this press release refer to Canadian dollars.

About NowVertical Group Inc.

The Company is a data analytics and AI solutions company offering comprehensive solutions, software and services. As a global provider, we deliver cutting-edge data, technology, and artificial intelligence (AI) applications to private and public enterprises. Our solutions form the bedrock of modern enterprises, converting data investments into business solutions. NOW is growing organically and through strategic acquisitions. For further details about NOW, please visit www.nowvertical.com.

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

For further information, please contact:

Andre Garber, CDO 
IR@nowvertical.com 
+1(647)947-0223 

Investor Relations:
Bristol Capital Ltd.
Stefan Eftychiou
stefan@bristolir.com
+1(905)326-1888 x60 

Cautionary Note Regarding Non-IFRS Measures:

This news release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. The Company’s definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non IFRS financial measures including “EBITDA”, and “Adjusted EBITDA”. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and to eliminate items that have less bearing on our operational performance or operating conditions and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period and prepare annual budgets and forecasts.

Non-IFRS Measures:

The non-IFRS financial measures referred to in this news release are defined below. The management discussion and analysis for the three months ended March 31, 2025, available at nowvertical.com and on SEDAR+ at www.sedarplus.com contains supporting calculations for Adjusted Revenue, EBITDA % and Adjusted EBITDA

“Adjusted EBITDA” adjusts net income (loss) before depreciation and amortization expenses, net interest costs, and provision for income taxes for revenue adjustments in “Adjusted Revenue” and items such as acquisition accounting adjustments, transaction expenses related to acquisitions, transactional gains or losses on assets, asset impairment charges, non-recurring expense items, non-cash stock compensation costs, and the full year impact of cost synergies related to restructuring activities, such as a reduction of employees.

“EBITDA %” is defined as Adjusted EBITDA as a percentage of Adjusted Revenue.

“Adjusted Revenue” adjusts revenue to eliminate the effects of acquisition accounting on the Company’s revenues, which predominantly pertain to fair market value adjustments to the opening deferred revenue balances of acquired companies.

Cautionary note regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

All of the forward-looking statement contained in this press release are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward -looking statements contained herein are provided as of the date hereof, and the Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

The MIL Network –
May 22, 2025
MIL-OSI USA: PSI Chairman Johnson Releases Report; Will Hold Hearing on Federal Health Agencies’ Failure to Warn About the Risk of Myocarditis Following COVID-19 Vaccination

US Senate News:

Source: United States Senator for Wisconsin Ron Johnson
WASHINGTON – Today, U.S. Sen. Ron Johnson (R-Wis.), chairman of the Permanent Subcommittee on Investigations (“PSI” or “Subcommittee”), will hold a hearing entitled, “The Corruption of Science and Federal Health Agencies: How Health Officials Downplayed and Hid Myocarditis and Other Adverse Events Associated with the COVID-19 Vaccines.” In conjunction with the hearing, the chairman released an interim Majority Staff Report, along with more than 2,400 pages of records, detailing the failure of federal health agencies to properly warn the public of the risks of myocarditis and related heart inflammation conditions following mRNA COVID-19 vaccination. The report, which follows Chairman Johnson’s Jan. 28, 2025 subpoena to the Department of Health and Human Services (“HHS”), reveals how federal health officials who were aware of reports of heart inflammation conditions associated with mRNA COVID-19 vaccines delayed notifying the public while downplaying the risks.
Records produced pursuant to the subpoena reveal the following: in the first half of 2021, federal health officials had ample evidence of myocarditis and related heart inflammation conditions occurring in young adults who received mRNA COVID-19 vaccines. Although a number of these records were previously made available to the public through the Freedom of Information Act (“FOIA”), the Biden administration’s heavy redactions prevented a full understanding of what federal health officials knew and what actions they took.
As detailed in the report and records Chairman Johnson released, beginning in February 2021, federal health officials were put on notice by counterparts in Israel of individuals experiencing myocarditis and related heart inflammation conditions after receiving mRNA COVID-19 vaccination. Over the next three months, federal health officials continued to receive information on cases of heart inflammation following mRNA COVID-19 vaccination. By mid-May 2021, Centers for Disease Control and Prevention (“CDC”) officials were drafting a formal notification for health care providers and other officials.
Records indicate that while health officials were drafting the notification, a key vaccine safety monitoring system, VAERS, began showing a safety signal for a heart inflammation condition in young adults who had received an mRNA COVID-19 vaccine. Within days of the safety signal, the top ranking official at the Food and Drug Administration (“FDA”), then-Acting Commissioner Janet Woodcock, pushed back on the CDC’s plan to formally notify healthcare providers, ultimately resulting in the formal notification being rejected in favor of a posting on CDC’s website.
The report builds on the work of many individuals who fought tirelessly to obtain records through the FOIA process under the Biden administration. The chairman credits Brenda Baletti, Ed Berkovich, Brian Hooker, Amy Kelly, Zachary Stieber, Naomi Wolf, and many others who worked persistently to expose the truth about the association of myocarditis with the COVID-19 vaccines.
With the release of the interim report and the corresponding subpoenaed documents produced by the Trump administration, the public will be able to access a more complete record of the Biden administration’s failure to warn the public about the health risks of COVID-19 vaccines without heavy FOIA redactions.
Key findings from the report include:
Despite their awareness of the risks, U.S. health officials downplayed the risks of myocarditis and associated heart inflammation conditions after receiving an mRNA COVID-19 vaccine.
U.S. health officials delayed for months alerting the public, and ultimately rejected a formal notification to health care providers about the risks to young people of myocarditis and associated heart inflammation conditions following receipt of an mRNA COVID-19 vaccine.
U.S. health officials were made aware by at least early 2021 that some of their vaccine safety monitoring systems may not have been capturing all cases of myocarditis and associated heart inflammation following receipt of an mRNA COVID-19 vaccine.
The hearing will be live streamed beginning at 2:00pm EST here.
The interim PSI Majority Staff report can be found here.
The records, which at the request of HHS contain minimal redactions for Personally Identifiable Information, are linked below:

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Hickenlooper, Moran, Booker, Mullin Introduce Bipartisan, Bicameral Legislation to Increase Funding for Down Syndrome Research

US Senate News:

Source: United States Senator John Hickenlooper – Colorado
WASHINGTON – Today, U.S. Senators John Hickenlooper, Jerry Moran, Cory Booker, and Markwayne Mullin introduced the bipartisan, bicameral DeOndra Dixon INCLUDE Project Act to boost funding for Down syndrome research. Specifically, the legislation would authorize the INCLUDE (Investigation of Co-Occurring Conditions Across the Lifespan to Understand Down syndrome) Project at the National Institutes of Health (NIH) and increase funding for Down syndrome research for the next five years.
“Hundreds of thousands of Americans live with Down syndrome, and yet its research has been underfunded for decades,” said Hickenlooper. “This bill is named for my friend DeOndra Dixon, who lived a full, vibrant life and wanted the same for all people living with Down syndrome. We are determined to get this bill across the finish line for her, and for every American who will benefit from research on many different health conditions.”
“Research, supported by the NIH, has helped improve and extend the lives of individuals with Down syndrome, but there is still more to learn,” said Moran. “This legislation will invest in scientific studies on Down syndrome to help members of the Down syndrome community and their families find answers and solutions for the health challenges they face.”
“Every year, around 6,000 babies are born in the United States with Down syndrome, and while the life expectancy for people with Down syndrome has increased drastically over the years, many are still at an increased risk for certain medical conditions,” said Booker. “This bipartisan legislation would reauthorize critical funding for research, increase the number of clinical trials for individuals with Down syndrome, and ultimately help improve the quality of life for people with Down syndrome and their families.”
“People with Down syndrome are a gift from God, and I’m glad to be working in a bipartisan way to support federal Down syndrome research,”said Mullin. “We know that people with Down syndrome are at an increased risk of developing certain medical conditions, like heart defects and Alzheimer’s disease, so it’s critical we do everything we can to better health care outcomes and improve quality of life.”
The INCLUDE Project was launched in June 2018 to further research on health and quality-of-life needs for individuals with Down syndrome. The project investigates conditions that affect individuals with Down syndrome and the general population, such as Alzheimer’s disease and dementia, autism, cataracts, celiac disease, congenital heart disease, and diabetes.
The legislation is named after DeOndra Dixon, the Global Down Syndrome Foundation’s Ambassador and Quincy Jones Exceptional Advocacy Awardee, who died at the age of 36 in 2020.
The House version of the bill is led by representative Diana DeGette and cosponsored by representatives Richard Hudson, Rosa DeLauro, Tom Cole, Pete Stauber, and Eleanor Holmes Norton.
“GLOBAL, our self-advocates and families, and our researchers and medical professionals, celebrate Senate reintroduction of the DeOndra Dixon INCLUDE Project Act which is a necessary next step to ensuring continued and growing federal investments at the NIH to advance Down syndrome research that will elongate life and improve health outcomes for our children and adults with Down syndrome” said Michelle Sie Whitten, President and CEO of the Global Down Syndrome Foundation. “I am deeply grateful for the efforts of our dear friends and champions Senators Hickenlooper and Moran along with Senators Booker and Mullin who have reintroduced this important legislation today. Our hearts are full knowing this legislation will be an enduring legacy celebrating the life and advocacy of our beloved Ambassador DeOndra Dixon.”
Full text of the legislation available HERE.

MIL OSI USA News –

May 22, 2025
MIL-OSI: Clairvest Invests in Beneficial Reuse Management

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it, together with Clairvest Equity Partners VII (“CEP VII”, collectively “Clairvest”), has recapitalized and invested in Beneficial Reuse Management (“BRM” or the “Company”) from Skyline Global Partners and other shareholders. Clairvest has been actively investing in the environmental services sector for over 19 years, and this transaction represents our 10^th partnership in the industry.

BRM distributes products to the agriculture, landscape, wallboard, and construction end-markets by reusing or converting certain industrial waste streams into value-add products. BRM was founded in 1999 by Dave Schuurman and is currently led by Trevor Schuurman as its CEO & President. Headquartered in Chicago, Illinois, BRM operates six processing and manufacturing facilities and maintains a distribution network of over 116 locations to store and distribute materials for beneficial reuse programs.

“BRM is a unique company delivering a compelling value proposition for its customer base, including: (i) meeting the growing demand for specialty agricultural nutrients and recycled wallboard, and (ii) providing innovative waste disposal and recycling solutions for industrial waste generators. We are excited to partner with and support Trevor and his management team to execute an aggressive growth plan and become a leading beneficial reuse and industrial recycling company in the U.S.,” said Michael Castellarin, Managing Director of Clairvest.

“Finding innovative and environmentally friendly waste disposal alternatives for our customers has been a key focus for our business over the past two decades. We remain dedicated to partnering with our customers to provide innovative and effective beneficial reuse solutions – all while contributing to a healthier planet. With Clairvest’s deep industry expertise and strong track record supporting the growth of its partners, we are gaining more than just a capital partner – we are gaining a strategic ally to support our continued growth,” said Trevor Schuurman, CEO & President of BRM.

Raymond James served as exclusive financial advisor to BRM.

The BRM investment is Clairvest’s 69^th platform investment and the third investment of CEP VII, a US$1.2 billion investment pool, US$300 million of which is from CVG.

About Clairvest
Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with CAD $4.6 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 69 different platform companies and generated top quartile performance over an extended period.

Contact Information
Stephanie Lo
Director of Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
stephaniel@clairvest.com

The MIL Network –

May 22, 2025
MIL-OSI USA: Unlocking Albany’s Potential Through Revitalization

Source: US State of New York

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The comprehensive approach to the CAP Initiative also includes up to $150 million to transform cultural experiences in and around Albany’s Downtown, such as renovating the New York State Museum and upgrading the exhibits to be more inviting to Albany families and tourists alike. It also includes funding to invest in improvements at the Empire State Plaza to strengthen connections with the surrounding community and make the space a vibrant and inviting part of the fabric of downtown Albany.

Additionally, Governor Hochul has committed up to $40 million to advance plans to reimagine I-787 which would include reconnecting Albany and surrounding communities and enhancing access to the Hudson River waterfront. This summer, the New York State Department of Transportation (NYSDOT) will release a Planning and Environment Linkages (PEL) study on potential ways to reimagine I-787, a travel corridor in the Capital Region that provides high speed access to the City of Albany and other communities along the river, including Green Island, Watervliet and Menands. Building upon the work completed under the PEL study, up to $40 million will be utilized by NYSDOT to begin an Environmental Impact Statement, which will lay the groundwork for a future project along the I-787 corridor. The environmental review will examine ways to enhance waterfront access along the Hudson River for all users of the road, connect neighborhoods and key destinations in communities along the corridor, and address the infrastructure of I-787, the South Mall Expressway, the Dunn Memorial Bridge, and additional infrastructure along the study area.

Governor Hochul previously announced $19.5 million in State investments to improve public safety in Albany, which included a $1 million commitment to the City of Albany Police Department and $500,000 for the Albany County Sheriff’s Office. These investments reflect a record level of State funding for public safety in the City of Albany and Capital Region. These resources are delivered through a series of nation-leading programs supported by the Division of Criminal Justice Services (DCJS), including the Gun Involved Violence Elimination (GIVE) initiative, the Capital Region Crime Analysis Center, the SNUG Street Outreach and Social Work Program and Project RISE (Respond, Invest, Sustain and Empower). Working together, these efforts have helped reduce violence and improve community safety.

Albany is not only our great state’s capital city, it’s also a place I call home. This investment isn’t just about dollars and cents, it’s about jobs, innovation and a brighter future for our community.

Governor Kathy Hochul

Informed by input from local stakeholders and the community, the CAP Initiative will unfold through a comprehensive public engagement process to identify key opportunities to promote business development, bolster public safety, encourage housing, attract visitors and enhance affordability.

Empire State Development President, CEO and Commissioner Hope Knight said, “Since Governor Hochul first proposed the Championing Albany’s Potential initiative in her State of the State, ESD has been working to establish the foundation upon which this historic investment in our Capital City will build. Working together, we will utilize this generational funding to support transformational projects that reflect the needs of those who live, work and visit the city, and encourage even more people to experience and explore Downtown Albany.”

New York State Office of General Services Commissioner Jeanette Moy said, “The historic investment Governor Hochul is making through the Championing Albany’s Potential initiative will help revitalize our capital city. It will also strengthen the ties between state government and our neighbors living and working in the communities surrounding the Capitol and Empire State Plaza. CAP is a sustainable plan for long-term growth that will spur public-private partnerships, build a thriving city center, and create a vibrant downtown for residents and visitors alike.”

New York State Homes & Community Renewal Commissioner RuthAnne Visnauskas said, “Albany deserves a downtown that is a place people want to visit, live, work, connect, and celebrate. It’s a place rich with history that has been wounded by planning decisions that negatively impacted entire neighborhoods. This $400 million investment will directly boost the city’s potential as an attractive destination by unwinding past mistakes and disinvestment. We’ve made strides recently in Governor Hochul’s administration, investing in upgrading affordable housing and reclaiming vacant land and buildings for development. Now, through CAP, there’s real momentum to rebuild, replan holistically with community involvement and revive our beautiful Capital City for those who live and work here now and for those who will enjoy its future.”

New York State Department of Transportation Commissioner Marie Therese Dominguez said, “The Hudson River is one of the Capital Region’s greatest natural assets, and over the past few years the Department of Transportation has made key investments to reconnect residents and visitors with the waterfront, including projects like the Albany Skyway – a linear park; building the Empire State Trail and today, the Livingston Avenue Rail Bridge, which is currently in construction. The I-787 corridor is a vital piece in reimagining the City of Albany and its waterfront, which is why the Governor’s investment in the next stage of this project is so important. For a number of years now, the project team at NYSDOT has engaged with communities all along the Hudson River to gather ideas and feedback and most importantly, listen to local residents – the people who work and live here, on the future of this corridor. The funding for the next stage of this project – an Environmental Impact Statement – was included in this year’s budget and brings us one step closer to advancing from the ideation stage to the preliminary design and eventual construction phase, as we work to study the real potential this corridor offers for travel, recreation and tourism as well as economic growth throughout the Capital Region.”

New York State Division of Criminal Justice Services Commissioner Rossana Rosado said, “Through Governor Hochul’s unparalleled leadership on public safety, cities across New York State are receiving record resources to ensure safer and stronger communities. These investments and initiatives – spanning evidence-based policing strategies, crime analysis center support, community violence interventions, and neighborhood empowerment programs – help keep New Yorkers safe, ensure a fair and effective justice system, and build opportunities for young people and families. Here in the Capital Region, DCJS is proud to support dozens of our law enforcement and community-based partners as they continue to drive down gun violence and crime.”

State Senator Patricia Fahy said. “I’m incredibly proud that the core of our Capital Region and the 46th District, downtown Albany, will receive $400 million in transformative, once-in-a-generation funding. For years, I’ve engaged with our community to chart a new path forward for Albany that includes Reimagining I-787, making the State Museum a 21st Century destination-location, expanding the core of our Capital Region: downtown Albany, and so much more. That’s why I’m so proud this year’s budget includes $200 million for downtown revitalization, $150 million for upgrading the New York State Museum, $40 million for the next phase of the reimagining I-787 study, and $1 million for addressing public safety in our neighborhoods. Now, the hard work begins in earnest. I look forward to engaging our community, stakeholders, and residents as we move forward with this funding. Make no mistake: together, these initiatives will usher in a new day for the Capital Region, the impacts of which will be felt for years, if not generations to come—if we get it right. I want to thank my legislative colleagues and the Governor for recognizing the value of investing in our Capital City’s success, and for helping deliver this funding in this year’s state budget.”

Assemblymember John T. McDonald III, RPh said “This historic funding is incredible news for the City of Albany and the entire Capital Region. The revitalization of the New York State Museum, the reimagining of I-787, much-needed improvements to the Empire State Plaza and other investments are transformative projects that will enhance connectivity, celebrate our history, and create new opportunities for residents and visitors alike. These efforts reflect years of advocacy and collaboration, and I thank Governor Hochul for her continued commitment to supporting the City of Albany and strengthening the Capital Region as a whole.”

Assemblymember Gabriella A. Romero said, “These investments truly are an investment in Albany’s potential and in making it a city all New Yorkers can be proud to call our capital. Revitalizing downtown, strengthening small business, expanding affordable housing – these are all valuable steps to uplift Albany. I thank the Governor for her leadership in championing this historic investment and Championing Albany’s Potential.”

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Albany County Executive Daniel P. McCoy said, “Governor Hochul’s Championing Albany’s Potential (CAP) Initiative has the potential to be transformational. It’s a historic commitment to the heart of Albany County that will bring new housing, new business, and new life into downtown. A reimagined Albany is exactly what we need, and I’m proud to stand with the governor in this effort.”

Albany Mayor Kathy Sheehan said, “This $400 million investment is a testament to the hard work of the City of Albany over the last 12 years to be ready to write the next great chapter in the history of New York’s Capital City. The pandemic taught us that we need to reimagine our downtowns to get more feet on the street by creating more housing, supporting our small businesses, enhancing public safety, and attracting world-class amenities, and this transformative investment will do just that and more. To steal a phrase from President Biden, this is truly a ‘big effing deal.’ My sincere thanks and appreciation to Governor Hochul for seeing what we all see in the City of Albany: a city that’s full of pride and potential and ready to soar to even greater heights. I also want to thank Senator Fahy, Assemblymember Romero, and Assemblymember McDonald, as well as the entire State Legislature for making this critical investment in their home away from home.”

Advance Albany County Alliance CEO Kevin O’Connor said, “The Advance Albany County Alliance thanks Governor Hochul for her thoughtful leadership and timely commitment to revitalizing New York’s Capital City. The City of Albany is not only the front door of state government, it is the heartbeat of Upstate New York’s fastest-growing county and the springboard for the local economy. The Governor’s disciplined approach through the CAP Initiative will ensure that state funding achieves the greatest possible positive impact. Through this partnership, we will supercharge our placemaking efforts, improve public spaces, secure a safe and welcoming downtown environment, and stimulate the central corridor of the Capital Region.”

Capitalize Albany Corporation President Ashley Mohl said, “With Governor Hochul’s focus and support fueled by this historic more than $400 million investment, New York’s capital city stands on the brink of transformative growth. Our board and staff look forward to working with ESD and MIG alongside our many local and other state economic development partners to maximize this funding and seize this incredible opportunity. To build on the Governor’s CAP Initiative, Capitalize Albany is looking forward to advancing its planned solicitation for qualified development teams interested in acquisition and redevelopment of the Liberty Park site. Our RFP will engage the market directly with the aim to attract strong interest and a range of RFP responses. If you’re a developer or team with a project for the Liberty Park site, we welcome your response.”

Downtown Albany BID Executive Director Georgette Steffens said, “In my 25 years of doing economic development in Downtown Albany, this is the largest investment we’ve ever seen. On behalf of nearly 200 property owners and over 120 restaurants and retail-related businesses, I want to express my profound gratitude to Governor Hochul and the Legislature for their commitment to Albany. We are already seeing the effects of the CAP initiative, with a renewed wave of investment interest in Downtown Albany beginning to percolate. The future of our city’s core is incredibly bright thanks to the Governor’s investment, and I look forward to working together to make Downtown a stronger and more vibrant place to live, work, and experience.”

MIL OSI USA News –

May 22, 2025
MIL-OSI: iRhythm Technologies to Participate in Upcoming Investor Conferences
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, prevent, and predict disease, today announced that its management team is scheduled to present at the following investor conferences.
- William Blair 45^thAnnual Growth Stock Conference on Wednesday, June 4, 2025, at 2:00 p.m. Central Time (12:00 p.m. Pacific Time)
- Goldman Sachs 46^thAnnual Global Healthcare Conference on Tuesday, June 10, 2025, at 2:40 p.m. Eastern Time (11:40 a.m. Pacific Time)
- Truist Securities MedTech Conference on Tuesday, June 17, 2025, at 1:40 p.m. Eastern Time (10:40 a.m. Pacific Time)
Interested parties may access live and archived webcasts of the presentations on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. For additional information about iRhythm, please visit its corporate website at irhythmtech.com.

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

The MIL Network –
May 22, 2025

MIL-OSI: F&M Bank Promotes Eric D. Faust to Executive Vice President

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, May 21, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), is proud to announce the promotion of Eric D. Faust to Executive Vice President. Faust has served as the bank’s Chief Risk Officer since 2022, where he has led significant advancements in enterprise risk and regulatory compliance.

In his role, Mr. Faust has successfully built F&M’s comprehensive risk and compliance team, integrated regulatory compliance more deeply into strategic decision-making, and enhanced the bank’s oversight structures. His efforts have helped ensure F&M continues to meet evolving regulatory expectations while maintaining a strong foundation for safe and sound growth.

Prior to joining F&M, Mr. Faust served as First Vice President and Director of Risk Management at Northstar Financial Group in Wyoming, Michigan. He also held the position of Examination Manager for the State of Michigan’s Department of Insurance and Financial Services. He holds an MBA from Davenport University and a Bachelor of Science in Business Administration from Central Michigan University.

“Eric’s promotion to Executive Vice President is a testament to his leadership and deep understanding of risk and compliance in today’s banking environment,” said Lars Eller, President and CEO of F&M. “He has played a vital role in strengthening our risk culture and ensuring we remain responsive and resilient in a highly regulated landscape.”

Mr. Faust resides in Grand Rapids, Michigan, and will continue to lead F&M’s risk and compliance efforts in his expanded role.

About F&M Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe harbor statement
Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/492467f9-4e52-45e6-a6fc-3278cf80cea0

The MIL Network –

May 22, 2025

MIL-OSI: United Fire Group, Inc. declares quarterly cash dividend of $0.16 per share

Source: GlobeNewswire (MIL-OSI)

CEDAR RAPIDS, Iowa, May 21, 2025 (GLOBE NEWSWIRE) — Today, the board of directors of United Fire Group, Inc. (UFG) (Nasdaq: UFCS) declared a common stock quarterly cash dividend of $0.16 per share. This dividend will be payable June 20, 2025, to shareholders of record as of June 6, 2025.

UFG has a long history of paying quarterly dividends, with the quarterly cash dividend declared today marking the 229th consecutive quarterly dividend paid, dating back to March 1968.

About UFG

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance. The company is licensed as a property and casualty insurer in 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. AM Best assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

Contact:

Investor relations
Email: ir@unitedfiregroup.com

Media inquiries
Email: news@unitedfiregroup.com

Disclosure of forward-looking statements

This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the Company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. The risks identified in our Annual Report on Form 10-K and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

The MIL Network –

May 22, 2025
MIL-OSI Africa: International Islamic Trade Finance Corporation (ITFC) Advances Strategic Partnerships and Intra-OIC Trade at the 2025 Islamic Development Bank (IsDB) Group Annual Meetings

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

ALGIERS, Algeria, May 21, 2025/APO Group/ —

On Day Two of the IsDB Annual Meetings in Algiers, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), signed important agreements and engaged in strategic discussions with OIC member countries and various stakeholders. These engagements underscore ITFC’s continued commitment to advancing trade, economic cooperation, and sustainable development across the OIC region.

The day featured ITFC’s participation during the opening ceremony of the Private Sector Forum, which convened global and regional stakeholders under the theme: “Boosting Intra-OIC Trade and Investment: Overcoming Barriers and Seizing Opportunities.” Eng. Adeeb Y. Al Aama, CEO of ITFC, joined a high-level CEO session where he highlighted key challenges facing OIC countries and shared insights on solutions to scale intra-OIC trade. He emphasized the importance of targeted Islamic trade finance, capacity-building initiatives, and stronger cross-border collaboration to drive sustainable economic growth across the region.

The day’s proceedings also included a series of high-level meetings with key partners and member countries, including the Government of Pakistan and the Government of Tunisia, the OPEC Fund, Afreximbank, and Saudi EXIM Bank, among others. These meetings focused on advancing collaboration, particularly promoting trade and economic integration and supporting economic resilience and sustainability.

Key Signings and Agreements

Afreximbank–US$300 million Murabaha Financing

This financing is structured to facilitate the import of essential goods, ensuring stable supply chains and supporting trade resilience across the region. The agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Mr. Haytham El Maayergi, Executive Vice President of Afreximbank. This facility is designed to benefit enterprises from key sectors across common member countries in Africa. The facility is also aligned with ITFC’s broader mandate to promote regional integration and advance trade-led development among OIC member countries.

Commercial Bank of Cameroun (CBC) – EUR 10 million Murabaha Financing Agreement

A EUR 10 million Murabaha Financing was signed with Commercial Bank of Cameroun (CBC) to finance essential imports. The financing, signed by Mr. Jean Elise Gouater, Deputy CEO of CBC, and Mr. Nazeem Noordali, COO of ITFC will also support the development of Amana Finance Islamique, CBC’s Islamic finance window. Additionally, the signed facility includes an LC confirmation feature and falls under the broader FWA signed with Cameroon in April 2024.

MIL OSI Africa –

May 22, 2025
MIL-OSI USA: Ernst on Revitalizing Manufacturing in the Heartland

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – Today, Chair Joni Ernst (R-Iowa) welcomed Small Business Administration (SBA) Administrator Kelly Loeffler to a U.S. Senate Committee on Small Business and Entrepreneurship hearing to continue their “Made in America” initiative fueling the great American manufacturing comeback.
Watch Chair Ernst’s remarks here.
Ernst’s full remarks:
“We are here today to discuss how the Small Business Administration (SBA) can expand and support investment in our nation’s small manufacturers.
“Last week, the Committee examined how the Small Business Investment Company (SBIC) program could help channel more private capital into American manufacturing.
“To better understand the urgency of this situation, we need to take a closer look at the numbers. And let me tell you folks, this is staggering.
“Over the past 40 years, we did not simply lose manufacturing jobs. We witnessed the steady erosion of our industrial sector to China’s delight and advantage.
“Over the last 25 years in Iowa alone, we have lost nearly one in six manufacturing jobs. American manufacturing employment has fared even worse over the last forty years, falling by 28 percent and reaching depths we haven’t seen since 1946.
“Only 3.7 percent of Americans are employed in manufacturing today – half the share we had forty years ago, and barely a third of our peak in the late ‘60s.
“To put that in perspective, there are nearly twice as many people working in state and local governments than on the factory floor.
“This is not simply an economic decline – it is a hollowing out.
“The steady loss of skills, infrastructure, and investment in manufacturing undermines our ability to innovate and scale new technologies, leaving our homeland weakened and vulnerable.
“The reason for this is not a mystery: government policies that encouraged offshoring production without regard for the long-term damage done to our domestic productive capacity.
“Today, the consequences are visible in every corner of America.
“Shuttered plants, decaying factories, and empty parking lots stand as monuments to the multi-generational disintegration of hard-earned knowledge, talent, and tradition that once formed the bedrock of our nation.
“But here is the good news: we have a President and SBA Administrator who understand what is at stake.
“They recognize the size and complexity of the work needed to revitalize American manufacturing and are committed to rebuilding our industrial strength, from the ground up.
“As we discussed during last week’s hearing, the SBIC program will continue to play its vital role in expanding our productive capacity by facilitating private investment and through federal partnerships like that between the SBA and the Department of Defense’s newly established Office of Strategic Capital – something I championed in the annual defense bill.
“But that is only the beginning; we must do more.
“Today, we welcome Administrator Loeffler to discuss the SBA’s ‘Made in America Manufacturing Initiative’ and the efforts underway to support the small businesses that make up 98 percent of our nation’s manufacturing base.
“Part of that effort involves the Made in America Manufacturing Finance Act, which I was proud to introduce last month alongside Senator Coons.
“This bipartisan legislation would double the SBA-backed loan limit from $5 million to $10 million for small manufacturers who need that capital to modernize, grow, and train the next generation of American workers.
“That investment will have a meaningful impact across the entire supply chain. Because the smallest startups to the largest firms all rely on small manufacturers to get the job done.
“Revitalizing our industrial base and reclaiming our ability to make things in America starts with small businesses. We must ensure that cutting edge innovation and high-speed, high-quality production happens right here, at home – not overseas.
“If we are serious about competing with and beating China, creating good-paying jobs, and restoring economic resilience, we must empower our small manufacturers to lead the way.
“This bipartisan legislation takes a bold step in that direction.
“I am grateful that we’re joined today by Administrator Loeffler, and I look forward to hearing from her how Congress can better equip the SBA to invest in the industrial revitalization of America.”

MIL OSI USA News –

May 22, 2025
MIL-OSI Security: Major strike against Italian-Albanian drug trafficking network: 52 suspects targeted
Source: Eurojust

During the action day, authorities in both countries seized assets worth at least several millions euros, including apartments and companies, as well as various luxury vehicles. . Large amounts of cash and quantities of cocaine and heroin were also seized. A full and complete evaluation of the seizures will be carried out in the coming days.

No complete estimate of the total profits of the cooperation between the three OCGs is available. However, information obtained through the JIT shows that the criminal networks were involved in payments, often in cash, of close to EUR 5 million and the trafficking of at least 1 800 kilos of cocaine and heroin.

Investigations into the linked criminal organisations were initiated in 2016 by the Public Prosecutor’s Office of Bari and the Special Anti-Corruption and Organised Crime Prosecutor’s Office of Tirana and the Albanian Police. On the Albanian side, one OCG, which operated from Durres, was responsible for the transport and wholesale distribution of large quantities of cocaine, heroin and cannabis trafficked between the Balkans, Northern Europe, South America and Puglia in Italy.

Two Italian-led criminal gangs carried out the cutting and packaging of illicit drugs and supplied cocaine and heroin from Latin America and Turkey to local gangs in organisations in Bari, Brindisi and Lecce.

The arrests in Italy and Albania are the result of a long-term collaboration through the JIT. This involved the use of wiretaps, intensive video surveillance, the monitoring of suspects and the analysis of encrypted chats. These chats were decrypted following intensive cooperation through Eurojust.

Since 2020, Eurojust has supported the authorities in Italy and Albania with the JIT. Furthermore, the Agency provided assistance with the execution of requests for Mutual Legal Assistance during the action day and gave cross-border judicial support. Albania is one of the twelve countries outside the European Union with a Liaison Prosecutor at Eurojust. The investigations were also coordinated and supported by the office of the dedicated security expert at the Italian Embassy in Tirana.

The judicial cooperation between Italy and Albania has already proven effective in recent years. Between 2018 and 2021, the Anti-Mafia Investigation Directorate of Bari issued and executed 118 arrest warrants against alleged drug traffickers operating in both countries. As a result, various defendants were sentenced up to 20 years imprisonment.

This week’s operation was carried out at the request of and by the following authorities:
- Italy: Public Prosecutor’s Office Bari – District Anti-Mafia Directorate; Anti-Mafia Investigation Directorate Bari, under the coordination of the National Anti-Mafia and Anti-Terrorism Directorate Rome, with support of the Office of the Security Expert at the Italian Embassy in Tirana
- Albania: Special Anti-Corruption and Organised Crime Prosecutor’s Office (SPAK) of Tirana; Albanian Police
MIL Security OSI –
May 22, 2025
MIL-OSI: Trio completes acquisition of cash flow positive oil and gas assets in prolific heavy oil region of Saskatchewan Canada

Source: GlobeNewswire (MIL-OSI)

Bakersfield, CA, May 21, 2025 (GLOBE NEWSWIRE) — Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today is pleased to announce that it has closed on the balance of certain petroleum and natural gas properties held by Novacor Exploration Ltd. (“Novacor”). More specifically, TPET closed on the remaining Novacor TWP47 assets, located at the South-West quarter of Section 19, Township 47, Range 26W3M. These assets are in the prolific Lloydminster, Saskatchewan heavy oil region (the “Acquisition”). This acquisition strategically positions the Company to expand its operations into one of North America’s most promising heavy oil basins, with upside potential for long term production and reserve growth. Since the Novacor assets are in the heavy oil area, Trio believes they offer economic development and low operational costs. Trio also believes that the market accessibility combined with a favorable regulatory process makes this area very attractive for continued and future development within these lands.

As reported in the Company’s press release on April 10, 2025, the Novacor assets are located at the South-West quarter of Section 19, Township 47, Range 26W3M and the Northeast Section 3, Township 48, Range 24W3M, both in the Lloydminster, Saskatchewan area. There are currently seven producing wells located on the two properties. Production from the wells in Section 19 is subject to Freehold Royalties of 13.5% and a GORR of 2%, and production from the wells in Section 3 is subject to Freehold Royalties of 15%. The wells produce heavy crude oil from the McLaren/Sparky and Lloydminster formation(s). Novacor is the operator of these cash flow positive wells and has the capability to rapidly double production. The area is home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy, Rife Resources and many others who have made Heavy Oil a staple of their operation, and where numerous opportunities to acquire additional highly economic fields exist.

Important in this acquisition is Novacor’s ability to address recent fluctuations in global oil prices and their limited impact on the company’s operations. Novacor will continue as operator of the assets. While market volatility is inherent in the energy sector, the Company believes that Novacor’s strategic focus on operational efficiency and low lift costs provides a significant buffer against downward price pressures.

Novacor’s current lift cost stands at a competitive CDN $10.00 per barrel. Trio believes that this low operational expenditure will help ensure Trio maintains strong profitability even in a lower oil price environment. Trio also believes that its commitment to cost management and efficient production techniques will allow it to navigate market fluctuations with greater resilience compared to companies with higher operating costs, thus providing Trio with a significant advantage in its ability to produce oil economically in the current market.

Novacor has a long history of oil and gas development in the area. Trio’s plan is to aggressively grow its footprint in the area utilizing Novacor as an operator of the assets. The Company will continue to seek opportunities for strategic growth and optimization with Novacor’s operational efficiencies and its plan is to deliver consistent value to shareholders through a disciplined approach to operations and cost management.”

Mr. Ross, Trio’s CEO stated, “Our immediate plan is to initiate our workover program to increase production on these newly acquired assets and we believe our next couple of quarters should reflect the benefit of our work. Our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment. We believe that this approach aligns with our long-term vision of creating exponential value while managing risk and resources effectively.”

Terms of the Acquisition

The stated purchase price of the Acquisition was US$650,000 in cash paid in two tranches, and 526,536 in shares of common stock of Trio, which were registered for resale in a registration statement which Trio expects to be declared effective by the United States Securities and Exchange Commission in the near future. The Company paid Novacor a good faith deposit of $65,000, which was applied to the cash portion of the purchase price at the initial closing.

About Trio Petroleum Corp

Trio Petroleum Corp is an oil and gas exploration and development company in California, Utah and Lloydminster, Saskatchewan.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Trio Petroleum Corp (“Trio”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors sections of the Trio reports filed with the Securities and Exchange Commission (SEC). Copies of such documents are available on the SEC’s website, www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com

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: Micron Technology to Report Fiscal Third Quarter Results on June 25, 2025

Source: GlobeNewswire (MIL-OSI)

BOISE, Idaho, May 21, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) announced today that it will hold its fiscal third quarter earnings conference call on Wednesday, June 25, 2025, at 2:30 p.m. Mountain time.

The call will be webcast live at http://investors.micron.com/. Webcast replays of presentations can be accessed from Micron’s Investor Relations website for approximately one year after the call.

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

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

Micron Media Relations Contact
Mark Plungy
Micron Technology, Inc.
+1 (408) 203-2910
corpcomms@micron.com

Micron Investor Relations Contact
Satya Kumar
Micron Technology, Inc.
+1 (408) 450-6199
satyakumar@micron.com

The MIL Network –

May 22, 2025
MIL-OSI United Nations: 21 May 2025 Note for Media Seventy-eighth World Health Assembly – Daily update: 21 May 2025

Source: World Health Organisation

A “health financing emergency” must drive country-led, data-driven solutions

Ministers from multiple countries hit by the abrupt cuts in external funding for health agreed on the urgent need for country-owned and implemented strategies – and a laser-sharp focus on health data – at a ministerial dialogue co-hosted by WHO and the Susan Thompson Buffett Foundation at the Seventy-eighth World Health Assembly.

Opening remarks by Professor Senait Fisseha, Vice President of Global Programs at the Susan Thompson Buffett Foundation, and Dr Tedros Adhanom Ghebreyesus, WHO Director-General, set the tone by noting that the crisis presents an opportunity for a turnaround in how health financing policies and health data systems are built and operated.

Specifically, this is a time for countries to reduce their reliance on external health information systems and external financing; build out their domestic data infrastructure, from vital statistics to downstream impact and return-on-investment; and establish resilient systems designed to withstand shocks, so that access to essential services is protected.

Professor Fisseha called on countries “to use this moment to rethink data and financing in a way that best meets your needs and the needs of your people […] For countries to truly lead and for funders and development partners to start to learn how to follow. Data and financing are a natural place to start because that is where ministers are telling us to start.”

Dr Tedros said, “From expanding domestic financing to pioneering real-time data systems, many of you are advancing solutions that are scalable, sustainable and rooted in equity. Data and sustainable financing are not just technical matters. They are political choices. They shape who is reached, how quickly, and with what quality of care. And they determine whether we progress or fall behind.”

Ministers from Barbados, Central African Republic, Egypt, Liberia, Malawi, Rwanda and Sierra Leone, and representatives from the African Union and the World Bank, among others, shared experiences and advice on concrete actions to strengthen data systems, health financing and planning – urging intensified collaboration in the future. They also spoke of the need to leverage the digital transformation and thereby increase transparency and accountability.

Also discussed: strategies to improve domestic financing capacity while maximizing impact include: strengthening tax administration; exploring revenue sources such as taxes on such items as food, alcohol and tobacco; setting up population-wide mandatory health coverage schemes, coupled with subsidies for low-income households and vulnerable population groups; promoting strategic purchasing of health supplies; prioritizing health in public spending; and integrating externally-funded programmes into domestic financing systems and priorities.

Later this week the Assembly will take up the proposed WHA Health Financing Resolution.

Related links

WHO Director-General’s opening remarks at the Strategic Roundtable: Data and Sustainable Financing: Twin Foundations to Accelerate UHC – 21 May 2025

Report on the health conditions in the occupied Palestinian territory, including east Jerusalem, and in the occupied Syrian Golan

On 21 May 2025, the Seventy-eighth World Health Assembly noted a report from the Director-General, outlining WHO’s humanitarian and emergency health response in the occupied Palestinian territory, including east Jerusalem, and in the occupied Syrian Golan, from January 2024 to February 2025.

A report on the health conditions in the occupied Syrian Golan couldn’t be provided this year again due to the ongoing situation and the lack of disaggregated health data on the Syrian population. Member States were invited to provide guidance on how to support WHO and partners to restore essential health services across Syria and enable a WHO field-assessment mission to the occupied Syrian Golan.

Member States expressed grave concerns over the deterioration of the health system in Gaza, including forced displacement, overcrowding and deteriorating sanitation, and attacks on health, stressing the need for concerted action to address the dire health needs.

A number of Member States presented draft decisions asking the Director-General to continue reporting on the health conditions in the occupied Palestinian territory, including east Jerusalem, and in the occupied Syrian Golan, and more specifically on food insecurity and malnutrition in the Gaza Strip, and to continue supporting the Palestinian and Syrian health systems. The decision was adopted.

Related documents

A78/16: Health conditions in the occupied Palestinian territory, including east Jerusalem, and in the occupied Syrian Golan

A78/B/CONF./1: Health conditions in the occupied Palestinian territory, including east Jerusalem, and in the occupied Syrian Golan

A78/B/CONF./1 Add.1: Financial and administrative implications for the Secretariat of decisions proposed for adoption by the Health Assembly

MIL OSI United Nations News –

May 22, 2025
MIL-OSI Security: St. Augustine Felon Sentenced To More Than Four Years For Illegally Possessing And Selling Firearms

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

Jacksonville, Florida – U.S. District Judge Harvey Schlesinger has sentenced Alton Wayne Cope, III (64, St. Augustine) to four years and three months in federal prison for possessing a firearm as a convicted felon and conspiring to deal firearms without a license. Cope entered a guilty plea in October 2024.

According to court documents, agents began investigating Cope and a co-conspirator when agents learned that Cope may have been illegally selling firearms. During the summer of 2024, agents conducted multiple controlled purchase operations during which they purchased 11 firearms from Cope and a co-conspirator. Throughout the investigation, agents learned that Braden Hobbs was the original purchaser of multiple firearms purchased from Cope and a co-conspirator. Cellphone records later showed that the co-conspirator regularly purchased firearms from Hobbs. Additionally, at least two of the firearms sold by Cope and a co-conspirator had previously been reported stolen. In August 2024, agents executed a federal search warrant at Cope’s residence. During the search, agents found an additional firearm in his bedroom.

Although he engaged in the business of dealing firearms, Cope is not a federally licensed firearms dealer, as required by federal law. Additionally, Cope was previously convicted of multiple felonies, including two counts of possession of cocaine and possession of a firearm by a convicted felon. Therefore, he is prohibited from possessing firearms or ammunition under federal law.

In related court proceedings, co-conspirator Braden Hobbs has been charged by indictment and is scheduled for trial later this year. If convicted, Hobbs faces a minimum sentence of 5 years, up to 95 years, in federal prison. An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Internal Revenue Service – Criminal Investigation, the United States Secret Service, the North Florida HIDTA Tri-County Narcotics Task Force with the Florida Department of Law Enforcement, the St. Johns County Sheriff’s Office, and the Jacksonville Sheriff’s Office. It is being prosecuted by Assistant United States Attorney Elisibeth Adams.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

May 22, 2025

Category: Finance

Overseas money for investment

No digital services tax

A hole in revenue

Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

A “health financing emergency” must drive country-led, data-driven solutions

Report on the health conditions in the occupied Palestinian territory, including east Jerusalem, and in the occupied Syrian Golan