Category: Finance

  • MIL-OSI USA: Russian GRU Targeting Western Logistics Entities and Technology Companies

    News In Brief – Source: US Computer Emergency Readiness Team

    Executive Summary

    This joint cybersecurity advisory (CSA) highlights a Russian state-sponsored cyber campaign targeting Western logistics entities and technology companies. This includes those involved in the coordination, transport, and delivery of foreign assistance to Ukraine. Since 2022, Western logistics entities and IT companies have faced an elevated risk of targeting by the Russian General Staff Main Intelligence Directorate (GRU) 85th Main Special Service Center (85th GTsSS), military unit 26165—tracked in the cybersecurity community under several names (see “Cybersecurity Industry Tracking”). The actors’ cyber espionage-oriented campaign, targeting technology companies and logistics entities, uses a mix of previously disclosed tactics, techniques, and procedures (TTPs). The authoring agencies expect similar targeting and TTP use to continue.

    Executives and network defenders at logistics entities and technology companies should recognize the elevated threat of unit 26165 targeting, increase monitoring and threat hunting for known TTPs and indicators of compromise (IOCs), and posture network defenses with a presumption of targeting.

    This cyber espionage-oriented campaign targeting logistics entities and technology companies uses a mix of previously disclosed TTPs and is likely connected to these actors’ wide scale targeting of IP cameras in Ukraine and bordering NATO nations.

    The following authors and co-sealers are releasing this CSA:

    • United States National Security Agency (NSA)
    • United States Federal Bureau of Investigation (FBI)
    • United Kingdom National Cyber Security Centre (NCSC-UK)
    • Germany Federal Intelligence Service (BND) Bundesnachrichtendienst
    • Germany Federal Office for Information Security (BSI) Bundesamt für Sicherheit in der Informationstechnik
    • Germany Federal Office for the Protection of the Constitution (BfV) Bundesamt für Verfassungsschutz
    • Czech Republic Military Intelligence (VZ)  Vojenské zpravodajství
    • Czech Republic National Cyber and Information Security Agency (NÚKIB) Národní úřad pro kybernetickou a informační bezpečnost
    • Czech Republic Security Information Service (BIS) Bezpečnostní informační služba
    • Poland Internal Security Agency (ABW) Agencja Bezpieczeństwa Wewnętrznego
    • Poland Military Counterintelligence Service (SKW) Służba Kontrwywiadu Wojskowego
    • United States Cybersecurity and Infrastructure Security Agency (CISA)
    • United States Department of Defense Cyber Crime Center (DC3)
    • United States Cyber Command (USCYBERCOM)
    • Australian Signals Directorate’s Australian Cyber Security Centre (ASD’s ACSC)
    • Canadian Centre for Cyber Security (CCCS)
    • Danish Defence Intelligence Service (DDIS) Forsvarets Efterretningstjeneste
    • Estonian Foreign Intelligence Service (EFIS) Välisluureamet
    • Estonian National Cyber Security Centre (NCSC-EE) Küberturvalisuse keskus
    • French Cybersecurity Agency (ANSSI) Agence nationale de la sécurité des systèmes d’information
    • Netherlands Defence Intelligence and Security Service (MIVD) Militaire Inlichtingen- en Veiligheidsdienst
       

    Download the PDF version of this report:

    Russian GRU Targeting Western Logistics Entities and Technology Companies (PDF, 1,081KB)

    For a downloadable list of IOCs, visit:

    Introduction

    For over two years, the Russian GRU 85th GTsSS, military unit 26165—commonly known in the cybersecurity community as APT28, Fancy Bear, Forest Blizzard, BlueDelta, and a variety of other identifiers—has conducted this campaign using a mix of known tactics, techniques, and procedures (TTPs), including reconstituted password spraying capabilities, spearphishing, and modification of Microsoft Exchange mailbox permissions.
    In late February 2022, multiple Russian state-sponsored cyber actors increased the variety of cyber operations for purposes of espionage, destruction, and influence—with unit 26165 predominately involved in espionage. [1] As Russian military forces failed to meet their military objectives and Western countries provided aid to support Ukraine’s territorial defense, unit 26165 expanded its targeting of logistics entities and technology companies involved in the delivery of aid. These actors have also targeted Internet-connected cameras at Ukrainian border crossings to monitor and track aid shipments.
    Note: This advisory uses the MITRE ATT&CK® for Enterprise framework, version 17. See Appendix A: MITRE ATT&CK tactics and techniques for a table of the threat actors’ activity mapped to MITRE ATT&CK tactics and techniques. This advisory uses the MITRE D3FEND® framework, version 1.0.

    Description of Targets

    The GRU unit 26165 cyber campaign against Western logistics providers and technology companies has targeted dozens of entities, including government organizations and private/commercial entities across virtually all transportation modes: air, sea, and rail. These actors have targeted entities associated with the following verticals within NATO member states, Ukraine, and at international organizations: 

    •  Defense Industry
    • Transportation and Transportation Hubs (ports, airports, etc.)
    • Maritime
    • Air Traffic Management
    • IT Services

    In the course of the targeting lifecycle, unit 26165 actors identified and conducted follow-on targeting of additional entities in the transportation sector that had business ties to the primary target, exploiting trust relationships to attempt to gain additional access [T1199].

    The actors also conducted reconnaissance on at least one entity involved in the production of industrial control system (ICS) components for railway management, though a successful compromise was not confirmed [TA0043].

    The countries with targeted entities include the following, as illustrated in Figure 1:

    • Bulgaria
    • Czech Republic
    • France
    • Germany
    • Greece
    • Italy
    • Moldova
    • Netherlands
    • Poland
    • Romania
    • Slovakia
    • Ukraine
    • United States
       
    Figure 1: Countries with Targeted Entities

    Initial Access TTPs

    To gain initial access to targeted entities, unit 26165 actors used several techniques to gain initial access to targeted entities, including (but not limited to):

    The actors abused vulnerabilities associated with a range of brands and models of small office/home office (SOHO) devices to facilitate covert cyber operations, as well as proxy malicious activity via devices with geolocation in proximity to the target [T1665]. [2]

    Credential Guessing/Brute Force

    Unit 26165 actors’ credential guessing [T1110.001] operations in this campaign exhibit some similar characteristics to those disclosed in the previous CSA “Russian GRU Conducting Global Brute Force Campaign to Compromise Enterprise and Cloud Environments.” [3] Based on victim network investigations, the current iteration of this TTP employs a similar blend of anonymization infrastructure, including the use of Tor and commercial VPNs [T1090.003]. The actors frequently rotated the IP addresses used to further hamper detection. All observed connections were made via encrypted TLS [T1573]. 

    Spearphishing

    GRU unit 26165 actors’ spearphishing emails included links [T1566.002] leading to fake login pages impersonating a variety of government entities and Western cloud email providers’ webpages. These webpages were typically hosted on free third-party services or compromised SOHO devices and often used legitimate documents associated with thematically similar entities as lures. The subjects of spearphishing emails were diverse and ranged from professional topics to adult themes. Phishing emails were frequently sent via compromised accounts or free webmail accounts [T1586.002, T1586.003]. The emails were typically written in the target’s native language and sent to a single targeted recipient. 

    Some campaigns employed multi-stage redirectors [T1104] verifying IP-geolocation [T1627.001] and browser fingerprints [T1627] to protect credential harvesting infrastructure or provide multifactor authentication (MFA) [T1111] and CAPTCHA relaying capabilities [T1056]. Connecting endpoints failing the location checks were redirected to a benign URL [T1627], such as msn.com. Redirector services used include:

    • Webhook[.]site
    • FrgeIO
    • InfinityFree
    • Dynu
    • Mocky
    • Pipedream
    • Mockbin[.]org

    The actors also used spearphishing to deliver malware (including HEADLACE and MASEPIE) executables [T1204.002] delivered via third-party services and redirectors [T1566.002], scripts in a mix of languages [T1059] (including BAT [T1059.003] and VBScript [T1059.005]) and links to hosted shortcuts [T1204.001].

    CVE Usage

    Throughout this campaign, GRU unit 26165 weaponized an Outlook NTLM vulnerability (CVE-2023-23397) to collect NTLM hashes and credentials via specially crafted Outlook calendar appointment invitations [T1187]. [4],[5] These actors also used a series of Roundcube CVEs (CVE-2020-12641, CVE-2020-35730, and CVE-2021-44026) to execute arbitrary shell commands [T1059], gain access to victim email accounts, and retrieve sensitive data from email servers [T1114].

    Since at least fall 2023, the actors leveraged a WinRAR vulnerability (CVE-2023-38831) allowing for the execution of arbitrary code embedded in an archive as a means of initial access [T1659]. The actors sent emails with malicious attachments [T1566.001] or embedded hyperlinks [T1566.002] that downloaded a malicious archive prepared using this CVE. 

    Post-Compromise TTPs

    After an initial compromise using one of the above techniques, unit 26165 actors conducted contact information reconnaissance to identify additional targets in key positions [T1589.002]. The actors also conducted reconnaissance of the cybersecurity department [T1591], individuals responsible for coordinating transport [T1591.004], and other companies cooperating with the victim entity [T1591.002].

    The actors used native commands and open source tools, such as Impacket and PsExec, to move laterally within the environment [TA0008]. Multiple Impacket scripts were used as .exe files, in addition to the python versions, depending on the victim environment. The actors also moved laterally within the network using Remote Desktop Protocol (RDP) [T1021.001] to access additional hosts and attempt to dump Active Directory NTDS.dit domain databases [T1003.003] using native Active Directory Domain Services commands, such as in Figure 2: Example Active Directory Domain Services command:

    C:Windowssystem32ntdsutil.exe "activate instance ntds" ifm "create full C:temp[a-z]{3}" quit quit

    Figure 2: Example Active Directory Domain Services command

    Additionally, GRU unit 26165 actors used the tools Certipy and ADExplorer.exe to exfiltrate information from the Active Directory. The actors installed python [T1059.006] on infected machines to enable the execution of Certipy. Accessed files were archived in .zip files prior to exfiltration [T1560]. The actors attempted to exfiltrate archived data via a previously dropped OpenSSH binary [T1048].

    Incident response investigations revealed that the actors would take steps to locate and exfiltrate lists of Office 365 users and set up sustained email collection. The actors used manipulation of mailbox permissions [T1098.002] to establish sustained email collection at compromised logistics entities, as detailed in a Polish Cybercommand blog. [6]

    After initial authentication, unit 26165 actors would change accounts’ folder permissions and enroll compromised accounts in MFA mechanisms to increase the trust-level of compromised accounts and enable sustained access [T1556.006]. The actors leveraged python scripts to retrieve plaintext passwords via Group Policy Preferences [T1552.006] using Get-GPPPassword.py and a modified ldap-dump.py to enumerate the Windows environment [T1087.002] and conduct a brute force password spray [T1110.003] via Lightweight Directory Access Protocol (LDAP). The actors would additionally delete event logs through the wevtutil utility [T1070.001].

    After gaining initial access to the network, the actors pursued further access to accounts with access to sensitive information on shipments, such as train schedules and shipping manifests. These accounts contained information on aid shipments to Ukraine, including: 

    • sender,
    • recipient,
    • train/plane/ship numbers,
    • point of departure,
    • destination,
    • container registration numbers,
    • travel route, and
    • cargo contents. 

    In at least one instance, the actors attempted to use voice phishing [T1566.004] to gain access to privileged accounts by impersonating IT staff.

    Malware

    Unit 26165’s use of malware in this campaign ranged from gaining initial access to establishing persistence and exfiltrating data. In some cases, the attack chain resulted in multiple pieces of malware being deployed in succession. The actors used dynamic link library (DLL) search order hijacking [T1574.001] to facilitate malware execution. There were a number of known malware variants tied to this campaign against logistics sector victims, including:

    • HEADLACE [7]
    • MASEPIE [8]

    While other malware variants, such as OCEANMAP and STEELHOOK, [8] were not directly observed targeting logistics or IT entities, their deployment against victims in other sectors in Ukraine and other Western countries suggest that they could be deployed against logistics and IT entities should the need arise. 

    Persistence

    In addition to the abovementioned mailbox permissions abuse, unit 26165 actors also used scheduled tasks [T1053.005], run keys [T1547.001], and placed malicious shortcuts [T1547.009] in the startup folder to establish persistence. 

    Exfiltration

    GRU unit 26165 actors used a variety of methods for data exfiltration that varied based on the victim environment, including both malware and living off the land binaries. PowerShell commands [T1059.001] were often used to prepare data for exfiltration; for example, the actors prepared zip archives [T1560.001] for upload to their own infrastructure. 

    The actors also used server data exchange protocols and Application Programming Interfaces (APIs) such as Exchange Web Services (EWS) and Internet Message Access Protocol (IMAP) [T1114.002] to exfiltrate data from email servers. In multiple instances, the actors used periodic EWS queries [T1119] to collect new emails sent and received since the last data exfiltration [T1029]. The actors typically used infrastructure in close geographic proximity to the victim. Long gaps between exfiltration, the use of trusted and legitimate protocols, and the use of local infrastructure allowed for long-term collection of sensitive data to go undetected. 

    Connections to Targeting of IP Cameras

    In addition to targeting logistics entities, unit 26165 actors likely used access to private cameras at key locations, such as near border crossings, military installations, and rail stations, to track the movement of materials into Ukraine. The actors also used legitimate municipal services, such as traffic cams. 

    The actors targeted Real Time Streaming Protocol (RTSP) servers hosting IP cameras primarily located in Ukraine as early as March 2022 in a large-scale campaign, which included attempts to enumerate devices [T1592] and gain access to the cameras’ feeds [T1125]. Actor-controlled servers sent RTSP DESCRIBE requests destined for RTSP servers, primarily hosting IP cameras [T1090.002]. The DESCRIBE requests were crafted to obtain access to IP cameras located on logically distinct networks from that of the routers that received the request. The requests included Base64-encoded credentials for the RTSP server, which included publicly documented default credentials and likely generic attempts to brute force access to the devices [T1110]. An example of an RTSP request is shown in Figure 3.

    DESCRIBE rtsp://[IP ADDRESS] RTSP/1.0

    CSeq: 1

    Authorization: Basic

    User-Agent: WebClient

    Accept: application/sdp

    DESCRIBE rtsp://[IP ADDRESS] RTSP/1.0

    CSeq: 2

    Authorization: Digest username="admin", realm="[a-f0-9]{12}", algorithm="MD5", nonce="[a-f0-9]{32}", uri="", response="[a-f0-9]{32}"

    User-Agent: WebClient

    Accept: application/sdp

    Figure 3: Example RTSP request

    Successful RTSP 200 OK responses contained a snapshot of the IP camera’s image and IP camera metadata such as video codec, resolution, and other properties depending on the IP camera’s configuration. 

    From a sample available to the authoring agencies of over 10,000 cameras targeted via this effort, the geographic distribution of victims showed a strong focus on cameras in Ukraine and border countries, as shown in Table 1:

    Table 1: Geographic distribution of targeted IP cameras
    Country Percentage of Total Attempts
    Ukraine 81.0%
    Romania 9.9%
    Poland 4.0%
    Hungary 2.8%
    Slovakia 1.7%
    Others 0.6%

    Mitigation Actions

    General Security Mitigations

    Architecture and Configuration

    • Employ appropriate network segmentation [D3-NI] and restrictions to limit access and utilize additional attributes (such as device information, environment, and access path) when making access decisions [D3-AMED].
      • Consider Zero Trust principles when designing systems. Base product choices on how those products can solve specific risks identified as part of the end-to-end design. [9]
    • Ensure that host firewalls and network security appliances (e.g., firewalls) are configured to only allow legitimately needed data flows between devices and servers to prevent lateral movement [D3-ITF]. Alert on attempts to connect laterally between host devices or other unusual data flows.
    • Use automated tools to audit access logs for security concerns and identify anomalous access requests [D3-RAPA].
    • For organizations using on-premises authentication and email services, block and alert on NTLM/SMB requests to external infrastructure [D3-OTF].
    • Utilize endpoint, detection, and response (EDR) and other cybersecurity solutions on all systems, prioritizing high value systems with large amounts of sensitive data such as mail servers and domain controllers [D3-PM] first.
      • Perform threat and attack modeling to understand how sensitive systems may be compromised within an organization’s specific architecture and security controls. Use this to develop a monitoring strategy to detect compromise attempts and select appropriate products to enact this strategy.
    • Collect and monitor Windows logs for certain events, especially for events that indicate that a log was cleared unexpectedly [D3-SFA].
    • Enable optional security features in Windows to harden endpoints and mitigate initial access techniques [D3-AH]:
      • Enable attack surface reduction rules to prevent executable content from email [D3-ABPI].
      • Enable attack surface reduction rules to prevent execution of files from globally writeable directories, such as Downloads or %APPDATA% [D3-EAL].
      • Unless users are involved in the development of scripts, limit the local execution of scripts (such as batch scripts, VBScript, JScript/JavaScript, and PowerShell [10]) to known scripts [D3-EI], and audit execution attempts.
      • Disable Windows Host Scripting functionality and configure PowerShell to run in Constrained mode [D3-ACH].
    • Where feasible, implement allowlisting for applications and scripts to limit execution to only those needed for authorized activities, blocking all others by default [D3-EAL].
    • Consider using open source SIGMA rules as a baseline for detecting and alerting on suspicious file execution or command parameters [D3-PSA].
    • Use services that provide enhanced browsing services and safe link checking [D3-URA]. Significant reductions in successful spearphishing attempts were noted when email providers began offering link checking and automatic file detonation to block malicious content.
    • Where possible, block logins from public VPNs, including exit nodes in the same country as target systems, or, if they need to be allowed, alert on them for further investigation. Most organizations should not need to allow incoming traffic, especially logins to systems, from VPN services [D3-NAM].
    • Educate users to only use approved corporate systems for relevant government and military business and avoid the use of personal accounts on cloud email providers to conduct official business. Network administrators should also audit both email and web request logs to detect such activity.

    Many organizations may not need to allow outgoing traffic to hosting and API mocking services, which are frequently used by GRU unit 26165. Organizations should consider alerting on or blocking the following services, with exceptions allowlisted for legitimate activity [D3-DNSDL].

    • *.000[.]pe
    • *.1cooldns[.]com
    • *.42web[.]io
    • *.4cloud[.]click
    • *.accesscan[.]org
    • *.bumbleshrimp[.]com
    • *.camdvr[.]org
    • *.casacam[.]net
    • *.ddnsfree[.]com
    • *.ddnsgeek[.]com
    • *.ddnsguru[.]com
    • *.dynuddns[.]com
    • *.dynuddns[.]net
    • *.free[.]nf
    • *.freeddns[.]org
    • *.frge[.]io
    • *.glize[.]com
    • *.great-site[.]net
    • *.infinityfreeapp[.]com
    • *.kesug[.]com
    • *.loseyourip[.]com
    • *.lovestoblog[.]com
    • *.mockbin[.]io
    • *.mockbin[.]org
    • *.mocky[.]io
    • *.mybiolink[.]io
    • *.mysynology[.]net
    • *.mywire[.]org
    • *.ngrok[.]io
    • *.ooguy[.]com
    • *.pipedream[.]net
    • *.rf[.]gd
    • *.urlbae[.]com
    • *.webhook[.]site
    • *.webhookapp[.]com
    • *.webredirect[.]org
    • *.wuaze[.]com

    Heuristic detections for web requests to new subdomains, including of the above providers, may uncover malicious phishing activity [D3-DNRA]. Logging the requests for each sub-domain requested by users on a network, such as in DNS or firewall logs, may enable system administrators to identify new targeting and victims.

    Identity and Access Management

    Organizations should take measures to ensure strong access controls and mitigate against common credential theft techniques: 

    • Use MFA with strong factors, such as passkeys or PKI smartcards, and require regular re-authentication [D3-MFA]. [11], [12] Strong authentication factors are not guessable using dictionary techniques, so they resist brute force attempts.
    • Implement other mitigations for privileged accounts: including limiting the number of admin accounts, considering using hardware MFA tokens, and regularly reviewing all privileged user accounts [D3-JFAPA].
    • Separate privileged accounts by role and alert on misuse of privileged accounts [D3-UAP]. For example, email administrator accounts should be different from domain administrator accounts.
    • Reduce reliance on passwords; instead, consider using services like single sign-on [D3-TBA].
      • For organizations using on-premises authentication and email services, plan to disable NTLM entirely and migrate to more robust authentication processes such as PKI certificate authentication.
    • Do not store passwords in Group Policy Preferences (GPP). Remove all passwords previously included in GPP and change all passwords on the corresponding accounts [D3-CH]. [13]
    • Use account throttling or account lockout [D3-ANET]:
      • Throttling is preferred to lockout. Throttling progressively increases time delay between successive login attempts.
      • Account lockout can leave legitimate users unable to access their accounts and requires access to an account recovery process.
      • Account lockout can provide a malicious actor with an easy way to launch a Denial of Service (DoS).
      • If using lockout, then allowing 5 to 10 attempts before lockout is recommended.
    • Use a service to check for compromised passwords before using them [D3-SPP]. For example, “Have I Been Pwned” can be used to check whether a password has been previously compromised without disclosing the potential password.
    • Change all default credentials [D3-CRO] and disable protocols that use weak authentication (e.g., clear-text passwords or outdated and vulnerable authentication or encryption protocols) or do not support multi-factor authentication [D3-ACH] [D3-ET]. Always configure access controls carefully to ensure that only well-maintained and well-authenticated accounts have access. [13]

    IP Camera Mitigations

    The following mitigation techniques for IP cameras can be used to defend against this type of malicious activity:

    • Ensure IP cameras are currently supported. Replace devices that are out of support.
    • Apply security patches and firmware updates to all IP cameras [D3-SU].
    • Disable remote access to the IP camera, if unnecessary [D3-ITF].
    • Ensure cameras are protected by a security appliance, if possible, such as by using a firewall to prevent communication with the camera from IP addresses not on an allowlist [D3-NAM].
    • If remote access to IP camera feeds is required, ensure authentication is enabled [D3-AA] and use a VPN to connect remotely [D3-ET]. Use MFA for management accounts if supported [D3-MFA].
    • Disable Universal Plug and Play (UPnP), Peer-to-Peer (P2P), and Anonymous Visit features on IP cameras and routers [D3-NI].
    • Turn off other ports/services not in use (e.g., FTP, web interface, etc.) [D3-ACH].
    • If supported, enable authenticated RTSP access only [D3-AA].
    • Review all authentication activity for remote access to make sure it is valid and expected [D3-UBA]. Investigate any unexpected or unusual activity.
    • Audit IP camera user accounts to ensure they are an accurate reflection of your organization and that they are being used as expected [D3-UAP].
    • Configure, tune, and monitor logging—if available—on the IP camera.

    Indicators of Compromise (IOCs)

    Note: Specific IoCs may no longer be actor controlled, may themselves be compromised infrastructure or email accounts, or may be shared infrastructure such as public VPN or Tor exit nodes. Care should be taken when basing triaging logs or developing detection rules on these indicators. GRU unit 26165 almost certainly uses extensive further infrastructure and TTPs not specifically listed in this report.

    Utilities and scripts

    Legitimate utilities

    Unauthorized or unusual use of the following legitimate utilities can be an indication of a potential compromise:

    • ntdsutil – A legitimate Windows executable used by threat actors to export contents of Active Directory
    • wevtutil – A legitimate Windows executable used by threat actors to delete event logs
    • vssadmin – A legitimate Windows executable possibly used by threat actors to make a copy of the server’s C: drive
    • ADexplorer – A legitimate window executable to view, edit, and backup Active Directory Certificate Services
    • OpenSSH – The Windows version of a legitimate open source SSH client
    • schtasks – A legitimate Windows executable used to create persistence using scheduled tasks
    • whoami – A legitimate Windows executable used to retrieve the name of the current user
    • tasklist – A legitimate Windows executable used to retrieve the list of running processes
    • hostname – A legitimate Windows executable used to retrieve the device name
    • arp – A legitimate Windows executable used to retrieve the ARP table for mapping the network environment
    • systeminfo – A legitimate Windows executable used to retrieve a comprehensive summary of device and operating system information
    • net – A legitimate Windows executable used to retrieve detailed user information
    • wmic – A legitimate Windows executable used to interact with Windows Management Instrumentation (WMI), such as to retrieve letters assigned to logical partitions on storage drives
    • cacls – A legitimate Windows executable used to modify permissions on files
    • icacls – A legitimate Windows executable used to modify permissions to files and handle integrity levels and ownership
    • ssh – A legitimate Windows executable used to establish network shell connections
    • reg – A legitimate Windows executable used to add to or modify the system registry 

    Note: Additional heuristics are needed for effective hunting for these and other living off the land (LOTL) binaries to avoid being overwhelmed by false positives if these legitimate management tools are used regularly. See the joint guide, Identifying and Mitigating Living Off the Land Techniques, for guidance on developing a multifaceted cybersecurity strategy that enables behavior analytics, anomaly detection, and proactive hunting, which are part of a comprehensive approach to mitigating cyber threats that employ LOTL techniques.

    Malicious scripts

    • Certipy – An open source python tool for enumerating and abusing Active Directory Certificate Services
    • Get-GPPPassword.py – An open source python script for finding insecure passwords stored in Group Policy Preferences
    • ldap-dump.py – A script for enumerating user accounts and other information in Active Directory
    • Hikvision backdoor string: “YWRtaW46MTEK”

    Suspicious command lines

    While the following utilities are legitimate, and using them with the command lines shown may also be legitimate, these command lines are often used during malicious activities and could be an indication of a compromise:

    • edge.exe “-headless-new -disable-gpu”
    • ntdsutil.exe “activate instance ntds” ifm “create full C:temp[a-z]{3}” quit quit
    • ssh -Nf
    • schtasks /create /xml

    Outlook CVE Exploitation IOCs

    • md-shoeb@alfathdoor[.]com[.]sa
    • jayam@wizzsolutions[.]com
    • accounts@regencyservice[.]in
    • m.salim@tsc-me[.]com
    • vikram.anand@4ginfosource[.]com
    • mdelafuente@ukwwfze[.]com
    • sarah@cosmicgold469[.]co[.]za
    • franch1.lanka@bplanka[.]com
    • commerical@vanadrink[.]com
    • maint@goldenloaduae[.]com
    • karina@bhpcapital[.]com
    • tv@coastalareabank[.]com
    • ashoke.kumar@hbclife[.]in
    • 213[.]32[.]252[.]221
    • 124[.]168[.]91[.]178
    • 194[.]126[.]178[.]8
    • 159[.]196[.]128[.]120

    Commonly Used Webmail Providers

    • portugalmail[.]pt
    • mail-online[.]dk
    • email[.]cz
    • seznam[.]cz

    Malicious Archive Filenames Involving CVE-2023-38831

    • calc.war.zip
    • news_week_6.zip
    • Roadmap.zip
    • SEDE-PV-2023-10-09-1_EN.zip
    • war.zip
    • Zeyilname.zip

    Brute Forcing IP Addresses

    Disclaimer: These IP addresses date June 2024 through August 2024. The authoring agencies recommend organizations investigate or vet these IP addresses prior to taking action, such as blocking.

    June 2024 July 2024 August 2024
    192[.]162[.]174[.]94 207[.]244[.]71[.]84 31[.]135[.]199[.]145 79[.]184[.]25[.]198 91[.]149[.]253[.]204  
    103[.]97[.]203[.]29 162[.]210[.]194[.]2 31[.]42[.]4[.]138 79[.]185[.]5[.]142 91[.]149[.]254[.]75  
    209[.]14[.]71[.]127   46[.]112[.]70[.]252 83[.]10[.]46[.]174 91[.]149[.]255[.]122  
    109[.]95[.]151[.]207   46[.]248[.]185[.]236 83[.]168[.]66[.]145 91[.]149[.]255[.]19  
        64[.]176[.]67[.]117 83[.]168[.]78[.]27 91[.]149[.]255[.]195  
        64[.]176[.]69[.]196 83[.]168[.]78[.]31   91[.]221[.]88[.]76  
        64[.]176[.]70[.]18 83[.]168[.]78[.]55   93[.]105[.]185[.]139  
        64[.]176[.]70[.]238 83[.]23[.]130[.]49   95[.]215[.]76[.]209  
        64[.]176[.]71[.]201 83[.]29[.]138[.]115   138[.]199[.]59[.]43  
        70[.]34[.]242[.]220 89[.]64[.]70[.]69   147[.]135[.]209[.]245  
        70[.]34[.]243[.]226 90[.]156[.]4[.]204   178[.]235[.]191[.]182  
        70[.]34[.]244[.]100 91[.]149[.]202[.]215   178[.]37[.]97[.]243  
        70[.]34[.]245[.]215 91[.]149[.]203[.]73   185[.]234[.]235[.]69  
        70[.]34[.]252[.]168 91[.]149[.]219[.]158 192[.]162[.]174[.]67  
        70[.]34[.]252[.]186 91[.]149[.]219[.]23   194[.]187[.]180[.]20  
        70[.]34[.]252[.]222 91[.]149[.]223[.]130   212[.]127[.]78[.]170  
        70[.]34[.]253[.]13 91[.]149[.]253[.]118 213[.]134[.]184[.]167
        70[.]34[.]253[.]247   91[.]149[.]253[.]198    
        70[.]34[.]254[.]245 91[.]149[.]253[.]20    

    Detections

    Customized NTLM listener

    rule APT28_NTLM_LISTENER {

           meta:

                  description = "Detects NTLM listeners including APT28's custom one"

           strings:

                  $command_1 = "start-process powershell.exe -WindowStyle hidden"

                  $command_2 = "New-Object System.Net.HttpListener"

                  $command_3 = "Prefixes.Add('http://localhost:8080/')"

                  $command_4 = "-match 'Authorization'"

                  $command_5 = "GetValues('Authorization')"

                  $command_6 = "Request.RemoteEndPoint.Address.IPAddressToString"

                  $command_7 = "@(0x4e,0x54,0x4c,0x4d, 0x53,0x53,0x50,0x00,0x02,0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x28,0x00,0x00,0x01,0x82,0x00,0x00,0x11,0x22,0x33,0x44,0x55,0x66,0x77,0x88,0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x00)"

                  $command_8 = ".AllKeys"

                  

                  $variable_1 = "$NTLMAuthentication" nocase

                  $variable_2 = "$NTLMType2" nocase

                  $variable_3 = "$listener" nocase

                  $variable_4 = "$hostip" nocase

                  $variable_5 = "$request" nocase

                  $variable_6 = "$ntlmt2" nocase

                  $variable_7 = "$NTLMType2Response" nocase

                  $variable_8 = "$buffer" nocase

           condition:

                  5 of ($command_*) 

                  or

                  all of ($variable_*)

    }

    HEADLACE shortcut

    rule APT28_HEADLACE_SHORTCUT {

           meta:

                  description = "Detects the HEADLACE backdoor shortcut dropper. Rule is meant for threat hunting."

           strings:

                  $type = "[InternetShortcut]" ascii nocase

                  $url  = "file://"

                  $edge = "msedge.exe"

                  $icon = "IconFile"

           condition:

                  all of them

    }

    HEADLACE credential dialogbox phishing 

    rule APT28_HEADLACE_CREDENTIALDIALOG {

           meta:

                  description = "Detects scripts used by APT28 to lure user into entering credentials"

           strings:

                  $command_1 = "while($true)"

                  $command_2 = "Get-Credential $(whoami)"

                  $command_3 = "Add-Content"

                  $command_4 = ".UserName"

                  $command_5 = ".GetNetworkCredential().Password"

                  $command_6 = "GetNetworkCredential().Password.Length -ne 0"

           condition:

                  5 of them

    }

    HEADLACE core script

    rule APT28_HEADLACE_CORE {

           meta:

                  description = "Detects HEADLACE core batch scripts"

           strings:

                  $chcp = "chcp 65001" ascii

                  $headless = "start "" msedge --headless=new --disable-gpu" ascii

                  

                  $command_1 = "taskkill /im msedge.exe /f" ascii

                  $command_2 = "whoami>"%programdata%" ascii

                  $command_3 = "timeout" ascii

                  $command_4 = "copy "%programdata%" ascii

                  $non_generic_del_1 = "del /q /f "%programdata%" ascii

                  $non_generic_del_3 = "del /q /f "%userprofile%Downloads" ascii

     

                  $generic_del = "del /q /f" ascii

           condition:

                  (

                          $chcp 

                          and 

                          $headless

                  )

                  and

                  (

                          1 of ($non_generic_del_*)

                          or

                          ($generic_del)

                          or

                          3 of ($command_*)

                  )

    }

    MASEPIE

    rule APT28_MASEPIE {

           meta:

                  description = "Detects MASEPIE python script"

           strings:

                  $masepie_unique_1 = "os.popen('whoami').read()"

                  $masepie_unique_2 = "elif message == 'check'"

                  $masepie_unique_3 = "elif message == 'send_file':"

                  $masepie_unique_4 = "elif message == 'get_file'"

                  $masepie_unique_5 = "enc_mes('ok'"

                  $masepie_unique_6 = "Bad command!'.encode('ascii'"

                  $masepie_unique_7 = "{user}{SEPARATOR}{k}"

                  $masepie_unique_8 = "raise Exception("Reconnect"

           condition:

                  3 of ($masepie_unique_*)

    }

    STEELHOOK

    rule APT28_STEELHOOK {

           meta:

                  description = "Detects APT28's STEELHOOK powershell script"

           strings:

                  $s_1 = "$($env:LOCALAPPDATAGoogleChromeUser DataLocal State)"

                  $s_2 = "$($env:LOCALAPPDATAGoogleChromeUser DataDefaultLogin Data)"

                  $s_3 = "$($env:LOCALAPPDATAMicrosoftEdgeUser DataLocal State)"

                  $s_4 = "$($env:LOCALAPPDATAMicrosoftEdgeUser DataDefaultLogin Data)"

                  $s_5 = "os_crypt.encrypted_key"

                  $s_6 = "System.Security.Cryptography.DataProtectionScope"

                  $s_7 = "[system.security.cryptography.protectdata]::Unprotect"

                  $s_8 = "Invoke-RestMethod"

           condition:

                  all of them

    }

    PSEXEC

    rule GENERIC_PSEXEC {

           meta:

                  description = "Detects SysInternals PSEXEC executable"

           strings:

                  $sysinternals_1 = "SYSINTERNALS SOFTWARE LICENCE TERMS"

                  $sysinternals_2 = "/accepteula"

                  $sysinternals_3 = "SoftwareSysinternals"

                  $network_1 = "%sIPC$"

                  $network_2 = "%sADMIN$%s"

                  $network_3 = "DeviceLanmanRedirector%sipc$"

                  $psexec_1 = "PSEXESVC"

                  $psexec_2 = "PSEXEC-{}-"

                  $psexec_3 = "Copying %s to %s..."

                  $psexec_4 = "gPSINFSVC"

           condition:

                  (

                          ( uint16( 0x0 ) ==0x5a4d )

                          and

                          ( uint16( uint32( 0x3c )) == 0x4550 )

                  )

                  and 

                          filesize < 1024KB

                  and

                  (

                          ( any of ($sysinternals_*) and any of ($psexec_*) )

                          or

                          ( 2 of ($network_*) and 2 of ($psexec_*))

                  )

    }

    The cybersecurity industry provides overlapping cyber threat intelligence, IOCs, and mitigation recommendations related to GRU unit 26165 cyber actors. While not all encompassing, the following are the most notable threat group names related under MITRE ATT&CK G0007 and commonly used within the cybersecurity community: 

    • APT28 [14]
    • Fancy Bear [14]
    • Forest Blizzard [14]
    • Blue Delta [15]

    Note: Cybersecurity companies have different methods of tracking and attributing cyber actors, and this may not be a 1:1 correlation to the U.S. government’s understanding for all activity related to these groupings.

    Further Reference

    To search for the presence of malicious email messages targeting CVE-2023-23397, network defenders may consider using the script published by Microsoft: https://aka.ms/CVE-2023-23397ScriptDoc. 

    For the Impacket TTP, network defenders may consider using the following publicly available Impacket YARA detection rule:
    https://github.com/Neo23x0/signature-base/blob/master/yara/gen_impacket_tools.yar

    Works Cited

    [1] Microsoft. Defending Ukraine: Early Lessons from the Cyber War. 2022. https://blogs.microsoft.com/on-the-issues/2022/06/22/defending-ukraine-early-lessons-from-the-cyber-war/  
    [2] FBI et al. Russian Cyber Actors Use Compromised Routers to Facilitate Cyber Operations. 2024. https://media.defense.gov/2024/Feb/27/2003400753/-1/-1/0/CSA-Russian-Actors-Use-Routers-Facilitate-Cyber_Operations.PDF   
    [3] NSA et al. Russian GRU Conducting Global Brute Force Campaign to Compromise Enterprise and Cloud Environments. 2021. https://media.defense.gov/2021/Jul/01/2002753896/-1/-1/0/CSA_GRU_GLOBAL_BRUTE_FORCE_CAMPAIGN_UOO158036-21.PDF 
    [4] ANSSI. Campagnes d'attaques du mode opératoire APT28 depuis 2021. 2023. https://cert.ssi.gouv.fr/cti/CERTFR-2023-CTI-009/  
    [5] ANSSI. Targeting and compromise of french entities using the APT28 intrusion set. 2025. https://cert.ssi.gouv.fr/cti/CERTFR-2025-CTI-007/   
    [6] Polish Cyber Command. Detecting Malicious Activity Against Microsoft Exchange Servers. 2023. https://www.wojsko-polskie.pl/woc/articles/aktualnosci-w/detecting-malicious-activity-against-microsoft-exchange-servers/ 
    [7] IBM. Israel-Hamas Conflict Lures to Deliver Headlace Malware. 2023. https://securityintelligence.com/x-force/itg05-ops-leverage-israel-hamas-conflict-lures-to-deliver-headlace-malware/ 
    [8] CERT-UA. APT28: From Initial Attack to Creating Domain Controller Threats in an Hour. 2023. https://cert.gov.ua/article/6276894 
    [9] NSA. Embracing a Zero Trust Security Model. 2021. https://media.defense.gov/2021/Feb/25/2002588479/-1/-1/0/CSI_EMBRACING_ZT_SECURITY_MODEL_UOO115131-21.PDF  
    [10] NSA et al. Keeping PowerShell: Security Measures to Use and Embrace. 2022. https://media.defense.gov/2022/Jun/22/2003021689/-1/-1/0/CSI_KEEPING_POWERSHELL_SECURITY_MEASURES_TO_USE_AND_EMBRACE_20220622.PDF 
    [11] National Institute of Standards and Technology (NIST). Special Publication 800-63B: Digital Identity Guidelines – Authentication and Lifecycle Management. 2020. https://pages.nist.gov/800-63-3/sp800-63b.html 
    [12] NSA. Selecting Secure Multi-factor Authentication Solutions. October 16, 2020. https://media.defense.gov/2024/Jul/31/2003515137/-1/-1/0/MULTIFACTOR_AUTHENTICATION_SOLUTIONS_UOO17091520.PDF  
    [13] NSA and CSA. NSA and CISA Red and Blue Teams Share Top Ten Cybersecurity Misconfigurations. 2023. https://media.defense.gov/2023/Oct/05/2003314578/-1/-1/0/JOINT_CSA_TOP_TEN_MISCONFIGURATIONS_TLP-CLEAR.PDF 

    [14] Department of Justice. Justice Department Conducts Court-Authorized Disruption of Botnet Controlled by the Russian Federation’s Main Intelligence Directorate of the General Staff (GRU). 2024. https://www.justice.gov/archives/opa/pr/justice-department-conducts-court-authorized-disruption-botnet-controlled-russian  
    [15] Recorded Future. GRU’s BlueDelta Targets Key Networks in Europe with Multi-Phase Espionage Campaigns. 2024. https://go.recordedfuture.com/hubfs/reports/CTA-RU-2024-0530.pdf  
     

    Disclaimer of endorsement

    The information and opinions contained in this document are provided "as is" and without any warranties or guarantees. Reference herein to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement, recommendation, or favoring by the United States Government, and this guidance shall not be used for advertising or product endorsement purposes.

    Purpose

    This document was developed in furtherance of the authoring agencies’ cybersecurity missions, including their responsibilities to identify and disseminate threats and to develop and issue cybersecurity specifications and mitigations. This information may be shared broadly to reach all appropriate stakeholders.

    Contact

    United States organizations

    • National Security Agency (NSA)
    • Cybersecurity and Infrastructure Security Agency (CISA) and Federal Bureau of Investigation (FBI)
      • U.S. organizations are encouraged to reporting suspicious or criminal activity related to information in this advisory to CISA via the agency’s Incident Reporting System, its 24/7 Operations Center (report@cisa.gov or 888-282-0870), or your local FBI field office. When available, please include the following information regarding the incident: date, time, and location of the incident; type of activity; number of people affected; type of equipment user for the activity; the name of the submitting company or organization; and a designated point of contact.
    • Department of Defense Cyber Crime Center (DC3)

    United Kingdom organizations

    Germany organizations

    Czech Republic organizations

    Poland organizations

    Australian organizations

    • Visit cyber.gov.au or call 1300 292 371 (1300 CYBER 1) to report cybersecurity incidents and access alerts and advisories.

    Canadian organizations

    Estonia organizations

    French organizations

    • French organizations are encouraged to report suspicious activity or incident related to information found in this advisory by contacting ANSSI/CERT-FR by email at cert-fr@ssi.gouv.fr or by phone at: 3218 or +33 9 70 83 32 18. 

    See Table 2 through Table 14 for all the threat actor tactics and techniques referenced in this advisory.

    Table 2: Reconnaissance
    Tactic/Technique Title ID Use
    Reconnaissance TA0043 Conducted reconnaissance on at least one entity involved in the production of ICS components for railway management.
    Gather Victim Identity Information: Email Addresses T1589.002 Conducted contact information reconnaissance to identify additional targets in key positions.
    Gather Victim Org Information T1591 Conducted reconnaissance of the cybersecurity department.
    Gather Victim Org Information: Identify Roles T1591.004 Conducted reconnaissance of individuals responsible for coordinating transport.
    Gather Victim Org Information: Business Relationships T1591.002 Conducted reconnaissance of other companies cooperating with the victim entity.
    Gather Victim Host Information T1592 Attempted to enumerate Real Time Streaming Protocol (RTSP) servers hosting IP cameras.
    Table 3: Resource development
    Tactic/Technique Title ID Use
    Compromise Accounts: Email Accounts T1586.002 Sent phishing emails using compromised accounts.
    Compromise Accounts: Cloud Accounts T1586.003 Sent phishing emails using compromised accounts.
    Table 4: Initial Access
    Tactic/Technique Title ID Use
    Trusted Relationship T1199 Conducted follow-on targeting of additional entities in the transportation sector that had business ties to the primary target, exploiting trust relationships to attempt to gain additional access.
    Phishing T1566 Used spearphishing for credentials and delivering malware to gain initial access to targeted entities.
    Phishing: Spearphishing Attachment T1566.001 Sent emails with malicious attachments.
    Phishing: Spearphishing Link T1566.002 Used spearphishing with included links to fake login pages. Sent emails with embedded hyperlinks that downloaded a malicious archive.
    Phishing: Spearphishing Voice T1566.004 Attempted to use voice phishing to gain access to privileged accounts by impersonating IT staff.
    External Remote Services T1133 Exploited Internet-facing infrastructure, including corporate VPNs, to gain initial access to targeted entities.
    Exploit Public-Facing Application T1190 Exploited public vulnerabilities and SQL injection to gain initial access to targeted entities.
    Content Injection T1659 Leveraged a WinRAR vulnerability allowing for the execution of arbitrary code embedded in an archive.
    Table 5: Execution
    Tactic/Technique Title ID Use
    User Execution: Malicious Link T1204.001 Used malicious links to hosted shortcuts in spearphishing.
    User Execution: Malicious File T1204.002 Delivered malware executables via spearphishing.
    Scheduled Task/Job: Scheduled Task T1053.005 Used scheduled tasks to establish persistence.
    Command and Scripting Interpreter T1059 Delivered scripts in spearphishing. Executed arbitrary shell commands.
    Command and Scripting Interpreter: PowerShell T1059.001 PowerShell commands were often used to prepare data for exfiltration.
    Command and Scripting Interpreter: Windows Command Shell T1059.003 Used BAT script in spearphishing.
    Command and Scripting Interpreter: Visual Basic T1059.005 Used VBScript in spearphishing.
    Command and Scripting Interpreter: Python T1059.006 Installed python on infected machines to enable the execution of Certipy.
    Table 6: Persistence
    Tactic/Technique Title ID Use
    Account Manipulation: 
    Additional Email Delegate 
    Permissions

    T1098.002 

    Used manipulation of mailbox permissions to establish sustained email collection. 
    Modify Authentication Process: 
    Multi-Factor Authentication

    T1556.006 

    Enrolled compromised accounts in MFA mechanisms to increase the trust-level of compromised accounts and enable sustained access. 
    Hijack Execution Flow: DLL 
    Search Order Hijacking 
    T1574.001  Used DLL search order hijacking to facilitate malware execution. 
    Boot or Logon Autostart 
    Execution: Registry Run Keys / 
    Startup Folder

    T1547.001 

    Used run keys to establish persistence. 
    Boot or Logon Autostart 
    Execution: Shortcut 
    Modification

    T1547.009 

    Placed malicious shortcuts in the startup folder to establish persistence. 
    Table 7: Defense Evasion
    Tactic/Technique Title ID Use
    Indicator Removal: Clear 
    Windows Event Logs
    T1070.001  Deleted event logs through the wevtutil utility.
    Table 8: Credential access 
    Tactic/Technique Title ID Use

    Brute Force 

    Sent requests with Base64-encoded credentials for the RTSP server, which included publicly documented default credentials, and likely were generic attempts to brute force access to the devices. 

    Brute Force: Password Guessing 

    T1110.001 

    Used credential guessing to gain initial access to targeted entities. 

    Brute Force: Password Spraying 

    T1110.003 

    Used brute force to gain initial access to targeted entities. Conducted a brute force password spray via LDAP. 

    Multi-Factor Authentication Interception 

    Used multi-stage redirectors to provide MFA relaying capabilities in some campaigns. 

    Input Capture 

    Used multi-stage redirectors to provide CAPTCHA relaying capabilities in some campaigns. 

    Forced Authentication 

    Used an Outlook NTLM vulnerability to collect NTLM hashes and credentials via specially crafted Outlook calendar appointment invitations. 

    OS Credential Dumping: NTDS 

    T1003.003 

    Attempted to dump Active Directory NTDS.dit domain databases. 

    Unsecured Credentials: Group Policy Preferences 

    T1552.006 

    Retrieved plaintext passwords via Group Policy Preferences using Get-GPPPassword.py. 

    Table 9: Discovery
    Tactic/Technique Title ID Use

    Account Discovery: Domain Account

    T1087.002

    Used a modified ldap-dump.py to enumerate the Windows environment.

    Table 10: Command and Control
    Tactic/Technique Title ID Use

    Hide Infrastructure 

    T1665 

    Abused SOHO devices to facilitate covert cyber operations, as well as proxy malicious activity, via devices with geolocation in proximity to the target. 

    Proxy: External Proxy 

    T1090.002 

    Actor-controlled servers sent RTSP DESCRIBE requests destined for RTSP servers. 

    Proxy: Multi-hop Proxy 

    T1090.003 

    Used Tor and commercial VPNs as part of their anonymization infrastructure 

    Encrypted Channel 

    T1573 

    Connected to victim infrastructure using encrypted TLS. 

    Multi-Stage Channels 

    T1104 

    Used multi-stage redirectors for campaigns. 

    Table 11: Defense evasion (mobile framework)
    Tactic/Technique Title ID Use

    Execution Guardrails 

    Used multi-stage redirectors to verify browser fingerprints in some campaigns. 

    Execution Guardrails: Geofencing 

    T1627.001 

    Used multi-stage redirectors to verify IP-geolocation in some campaigns. 

    Table 12: Lateral movement
    Tactic/Technique Title ID Use

    Lateral Movement 

    Used native commands and open source tools, such as Impacket and PsExec, to move laterally within the environment. 

    Remote Services: Remote Desktop Protocol 

    T1021.001 

    Moved laterally within the network using RDP. 

    Table 13: Collection
    Tactic/Technique Title ID Use

    Email Collection 

    Retrieved sensitive data from email servers. 

    Email Collection: Remote Email Collection 

    T1114.002 

    Used server data exchange protocols and APIs such as Exchange Web Services (EWS) and IMAP to exfiltrate data from email servers. 

    Automated Collection 

    Used periodic EWS queries to collect new emails. 

    Video Capture 

    Attempted to gain access to the cameras’ feeds. 

    Archive Collected Data 

    Accessed files were archived in .zip files prior to exfiltration. 

    Archive Collected Data: Archive via Utility 

    T1560.001 

    Prepared zip archives for upload to the actors’ infrastructure. 

    Table 14: Exfiltration
    Tactic/Technique Title ID Use

    Exfiltration Over Alternative Protocol 

    Attempted to exfiltrate archived data via a previously dropped OpenSSH binary. 

    Scheduled Transfer 

    Used periodic EWS queries to collect new emails sent and received since the last data exfiltration. 

    Appendix B: CVEs exploited

    Table 15: Exploited CVE information
    CVE  Vendor/Product  Details

    CVE-2023-38831 

    RARLAB WinRAR 

    Allows execution of arbitrary code when a user attempts to view a benign file within a ZIP archive. 

    CVE-2023-23397 

    Microsoft Outlook 

    External actors could send specially crafted emails that cause a connection from the victim to an untrusted location of the actor’s control, leaking the Net-NTLMv2 hash of the victim that the actor could then relay to another service to authenticate as the victim. 

    CVE-2021-44026 

    Roundcube Webmail 

    Roundcube before 1.3.17 and 1.4.x before 1.4.12 is prone to a potential SQL injection via search or search params. 

    CVE-2020-35730 

    Roundcube Webmail 

    An XSS issue was discovered in Roundcube Webmail before 1.2.13, 1.3.x before 1.3.16 and 1.4.x before 1.4.10, where a plaintext email message with JavaScript in a link reference element is mishandled by linkref_addindex in rcube_string_replacer.php. 

    CVE-2020-12641 

    Roundcube Webmail 

    Roundcube Webmail before 1.4.4 allows arbitrary code execution via shell metacharacters in a configuration setting for im_convert_path or im_identify_path in rcube_image.php. 

    Appendix C: MITRE D3FEND Countermeasures

    Table 16: MITRE D3FEND countermeasures
    Countermeasure Title  ID  Details 

    Network Isolation 

    Employ appropriate network segmentation. Disable Universal Plug and Play (UPnP), Peer-to-Peer (P2P), and Anonymous Visit features on IP cameras and routers. 

    Access Mediation 

    Limit access and utilize additional attributes (such as device information, environment, and access path) when making access decisions. Configure access controls carefully to ensure that only well-maintained and well-authenticated accounts have access. 

    Inbound Traffic Filtering 

    Implement host firewall rules to block connections from other devices on the network, other than from authorized management devices and servers, to prevent lateral movement. 

    Resource Access Pattern Analysis 

    Use automated tools to audit access logs for security concerns and identify anomalous access requests. 

    Outbound Traffic Filtering 

    Block NTLM/SMB requests to external infrastructure. 

    Platform Monitoring 

    Install EDR/logging/cybersecurity solutions onto high value systems with large amounts of sensitive data such as mail servers and domain controllers. 

    System File Analysis 

    Collect and monitor Windows logs for certain events, especially for events that indicate that a log was cleared unexpectedly. 

    Application Hardening 

    Enable optional security features in Windows to harden endpoints and mitigate initial access techniques. 

    Application-based Process Isolation 

    Enable attack surface reduction rules to prevent executable content from email. 

    Executable Allowlisting 

    Enable attack surface reduction rules to prevent execution of files from globally writeable directories, such as Downloads or %APPDATA%. 

    Execution Isolation 

    Unless users are involved in the development of scripts, limit the execution of scripts (such as batch, JavaScript, and PowerShell) to known scripts. 

    Application Configuration Hardening 

    Disable Windows Host Scripting functionality and configure PowerShell to run in Constrained mode. Disable protocols that use weak authentication (e.g., clear-text passwords, or outdated and vulnerable authentication or encryption protocols) or do not support multi-factor authentication. Turn off other ports/services not in use (e.g., FTP, web interface, etc.). 

    Process Spawn Analysis 

    Use open source SIGMA rules as a baseline for detecting and alerting on suspicious file execution or command parameters. 

    URL Reputation Analysis 

    Use services that provide enhanced browsing services and safe link checking. 

    Network Access Mediation 

    Do not allow incoming traffic, especially logins to systems, from public VPN services. Where possible, logins from public VPNs, including exit nodes in the same country as target systems, should be blocked or, if allowed, alerted on for further investigation. Ensure cameras and other Internet of Things devices are protected by a security appliance, if possible. 

    DNS Denylisting 

    D3-DNSDL 

    Do not allow outgoing traffic to hosting and API mocking services frequently used by malicious actors. 

    Domain Name Reputation Analysis 

    Heuristic detections for web requests to new subdomains may uncover malicious phishing activity. Logging the requests for each sub-domain requested by users on a network, such as in DNS or firewall logs, may enable system administrators to identify new targeting and victims. 

    Multi-factor Authentication 

    Use MFA with strong factors and require regular re-authentication, especially for management accounts. 

    Job Function Access Pattern Analysis 

    D3-JFAPA 

    Implement other mitigations for privileged accounts: including limiting the number of admin accounts, considering using hardware MFA tokens, and regularly reviewing all privileged user accounts. 

    User Account Permissions 

    Separate privileged accounts by role and alert on misuse of privileged accounts. Audit user accounts on all devices to ensure they are an accurate reflection of your organization and that they are being used as expected. 

    Token-based Authentication 

    Reduce reliance on passwords; instead, consider using services like single sign-on. 

    Credential Hardening 

    Do not store passwords in Group Policy Preferences (GPP). Remove all passwords previously included in GPP and change all passwords on the corresponding accounts. 

    Authentication Event Threshholding 

    Use account throttling or account lockout. Throttling progressively increases time delay between successive login attempts. If using account lockout, allow between 5 to 10 attempts before lockout. 

    Strong Password Policy 

    Use a service to check for compromised passwords before using them. 

    Credential Rotation 

    Change all default credentials. 

    Encrypted Tunnels 

    Disable protocols that use weak authentication (e.g., clear-text passwords, or outdated and vulnerable authentication or encryption protocols). Use a VPN for remote connections to devices. 

    Software Update 

    Apply security patches and firmware updates to all devices. Ensure devices are currently supported. Replace devices that are end-of-life. 

    Agent Authentication 

    Ensure authentication is enabled for remote access to devices. If supported on IP cameras, enable authenticated RTSP access only. 

    User Behavior Analysis 

    Review all authentication activity for remote access to make sure it is valid and expected. Investigate any unexpected or unusual activity. 

    MIL OSI USA News -

  • MIL-OSI USA: Russian GRU Cyber Actors Targeting Western Logistics Entities and Tech Companies

    News In Brief – Source: US Computer Emergency Readiness Team

    Today, CISA, the National Security Agency, the Federal Bureau of Investigation, and other U.S. and international partners released a joint Cybersecurity Advisory, Russian GRU Targeting Western Logistics Entities and Technology Companies.  

    This advisory details a Russian state-sponsored cyber espionage-oriented campaign targeting technology companies and logistics entities, including those involved in the coordination, transport, and delivery of foreign assistance to Ukraine.

    Russian General Staff Main Intelligence Directorate (GRU) 85th Main Special Service Center, military unit 26165 cyber actors are using a mix of previously disclosed tactics, techniques, and procedures (TTPs) and are likely connected to these actors’ widescale targeting of IP cameras in Ukraine and bordering NATO nations.

    Executives and network defenders at logistics entities and technology companies should recognize the elevated threat of until 26165 targeting, increase monitoring and threat hunting for known TTPs and indicators of compromise, and posture network defenses with a presumption of targeting. For more information on Russian state-sponsored threat actor activity, see CISA’s Russia Cyber Threat Overview and Advisories page. 

    MIL OSI USA News

  • MIL-OSI USA: Senator Hassan Slams GOP’s $490 Billion Medicare Cut in Tax Bill

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan
    WASHINGTON – U.S. Senator Maggie Hassan (D-NH), Ranking Member of the Senate Finance Subcommittee on Health, responded to a new analysis from the non-partisan Congressional Budget Office finding that the plan put forward by President Trump and Congressional Republicans to give corporate special interests and billionaires a tax break increases the deficit by $2.3 trillion, which will trigger a $490 billion automatic cut to Medicare over the next 10 years.
    “Seniors pay into Medicare their entire life, based on the promise that it will provide them with health care when they retire. It is absolutely ridiculous that Republicans want to take hundreds of billions of dollars away from Medicare in order to provide more tax giveaways to corporate special interests and billionaires,” said Senator Hassan, Ranking Member of the Senate Finance Subcommittee on Health. “At a time when we should be working to make health care more affordable, Congressional Republicans instead continue to push ahead with this partisan tax giveaway paid for by exploding the deficit and cutting Medicare, Medicaid, and Affordable Care Act, which will only increase health care costs for millions of Americans across the country.” 
    The non-partisan Congressional Budget Office analysis finds that because the Congressional Republican plan increases the deficit by $2.3 trillion, it will trigger automatic cuts of $490 billion to Medicare. More than 60 million American seniors are enrolled in Medicare. An additional recent non-partisan analysis of the Republican tax plan finds that the legislation will also result in 13.7 million Americans losing their health insurance by 2034 because of proposed cuts to Medicaid and the Affordable Care Act.  

    MIL OSI USA News

  • MIL-OSI Europe: Written question – Can the Commission guarantee that citizens’ deposits will stay untouched under the Savings and Investments Union during emergencies such as nearby conflicts or new pandemics? – E-001893/2025

    Source: European Parliament

    Question for written answer  E-001893/2025
    to the Commission
    Rule 144
    Tiago Moreira de Sá (PfE), Hans Neuhoff (ESN), Filip Turek (PfE), Jorge Buxadé Villalba (PfE), Branko Grims (PPE), Dominik Tarczyński (ECR), Petr Bystron (ESN), Petar Volgin (ESN), Gheorghe Piperea (ECR), Stanislav Stoyanov (ESN), António Tânger Corrêa (PfE), Fernand Kartheiser (ECR), Petra Steger (PfE)

    The Savings and Investments Union (SIU) is a new strategy by the Commission aimed at ‘directing savings towards productive investments’. Given the public information, which has never been denied, that the SIU could involve channelling citizens’ deposits, we would like to ask for the following clarifications:

    • 1.Given that around EUR 10 trillion in low-yielding bank deposits could be transferred to higher-risk capital markets, how does the Commission intend to ensure that small savers and pensioners are not exposed to significant losses, and what concrete mechanisms will be implemented to prevent the marketing of high-risk investment products to these less informed citizens?
    • 2.In view of the undisputed information about the possibility of the ‘confiscation’ of savings to finance the defence sector, what measures is the Commission taking to clarify the real objectives of the SIU? Can the Commission guarantee that citizens’ deposits will not be mobilised, even in emergency situations such as armed conflicts in the vicinity of the EU or new pandemics, and how will the Commission ensure that this strategy fully respects national and individual sovereignty?

    Submitted: 12.5.2025

    Last updated: 21 May 2025

    MIL OSI Europe News

  • MIL-OSI: BAWAG Group: Moody’s affirms ratings and changes outlook from stable to positive

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Austria – May 21, 2025 – Today, Moody’s announced that it affirms the ratings of BAWAG P.S.K. and changed the outlook on the long-term deposit, senior unsecured, and long-term issuer ratings from stable to positive.

    The positive outlook is a reflection of our to-be integrated recent acquisitions which show a steady business performance and could result in a sustainably improved financial profile.

    The release of Moody’s is available on our website https://www.bawaggroup.com.

    David O’Leary, Chief Risk Officer of BAWAG Group, commented: “The change to a positive outlook is a testament to our strategy focused on sustainable growth, efficiency and maintaining a safe and secure balance sheet. While our strategy has been unchanged since 2012, with the recent acquisitions, our business profile with focus on DACH/NL region as well as Retail & SME had been enhanced. The improved outlook highlights the resilience and stability of our business, with increased profitability after our acquisitions.”

    About BAWAG Group
    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving our over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Ireland, the United Kingdom, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

    BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward-looking statement
    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Financial Community:
    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474

    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:
    Manfred Rapolter (Head of Corporate Communications & Social Engagement)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network

  • MIL-OSI: United Fire Group, Inc. reports on annual meeting of shareholders

    Source: GlobeNewswire (MIL-OSI)

    Director elections to the board of directors announced

    Director elections to the board of directors

    CEDAR RAPIDS, Iowa, May 21, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (UFG) (Nasdaq: UFCS) announced today that its shareholders elected three Class B directors to its 11-member board of directors at the 2025 annual meeting of shareholders held on May 21, 2025.

    The following individuals were each elected as Class B directors to serve three-year terms expiring in 2028:

    • John-Paul Besong, retired chief information officer executive.
    • Matthew R. Foran, co-founder and president of Stoic Lane, Inc.
    • James W. Noyce, retired insurance and financial services executive.

    In other official business, shareholders:

    • Ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for 2025.
    • Approved, on an advisory basis, the compensation of the company’s named executive officers.

    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

    The MIL Network

  • MIL-OSI: Raj Judge Joins Zscaler’s Board of Directors and as EVP of Corporate Strategy & Ventures

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 21, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, is pleased to announce that Raj Judge has been appointed to the company’s Board of Directors and joined as Executive Vice President of Corporate Strategy and Ventures. In this role, Judge will lead the company’s growth strategy, business development, and venture investment initiatives to drive Zscaler to $5 billion in ARR and beyond.

    Judge brings over 25 years of experience in the tech legal and venture capital space, having previously served at Wilson Sonsini as Senior Partner and Co-Chair of the firm’s core practice, Emerging Companies and Venture Capital. Throughout his career, he has been instrumental in driving strategic growth, identifying emerging market opportunities, and creating solutions that have led to significant business growth for his clients.

    “Raj’s deep expertise in corporate strategy and investment, combined with his track record of success, makes him the ideal leader to drive Zscaler’s growth and innovation agenda,” said Jay Chaudhry, Chairman and CEO of Zscaler. “We are excited to welcome Raj to our leadership team and we look forward to the impact he will have on shaping the future of our company.”

    Judge will be responsible for key growth and investment opportunities as well as forging strategic initiatives. He will work closely with internal and external stakeholders to accelerate innovation and substantially broaden the company’s platform for Zscaler’s customers. The appointment of Judge to the Board further demonstrates the company’s dedication to advancing its corporate strategy and long-term vision.

    “I am excited to join Zscaler at such a pivotal time in its growth journey,” said Raj. “I look forward to bringing my experience and strategic skills to drive new initiatives and investments that will accelerate its continued success.”

    Forward-Looking Statements
    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include the potential impact of the executive appointment to Zscaler’s future strategic investments and our ability to grow and scale. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. A significant number of factors could cause actual results to differ materially from statements made in this press release. Additional risks and uncertainties are set forth in our most recent Annual Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 29, 2025, which is available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. Any forward-looking statements in this release are based on the limited information currently available to Zscaler as of the date hereof, which is subject to change, and Zscaler will not necessarily update the information, even if new information becomes available in the future.

    About Zscaler
    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Zscaler™, Zscaler Zero Trust Exchange™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™, and ZPA™ and Zscaler B2B™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

    Media Contact
    Pavel Radda
    press@zscaler.com

    Investor Relations Contact
    Ashwin Kesireddy
    ir@zscaler.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96cf5114-9019-4fa0-abd7-c9d7346123a6

    The MIL Network

  • MIL-OSI: Raj Judge Joins Zscaler’s Board of Directors and as EVP of Corporate Strategy & Ventures

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 21, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, is pleased to announce that Raj Judge has been appointed to the company’s Board of Directors and joined as Executive Vice President of Corporate Strategy and Ventures. In this role, Judge will lead the company’s growth strategy, business development, and venture investment initiatives to drive Zscaler to $5 billion in ARR and beyond.

    Judge brings over 25 years of experience in the tech legal and venture capital space, having previously served at Wilson Sonsini as Senior Partner and Co-Chair of the firm’s core practice, Emerging Companies and Venture Capital. Throughout his career, he has been instrumental in driving strategic growth, identifying emerging market opportunities, and creating solutions that have led to significant business growth for his clients.

    “Raj’s deep expertise in corporate strategy and investment, combined with his track record of success, makes him the ideal leader to drive Zscaler’s growth and innovation agenda,” said Jay Chaudhry, Chairman and CEO of Zscaler. “We are excited to welcome Raj to our leadership team and we look forward to the impact he will have on shaping the future of our company.”

    Judge will be responsible for key growth and investment opportunities as well as forging strategic initiatives. He will work closely with internal and external stakeholders to accelerate innovation and substantially broaden the company’s platform for Zscaler’s customers. The appointment of Judge to the Board further demonstrates the company’s dedication to advancing its corporate strategy and long-term vision.

    “I am excited to join Zscaler at such a pivotal time in its growth journey,” said Raj. “I look forward to bringing my experience and strategic skills to drive new initiatives and investments that will accelerate its continued success.”

    Forward-Looking Statements
    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include the potential impact of the executive appointment to Zscaler’s future strategic investments and our ability to grow and scale. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. A significant number of factors could cause actual results to differ materially from statements made in this press release. Additional risks and uncertainties are set forth in our most recent Annual Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 29, 2025, which is available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. Any forward-looking statements in this release are based on the limited information currently available to Zscaler as of the date hereof, which is subject to change, and Zscaler will not necessarily update the information, even if new information becomes available in the future.

    About Zscaler
    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Zscaler™, Zscaler Zero Trust Exchange™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™, and ZPA™ and Zscaler B2B™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

    Media Contact
    Pavel Radda
    press@zscaler.com

    Investor Relations Contact
    Ashwin Kesireddy
    ir@zscaler.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96cf5114-9019-4fa0-abd7-c9d7346123a6

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    Q4 Revenue up 10% year-over-year

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

    FY25 Share Repurchases totaled $101 million

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

    Q4 Financial Highlights1

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

    Fiscal Year Financial Highlights1

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

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

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

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

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569  
    YoY change 9% 11%  
    Marketplace & Other revenue $44 $177  
    YoY change 14% 21%  
    Total revenue $189 $746  
    YoY change 10% 13%  
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154  
    Free cash flow   $62 $153
               
    Totals may not sum due to rounding.
     
     

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

    Additional Business Highlights & Metrics

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

    Financial Outlook

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

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

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

    For fiscal 2026, LiveRamp expects to report:

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

    Conference Call

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

    About LiveRamp

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

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

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

    Forward-Looking Statements

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

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

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

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

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

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

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

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

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

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

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative)             1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative)             1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative)             1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756       %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock           n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )    
    Loss on marketable equity securities 206      
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received     (170,281 )
    Purchases of investments     (24,509 )
    Proceeds from sales of investments     25,000  
    Proceeds from sale of strategic investment 763      
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )    
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652      
    Excise tax payable on net stock repurchases 64      
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )    
    Loss on marketable equity securities 206      
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763      
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )    
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652      
    Excise tax payable on net stock repurchases 128      
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax       387     598     805     1,790               1,688         1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875         1,875              
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax   387 598 805   1,790     1,688   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875     1,875        
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025
      March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

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

    The MIL Network

  • MIL-OSI: Synaptics Names Rahul Patel as President and Chief Executive Officer

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 21, 2025 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) announced today that Rahul Patel has been appointed President and Chief Executive Officer, and a Director of the company. Patel succeeds Synaptics CFO Ken Rizvi, who has served as the company’s Interim CEO since February 2025. Rizvi will continue to serve as the company’s CFO.

    With more than 30 years of leadership experience in the semiconductor industry, Patel has a proven track record of driving growth and product innovation, particularly in the areas of high-performance Edge-AI wireless connectivity solutions for handsets, tablets, PCs, wearables such as smartwatches and earbuds, IoT applications, and networking and broadband solutions for enterprises and home markets.

    Prior to joining Synaptics, he spent a decade at Qualcomm, including most recently as SVP and Group General Manager of the Connectivity, Broadband, & Networking Group, where he was responsible for overseeing a multi-billion-dollar portfolio of wireless networking and connectivity business.

    Prior to Qualcomm, Patel spent 13 years in various senior leadership roles at Broadcom, including serving as Senior Vice President and General Manager, Wireless Connectivity Group, where he played a pivotal role in expanding Broadcom’s Wi-Fi®, Bluetooth®, and GPS leadership across all market segments.

    “On behalf of the Board of Directors, we are delighted to welcome Rahul as Synaptics’ next CEO. Rahul’s extensive semiconductor expertise and strong vision uniquely position him to accelerate our growth and innovation, steering us into our next chapter as we broaden our market reach,” said Nelson Chan, Chairman of Synaptics’ Board of Directors. “Rahul’s deep expertise with wireless connectivity, coupled with his proven track record of launching successful product lines and developing high-performing global teams, will be instrumental in advancing our technology roadmap and driving long-term growth. I’d like to sincerely thank Ken for his exceptional leadership as Interim CEO and for ensuring the seamless execution of our strategic initiatives during this transition period.”

    “I am truly honored and excited to join Synaptics, a leader in high-performance Processing, Connectivity, and Sensing solutions,” said Rahul Patel. “Synaptics’ culture of innovation, exceptional engineering talent, and diversified portfolio of solutions uniquely position the company to excel. I look forward to working with the talented team at Synaptics to execute on our growth roadmap and deliver next-generation technology that brings unparalleled value to our customers, partners, and investors.”

    About Synaptics Incorporated
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    For further information, please contact:

    Investor Relations
    Munjal Shah  
    Synaptics  
    +1-408-518-7639
    munjal.shah@synaptics.com

    Media Contact  
    Neeta Shenoy 
    Synaptics 
    +1-408-425-2654
    neeta.shenoy@synaptics.com

    The MIL Network

  • MIL-OSI: NextNRG Reports Q1 2025 Revenues up 147% Year-over-Year

    Source: GlobeNewswire (MIL-OSI)

    Triple-Digit Growth Highlights Execution of Integrated Energy Infrastructure Strategy

    Q1 2025 Conference Call Scheduled for May 22, 2025 at 9:15 AM ET

    MIAMI, May 21, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (Nasdaq: NXXT), a pioneer in AI-driven energy innovation—transforming how energy is produced, managed and delivered through its advanced Utility Operating System, smart microgrid technology, wireless EV charging and on-demand mobile fuel delivery solutions— today announced financial results for the first quarter ended March 31, 2025, and provided a strategic update on its technology roadmap and growth trajectory.

    The Company will host a conference call to discuss these results on May 22, 2025 at 9:15 AM ET. Dial-in details are as follows:

    Selected Financial & Operational Highlights

    Metric Q1 2025 (unaudited) Q1 2024 (unaudited)
    Revenue $16.3M $6.6M
    Gross Profit $518K $462K
         

    “We entered 2025 with tremendous momentum and a clear roadmap to scale, and Q1 results are a reflection of that execution,” said Michael D. Farkas, CEO of NextNRG. “With triple-digit revenue growth, record-setting fuel volumes, and expanding margins, our core operations continue to exceed expectations. At the same time, we are advancing the next phase of our integrated energy strategy, with smart microgrid deployments and wireless EV charging programs progressing toward commercial launch.

    We believe our hybrid platform—combining traditional fueling, electrification, and AI-driven grid intelligence—represents the future of distributed energy,” Farkas added. “As we continue executing on this vision, we are building an ecosystem capable of delivering reliable, intelligent, and sustainable infrastructure at national scale laying the foundation for enormous long-term SaaS-based recurring revenue streams.”

    Recent Accomplishments

    • Strong April Momentum Across Key Metrics: Preliminary April 2025 revenue reached $5.82 million, up 154% year-over-year. Volume increased 207%, underscoring sustained demand across multiple regions.
    • Commercial Enterprise Expansion: Extended key existing relationships into Texas using a dedicated fleet portal for operational oversight, increasing engagement from enterprise clients seeking scalable site-level energy solutions.
    • Oklahoma Market Entry: Expanded footprint into a seventh operational state under a long-term agreement with one of the country’s largest in-house fleet operators.
    • Network Reach Strengthened: Grew national deployment capacity to 144 active vehicles servicing major logistics corridors across metro regions including California, Michigan, Tennessee, and the Southeastern U.S.

    Q1 2025 Strategic and Operational Highlights

    • Corporate Rebrand and Capital Formation: Completed $15 million public offering and corporate rebrand to NextNRG.
    • Utility OS Rollout Underway: Initiated deployment of NextNRG’s AI-powered Utility Operating System to optimize microgrid efficiency, automate fleet energy delivery, and enable real-time energy management across new infrastructure projects.
    • Smart Microgrids: On track to begin utility-scale microgrid deployment in Northern Florida in Q2 2025.
    • EV Innovation: Planning launch of the largest bidirectional wireless EV charging pilot in Southern Florida later this year.
    • Infrastructure Expansion with Strategic Acquisitions: Completed the Shell Oil mobile fleet acquisition and integration of Yoshi Mobility assets, boosting logistics capacity and infrastructure access.
    • Geographic Growth in Four New Markets: Entered Phoenix, Austin, San Antonio, and Houston, furthering national service availability and support for new utility and municipal customers.
    • Commercial Channel Maturation: Executed logistics support agreements with major national brands, reinforcing recurring delivery demand and infrastructure reliability.
    • Fleet Partnerships: Initiated deliveries to the world’s largest e-commerce company under a multi-year agreement, significantly expanding the Company’s B2B revenue base.

    First Quarter 2025 Performance

    • Revenue reached $16.3 million, a 147% increase from $6.6 million in Q1 2024.
    • Gallons delivered totaled 4.7 million, up 183% from 1.7 million in the prior-year quarter.
    • Average fuel margin per gallon expanded to $0.71, compared to $0.65 in Q1 2024.
    • Gross profit rose to $518,000, a 12% increase from $462,000 in the same period last year.
    • Ended the quarter with $2.1 million in cash, a 31% year-over-year increase.

    Looking Ahead: Scaling the Energy Intelligence Grid

    NextNRG is focused on expanding its integrated platform across three infrastructure-aligned revenue streams:

    1. Utility Operating System and Smart Microgrids: Deploying AI-driven grid management software and battery/solar microgrid systems through SaaS and power purchase agreements.
    2. Wireless EV Charging: Advancing from R&D to commercial pilots with property owners, CPOs, and municipalities.
    3. Mobile Energy Logistics: Scaling across sectors with centralized scheduling and recurring site-level optimization.

    About NextNRG, Inc.
    NextNRG, Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging and on-demand mobile fuel delivery to create an integrated ecosystem.

    At the core of NextNRG’s strategy is its Utility Operating System, which leverages AI and ML to help make existing utilities’ energy management as efficient as possible, and the deployment of NextNRG smart microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV, supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

    To find out more visit: www.nextnrg.com

    Forward-Looking Statements
    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact
    NextNRG, Inc.
    Sharon Cohen
    SCohen@nextnrg.com

    The MIL Network

  • MIL-OSI: LPL Financial to Present at the Bernstein Strategic Decisions Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, May 21, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC today announced that Rich Steinmeier, Chief Executive Officer, will present at the Bernstein Strategic Decisions Conference on May 28.

    The presentation takes place at 8 a.m. ET. A live audio webcast of the presentation will be accessible at investor.lpl.com, with a replay available on the website after the presentation.

    Contacts

    Investor Relations
    investor.relations@lplfinancial.com

    Media Relations
    media.relations@lplfinancial.com

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer. Member FINRA/SIPC.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

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

    The MIL Network

  • MIL-OSI: Zoom Communications Reports Financial Results for the First Quarter of Fiscal Year 2026

    Source: GlobeNewswire (MIL-OSI)

    • First quarter total revenue of $1,174.7 million, up 2.9% year over year as reported and 3.4% in constant currency
    • First quarter Enterprise revenue of $704.7 million, up 5.9% year over year
    • First quarter GAAP operating margin of 20.6% and non-GAAP operating margin of 39.8%
    • First quarter GAAP EPS of $0.81, up 18.7% year over year, and non-GAAP EPS of $1.43, up 6.0% year over year
    • Number of customers contributing more than $100,000 in trailing 12 months revenue up 8.0% year over year
    • Repurchased approximately 5.6 million shares of common stock in Q1, up from 4.3 million shares in Q4

    SAN JOSE, Calif., May 21, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM), today announced financial results for the first fiscal quarter ended April 30, 2025.

    “We delivered another solid quarter, exceeding guidance in both revenue and profitability — a testament to the strength of our platform and AI-first innovation,” said Eric S. Yuan, Zoom’s founder and CEO. “In an uncertain macro-economic environment, customers are turning to Zoom to drive efficiency, improve customer and employee experiences, and future-proof their businesses. We saw continued momentum in Zoom Customer Experience, Zoom Revenue Accelerator, and Workvivo as customers look to elevate CX, reinvigorate sales, and strengthen culture. In Q1, we launched multiple new products, maintained strong operational discipline, and accelerated our share repurchase activity, reinforcing our commitment to shareholder value.”

    First Quarter Fiscal Year 2026 Financial Highlights:

    • Revenue: Total revenue for the first quarter was $1,174.7 million, up 2.9% year over year. Adjusting for foreign currency impact, revenue in constant currency was $1,179.5 million, up 3.4% year over year. Enterprise revenue was $704.7 million, up 5.9% year over year, and Online revenue was $470.0 million, down 1.2% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the first quarter was $241.6 million, compared to GAAP income from operations of $203.0 million in the first quarter of fiscal year 2025. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, was $467.3 million for the first quarter, compared to non-GAAP income from operations of $456.6 million in the first quarter of fiscal year 2025. For the first quarter, GAAP operating margin was 20.6% and non-GAAP operating margin was 39.8%.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the first quarter was $254.6 million, or $0.81 per share, compared to GAAP net income of $216.3 million, or $0.69 per share, in the first quarter of fiscal year 2025. Non-GAAP net income for the first quarter, which adjusts for stock-based compensation expense and related payroll taxes, gains/losses on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $448.3 million, or $1.43 per share. In the first quarter of fiscal year 2025, non-GAAP net income was $426.3 million, or $1.35 per share.
    • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2025 was $7.8 billion.
    • Cash Flow: Net cash provided by operating activities was $489.3 million for the first quarter, compared to $588.2 million in the first quarter of fiscal year 2025. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $463.4 million, compared to $569.7 million in the first quarter of fiscal year 2025.

    Customer Metrics: Drivers of total revenue included acquiring new customers. At the end of the first quarter of fiscal year 2026, Zoom had:

    • 4,192 customers contributing more than $100,000 in trailing 12 months revenue, up 8.0% from the same quarter last fiscal year.
    • A trailing 12-month net dollar expansion rate for Enterprise customers of 98%.
    • Online average monthly churn of 2.8% for the first quarter, down 40 bps from the same quarter last fiscal year.
    • The percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 74.2%, up 40 bps year over year.

    Financial Outlook: Zoom is providing the following guidance for its second quarter of fiscal year 2026 and its full fiscal year 2026.

    • Second Quarter Fiscal Year 2026: Total revenue is expected to be between $1.195 billion and $1.200 billion and revenue in constant currency is expected to be between $1.196 billion and $1.201 billion. Non-GAAP income from operations is expected to be between $460.0 million and $465.0 million. Non-GAAP diluted EPS is expected to be between $1.36 and $1.37 with approximately 310 million weighted average shares outstanding.
    • Full Fiscal Year 2026: Total revenue is expected to be between $4.800 billion and $4.810 billion and revenue in constant currency is expected to be between $4.808 billion and $4.818 billion. Full fiscal year non-GAAP income from operations is expected to be between $1.865 billion and $1.875 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.56 and $5.59 with approximately 312 million weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.680 billion and $1.720 billion.

    The EPS and share count figures do not include any impact from $1.2 billion of authorized share repurchase remaining as of April 30, 2025.

    Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

    A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

    Zoom Video Earnings Call

    Zoom will host a Zoom Video Webinar for investors on May 21, 2025 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.com/

    About Zoom

    Zoom’s mission is to provide the AI-first work platform for human connection. Zoom Workplace — the company’s AI-powered, open collaboration platform built for modern work — will streamline communications, increase employee engagement, optimize in-person time, improve productivity, and offer customer choice with third-party apps and integrations. Zoom Workplace, powered by Zoom AI Companion, will include collaboration solutions like meetings, team chat, phone, scheduler, whiteboard, spaces, Workvivo, and more. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the second quarter of fiscal year 2026 and full fiscal year 2026, Zoom’s market position, opportunities, and growth strategy, product initiatives, including future product and feature releases and the potential of agentic AI, and go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom’s stock repurchase program. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including geopolitical tensions, tariffs and escalating trade tensions, interest rate fluctuations, inflationary pressures and market and foreign currency exchange rate volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our annual report on Form 10-K for the fiscal year ended January 31, 2025. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Non-GAAP Financial Measures

    Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

    Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, and acquisition-related expenses. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue.

    Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains/losses on strategic investments, net, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom’s core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP.

    Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue.

    Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom’s underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

    Customer Metrics

    Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

    Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

    Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

    Public Relations

    Colleen Rodriguez
    Head of Global Public Relations
    press@zoom.us

    Investor Relations

    Charles Eveslage
    Head of Investor Relations
    investors@zoom.us

    Zoom Communications, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands)
     
        As of
        April 30,
    2025
      January 31,
    2025
    Assets   (unaudited)    
    Current assets:        
    Cash and cash equivalents   $ 1,228,847   $ 1,349,380  
    Marketable securities     6,563,976     6,442,329  
    Accounts receivable, net     477,242     495,228  
    Deferred contract acquisition costs, current     175,900     188,358  
    Prepaid expenses and other current assets     220,812     200,679  
    Total current assets     8,666,777     8,675,974  
    Deferred contract acquisition costs, noncurrent     114,513     123,464  
    Property and equipment, net     312,211     330,475  
    Operating lease right-of-use assets     53,217     55,900  
    Strategic investments     576,139     591,481  
    Goodwill     307,295     307,295  
    Deferred tax assets     769,189     749,759  
    Other assets, noncurrent     152,555     154,073  
    Total assets   $ 10,951,896   $ 10,988,421  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 14,205   $ 8,345  
    Accrued expenses and other current liabilities     473,951     558,562  
    Deferred revenue, current     1,409,217     1,336,387  
    Total current liabilities     1,897,373     1,903,294  
    Deferred revenue, noncurrent     16,185     17,274  
    Operating lease liabilities, noncurrent     35,894     37,406  
    Other liabilities, noncurrent     100,076     95,363  
    Total liabilities     2,049,528     2,053,337  
             
    Stockholders’ equity:        
    Common stock     302     305  
    Additional paid-in capital     4,832,800     5,130,271  
    Accumulated other comprehensive (loss) income     15,145     4,990  
    Retained earnings     4,054,121     3,799,518  
    Total stockholders’ equity     8,902,368     8,935,084  
    Total liabilities and stockholders’ equity   $ 10,951,896   $ 10,988,421  
     
    Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $108.1 million and $118.5 million as of April 30, 2025 and January 31, 2025, respectively.
     
    Zoom Communications, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited, in thousands, except share and per share amounts)
     
        Three Months Ended April 30,
          2025       2024  
    Revenue   $ 1,174,715     $ 1,141,234  
    Cost of revenue     278,402       273,302  
    Gross profit     896,313       867,932  
    Operating expenses:        
    Research and development     205,416       205,558  
    Sales and marketing     346,970       348,008  
    General and administrative     102,335       111,344  
    Total operating expenses     654,721       664,910  
    Income from operations     241,592       203,022  
    (Losses) gains on strategic investments, net     (13,619 )     17,354  
    Other income, net     87,792       71,588  
    Income before provision for income taxes     315,765       291,964  
    Provision for income taxes     61,162       75,656  
    Net income     254,603       216,308  
             
    Net income per share:        
    Basic   $ 0.84     $ 0.70  
    Diluted   $ 0.81     $ 0.69  
    Weighted-average shares used in computing net income per share:        
    Basic     304,908,652       308,700,582  
    Diluted     312,783,861       315,360,678  
     
    Zoom Communications, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited, in thousands)
     
        Three Months Ended April 30,
          2025       2024  
    Cash flows from operating activities:        
    Net income   $ 254,603     $ 216,308  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Stock-based compensation expense     201,569       229,425  
    Amortization of deferred contract acquisition costs     69,557       68,125  
    Depreciation and amortization     35,316       26,667  
    Deferred income taxes     (24,690 )     (7,952 )
    Losses (gains) on strategic investments, net     13,619       (17,354 )
    Provision for accounts receivable allowances     5,855       6,782  
    Unrealized foreign exchange (gains) losses     (7,626 )     7,237  
    Non-cash operating lease cost     6,108       5,368  
    Amortization of discount/premium on marketable securities     (12,845 )     (17,668 )
    Other     4,142       98  
    Changes in operating assets and liabilities:        
    Accounts receivable     12,485       12,260  
    Prepaid expenses and other assets     (12,293 )     35,839  
    Deferred contract acquisition costs     (48,148 )     (40,128 )
    Accounts payable     7,252       7,276  
    Accrued expenses and other liabilities     (80,383 )     (14,942 )
    Deferred revenue     72,141       77,964  
    Operating lease liabilities, net     (7,401 )     (7,114 )
    Net cash provided by operating activities     489,261       588,191  
    Cash flows from investing activities:        
    Purchases of marketable securities     (1,135,024 )     (867,911 )
    Maturities of marketable securities     1,033,279       776,941  
    Sales of marketable securities     2,525        
    Purchases of property and equipment     (25,910 )     (18,508 )
    Purchases of strategic investments           (3,000 )
    Proceeds from strategic investments           4,654  
    Net cash used in investing activities     (125,130 )     (107,824 )
    Cash flows from financing activities:        
    Proceeds from exercise of stock options     954       1,016  
    Proceeds from employee equity transactions to be remitted to employees and tax authorities, net     8,690       6,581  
    Cash paid for repurchases of common stock     (418,021 )     (150,048 )
    Taxes paid related to net share settlement of equity awards     (82,153 )      
    Net cash used in financing activities     (490,530 )     (142,451 )
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash     11,854       (6,852 )
    Net (decrease) increase in cash, cash equivalents, and restricted cash     (114,545 )     331,064  
    Cash, cash equivalents, and restricted cash – beginning of period     1,361,417       1,565,380  
    Cash, cash equivalents, and restricted cash – end of period   $ 1,246,872     $ 1,896,444  
     
    Zoom Communications, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in thousands, except share and per share amounts)
     
        Three Months Ended April 30,
          2025       2024  
    GAAP income from operations   $ 241,592     $ 203,022  
    Add:        
    Stock-based compensation expense and related payroll taxes     216,730       242,874  
    Acquisition-related expenses     9,004       10,701  
    Non-GAAP income from operations   $ 467,326     $ 456,597  
    GAAP operating margin     20.6 %     17.8 %
    Non-GAAP operating margin     39.8 %     40.0 %
             
    GAAP net income   $ 254,603     $ 216,308  
    Add:        
    Stock-based compensation expense and related payroll taxes     216,730       242,874  
    Losses (gains) on strategic investments, net     13,619       (17,354 )
    Acquisition-related expenses     9,004       10,701  
    Tax effects on non-GAAP adjustments     (45,663 )     (26,211 )
    Non-GAAP net income   $ 448,293     $ 426,318  
             
    Net income per share – basic and diluted:        
    GAAP net income per share – basic   $ 0.84     $ 0.70  
    Non-GAAP net income per share – basic   $ 1.47     $ 1.38  
    GAAP net income per share – diluted   $ 0.81     $ 0.69  
    Non-GAAP net income per share – diluted   $ 1.43     $ 1.35  
             
    GAAP and non-GAAP weighted-average shares used to compute net income per share – basic     304,908,652       308,700,582  
    GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted     312,783,861       315,360,678  
             
    Net cash provided by operating activities   $ 489,261     $ 588,191  
    Less: Purchases of property and equipment     (25,910 )     (18,508 )
    Free cash flow (non-GAAP)   $ 463,351     $ 569,683  
    Net cash used in investing activities   $ (125,130 )   $ (107,824 )
    Net cash (used in) provided by financing activities   $ (490,530 )   $ (142,451 )
    Operating cash flow margin (GAAP)     41.6 %     51.5 %
    Free cash flow margin (non-GAAP)     39.4 %     49.9 %
             
        Three Months Ended April 30,
          2025  
        Revenue   YoY Revenue
    Growth (%)
    GAAP revenue   $ 1,174,715       2.9 %
    Add: Constant currency impact     4,762       0.5 %
    Revenue in constant currency (non-GAAP)     1,179,477       3.4 %
     

    The MIL Network

  • MIL-OSI Economics: DG Okonjo-Iweala: MC14 must deliver outcomes on WTO reform

    Source: World Trade Organization

    Reporting to the meeting in her capacity as Chair of the Trade Negotiations Committee (TNC), the Director-General said that in recent meetings she had with leaders and ministers in Japan and the Republic of Korea, the issue of WTO reform “was front and centre” of the discussions.

    “Prime Minister Ishiba (of Japan) and his ministers of trade, foreign affairs and finance, along with virtually every APEC minister that I met in Jeju, have bought into the idea that we must not waste a crisis, and that we need deep and thorough reform of the WTO if it is to remain relevant,” DG Okonjo-Iweala said.

    “For a successful MC14, we must act here in Geneva to deliver a package of reform proposals for ministers to consider and bless at MC14,” she added. “Nothing short of this can reposition this organization in the way and form needed.”

    The Director-General met with Prime Minister Ishiba and other senior Japanese government officials in Tokyo on 13 May and then attended a meeting of trade ministers from the Asia-Pacific Economic Cooperation (APEC) forum in Jeju, Republic of Korea, on 15-16 May.

    At their 12th Ministerial Conference in 2022, WTO members for the first time agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.

    The Director-General said that while the ministers she met “made clear they value the system, they also admitted it cannot continue the way it is.”

    “Members keep sweeping things under the carpet and not solving problems,” she said. “I think what has brought us here is the inability to solve problems when they occur, and this has led to unilateral actions, instead of a cooperative approach to solve these problems.”

    “It has taken time for members to admit that things are not working as well as they should, and that they want solutions,” she continued.

    The Director-General said she was pleased work is continuing on possible deliverables for MC14, including further work on fisheries subsidies, agriculture, the Investment Facilitation for Development initiative, electronic commerce, and issues pertaining to least developed countries (LDCs).  Members will have a chance to assess progress on these issues at the next TNC meeting in July and decide later which packages are ready to take forward to MC14 for decision. 

    She welcomed the recent progress made on member acceptances of the Agreement on Fisheries Subsidies, noting that 99 members have now accepted the Agreement with only 12 more needed to bring it into force.

    Twenty-six delegations took the floor after the Director-General’s intervention, some of them speaking on behalf of groups of members.  Many members commented on a suggested road map for MC14 prepared by the WTO Secretariat and highlighted issues of interest, including WTO reform, new disciplines on fisheries subsidies, progress on agriculture, the e-commerce moratorium, and industrial policy, among others.

    General Council Chair to initiate MC14 consultations

    Under a separate agenda item, the General Council Chair, Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia), noted that discussions he had with delegations over the past weeks revealed various calls to proceed with work in three key areas, namely: WTO reform; dispute settlement reform; and the process towards preparing a possible MC14 outcome document.

    With MC14 taking place in 10 months, “time is not on our side,” he told members.  “Accordingly, immediately after this General Council meeting, I intend to consult interested delegations on how to take forward work in each of these areas.” 

    Investment facilitation for development

    On the Investment Facilitation for Development (IFD) initiative, members were once again unable to reach consensus on the request supported by 126 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the eighth time the proposal has been submitted to members for adoption.

    Speaking on behalf of the 126 co-sponsors, the Republic of Korea underlined the urgent need for incorporating the Agreement into the WTO framework in order to help members attract investment, in particular developing and least developed country members. IFD Agreement participants are also actively engaging with non-participating members to build understanding and highlight the Agreement’s benefit, the Republic of Korea said.

    Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework.

    Current trade tensions

    On behalf of 47 members, Singapore and Switzerland introduced a statement in support of the rules-based multilateral trading system. The statement cites the value and achievements of the WTO since it was established in 1995, underlining how the organization has contributed to the economic development of both developed and developing members by promoting trade liberalization and facilitating economic integration, fostering stability, predictability and consumers’ trust while preserving incentives for innovation. The WTO’s support for developing economies, including LDCs, has lifted millions out of poverty, the co-sponsors said.

    China introduced its communication regarding heightened trade turbulence and responses from the WTO.  Faced with the current situation of heightened trade turbulence, China said, members should safeguard the rules-based multilateral trading system with the WTO at its core. China proposed a “Stability, Development and Reform” (SDR) approach for the WTO and said it stands ready to work with all parties to safeguard the WTO rules system and inject more certainty and predictability into the global economy.

    The European Union introduced an item on fragmentation of global trade through tariffs and the global costs. The EU said the item was submitted in response to the economic and trade uncertainty created by recent tariff actions. The EU underlined its support for a rules-based multilateral trading system and highlighted the importance of ongoing dialogue on tariffs to assess impacts, monitor trade patterns, and consider systemic effects.

    WTO retreat on sustainable agriculture

    Brazil expressed its appreciation for the recent WTO retreat on sustainable agriculture and the broad engagement across regions and constituencies. It highlighted trends in agriculture production globally, including towards increased productivity and the search for greater resilience and sustainability.  Brazil said it saw value in further discussing this topic in a forward-looking manner as a conversational WTO exercise.

    Thirty-six delegations took the floor to comment.

    Electronic commerce

    Japan, on behalf of the co-sponsors of the Agreement on Electronic Commerce, informed members of the co-sponsors’ recent efforts to gather members’ support for incorporation of the Agreement into the WTO multilateral framework. Japan also reported that the co-sponsors are undertaking work to advance implementation of the Agreement, including a needs assessment survey to better understand priorities for implementation support.

    Several members reiterated their concerns about the Agreement and their objections to its incorporation into the WTO multilateral framework.

    Next meeting

    The next meeting of the General Council is tentatively scheduled for 22-23 July.

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    MIL OSI Economics

  • MIL-OSI United Nations: Experts of the Committee on the Rights of the Child Commend Romania on Deinstitutionalisation Process, Raise Questions on Corporal Punishment and Segregation in Education

    Source: United Nations – Geneva

    The Committee on the Rights of the Child today concluded its review of the combined sixth and seventh periodic reports of Romania, with Committee Experts commending the State on the deinstitutionalisation process of alternative care centres, while raising questions on the prevalence of corporal punishment and measures taken to combat segregation in education. 

    A Committee Expert said she was happy to hear about the programme for the deinstitutionalisation of alternative care centres; this was something Romania should be proud of, as well as all the foster arrangements being made, especially for children with disabilities. 

    Juliana Scerri Ferrante, Committee Expert and Country Taskforce Member, said there seemed to be a lack of parental education programmes around corporal punishment. How could the views of the child be respected if violence was accepted as a disciplinary measure?  Could the Romanian Government take clear steps to train staff and promote child education?  Philip Jaffe, Committee Vice-Chair and Country Taskforce Member, also noted that corporal punishment appeared to remain quite widespread despite being banned in 2004.  What efforts were being made to lower the prevalence and change attitudes among parents and adults? 

    Mr. Jaffe asked what was being done to combat school segregation based on disability, special education needs, and family economic status?  What improvements were being made to increase the improvement of vocational training for older children who may be leaving the school system?  Were there any programmes which specifically targeted economically disadvantaged children?

    The delegation said Romanian legislation completely prohibited violence against children, regardless of the environment.  However, despite the legislation, which was fully aligned with United Nations Conventions, the State needed to fight against mentalities and traditions and to practically change the minds of parents and caregivers, who believed corporal punishment would discipline children better.  Awareness-raising campaigns were being conducted for parents, and mechanisms including hotlines had been developed to support children, including the helpline 119.  Authorities were obligated to launch investigations immediately concerning any allegations of violence against children. 

    The delegation said the Ministry of Education had taken steps to assist children with special educational needs, with the creation of frameworks offering them different kinds of support, based on the type of disability.  Adaptive measures had been taken for Roma children, including stimulating their participation in early education and in summer kindergartens, supporting education in their current language, and translating schoolbooks in their mother tongue, among others.  An increasing number of contracts between schools and the business sector had been recorded, including around 6,000 contracts in the school year 2023/2024. 

    Introducing the report, Helena Omna-Raicu, President of the National Authority for the Protection of Child Rights and Adoption of Romania and head of the delegation, said Romania’s path in recent years had been shaped by profound changes and emerging pressures, including the war in Ukraine and the arrival of thousands of children and families fleeing conflict.  As a neighbouring country, Romania had mobilised rapidly to provide emergency care, protection, psychosocial support, and schooling to children regardless of their nationality. 

    Ms. Omna-Raicu said Romania had made significant progress in certain areas, including in the deinstitutionalisation process.  Of the 167 residential placement centres operating in 2017, 149 had already been closed by the end of March 2025 and over 6,000 children were now benefiting from family-type alternative care.  The remaining 18 placement centres would be closed soon. 

    In closing remarks, Rinchen Chophel, Committee Expert and Country Taskforce Coordinator, reiterated the Committee’s appreciation for the Government of Romania’s support to Ukrainian refugees, particularly children.  Significant progress had been made from the last reporting period to the current one, with many looking forward beyond the dialogue. 

    In her closing remarks, Ms. Omna-Raicu, expressed deep gratitude for the dialogue.  The Committee’s concerns regarding urban disparities were noted.  Romania would treat the Committee’s recommendations as an opportunity for deeper transformation. 

     

    The delegation of Romania was comprised of representatives from the National Authority for the Protection of Child Rights and Adoption; the Ministry of Education and Research; the Ministry of Justice; the Ministry of Health; the Ministry of Labour, Family, Youth and Social Security; the Ministry of Foreign Affairs; the General Inspectorate of the Romanian Police; the General Inspectorate for Immigration; the National Administration of Penitentiaries; the Prosecutor’s Office; the National Health Insurance Authority; and the Permanent Mission of Romania to the United Nations Office at Geneva. 

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here. The programme of work of the Committee’s ninety-ninth session and other documents related to the session can be found here.

    The Committee will next meet in public at 3 p.m. on Wednesday, 21 May to begin its consideration of the combined fifth and sixth periodic reports of Qatar (CRC/C/QAT/5-6).

    Report

    The Committee has before it the combined sixth and seventh periodic reports of Romania (CRC/C/ROU/6-7).

    Presentation of Report

    HELENA OMNA-RAICU, President of the National Authority for the Protection of Child Rights and Adoption of Romania and head of the delegation, said Romania’s path in recent years had been shaped by profound changes and emerging pressures, including the war in Ukraine and the arrival of thousands of children and families fleeing conflict.  As a neighbouring country, Romania had mobilised rapidly to provide emergency care, protection, psychosocial support, and schooling to children regardless of their nationality.  The State was proud to have established the first Blue Dot in the region at the border crossing with Ukraine and launched the use of the Child Protection Information Management System Primero in only a couple of months after the onset of the refugee crisis, ensuring registration and case management for almost 40,000 refugee children.

    Several new national strategies had been developed for 2021-2027 which aimed to address child poverty and wellbeing, including the national strategy for the protection and promotion of children’s rights “protected children, safe Romania” 2023-2027, and the national strategy on social inclusion and poverty reduction 2022-2027, among others.   Romania had also adopted and begun the implementation of the child guarantee national action plan 2023-2030, which aimed to reduce the number of children at risk of poverty or social exclusion by at least 500,000 by 2030. Romania had seen a measurable decline in the proportion of children at risk of poverty and social exclusion from 41.5 per cent in 2022 to 33.8 per cent in 2024. 

    In April 2024, law 100/2024 was approved which included specific amendments to several laws relevant for social assistance.  The new emergency ordinance no. 96/2024, approved in June 2024 regarding the provision of humanitarian support and assistance by the Romanian State to foreign citizens or stateless persons in special situations coming from the area of the armed conflict in Ukraine, established the legal framework providing refugees with access to a wide range of key national statutory services. Another significant legislative change was enacted by amending law 272/2004 in December 2024, which now mandated the participation of children in public decision-making processes. 

    There had also been several significant programmes launched, including modernising the unique national number 119 for reporting cases of abuse, neglect, exploitation and any other form of violence against children; the development of community services for children and families to prevent separation and support the family reintegration of children from the special protection system; and the development of 200 integrated community centres and 150 daycare centres for children, among others.  Despite these advances, challenges remained, including disparities between rural and urban areas. 

    However, Romania had made significant progress in certain areas, including in the deinstitutionalisation process.  Of the 167 residential placement centres operating in 2017, 149 had already been closed by the end of March 2025 and over 6,000 children were now benefiting from family-type alternative care.  The remaining 18 placement centres would be closed soon.  The use of European Union structural funds had also supported the training of over 11,000 foster carers.  A new programme had also been introduced, aimed to scale-up integrated community-services in 2,000 marginalised rural communities, combining social assistance, health, education, and other types of social support.  Over 800 million euros of European Social Funds were planned for enhancing access to social services for the most vulnerable, including children and their families.

    The State had also expanded support for children at risk of early school leaving by using the early warning mechanism in education, of which around 50,000 participants from 6,950 institutions had completed the training programme.  Targeted policies had been developed that supported the reintegration of children who dropped out during the pandemic, and more resources were reaching schools in deprived communities.  In health, the role of community nurses and Roma health mediators had grown, and work continued to improve access to services for vulnerable groups. 

    Pilot projects on mental health for children had laid the groundwork for more systemic change, with mental health services for children and adolescents being expanded. However, challenges remained in ensuring equitable access to quality services in rural and marginalised areas, addressing shortages of specialised personnel, and improving early identification and intervention for children with developmental delays or disabilities.

    Romania was committed to reducing the number of children affected by poverty and social exclusion by at least 500,000.  The State would also pursue the complete closure of old-type residential centres, with every child in alternative care placed in family-based or community settings. Romania was committed to translating the pledges made during the first-ever global ministerial conference on ending violence against children held at the end of 2024 in Bogota, Columbia, into realities for children. 

    In education, the State aimed to increase the early childhood education enrolment rate by at least 22 per cent for children aged zero to three and at least 95 per cent for children aged four to six.  There would be a focus on improving mental health services for children and linking schools, families, and health providers more effectively, aiming to reduce preventable mortality by 20 per cent compared to 2021 levels for children of all ages.   Finally, Romania would ensure that children had a role in shaping systems through participatory budgeting, monitoring, and children and youth-led policy platforms. Romania remained committed to fully implementing the Convention and to contributing to the global effort to advance child rights everywhere.

    Questions by Committee Experts

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, said Romania had achieved a lot since the last report, which the Committee was happy about. Romania’s assistance to the Ukrainian refugees and children should be noted.  There had been significant legislative achievements, particularly the amendments to law 272.  What measures were in place to ensure effective implementation of the law?  The national strategy on social inclusion and poverty reduction 2022-2027, and the child guarantee national action plan 2023-2030 were very welcome developments.  How had these impacted on measures to promote and protect children? Had an assessment been undertaken to evaluate the impact of the national strategy. 

    While welcoming increased allocations to certain sectors, the Coordinator asked what measures were in place to develop a child-friendly budgeting process?  What was the current status of the complaints mechanism in the country for reporting all forms of abuse and violence for children? What had been done to inform children of their right to file a complaint?  Had professionals working with children been trained on receiving complaints concerning children and the Convention? 

    The establishment of the child Ombudsman in 2018 was a crucial step in the right direction, and the Government should be congratulated for that.  What was the current status of the institution?  How did it connect with children?  The Committee noted the State party’s awareness raising activities on the Convention with appreciation, including the translation of the Committee’s general comments into Romanian.  How did these efforts extend to rural children? 

    JULIANA SCERRI FERRANTE, Committee Expert and Country Taskforce Member, asked if the national strategy for school de-segregation been adopted?  If not, then when would this occur?  What measures had been taken to address hate speech? Did the permanent committee set up in every education unit offer a complaints mechanism to children?  If not, how could children complain in schools? 

    What had been done to decrease discrimination against the Roma population?  What efforts had been made to promote the inclusion of Roma in mainstream schooling?  How was discrimination against children with disabilities tackled in education?  There was concern that Romanian law did not define valid reasons on which minor marriages could be authorised and this was left to the discretion of the authorities.  What training was provided to apply the best interests of the child? What approaches had been taken to reduce the preventable mortality of children under five years old?  What was the position of the Romanian Government on the proposed amendment to law 272 regarding lesbian, gay, bisexual, transgender and intersex children?

    There seemed to be a lack of parental education programmes around corporal punishment. How could the views of the child be respected if violence was accepted as a disciplinary measure?  Could the Romanian Government take clear steps to train staff and promote child education?  How were child labour laws enforced?  How would the Romanian Government establish a child participation mechanism?  Were refugee and asylum-seeking children involved in decisions which affected them? Were children provided information on their rights? 

    What measures were being taken to strengthen the capacity of the social welfare services? How were children with disabilities prioritised in reform measures?  What was being done to combat the illicit transfer of children abroad?  Had bilateral agreements been conducted in this regard?  Was the Romanian Government carrying out measures to understand the impact of prison on children?  How were they supported when their parents were incarcerated?  What support was available for young people leaving institutional care? 

    SOPHIE KILADZE, Committee Chair and Country Taskforce Member, said the adoption of law 105/22 providing for automatic birth registration should be considered as positive.  Could more information be provided about how the law worked in practice?  Were there any plans to introduce a statelessness determination procedure?  Was data on statelessness which concerned children disaggregated?  What measures were in place to protect children from excessive screen use?  How did Romania deal with artificial intelligence as a European Union member? Romania had one of the lowest levels of digital skills in the European Union; what measures were being undertaken to promote digital literacy among children, as well as parents? 

    PHILIP JAFFE, Committee Vice-Chair and Country Taskforce Member, said it was wonderful that strong pledges had been made at the global ministerial conference on ending violence against children in Bogota.  How was Romania implementing its mission as a pathfinding global alliance country?  It seemed Romanian children were in need of protection against high levels of physical and sexual violence.  One of the pledges made in Bogota was to conduct a prevalence study on sexual abuse; had the State moved forward with this study?  Were there dedicated teams drawing up the comprehensive framework and strategy which had been promised?  One pledge had been to enhance children’s participation regarding issues of violence.  What efforts had the Government made to ensure that there was a clear public understanding that all forms of violence against children needed to be reported? 

    Corporal punishment appeared to remain quite widespread despite being banned in 2004. What efforts were made to lower the prevalence and change attitudes among parents and adults?  It was encouraging that Romania had been one of 40 countries to recently join a statement of the Human Rights Council, expressing children’s right to protection from corporal punishment.  How was bullying and cyber bullying being addressed at all levels of legislative policy?  Could more information about the child helplines be provided? 

    Was it true that around seven to eight per cent of girls in Romania were married before the age of 18, with that percentage rising to around 20 per cent in the Roma community? What was being done in response to this? Was it true that charges had been dropped against a 17-year-old boy who entered into a non-formal marriage with an 11-year-old girl?  What policy was in practice in the health sector regarding surgical interventions and intersex children?  What were the guidelines to protect their bodily integrity until these children were capable of providing consent? 

    Responses by the Delegation

    The delegation said the law on child protection now included clear provisions which made it compulsory for public administrative bodies to involve children in consultations regarding issues which concerned them.  The national strategy on children’s rights was recently adopted and another national action plan was elaborated; these plans were complimentary. This was a comprehensive package which would help the Government to better implement all necessary measures. An assessment of the national strategy had been undertaken.  The State was now piloting a system which would indicate how to establish a model of financing where children would be considered as a different group that would benefit from a different budget. 

    The national programme for schooling in Romania ensured children received food support at schools to increase the enrolment rate and participation.  School supplies were also provided for all school grades. Two hundred euros were provided for the purchase of technology, and remedial lessons were provided to students coming from disadvantaged communities.  Recently, the scholarship system had been extended to encompass more disadvantaged groups. 

    Funds allocated to primary medical care had registered a continuous annual increase.  Just last year, the fund allocated to primary care increased by 24 per cent.  The national observatory was a big achievement for Romania and aimed to identify the children most at risk of being separated from their families, based on indicators.  Training was being conducted on the use of the observatory to ensure the data provided was reliable.   

    The hearing of minors in justice proceedings took place in special rooms, and a psychologist was always required to be present.  The new national strategy for the development of the judicial system provided for another 10 hearing rooms across the country.  There were specially designated prosecutors to handle cases involving minors.  The child Ombudsman was fully operational and cooperated with all institutions.  It had a functioning complaints mechanism.  If an incident was notified to the Ombudsman, an investigation started, which concluded with a set of recommendations sent to the institution responsible to correct the situation.  

    Civil society representatives were part of the consultative groups established at the national level.  A methodology had been issued and piloted regarding identifying and banning segregation within the educational sector.  The measures focused on ensuring an inclusive education.  Any kind of discrimination on criteria such as ethnicity, religion or sex was completely forbidden within the educational system.  Specific places in high schools were allocated for Roma students and students with disabilities.  To ensure access to high quality education, educational services had been developed starting from early education to prevent early dropout and absenteeism.     

    A set of programmes had been introduced, including a monthly allowance for children up to the age of 18, as well as parental leave.  There was also a minimum income support which supported families with children. Emergency ordinance no.96 was developed specifically for children from Ukraine and their families. 

    There was a dedicated intergovernmental group which addressed the subject of forced marriage, with the aim of drafting legislative projects in this regard.  Concerning infant mortality and the number of deaths under one year of age, a regionalised system of care had been introduced to ensure each neonate was born in a medical unit which could provide the services necessary for their care, thereby reducing infant mortality.  An important national programme was in place which contained around 15 interventions, established in partnership with the United Nations Children’s Fund.  Another programme provided 900 neonatal incubators around the country. 

    A significant number of services had been established to help families in vulnerable situations. A special programme was launched last year on the minimum inclusion income, which focused on how to assist parents within the labour market.  The State was aware of a lack of social assistance in rural areas, which was where the most vulnerable communities lived.  Interventions were directed, including food packages, and local administrative capacities would be developed. 

    A programme had been developed which aimed to establish hearing rooms for children in courts, and 29 hearing rooms were completed in April 2024.  The rooms were used by the Prosecutors and police officers when they had victims who were minors.  The rooms were child-friendly and specially designed with toys.  The child did not see the other people participating in the hearing.  A new strategy adopted in 2025 provided for the need for an additional 10 hearing rooms in the near future. 

    All social services were functioning based on a set of minimum quality standards, which were verified by the national agency for social inspection.   With the United Nations Children’s Fund, Romania was piloting a project which would identify and train foster families to care specifically for children with disabilities.  A child entering the special protection system was prioritised to be reintegrated in a family environment.  Adoption was considered the best solution in this regard, and this could only be decided by a court.  Priority was offered to domestic adoption, but international adoption could be considered after one year. 

    Amendments had been made to allow special spaces for visits in prison with children.  Such spaces were now available in all prison facilities within the Romanian penitentiary system.  There were cooperation protocols in place with the United Nations Children’s Fund and Save the Children which supported parents to develop their parental skills and improve their relationship with their children. The State was aware of the need to develop programmes which addressed the needs of children and adults and improved the relationship within the family.

    The Ministry of Education aimed to develop digital competencies among students and parents. During the pandemic, all students were provided with laptops and digital devices to keep up with the educational process.  In a new initiative launched in partnership with Microsoft, the Ministry of Education had announced the development of a project concerning artificial intelligence for increasing the school performance of students.  A project was also being implemented aimed at improving the digital skills of civil servants. 

    Romania had a dedicated national child help line.  It was toll-free and operational 24/7.  Those operating the calls were specialised counsellors who could refer the cases to the relevant authorities.  Another helpline just referred cases to social services.  The 119 helpline was a recent development, operational from any place in Romania and accessible to children and adults.  After the first year, it had been well received and was being regularly used to inform on any situation concerning a child. 

    Rape of a minor and sexual assault against a minor had been introduced as acts within the Criminal Code.  Rape committed by an adult against a minor under the age of 18 was punished by a prison sentence of between seven to 12 years.

    Questions by Committee Experts

    PHILIP JAFFE, Committee Vice-Chair and Country Taskforce Member, said one in 20 people in Romania held a disability certificate, with around 80,000 being children. What were the difficulties faced by certain groups of children to receive this certificate, including rural children?  Were there any awareness-raising campaigns for rural minorities and poor families regarding their entitlement to services?  Could more information be provided about Romania’s strategy for persons with disabilities?  How were the number and expertise of professionals being scaled up?  To what degree had the State embraced a human-rights approach to disability, as opposed to a medical model of disability?  How many children were still left in institutions? When would such institutions all be closed? 

    There were two recent laws on pre-university education and higher education; could more information be provided about the implementation of these laws?  What was the level of gross domestic product dedicated to education in Romania?  Was there a direct pipeline to hear about the concerns of children within the education system and were these concerns taken seriously?  What was being done to combat school segregation based on disability, special education needs, and family economic status?  Figures suggested that 40 per cent of children with disabilities had limited access to education.  What steps were being made to improve education for children under the age of three? What improvements were being made to increase the improvement of vocational training for older children who may be leaving the school system?  Were there any programmes which specifically targeted economically disadvantaged children?  What was the mission of the Ministry of Youth? 

    SOPHIE KILADZE, Committee Chair and Country Taskforce Member, asked if sufficient resources were dedicated to the capacity building of medical personnel? Did all children have access to health care, including health insurance?  How were vaccinations promoted in the country?  How was breast feeding promoted?  Child obesity was an issue of concern; how was this combatted? Was there a hot meals programme? 

    Mental health was a very important issue.  Was data on mental health being disaggregated, including on suicide?  Was there a comprehensive strategy and action plan regarding the issue of mental health?  Were quality mental health services available in rural and remote areas? According to alarming information, the country had the highest number of adolescent mothers across the European Union. What steps would the State undertake to prevent adolescent pregnancies and subsequent abortions?  Would Romania make reproductive education part of the curriculum? 

    What measures were in place to address drugs or substance abuse?  Were there treatments available for children?  Romania had made substantial efforts for Ukrainian children and other groups of refugees.  How would the State integrate these children long-term?  Were there delays in the enrolment of refugee children and their families into the social services system?  Would amendments be considered in the asylum law to end the detention of families at the legislative level?  Did unaccompanied migrant children have access to services, including psychosocial support and disability services?  Were there any barriers which could hinder access to education? 

    What measures were being undertaken to end child labour, including begging?  What was being done to assist children in street situations?  How were perpetrators investigated and brought to justice?  Were there quality services for child victims of trafficking in place? Was the system of child justice established across the country?  Were adequate financial resources allocated to it?  Was free legal aid available to children in conflict with the law?  Was the detention of children used only as a last resort?  If yes, did it comply with international standards? 

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, said one in five children were affected by severe material and social deprivation, which was concerning.  What was the reality on the ground?  The minimum social assistance package had been introduced; could more information be provided on it?  Romania was increasingly vulnerable to droughts, heatwaves, floods and landslides, and it was also grappling with water pollution.  How had the national strategies pertaining to climate change helped to address the challenges of the environment and climate change in the country? What measures were being adopted to take into account children’s needs and views in the development of specific policies, including disaster-preparedness plans?  Were child rights impact assessments carried out when dealing with the business sector? 

    A Committee Expert asked what the national coverage of vaccinations was in the country?  Romania had an epidemic of measles; how did the population react to vaccinations?  How was confidence being built in vaccines?  Were people familiar with the law on rape?  What happened once the 30-day limit for registering births had elapsed? 

    Responses by the Delegation

    Romanian legislation completely prohibited violence against children, regardless of the environment.  However, despite the legislation, which was fully aligned with United Nations Conventions, the State needed to fight against mentalities and traditions and to practically change the minds of parents and caregivers, who believed corporal punishment would discipline children better.  Awareness-raising campaigns were being conducted for parents, and mechanisms including hotlines had been developed to support children, including the helpline 119. 

    Authorities were obligated to launch investigations immediately concerning any allegations of violence against children.  Romania was committed to continuing these efforts and to changing social norms and mentalities.  The numbers of cases of violence against children was increasing, which meant people were becoming more aware of the issue and reporting it. 

    Since 2016, the methodology applied in Romania clearly distinguished between the concept of disability and special education needs.  In Romania, the deinstitutionalisation process was one of the most important commitments of the Government, and the process was now concluding. Currently, out of the 167 residential centres operating in 2017, 149 had already been closed, and more than 6,000 children were benefiting from alternative care.  The legal framework stated that no placement centre could operate without the approved closure plan.  The deinstitutionalisation process also involved finding better alternative and family-based care for children.   Only 18 placement centres remained in the process of being closed, and by 2026 no such centre would be operating in Romania.  The State was still aiming to find family-style solutions for children with disabilities, and a project was being developed with the United Nations Children’s Fund to this end.

    If a birth was declared after the 30-day deadline but less than one year after the birth, the birth certificate could be issued based on approval from the mayor.  If the birth declaration was made more than one year after the birth, the certificate needed to be approved by the mayor and other administrative bodies. 

    More than 2.8 million students were enrolled in the 2023/2024 school year in Romania.  For high school, there had been a significant decrease in dropouts from 2.5 per cent in 2017 to 0.8 per cent in 2024. Around 4.5 per cent of the budget was allocated to education.  The Ministry of Education had taken steps to assist children with special educational needs, with the creation of frameworks offering them different kinds of support, based on the type of disability.  For students with temporary special needs, the law of education presented special measures, including the implementation of schooling hospitals, or schooling at home for those who were required to be in hospital or at home for medical reasons. 

    Adaptive measures had been taken for Roma children, including stimulating their participation in early education and in summer kindergartens, supporting education in their current language, and translating schoolbooks in their mother tongue, among others.  More than 66,000 teachers had been trained in digital and multimedia use.  An increasing number of contracts between schools and the business sector had been recorded, around 6,000 contracts in the school year 2023/2024.  Most teachers had been trained to create open educational resources.  Significant funds had been allocated to modernising rest room facilities in schools. 

    Any student could submit complaints of discrimination via an established framework.  Students benefitted from representation in the school system through several platforms.  The national strategy for sustainable development issued the methodology of the “green week programme”, which contributed to preschoolers and students’ competence in understanding basic concepts of climate change, to initiate individual and protective action to protect the environment.  Teachers were obliged to obtain 90 transferrable professional credits every five years, through attending courses offered by Romanian training houses.

    In recent years, infant mortality had remained relatively stable in Romania.  From 2023 to 2024, the number of doctors treating children increased by five per cent.  Regarding children’s access to medical services, all children were insured in Romania and benefitted from basic medical services across all sectors of health care.  The national health insurance fund also reimbursed certain services.  The Ministry of Health had launched a vaccination campaign in partnership with the Red Cross, to raise awareness of parents; this had been accompanied by a “catch-up” vaccination schedule, resulting in 1,500 children being vaccinated.  A protocol had been signed with the Orthodox Church to establish an active partnership to create a framework for anyone facing a possible cancer diagnosis, offering support.   

    World Breastfeeding Week was celebrated in August each year, as breastfeeding remained one of the most effective ways to provide children with the best start in life. Breast feeding recommendations had been developed with partners, including the World Health Organization, and were relayed to medical practitioners at the local level.  Around 200 integrated community centres would be restructured, elevated and equipped.  A television broadcast had been created to promote the importance of breastfeeding in the first six months of a child’s life.   

    Information and education campaigns had been carried out for children, parents and teachers about the benefits of a healthy diet and the consequences of unhealthy eating. Around 1,000 people had benefited from the campaign.  Substance abuse could be detected by family doctors and psychological services could be recommended.  The national health insurance house implemented the national mental health programme, providing treatment for persons with substance abuses, and ensuring specific treatment for patients with depressive disorders. 

    Questions by Committee Experts 

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, said the Government had approved a social assistance programme in 2011 which targeted all communes, but was underfinanced; could more information be provided?  The Environment Week presented was an excellent initiative; how was it being utilised? 

    JULIANA SCERRI FERRANTE, Committee Expert and Country Taskforce Member, asked if there were any supervision orders, where children remained with their family but were supervised?  Were there age assessment procedures during the asylum procedure?  What rights did children applying for asylum have?  Could they appeal any decisions? 

    PHILIP JAFFE, Committee Vice-Chair and Country Taskforce Member, said according to research by the United Nations Children’s Fund, Romanian girls felt much lonelier than Romanian boys.  Was there a reason for this gap? 

    SOPHIE KILADZE, Committee Chair and Country Taskforce Member, asked for clarification on case management coordination? 

    A Committee Expert noted the prevalence of women among the large delegation and asked if women generally had an important and high-profile position in Romania, or if this only occurred when discussing children?  Had there been any programmes to prevent violence?  Had the concept of gender been fully institutionalised? Were teachers trained in detecting signs of violence?  What was the prevalence of child marriage in the country?  What about figures for marriages which were not officially recorded? Had there been any programmes to prevent the phenomenon or sanctions? 

    Was there any mapping of the at-risk populations in the country of female genital mutilation? Was female genital mutilation prohibited in law?  What was the most updated action on sexual exploitation?  Was there any cross-border cooperation between Romania and neighbouring countries?  Did Ukrainian children born in Romania have access to Romanian citizenship?  Did rape victims have access to emergency contraception?

    Another Expert asked about vaccinations from children aged zero to 12; was there distrust in the population when it came to vaccines?  It seemed that tuberculosis was a public health issue.  What was being done in the field of treatment? Were there children whose births had not been declared, particularly among refugees, Roma and migrants?

    A Committee Expert asked about the new concept introduced by the Parliament on parental alienation.  How had this concept been consulted on, particularly with children?  How would the best interests of the child be ensured? What specific measures were being taken to reduce school dropout and improve access to quality education for Roma children?  What mechanisms were in place to monitor and support Roma children who were at risk of dropping out? 

    Another Committee Expert said she was happy to hear about the programme for the deinstitutionalisation of alternative care centres; this was something Romania should be proud of, as well as all the foster arrangements being made, especially for children with disabilities.  What was the State doing to support the families of children with disabilities, particularly those with severe disabilities? 

    Responses by the Delegation 

    The delegation said emergency contraception was available to those who had experienced sexual assault and could be obtained without a prescription.  Adolescent pregnancies were a major concern for the Romanian public health system.  Contraceptives and medical devices were provided free of charge through family centres and through gynaecological departments, where abortions were performed upon request.  Romania was one of the first European countries to offer non-discriminatory HIV/AIDS treatment. 

    Refugees were granted a monthly allowance, one-month’s accommodation, and access to education for minors.  Legislation in the field of asylum provided for beneficiaries to apply for family reunification when family members were not in Romania.  Identity documents needed to be provided to prove family links. Family reunification of unaccompanied minors was carried out with the best interest of the child in mind. Minors from immigrant backgrounds benefitted from the same rights as minors who were Romanian citizens. Romanian language courses provided teaching support, textbooks and workbooks developed on linguistic levels according to the European Union framework.  Priority for asylum applications was given to unaccompanied minors. 

    Medical forensic expertise was used when an asylum applicant could not prove their age and there were serious doubts about their ethnicity.  The declared age of the asylum applicant was accepted if their refusal to undergo the medical expertise was based on compelling reasons.  The assessment was performed with full respect for the minor’s dignity and in as least invasive way as possible. 

    Investigations in child and human trafficking were undertaken by specialists with supervision from specialised prosecutors.  Through law 229/2024, the Romanian Parliament aimed to discourage sex tourism and the pimping of minors.  More than 1,200 criminal cases had been identified regarding child trafficking. The General Inspectorate of Romanian Police organised regular sessions for border police and 

    non-governmental organizations, with the purpose of identifying victims.  More than 125 trainings had been carried out to over 4,000 workers who may encounter trafficking victims through their work. The National Agency against Trafficking in Persons and the Directorate for Investigating Organised Crime had implemented a national action plan in the fight against human trafficking to improve the awareness of at-risk groups. 

    In 2024, prosecutors from the Directorate for Investigating Organised Crime took part in 35 seminars regarding identifying child victims, compensation for victims, international cooperation, and online sexual exploitation of children, among other topics.  A public awareness campaign had been launched relating to sexual acts between adults and minors.  The message stated that a sexual act committed against a minor of 16 years or under constituted rape, if the age gap was more than five years, and punishments applied. 

    According to Romanian legislation, minors benefited from free legal aid, whether they committed a crime, or if they were victims of a crime.  The Romanian penal system limited sanctions in regard to minors, and measures for deprivation of liberty were only given as a last resort and could only be ordered by a court. 

    The integrated social services project aimed to develop the academic knowledge of professionals working in the social assistance field, and to develop concrete measures for vulnerable groups of people. 

    During “green week”, schools organised activities around several topics relating to the environment.  These were uploaded on a specialised platform dedicated to education on climate change and varied from one educational cycle to another.  The Ministry of Education had developed a programme, the mechanism of early-living alert, which focused on early education for Roma children. 

    In Romania, social services were obligated to identify children in a risk situation.  Children could remain within families and be monitored by social services until the risks were removed.  The parental alienation provision was introduced in all cases relating to violence and neglect.  It was recommended that this provision be removed, as these measures should only be applied by the courts.  There were many trainings offered to judges on methods relating to children’s rights.  Social workers were also trained to provide necessary assistance to visiting parents. Social services could only assist; they could not intervene and solve disputes between parents. 

    Closing Remarks

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, reiterated the Committee’s appreciation for the Government of Romania’s support to Ukrainian refugees, particularly children.  The State was encouraged to continue to undertake these activities which were important for solidarity for children.  Significant progress had been made from the last reporting period to the current one, with many looking forward beyond the dialogue.  This was an indication of the Government’s commitment towards children.  As the country moved forward, it was important to put emphasis on implementation and ensure vulnerable children did not miss out. 

    HELENA OMNA-RAICU, President of the National Authority for the Protection of Child Rights and Adoption of Romania and head of the delegation, expressed deep gratitude for the dialogue.  The delegation welcomed the Committee’s emphasis on equality, accountability and sustainability, and would underpin the next stage of the State’s deinstitutionalisation journey.  The Committee’s concerns regarding urban disparities were noted.  It was recognised that rights delayed were rights denied, and the State was committed to accelerating affirmative action. Romania would treat the Committee’s recommendations as an opportunity for deeper transformation. 

    SOPHIE KILADZE, Committee Chair, thanked the delegation for the fruitful dialogue and commended its members for their clear and comprehensive answers.  Ms. Kiladze extended her best regards to the children of Romania. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CRC25.013E

    MIL OSI United Nations News

  • MIL-OSI Canada: New funding strengthens rural and Indigenous communities

    Source: Government of Canada regional news

    Local governments, First Nations and not-for-profit organizations throughout British Columbia are receiving funding to promote economic diversification, clean-economy opportunities and infrastructure development.

    “We’re partnering with rural community leaders to invest in the future of their local economies,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “By helping fund impactful projects throughout the province, we’re supporting people and helping their communities to flourish.”

    The Government of B.C is investing as much as $43 million from the third intake of the Rural Economic Diversification and Infrastructure Program (REDIP) toward more than 130 projects that will strengthen local economies, create an estimated 2,200 jobs and make a positive impact for people and communities across rural areas of the province.

    One example is the Sea to Sky Outdoor Adventure Recreation Enterprise’s (SOARE) Basecamp Innovation Centre expansion project, which will further develop the outdoor recreation sector within the Sea-to-Sky region. Funding will support a facility upgrade, specialized manufacturing equipment and a repair hub, a six-month business accelerator program and high-impact events for industry networking and cross-sector collaboration. These expanded services will empower local businesses, support sustainable growth and establish the Sea-to-Sky region as a leader in outdoor recreation innovation and economic diversification. 

    “SOARE is incredibly grateful to have been a successful recipient of REDIP. This funding has been pivotal to our non-profit’s growth, to our physical innovation centre and the programming we are able to offer. SOARE is able to provide assistance to our outdoor business members, creating highly impactful workshops and keeping our physical space equipped with machinery and tools,” said Anirban (JoJo) Das, executive director of SOARE.

    In northern B.C., the Indigenous Economic Resilience in the Rural/Remote North project supports clean job growth, economic resilience and community wellness. This is through the continued development of an Indigenous-led, culturally safe skills-training and employment centre in northern B.C. This project will support vital employment and training infrastructure to boost jobs and circular economic growth that is much needed in rural, remote regions with high Indigenous populations.

    “The Indigenous Food Sovereignty Association (IFSA) is excited to receive this support from the REDIP program. It will build economic resilience, revitalize food systems, and support job skills development in rural, northern Indigenous communities,” said Jacob Beaton, executive director of the IFSA.

    Another project aims to increase understanding of rural, remote coastal and Indigenous community economies. The Communities Talking project will ensure communities are discussing economic solutions internally and with each other. The goal is to work with select communities to collect their unique economic information and weave Indigenous conversations with western data-collection approaches.

    “Successfully addressing the economic challenges of B.C.’s coastal rural, remote and Indigenous communities requires current, evidence-based data. Thanks to REDIP 2024-25 funding, we can integrate Indigenous relational approaches with western economic data to support co-ordinated local decision-making, job creation and investment attraction,” said Francine Carlin, chair of the Rural Islands Economic Partnership.

    In its first three years, REDIP will see as much as $142 million invested in more than 450 projects across B.C. that will create an estimated 7,000 jobs in rural areas. The ministry anticipates that additional funding opportunities for rural economic-development projects will be available this year.

    Quotes:

    Steve Morissette, parliamentary secretary for rural development –

    “Investing in local priorities is making communities stronger, more resilient and better prepared for the future. REDIP is ensuring people in every corner of the province have the tools needed for success.”

    Stephanie Higginson, MLA for Ladysmith-Oceanside –

    “Through REDIP, we’re empowering rural communities throughout B.C. to thrive and grow. Together, we’re building a sustainable future in every corner of our province.”

    Quick Facts:

    • The Rural Economic Diversification and Infrastructure Program completed three application intake periods from fiscal year 2022-23 to fiscal year 2024-25.
    • A total of approximately $142 million has been allocated to 453 projects in rural communities throughout the province.
    • The Forest Impact Transition stream has provided approximately $32.6 million in targeted funding to support economic recovery and diversification in affected forestry-dependent communities.
    • The next intake of REDIP is expected to open in July 2025.

    Learn More:

    To learn more about the Rural Economic Diversification and Infrastructure Program and see the lists of approved projects, visit: https://gov.bc.ca/redip

    MIL OSI Canada News

  • MIL-OSI New Zealand: Commonsense financial reforms underway

    Source: NZ Music Month takes to the streets

    Last night the Government took a major step toward restoring common sense to financial regulation, with the first readings of three important reform bills, says Commerce and Consumer Affairs Minister Scott Simpson.

    “Our Government is delivering on its promise to make it easier for New Zealanders to access the financial services they need, whether it’s buying a home, growing a business, or simply managing everyday life,” says Mr Simpson.

    “For too long, New Zealanders have been trapped by rules that are overly bureaucratic, unnecessarily repetitive, and sometimes just downright silly. Today, we’ve begun to fix that.”

    The Credit Contracts and Consumer Finance Amendment Bill, the Financial Markets Conduct Amendment Bill, and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill are the first legislative steps in a broader package aimed at rewiring New Zealand’s financial services regulation. Together, they form part of a comprehensive overhaul that will rebalance the system to ensure consumer protection without stifling access to credit or innovation.

    “For many Kiwis, the absurdity of past rules became clear when banks were forced to quiz them about what they’d been spending on takeaways or Netflix subscriptions before approving a mortgage. That wasn’t responsible lending, it was regulatory overreach.”

    These three bills focus on addressing some of the most counterproductive aspects of the current law:

    • Regulators empowered to take proactive action: The Financial Markets Authority will be given the tools needed to effectively oversee lending, banking and insurance markets to the benefit of consumers.
    • Removing unnecessary personal liability: Senior managers and directors will no longer face personal liability for compliance failures. Responsibility will sit with the businesses, where it belongs.
    • Streamlining licensing requirements: Financial service providers will no longer need to hold multiple overlapping conduct licences, reducing duplication and compliance costs across the sector.
    • Improving dispute resolution services: The Bill strengthens oversight and independent governance of financial dispute resolution schemes, ensuring Kiwis can have confidence in fair, effective support when things go wrong.
    • A fairer and more proportionate approach to non-disclosures: Another change, which will apply retrospectively for the period between 2015 and 2019, will enable the courts to apply greater discretion when a lender has failed to disclose certain information to consumers.

    “These changes are pro-consumer, pro-competition, and pro-growth. They ensure that financial institutions are held to account without being tied up in needless red tape that drives up costs for everyone.”

    The reform package delivers on a core part of the National-ACT coalition agreement to rewrite the Credit Contracts and Consumer Finance Act 2003.

    “These changes are about enabling our economy to flourish. Financial regulation should protect people, not block their ambitions. This progress means we’re one step closer to a more dynamic, fair, and accessible financial system for all.”

    Notes to editors

    Fact sheet for the Bills is attached.

    MIL OSI New Zealand News

  • MIL-OSI Video: Gaza, Haiti & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

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

    Highlights:
    -Occupied Palestinian Territory
    -Haiti
    -Secretary-General/ECOSOC
    -Syria
    -Sudan
    -Myanmar
    -Libya
    -International Days
    -4th International Conference on Financing for Development

    OCCUPIED PALESTINIAN TERRITORY
    The Office for the Coordination of Humanitarian Affairs (OCHA) says that yesterday and today, the Israeli authorities granted us access to Kerem Shalom so that our teams could reach additional humanitarian supplies that crossed into the Strip on Monday and Tuesday, crossed from Israel into Kerem Shalom loading areas. Other critical items such as hygiene products or fuel have not been allowed by the Israeli authorities into Kerem Shalom.
    So far, and this is as a few minutes ago, but the situation is obviously fluid, none of the supplies have been able to leave the Kerem Shalom loading area. This is because, by yesterday evening, Israeli authorities had only allowed our teams to go through one area that was highly congested, that we felt was insecure and where we felt looting was highly likely to take place, given the prolonged deprivation in Gaza since the blockade by the Israeli authorities for over 11 weeks. The UN hopes that will change very soon.  The discussions are ongoing as we speak between our colleagues and the Israeli security authorities.
    The UN is continuing to are engage with them to identify the best possible routes out of Kerem Shalom towards Gaza to ensure that the flow of aid is not disrupted or suspended. Partners are in touch with community leaders in Gaza to mitigate the risk of looting and ensure that the supplies entering Gaza reach the people who need them.
    However, it is important to underscore that the limited supplies finally being allowed to enter Kerem Shalom are nowhere near enough to meet the needs in Gaza, which are vast, which are tremendous. Much, much more aid needs to get in.
    Meanwhile, bombardment and shelling are continuing across the Gaza Strip. Today, the Gaza Ministry of Health reported dozens of people killed in the last 24 hours, and yesterday, it made an urgent call for blood donations for the sick and for those injured.
    OCHA is telling us that 80 per cent of the Gaza Strip is now either subject to displacement orders or located in Israeli-militarized zones. These zones require humanitarians to coordinate their movements with the Israeli security authorities. 
    UN partners says that over the past few days, almost half of the newly displaced people have fled with none of their belongings. The ongoing displacement of Gaza’s population is putting immense pressure on humanitarian teams, especially when there is no food or any basic items being allowed in.
    In Gaza City, our partners report an extreme lack of shelter space: Displacement sites and residential buildings are all very much overcrowded. People are settling in abandoned, unfinished, or destroyed or damaged structures. Some are sleeping out in the open. 
    And as we have been saying over, and over and over again, civilians need be protected, including those fleeing or forced to leave through displacement orders or those who remain despite the displacement orders.
    Meanwhile, continued attacks on healthcare facilities are ongoing.  Earlier today, Al Awda Hospital, which is the only partially functional hospital in North Gaza governorate, and still treating a dozen patients, was hit. Yesterday, Kamal Adwan Hospital ceased operations.
    As of yesterday, UN partners report that about 304,000 daily meals were prepared and delivered through about 70 kitchens. Five kitchens resumed operations, including two in Khan Younis and three that relocated to Gaza City following recent displacement orders from North Gaza. However, five others in Gaza City and Khan Younis were forced to shut down after their supplies were depleted. 
    UN partners providing water, sanitation and hygiene services say that the water situation is worsening by the day. For example, the largest desalination plant in the north of Gaza is in an area slated for displacement. This has disrupted access to drinking water for about 150,000 people. 
    In southern Gaza, in Al Mawasi, the water situation is also dire, as the area is not connected to the water network and relies heavily on water trucking. This requires both vehicles and fuel to serve the needy population.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=21%20May%202025

    https://www.youtube.com/watch?v=o494ZKBFyws

    MIL OSI Video

  • MIL-OSI Video: Gaza, Haiti & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

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

    Highlights:
    -Occupied Palestinian Territory
    -Haiti
    -Secretary-General/ECOSOC
    -Syria
    -Sudan
    -Myanmar
    -Libya
    -International Days
    -4th International Conference on Financing for Development

    OCCUPIED PALESTINIAN TERRITORY
    The Office for the Coordination of Humanitarian Affairs (OCHA) says that yesterday and today, the Israeli authorities granted us access to Kerem Shalom so that our teams could reach additional humanitarian supplies that crossed into the Strip on Monday and Tuesday, crossed from Israel into Kerem Shalom loading areas. Other critical items such as hygiene products or fuel have not been allowed by the Israeli authorities into Kerem Shalom.
    So far, and this is as a few minutes ago, but the situation is obviously fluid, none of the supplies have been able to leave the Kerem Shalom loading area. This is because, by yesterday evening, Israeli authorities had only allowed our teams to go through one area that was highly congested, that we felt was insecure and where we felt looting was highly likely to take place, given the prolonged deprivation in Gaza since the blockade by the Israeli authorities for over 11 weeks. The UN hopes that will change very soon.  The discussions are ongoing as we speak between our colleagues and the Israeli security authorities.
    The UN is continuing to are engage with them to identify the best possible routes out of Kerem Shalom towards Gaza to ensure that the flow of aid is not disrupted or suspended. Partners are in touch with community leaders in Gaza to mitigate the risk of looting and ensure that the supplies entering Gaza reach the people who need them.
    However, it is important to underscore that the limited supplies finally being allowed to enter Kerem Shalom are nowhere near enough to meet the needs in Gaza, which are vast, which are tremendous. Much, much more aid needs to get in.
    Meanwhile, bombardment and shelling are continuing across the Gaza Strip. Today, the Gaza Ministry of Health reported dozens of people killed in the last 24 hours, and yesterday, it made an urgent call for blood donations for the sick and for those injured.
    OCHA is telling us that 80 per cent of the Gaza Strip is now either subject to displacement orders or located in Israeli-militarized zones. These zones require humanitarians to coordinate their movements with the Israeli security authorities. 
    UN partners says that over the past few days, almost half of the newly displaced people have fled with none of their belongings. The ongoing displacement of Gaza’s population is putting immense pressure on humanitarian teams, especially when there is no food or any basic items being allowed in.
    In Gaza City, our partners report an extreme lack of shelter space: Displacement sites and residential buildings are all very much overcrowded. People are settling in abandoned, unfinished, or destroyed or damaged structures. Some are sleeping out in the open. 
    And as we have been saying over, and over and over again, civilians need be protected, including those fleeing or forced to leave through displacement orders or those who remain despite the displacement orders.
    Meanwhile, continued attacks on healthcare facilities are ongoing.  Earlier today, Al Awda Hospital, which is the only partially functional hospital in North Gaza governorate, and still treating a dozen patients, was hit. Yesterday, Kamal Adwan Hospital ceased operations.
    As of yesterday, UN partners report that about 304,000 daily meals were prepared and delivered through about 70 kitchens. Five kitchens resumed operations, including two in Khan Younis and three that relocated to Gaza City following recent displacement orders from North Gaza. However, five others in Gaza City and Khan Younis were forced to shut down after their supplies were depleted. 
    UN partners providing water, sanitation and hygiene services say that the water situation is worsening by the day. For example, the largest desalination plant in the north of Gaza is in an area slated for displacement. This has disrupted access to drinking water for about 150,000 people. 
    In southern Gaza, in Al Mawasi, the water situation is also dire, as the area is not connected to the water network and relies heavily on water trucking. This requires both vehicles and fuel to serve the needy population.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=21%20May%202025

    https://www.youtube.com/watch?v=o494ZKBFyws

    MIL OSI Video

  • MIL-OSI Europe: Briefing – Generational renewal in EU agriculture – 21-05-2025

    Source: European Parliament

    Attracting young people to agriculture has been a goal of the European Union’s (EU) common agricultural policy (CAP) since the 1980s. However, EU farmers are getting older – 57 % of farm managers are over 55 years of age, while only 12 % are under 40. Young farmers ensure continuity of agricultural production and bring vitality to rural areas. They are also more likely to modernise farms, engage in environmentally friendly practices and employ new business models and ideas. Young people who decide to go into farming often experience difficulties in accessing land, finance and knowledge. They also have to navigate the general challenges that come with living in rural areas. To address these issues, the CAP mandates that EU Member States allocate an equivalent of 3 % of their direct payments to support young farmers. This support can come in the form of complementary income support, installation aid and support for investment. Furthermore, Member States use the LEADER programme to improve infrastructure and basic services in rural areas. Some also provide support for farms that are being passed down from one generation to the next. However, several studies reveal that, despite several decades of efforts, these measures have shown limited results. The support being provided is considered insufficient to address the issue of access to land, especially for people entering agriculture without inheriting a farm. Nonetheless, this support is crucial for convincing young people to take over a farm and is often used for investment, as collateral when obtaining a loan, or for expanding an existing farm. Over the next three years, in addition to what is being provided under the CAP, the European Investment Bank Group is planning to provide €3 billion in loans on favourable terms for agriculture, with a share reserved for young farmers. In the current term, the European Parliament has not adopted a formal position on young farmers and generational renewal. However, its committees are working on own-initiative reports on the future of agriculture and strengthening rural areas. Parliament has previously called for a dedicated EU strategy on generational renewal, which the European Commission plans to put forward in 2025.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Justification and conditionality of financial support to South Africa under the Global Gateway initiative – E-001120/2025(ASW)

    Source: European Parliament

    The EU and South Africa (SA) have a Strategic Partnership based, among other, on democratic values and human rights, as exemplified by the recent EU-SA Summit, where the EU announced the Global Gateway Investment Package with South Africa to which the Honourable Member refers. This package will mainly support projects promoting SA’s clean and just energy transition. In the context of this partnership, the EU and SA are engaged in a regular human rights dialogue.

    With Global Gateway, the EU aims to embed democratic principles, and transparency in all investments. The EU assesses in each country whether the required pre-conditions for investments exist, including regarding human rights.

    When the Commission becomes aware of any suspected cases of fraud, corruption or any other illegal activity affecting the EU budget, it takes all measures deemed fit and informs without delay the European Anti-Fraud Office and, where applicable, the European Public Prosecutor’s Office.

    The new Financial Regulation (Article 6(3))[1] makes an explicit reference to the EU values, including human dignity, freedom, democracy, and the rights of minorities, and requires that the EU budget be implemented in full respect of such values. In cases of serious human rights violations, the Commission may take precautionary and/or corrective measures such as suspending or terminating contracts, carrying out internal or external audits, verifying expenditures, and applying other relevant controls.

    • [1] https://eur-lex.europa.eu/eli/reg/2024/2509?utm_source.
    Last updated: 21 May 2025

    MIL OSI Europe News

  • MIL-OSI: KGN Cloud Launches Intelligent Cloud Mining Platform AI Reshapes Crypto Landscape

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, May 21, 2025 (GLOBE NEWSWIRE) —

    Following never-before-seen crypto rises, KGN Cloud, the innovative digital mining venture of KGN Investing Limited, has rolled out an AI-integrated, ready framework for legislation and an environment-friendly cloud mining platform. Major nations are speeding up their regulatory frameworks for digital assets ,when Bitcoin is already above $80,000, and KGN Cloud, now made available to individuals and businesses, facilitates the mining of top cryptocurrencies without owning physical rigs or dealing with complicated setups.

    New users get an automatic bonus of $100 after registration, which they can use to start mining in minutes.

    “The alignment of AI, energy sustainability, and global regulatory convergence has created a perfect milieu for intelligent mining,” said Rachel M. Jones, Chief Product Officer, KGN Cloud. “This is a platform we created to bring everyone—from the freshers in crypto to hedge funds—a trusted entry point into blockchain mining.”

    Crypto’s Historic 2025 Rally: The Numbers Behind the Boom

    Bitcoin hit $80,000 on May 10th, 2025, according to CoinMetrics and Messari, as a result of a combination of spot ETF approvals in the US, Hong Kong, and the UAE, as well as increasing interest for Ethereum Layer 2 solutions and institutional DeFi.

    Key market trends fueling demand for mining:

    • Spot Bitcoin ETF inflows exceeded $14B in April 2025 alone
    • Ethereum (ETH) surged 30% in Q2 as staking rewards hit record highs
    • Solana (SOL) and Avalanche (AVAX) are seeing adoption across real-world asset (RWA) tokenization
    • Global mining hash rate hit a new high of 660 EH/s post-halving, pushing smaller miners toward cloud-based options

    As a result, cloud mining is seeing an unprecedented surge in demand.

    Enter KGN Cloud: Mining Powered by AI, Sustainability, and Simplicity

    Traditionally, mining is beset with the barriers of hardware costs, inefficient use of energy, and absence of technical expertise; KGN Cloud deals with all these issues. There will be no capital costs because the platform will allow on-demand, Web-based access to the mining of Bitcoin, Ethereum, and other proof-of-work coins, using AI-enabled optimization—all this from anywhere with an Internet connection.

    Platform Highlights:

    • AI Predictive Allocation: Algorithmic intelligence predicts block difficulty shifts and reallocates hash power accordingly
    • Green Mining Infrastructure: Partnerships with hydro and solar-powered data centers in Canada, Norway, and Iceland
    • Zero Maintenance: KGN handles all technical configurations, upgrades, and storage
    • 24/7 Dashboard Access: Monitor earnings, switch coins, and reinvest profits instantly
    • Daily Payouts in BTC/ETH/USDT: Users can withdraw earnings anytime

    Real-Time Plan Examples (as of May 2025):

    • Starter AI Plan – $300, 3-day contract, return: ~$330
    • Optimized Yield Plan – $1,200, 5-day contract, return: ~$1,350
    • AI Green Plan – $5,000, 10-day contract, return: ~$6,050
    • Institutional Pro Plan – $10,000, 14-day contract, return: ~$12,800

    All plans include automated reinvestment options and 100% uptime guarantees.

    Crypto Goes Green: Cloud Mining’s Carbon Pivot

    The recently released G20 Digital Finance Taskforce aims to ensure that by 2026, 80% of all crypto mining operations will be tasked to meet net-zero emissions goals in key jurisdictions such as the EU, UAE, and Canada.

    In anticipation of said regulatory shift, KGN Cloud was built with low-emission data centers using renewable energy integrations. It is one of the few platforms already poised for full ESG compliance.

    “Regulatory alignment isn’t a threat—it’s the future…Our eco-first mining platform helps investors stay ahead of compliance curves without compromising on profitability,” stated Jones.

    AI + Crypto: From Trend to Necessity

    AI is no longer a buzzword—it’s defining the mining landscape in 2025. KGN Cloud’s proprietary AI engine analyzes:

    • Real-time token volatility
    • Network congestion
    • Global mining pool saturation
    • Gas fees and reward difficulty across BTC, ETH, LTC, etc.

    With the above input arriving every couple of hours, KGN Cloud reestablishes its mining focus, thereby maximizing yields for its users even when the market conditions are hostile.

    Referral Ecosystem: Earn More by Sharing

    In an effort to encourage community growth, KGN Cloud is running a Referral Earnings Program whereby users earn a commission of 5%-7% on each mining contract purchased through their link.

    Top affiliates are given access to exclusive “Pro Contracts,” which include advanced features like auto-compounding strategies and enhanced daily rewards.

    New Markets, New Users: Global Access & Regulation-Ready

    Currently functional in over 160 nations, KGN Cloud also runs its exclusive infrastructure through regulation-friendly hubs including Switzerland, Singapore, and Estonia.

    The said platform conforms to the FATF travel rule standard; UK financial oversight requirements; and the data protections of GDPR.

    “This is what KGN Cloud is for-the globe,” Jones said. “If you’re in Tokyo, you’re in Dubai, you’re in São Paulo-you’re mining securely, legally, and profitably.”

    What’s Ahead for KGN Cloud in 2025?

    KGN Cloud has announced several upcoming product expansions:

    • L2 Mining Pools: Coming Q3, users will be able to mine tokens on Ethereum Layer 2 solutions like Base and Arbitrum
    • Mobile App Launch: A native iOS and Android app is slated for June 2025
    • KGN Tokenized Contracts: Smart contract-based mining with yield-trading will launch via Polygon later this year
    • Enterprise Mining APIs: For hedge funds, DeFi projects, and NFT games needing scalable backend compute power

    Join the Future of AI-Powered Crypto Mining

    Defunct incorporates the aspect of being an old treasure; however, KGN Cloud is mocking the defunct aspect with accessible means of engagement that are compliant and sharp in terms of crypto. With a bulk of retail and institutional investors seeking reasonably easy reach to yield, KGN Cloud indeed opens the gates to the trust formerly established to secure the future of digital finance.

    Register now to receive your $100 bonus and start mining instantly. Start Mining Smarter

    Join thousands earning from digital assets without the complexity.
    Sign up at: https://www.kgncloud.com 

     Support: info@kgncloud.com

    MEDIA Contact:
    Name: Joy  Bennett
    Position: Manager
    City: London
    Country: United Kingdom

    Attachment

    The MIL Network

  • MIL-OSI: U.S. Growth Strategy: Boralex Signs Contracts for Two New York Solar Projects Totaling 450 MW

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 21, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to announce it has entered into a Renewable Energy Standard Agreement with the New York State Energy Research and Development Authority (NYSERDA) to procure Tier-1 RECs from each of its Fort Covington Solar Project and Two Rivers Solar Project, totaling 450 MW. The signing of these contracts marks a significant milestone in Boralex’s contribution to renewable energy in New York and in the Company’s development in this promising market.

    These contracts were awarded as part of NYSERDA’s 2024 Renewable Energy Standard Competitive Solicitation for the purchase of New York Tier-1 Eligible Renewable Energy Certificates (RECs). Each REC represents the environmental attributes of one megawatt-hour of electricity generated from an eligible renewable source such as solar energy.

    The two solar facilities will be located in Franklin and St. Lawrence Counties in upstate New York, with permit applications currently under review by the state Office of Renewable Energy Siting and Electric Transmission:

    “New York is committed to building a clean energy economy, and Boralex is honored to meaningfully contribute toward achieving the State’s renewable energy targets,” said Patrick Decostre, President and Chief Executive Officer of Boralex. “We appreciate NYSERDA’s confidence in our projects. New York State is a strategic growth market for Boralex, and we are proud to support the State’s renewed commitment to advancing clean energy infrastructure.”

    “Our execution of these contracts for the Fort Covington and Two Rivers projects reflects Boralex’s strategic focus on growing our U.S. renewable energy platform,” added Hugues Girardin, Executive Vice President, General Manager North America, Boralex. “We are extremely proud of our teams, whose expertise and dedication continue to drive Boralex’s successful expansion across North America in response to the consistently strong demand for green electricity.”

    “Renewable energy projects like Fort Covington and Two Rivers, are crucial to New York’s clean energy transition,” said NYSERDA President and CEO Doreen M. Harris. “Additionally, public-private partnerships like this will bring meaningful benefits to Franklin and St. Lawrence counties by spurring economic investments and delivering affordable and locally-sourced energy to residents of these communities.”

    “This is very exciting news for our town and the state as it looks to achieve its climate goals,” said Mark Peets, Supervisor of the Town of Brasher. “Throughout the development of this project, Boralex has done an excellent job communicating  the benefits to our community. They’ve listened to our concerns and, more importantly, made meaningful project changes that have helped build trust and support. We look forward to the hundreds of construction jobs, and tens of millions of dollars in economic development these projects will provide.”

    “These developments are great news for our community and the surrounding area,” said Susan Bellor, Supervisor, Town of Massena. “I very much look forward to continuing to strengthen the relationship between Boralex and our town, and I’m excited about the long-term positive economic impact the project will have – not only for the participating landowners, but the broader community.”

    “Small towns like ours don’t often get opportunities like this,” said Pat Manchester, Supervisor of the Town of Fort Covington. “The Fort Covington Solar Project represents a major investment in our community and our future. We’re excited about the jobs, increased tax revenues, and the momentum it brings for sustainable economic growth. Boralex has been a transparent, responsive partner throughout this process, and we’re proud to host a project of this scale and significance.”

    Construction of both projects is expected to begin in 2026, and are expected to be commissioned in 2028. They will bring substantial economic, social, and environmental benefits to New York State and to local communities. Once constructed, the projects will together provide enough energy to power approximately 105,000 homes, support approximately 300 to 400 construction jobs, and create long-term operational roles, further strengthening the local economy and advancing the State’s transition to clean energy.

    Caution Regarding Forward-Looking Statements  

    Some of the statements contained in this press release, including those regarding the start of construction of the projects and their commissioning, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance, or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes. 

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook, LinkedIn and Instagram.

    For more information

    MEDIA INVESTOR RELATIONS
    Camille Laventure
    Senior Advisor, Public Affairs and External Communications

    Boralex Inc.

    438 883-8580
    camille.laventure@boralex.com

    Stéphane Milot
    Vice President, Investor Relations and Financial Planning and Analysis

    Boralex Inc.

    514 213-1045
    stephane.milot@boralex.com

       
    MEDIA – NORTH AMERICA  
    Zachary Hutchins
    Manager, Public Affairs and Communications

    Boralex Inc.

    518 727-6155
    zachary.hutchins@boralex.com

     

    Source: Boralex inc.        

    The MIL Network

  • MIL-OSI: C&F Financial Corporation Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., May 21, 2025 (GLOBE NEWSWIRE) — The board of directors of C&F Financial Corporation (NASDAQ:CFFI) (the Corporation) has declared a regular cash dividend of 46 cents per share, which is payable July 1, 2025 to shareholders of record on June 13, 2025.

    The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

    About C&F

    C&F Bank operates 31 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company is a regional finance company purchasing automobile, marine and recreational vehicle loans primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission, are available on the Corporation’s website at http://www.cffc.com.

    Contact: Jason Long
    Chief Financial Officer and Secretary
    (804) 843-2360

    The MIL Network

  • MIL-OSI: C&F Financial Corporation Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., May 21, 2025 (GLOBE NEWSWIRE) — The board of directors of C&F Financial Corporation (NASDAQ:CFFI) (the Corporation) has declared a regular cash dividend of 46 cents per share, which is payable July 1, 2025 to shareholders of record on June 13, 2025.

    The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

    About C&F

    C&F Bank operates 31 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company is a regional finance company purchasing automobile, marine and recreational vehicle loans primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission, are available on the Corporation’s website at http://www.cffc.com.

    Contact: Jason Long
    Chief Financial Officer and Secretary
    (804) 843-2360

    The MIL Network

  • MIL-OSI Video: Ahead of the Threat Podcast: Episode 10 – Hugh Thompson

    Source: Federal Bureau of Investigation (FBI) (video statements)

    The show is on the road! Filming on location at the annual RSAC Conference in San Francisco, hosts Bryan Vorndran and Jamil Farshchi welcome Dr. Hugh Thompson, the executive chairman of RSAC and the program coordinator of the RSAC Conference. The annual conference gathers thousands of cybersecurity officials from the private and public sector to discuss ways to thwart attacks and institute best practices. In this episode, Dr. Thompson highlights the importance of government participation, how to keep the relationships and knowledge-sharing going throughout the year, and the importance of being community-oriented to ensure effective cybersecurity postures against criminal adversaries.

    More at: https://www.fbi.gov/video-repository/e10a_video.mp4/view
    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
    Spotify: https://open.spotify.com/show/4H2d3cg…
    Apple Podcasts: https://podcasts.apple.com/us/podcast…
    Google Podcasts: https://podcasts.google.com/feed/aHR0…
    More ways to follow us: https://inside-the-fbi.transistor.fm/…

    Follow us on social media:
    X: https://twitter.com/fbi
    Facebook: https://facebook.com/FBI
    Instagram: https://instagram.com/fbi
    YouTube: youtube.com/user/fbi

    https://www.youtube.com/watch?v=vMNIHF4A-sk

    MIL OSI Video

  • MIL-OSI USA: Congressman Sherman’s Bipartisan Access to Small Business Investor Capital Act Passes House Financial Services Committee

    Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

    WASHINGTON, D.C. – On May 20th, the House Financial Services Committee voted to advance Congressman Brad Sherman’s (CA-32) bipartisan Access to Small Business Investor Capital Act, which he led along with Congressman Bill Huizenga (R-MI), Congressman Andrew Garbarino (R-NY), and Congresswoman Janelle Bynum (D-OR), clearing the way for its consideration on the House floor. 

    The Access to Small Business Investor Capital Act makes a technical correction to a federal securities rule allowing Business Development Companies (BDCs) to access additional capital to invest in America’s small and medium sized businesses. Business development companies play a vital role in supporting small businesses around the nation who otherwise would be unable to access capital to grow their businesses. 

    The most important thing that our financial institutions and capital markets do is provide capital for businesses, particularly small, medium-sized, and growing enterprises. These businesses are the engine of our economy, driving innovation, job creation, and regional economic development in ways that benefit every community. This bipartisan legislation will open the door for more investment in BDCs, thereby unlocking more capital for small and mid-sized businesses across the country. Importantly, it does so without rolling back investor protections or weakening existing SEC oversight.

    “I’m pleased that the House Financial Services Committee passed this bill with broad bipartisan support, clearing the way for a vote by the full House,” said Congressman Brad Sherman. “I thank Chairman Hill and Ranking Member Waters for their assistance in advancing this legislation and urge House Republican leadership to swiftly bring it to the floor so that America’s small businesses can access the capital they need to grow and succeed.”

    Senator David McCormick (R-PA) and Senator Angela Alsobrooks (D-MD) have also recently introduced an identical version of Congressman Sherman’s bill in the Senate signaling bipartisan bicameral support. 

    ###

    MIL OSI USA News

  • MIL-OSI USA: Rep. Peters Thanks EPA Administrator Zeldin for Commitment to Stop Cross-Border Sewage Pollution

    Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

    Washington D.C. – Today, at an Energy and Commerce Committee hearing, Representative Scott Peters (CA-50) thanked Environmental Protection Agency (EPA) Administrator Lee Zeldin for touring the U.S.-Mexico border in southern San Diego and for his commitment to address the scourge of cross-border wastewater pollution. This follows a joint announcement from the EPA and U.S. International Border and Water Commission (IBWC) this morning, that both agencies will speed up the first phase of the incremental expansion of the South Bay International Wastewater Treatment Plant (SBIWTP) from two years to 100 days. This phase will increase the plant’s capacity to treat wastewater from 25 to 35 million gallons per day (mgd). The full project to repair and expand the dilapidated plant, for which Representative Peters and the San Diego delegation have secured $360 million in the last 18 months, will double treatment capacity to 50 mgd. 

    During the hearing, Rep. Peters stated, “I want to thank you for your recent visit to the South Bay and your tour of the Tijuana River Valley. This contamination issue remains, what I believe is one of the worst environmental catastrophes of the hemisphere and we are so encouraged by your commitment to working on a 100% solution… We’ve all worked really hard to get resources here — Republicans and Democrats. You have a partner here, and we’re happy to partner with you.”  

    During his opening remarks, EPA Administrator Zeldin stated, “[We] have issued immediate action items for Mexico to permanently and urgently end the Tijuana River sewage crisis that has plagued Southern California for decades.”  

    Last month, EPA Administrator Zeldin toured the South Bay at Rep. Peters’ invitation to see firsthand the ecological, economic, and health harms caused by this crisis.  

    Further Background: 

    Representative Peters has, for years, worked to address the cross-border pollution fouling San Diego’s coastal waters, including pushing for additional funding to fix and expand the dilapidated SBIWTP. The following are some recent actions: 

    2025 

    1. In March, Rep. Peters introduced legislation to authorize the International Boundary and Water Commission (IBWC) to accept funding from federal and non-federal entities for wastewater treatment, flood control projects, or other water conservation efforts. 

    2024 

    1. In January, Rep. Peters took to the House floor to demand that the President’s requested $310 million to fix and expand the dilapidated SBIWTP be included in any upcoming spending deal. 
    1. In February, Rep. Peters joined members of San Diego’s Congressional delegation to ask U.S. Navy Secretary Carlos Del Toro about the effects of cross-border pollution on Navy operations. 
    1. In March, Rep. Peters celebrated the inclusion of $156 million, at his request, for the International Boundary and Water Commission’s (IBWC) construction budget in the Fiscal Year 2024 Appropriations bill. The IBWC is the federal agency tasked with operating and maintaining the SBIWTP. 
    1. In May, Rep. Peters joined Rep. Veronica Escobar (TX-16) in a bipartisan request for $278 million for the IBWC’s construction budget in the Fiscal Year 2025 Appropriations bill. 
    1. In August, Rep. Peters hosted Deputy Secretary of State Richard Verma on a tour of the broken wastewater treatment plant. 
    1. In September, Rep. Peters joined members of San Diego’s Congressional delegation to reiterate their call for a federal state of emergency declaration amid high levels of toxic gases. 
    1. In December, Rep. Peters and the Congressional delegation successfully fought to include an additional $250 million to fully repair and expand the capacity of the SBIWTP in the government funding bill. This brought the total amount of funds secured to $650 million. 

    2023 

    1. In June, Rep. Peters led a letter with other members of the San Diego Congressional delegation to the governor of Baja California urging accountability for the Mexican government’s commitments to build wastewater treatment infrastructure. 
    1. In July, members of the San Diego congressional delegation requested that the Environmental Protection Agency assist with directing environmental justice funds from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act to help stop the flow of pollutants and urged Secretary of State Antony Blinken to tour the broken plant. 
    1. Also in July, they sent a letter to President Biden and submitted an amendment to the National Defense Authorization Act for Fiscal Year 2024, calling on the administration to declare this crisis a federal emergency. 
    1. In August, he led two letters to the Office of Management and Budget and to OMB and the State Department, calling for urgent additional funding to confront this crisis.  
    1. In September, he proposed an amendment to the Fiscal Year 2024 Interior, Environment, and Related Programs Appropriations Bill to boost U.S.- Mexico Border Water Infrastructure Grant Program funding. Additionally, he proposed two amendments to the Fiscal Year 2024 State, Foreign Operations, and Related Programs Appropriations Bill to boost annual construction funding to the USIBWC to $100 million. 
    1. In October, Rep. Peters led a bipartisan letter to the Department of State demanding a complete account of how the SBIWTP fell into such a severe state of disrepair. 
    1. In December, he led a letter urging leaders of the U.S. House of Representatives and U.S. Senate to include President Biden’s $310 million supplemental budget request to repair the SBIWTP in any upcoming funding package. 

    In previous years, Peters and colleagues have secured funding, introduced legislation, called for investigations, and arranged a visit by EPA Administrator Regan in response to the wastewater contamination crisis.  

    ###

    MIL OSI USA News

  • MIL-OSI USA: ICE New York City, partners arrest illegal alien wanted in home country for homicide

    Source: US Immigration and Customs Enforcement

    NEW YORK — On May 19, U.S. Immigration and Customs Enforcement New York City arrested Marlon Josuel Cruz Fernandez, an illegal alien from the Dominican Republic wanted in his home country for homicide.  

    ICE officers and special agents assigned to ICE’s Newburgh office, along with special agents from the Federal Bureau of Investigations, the Drug Enforcement Administration and Homeland Security Investigations arrested Cruz without incident in New Rochelle pursuant to a warrant of arrest.

    “This foreign fugitive mistakenly thought he could exploit our immigration laws to evade arrest in his home country,” said ICE Enforcement and Removal Operations New York City acting Field Office Director Judith Almodovar. “Let his futile attempt highlight to other criminal aliens we will always collaborate with our domestic and international law enforcement partners to ensure these fugitives are returned to their home countries to face justice.”

    The U.S. Border Patrol encountered and arrested Cruz Dec. 11, 2015, in the Rio Grande Valley in Texas after he illegally entered the U.S. Border Patrol officials served him with a notice to appear for violation of the Immigration and Nationality Act and turned him over to ICE for detention placement. ICE Harlingen granted Cruz bond Feb. 1, 2016, which he posted three days later. Cruz failed to appear for his immigration proceedings Jan. 5, 2017, so the immigration judge ordered him removed in absentia from the U.S. to the Dominican Republic.

    On Feb. 2, 2018, authorities in Santo Domingo, Dominican Republic, issued a warrant for Cruz’s arrest for the offense of homicide, which went international six weeks later. ICE New York City received notification March 16 this year.

    The New Rochelle Police Department arrested Cruz for having improper plates and impounded his vehicle May 17. The New Rochelle Police Department released Cruz on his own recognizance prior to realizing that he was an international fugitive wanted for homicide. Upon receiving this information, the police department immediately notified ICE New York City, which — along with federal partners — arrested Cruz.

    Cruz is currently detained in ICE custody pending removal to the Dominican Republic.

    Learn more about ERO New York City’s mission to increase public safety in our New York City communities on X at @ERONewYork.

    MIL OSI USA News

  • MIL-OSI: XRP News: 7 Days Left: Secure Your $XDX Tokens Before XenDex Presale Ends and Listings Begin

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 21, 2025 (GLOBE NEWSWIRE) — With just 7 days remaining, the countdown is on for investors to grab their share of $XDX tokens before the XenDex presale officially closes. With the soft cap already met and the hard cap nearly filled, XenDex is now in its final presale phase, and attention across the XRP community is intensifying.

    As excitement builds around XRP’s resurgence and long-term price potential, XenDex is positioning itself as the flagship DeFi platform on the XRP Ledger, offering real functionality, speed, and a sleek user experience for traders of all levels.

    Purchase XDX And Earn Rewards

    Recent market buzz suggests XRP may be on the path to new all-time highs, thanks to a wave of institutional support and favorable legal outcomes. Riding this momentum, XenDex is building the DeFi infrastructure XRP has been missing. Version 1 of the XenDex platform is actively in development, and a full mockup preview will be released soon, offering a live demo of its groundbreaking features.

    Why XenDex Stands Out

    XenDex offers a powerful suite of features in one seamless interface:

    • AI Copy Trading – Mirror top-performing trades in real time
    • Lending & Borrowing – Use assets as collateral or lend to earn rewards
    • Cross-Chain Trading – Swap XRP across Solana, Ethereum, and BNB
    • Staking & Yield Farming – Earn passive income through liquidity pools
    • DAO Governance – Vote on platform upgrades and proposals with $XDX

    Purchase $XDX At A low Price

    Presale buyers will receive exclusive early access to the XenDex platform upon launch.

    Final Presale Details

    • Soft Cap: Filled
    • Hard Cap: Nearly Filled
    • Price: 1.25 XRP = 10 XDX
    • Minimum Buy: 150 XRP

    Buy Now Before the Presale Ends: https://xendex.net/presale

    Confirmed Exchange Listings After Presale

    Some of the confirmed exchanges where $XDX has been confirmed to het listed on include, but not limited to; Binance, Gate.io, MEXC, BitMart, FirstLedger, MagneticX

    Thousands have already joined XenDex’s growing Telegram and Twitter communities. With supply dwindling and price pressure rising, this is the final chance to buy low before $XDX hits the open market in just a few days time..

    Join the XenDex Community

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/812a9822-03e0-4ce0-b44b-7d68ce8d0bfe

    The MIL Network