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Category: Finance

  • MIL-OSI: Hyperscale Data to Resume Montana Bitcoin Mining Operations during June 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 15, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its wholly owned subsidiary Sentinum, Inc. (“Sentinum”), plans to resume Bitcoin mining operations at one of its two Montana sites on or around June 10, 2025.

    Sentinum completed the build-out of the Montana site in 2024 and it currently provides up to 10 megawatts of power, which is sufficient to operate approximately 3,200 S19j Pro Antminers (“Antminers”). Sentinum will initially recommence mining operations on approximately 2,600 Antminers and expects to increase operations to full capacity of approximately 3,200 Antminers, during July 2025.

    “Given the recent increase in the price of Bitcoin, we have made the decision to resume mining at one of our Montana sites,” said William Horne, Chief Executive Officer of Hyperscale Data. “It is our belief that the current price of Bitcoin is sustainable, which will allow our Montana Bitcoin mining operations to generate positive cash flow from operations.”

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

    About Hyperscale Data, Inc.

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

    Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

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

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

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

    The MIL Network –

  • MIL-OSI: Euronext N.V. Annual General Meeting results   

    Source: GlobeNewswire (MIL-OSI)

    Euronext N.V. Annual General Meeting results         

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved.

    The voting items were as follows:

    1. Proposal to adopt the 2024 remuneration report
    2. Proposal to adopt the 2024 financial statements
    3. Proposal to adopt a dividend of €2.90 per ordinary share
    4. Proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2024
    5. Proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2024
    6. Re-appointment of Piero Novelli as a member of the Supervisory Board
    7. Re-appointment of Olivier Sichel as a member of the Supervisory Board
    8. Appointment of Francesca Scaglia as a member of the Supervisory Board
    9. Re-appointment of Delphine d’Amarzit as a member of the Managing Board
    10. Appointment of René van Vlerken as a member of the Managing Board
    11. Proposal to amend the remuneration policy with regard to the Managing Board
    12. Proposal to amend the remuneration policy with regard to the Supervisory Board
    13. Proposal to appoint the external auditor
    14. Proposal regarding cancellation of the company’s own shares purchased by the company under the share repurchase program
    15. Proposal to designate the Managing Board as the competent body to issue ordinary shares
    16. Proposal to designate the Managing Board as the competent body to restrict or exclude the pre-emptive rights of shareholders
    17. Proposal to authorise the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company
    18. Proposal to authorise the Supervisory Board or Managing Board (subject to approval of the Supervisory Board) to grant rights to French beneficiaries to receive shares in accordance with Articles L225-197-1 and seq. of the French Code of commerce

    The payment of the annual dividend will occur on 28 May 2025, with ex-dividend on 26 May 2025 and record date on 27 May 2025.

    CONTACTS  

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Solutions        Andrea Monzani         +39 02 72 42 62 13                          

    About Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Correction: Jyske Realkredit’s auctions for 1 July 2025 refinancing

    Source: GlobeNewswire (MIL-OSI)

    CORRECTION: Only to the appendix

    To Nasdaq Copenhagen A/S                                            2 May 2025

    Announcement 37 /2025

    Jyske Realkredit’s auctions for 1 July 2025 refinancing
            
    Jyske Realkredit plans to carry out the auctions Tuesday 27th of May 2025 for loans in cover pool E.

    The refinancing amount and bonds to be offered are specified in the table below:

      Open Close Alloc. Name ISIN Amount mill. LCR
    Tuesday 27 May 10:00 10:30 10:35 Var. 422.E.OA Cb3.ju29 RF DK0009417198 14000m 1B
      11:00 11:30 11:35 Var. G422.E.OA Cb3.ju29 RF DK0009417271 8000m 1B

    Auction terms appear in the appendix.

    Questions regarding the bond sale as well as technical matters may be addressed to Jyske Realkredit, Lars Hasløv, Director, tel. (+45) 89 89 92 18 or Christian Bech-Ravn, Director, Head of Investor Relations, tel. (+45) 89 89 92 25.

    The information will also be available on Jyske Realkredit’s web site at jyskerealkredit.com.

    Yours sincerely,
    Jyske Realkredit

    Please observe that the Danish version of this announcement prevail.

    Appendix – Auctions terms

    Refinancing principles floating-rate loans
    Floating-rate loans are refinanced at one auction on 27rd of May 2025. The bonds are offered and settled at a price of 100.20. 

    Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing. Bids must be placed correct to one basis point.

    For all bonds bids must be made in multiples of DKK 1,000,000

    Type of auction
    The auction of bonds in capital centres E will be conducted on Bloomberg’s auction system.

    Allotment 
    All bids below the cut-off fixing spread will be settled in full at the cut-off fixing spread. 

    For bids at the exact cut-off fixing spread, proportional allocation may be used. No bids above the cut-off fixing spread will be settled.

    All trades concluded will be published through Nasdaq Copenhagen.

    Allotment at the auction will take place as soon as possible, and not later than 5 minutes after closing.

    Value date
    All bonds will be subject to long settlement. The value date of all trades executed at the auction will be 1st of July 2025.

    Reverse facility
    As the bonds traded will be subject to long settlement, Jyske Realkredit offers a reverse facility to auction participants whose bids have been accepted and who require the bonds after only two days.
    By means of the reverse facility, Jyske Realkredit offers to sell the allotted bonds subject to the conventional two settlement days and subsequently repurchase them with 1st of July 2025 as the value date.

    The size of the reverse facility will be determined on an individual basis but cannot exceed the amount allotted to each individual bidder.

    The reverse facility can be made conditional on the investor providing a corresponding amount of Jyske Realkredit covered bonds (SDO) or mortgage bonds (RO) maturing on 1st of July 2025.

    Reverse facilities will be arranged on an individual basis by contacting Jyske Realkredit

    Credit Ratings
    All auctioned bonds issued through Capital Centre E are rated AAA by S&P.

    Reservations regarding auctions
    If, contrary to expectations, technical problems should prevent Jyske Realkredit from conducting an auction through Bloombergs auction system, a stock ex-change announcement will be issued containing the practical details of the auction.

    Other terms
    Jyske Realkredit is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.
    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. If a sale of bonds has to be cancelled, the market will be notified immediately by a stock exchange announcement.

    The MIL Network –

  • MIL-OSI: T1 Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) reported financial and operating results for the first quarter 2025 today.

    Headlines

    • T1 has signed 253 MW 2025 sales agreement with U.S. utility-scale developer. This sales agreement, which is the first new customer commitment the Company has signed as T1 Energy, underscores T1’s commercial appeal to U.S. developer customers. With this sales agreement, T1 has now secured 1.75 GW of 2025 customer module sales and offtake commitments for G1 Dallas.
    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity, the elective conversion of three production lines from PERC to TOPCon technology, and a potential 800 MW inventory build. At the low-end of the updated EBITDA guidance range, T1 expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • G1 Dallas revenues and production continue to ramp. Following the full handover of G1 Dallas to T1’s operating team in April, the Company’s U.S. module manufacturing facility has continued to ramp sales and production volumes. During Q1 2025, T1 generated $64.6 million of revenue from G1 Dallas exclusively associated with deliveries under the Trina offtake contract. During Q2 2025, deliveries under the RWE offtake contract have commenced. As of May 11th, T1 had produced 690 MW of modules from G1.
    • T1 has entered into a Heads of Agreement with a partner aligned with the Kingdom of Saudi Arabia to explore a potential investment in G2 Austin. T1 announced this morning that the Company has entered into a non-binding agreement to pursue an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility. The agreement was signed at a ceremony in Riyadh this week hosted by the Saudi Ministry of Investment to commemorate the U.S. administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

    “T1’s rapid corporate transformation gained momentum during and following the first quarter,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Although potential changes to trade policy are creating near-term uncertainties in the merchant sales market for T1 and our developer customers, we are well positioned to manage this sales environment with 1.7 GW of 2025 contracted module offtake coverage, a robust cash and liquidity position, and the continued production and sales ramp up at G1 Dallas. In addition, our plans to establish a vertically integrated U.S. solar value chain, coupled with our domestic content strategy, are generating meaningful interest from customers, prospective capital providers, and industrial partners. As we sprint forward with our key strategic initiatives, we will continue to prioritize value generating opportunities that enhance T1’s competitive position as an emerging leader in the U.S. solar and storage markets.”

    Highlights of First Quarter 2025 and Subsequent Events

    • G1 Dallas fully operational following term conversion of construction loan. On April 30th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline. The conversion of the loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete. All production lines have been handed over to T1’s operations team.
    • Key additions strengthen T1’s leadership team. On April 28th, T1 announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications. Mr. Munro and Mr. Gold bring deep solar energy legal and communications experience to T1’s mission to create a vertically integrated, solar plus storage manufacturing and technology leader in the United States.
    • U.S. tariffs align with T1’s strategy to establish an integrated U.S. solar value chain based on high domestic content. On April 4th, T1 published a communication highlighting the potential long-term benefits to T1 from its domestic vertical integration strategy. Although solar industrial and tariff policy uncertainty are creating some near-term headwinds for T1 and utility-scale developers, T1 believes that it is positioned to benefit from public policies that promote U.S. manufacturing, technology transfer, and job creation.

    Business Outlook and Guidance

    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity; the elective conversion of three production lines from PERC to TOPCon technology; and a potential 800 MW inventory build. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • Strong liquidity outlook despite reductions to 2025 to EBITDA guidance. At the low-end of T1’s updated 2025 EBITDA guidance range, the Company expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. T1’s significant liquidity position is supported by 1.5 GW of high-margin customer offtake contracts, the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025, and the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business.
    • T1 is advancing financing processes for G2 Austin. T1 initiated several capital formation initiatives in parallel during the first quarter to pursue funding for the Company’s planned G2 Austin U.S. solar cell facility. The Company is currently advancing a project financing with its consortium of commercial lenders, the monetization of Section 45X PTCs, and possible mezzanine financing options to complement expected customer offtake deposits to reserve G2 capacity.
    • Update on European Portfolio Optimization. The Company continues to make progress with the wind down of legacy European operations and the European Portfolio Optimization initiative. As personnel-related expenses roll off T1’s P&L, cost savings from the wind down should accelerate later in 2025, representing a projected $20 million of General & Administrative costs that will not recur in 2026. T1’s Board of Directors is concurrently overseeing the process of potentially harvesting value from legacy European assets, including Giga Arctic, the Customer Qualification Plant, and the Giga Vasa project. Securing access to additional power for these assets is expected to be a key value driver, and T1 will provide additional updates as the process develops.

    Q1 2025 Results Overview

    • T1 Energy reported a net loss attributable to common stockholders for the first quarter 2025 of $17.1 million, or $0.11 per diluted share compared to a net loss of $28.5 million, or $0.20 per diluted share for the first quarter of 2024. Net loss from continuing operations was $4.1 million, or $0.03 per diluted share for the first quarter of 2025 compared to $11.3 million or $0.08 per diluted share for the first quarter of 2024. Net loss from discontinued operations was $12.1 million or $0.08 per diluted share for the first quarter of 2025 compared to $17.4 million or $0.12 per diluted share for the first quarter of 2024.
    • As of March 31, 2025, T1 had cash, cash equivalents, and restricted cash of $51.1 million.

    Presentation of First Quarter 2025 Results

    A presentation will be held today, May, 15, 2025, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the first quarter. The results and presentation material will be available for download at https://ir.t1energy.com/.

    To access the conference call, listeners should proceed as follows:

    1. Click on the call link and complete the online registration form.
    2. Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.
    3. Select a method for joining the call:
      1. Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
      2. Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.

        3. The call will also be available by clicking the webcast link.

        About T1 Energy

        T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

        To learn more about T1, please visit www.T1energy.com and follow us on social media.

        Investor contact:

        Jeffrey Spittel
        EVP, Investor Relations and Corporate Development
        jeffrey.spittel@T1energy.com
        Tel: +1 409 599-5706

        Media contact:

        Russell Gold
        EVP, Strategic Communications
        russell.gold@T1energy.com
        Tel: +1 214 616-9715

        Cautionary Statement Concerning Forward-Looking Statements:

        This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s commercial appeal to U.S. developer customers; the Company’s financial, production and operational guidance; the existence of trade policy uncertainties and lack of cost visibility; the Company’s inventory build resulting from production at G1; the Company’s projected cash and liquidity position; the ability of the Company to ramp sales and production volumes at G1; the speed and success of the Company’s corporate transformation; the Company’s ability to manage the current sales environment; the Company’s plans to establish a vertically integrated U.S. solar value chain, coupled with its domestic content strategy; interest from the Company’s customers, prospective capital providers and industrial partners; the prioritization of value generating opportunities that enhance the Company’s competitive position as an emerging leader in the U.S. solar and storage markets; the potential for an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility by a partner aligned with the Kingdom of Saudi Arabia; the Company’s potential long-term benefits of tariffs and other public policies that promote U.S. manufacturing, technology transfer, and job creation; the elective conversion of three production lines from PERC to TOPCon technology; the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025; the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business; and the Company’s goals and projections for securing project financing at G2; These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

        T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

            March 31, 2025   December 31, 2024
        ASSETS
        Current assets:        
        Cash and cash equivalents   $ 48,881     $ 72,641  
        Restricted cash     2,210       4,004  
        Accounts receivable trade, net – related parties     18,005       —  
        Government grants receivable, net     14,080       687  
        Inventory     333,032       274,549  
        Advances to suppliers     164,248       164,811  
        Other current assets     7,908       1,569  
        Current assets of discontinued operations     38,312       64,909  
        Total current assets     626,676       583,170  
        Property and equipment, net     310,246       285,187  
        Goodwill     74,527       74,527  
        Intangible assets, net     270,686       281,881  
        Right-of-use asset under operating leases     149,570       111,081  
        Total assets   $ 1,431,705     $ 1,335,846  
        LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
        Current liabilities:        
        Accounts payable   $ 108,532     $ 61,708  
        Accrued liabilities and other     76,845       91,346  
        Deferred revenue     61,525       48,155  
        Derivative liabilities     1,556       14,905  
        Current portion of long-term debt     56,492       42,867  
        Current portion of long-term debt – related party     59,000       51,500  
        Payables to related parties     88,947       52,534  
        Current liabilities of discontinued operations     40,204       51,009  
        Total current liabilities     493,101       414,024  
        Long-term deferred revenue     30,000       32,000  
        Convertible note – related party     82,083       80,698  
        Operating lease liability     139,921       101,787  
        Long-term debt     170,753       188,316  
        Long-term debt – related party     234,829       238,896  
        Deferred tax liability     20,232       21,227  
        Other long-term liabilities     9,581       21,761  
        Total liabilities     1,180,500       1,098,709  
        Commitments and contingencies        
        Redeemable preferred stock        
        Convertible series A preferred stock, $0.01 par value, 5,000 issued and outstanding as of both March 31, 2025 and December 31, 2024 (includes accrued dividends and accretion of $978 and $87 as of March 31, 2025 and December 31, 2024, respectively)     49,266       48,375  
        Stockholders’ equity:        
        Common stock, $0.01 par value, 155,938 issued and outstanding as of March 31, 2025 and 155,928 issued and outstanding as of December 31, 2024     1,559       1,559  
        Additional paid-in capital     974,767       971,416  
        Accumulated other comprehensive loss     (32,910 )     (58,975 )
        Accumulated deficit     (741,477 )     (725,238 )
        Total equity     201,939       188,762  
        Total liabilities, redeemable preferred stock, and equity   $ 1,431,705     $ 1,335,846  
         
         
            Three months ended March 31,
              2025       2024  
        Net sales – related parties   $ 64,647     $ —  
        Cost of sales     35,671       —  
        Gross profit     28,976       —  
        Selling, general and administrative     52,587       15,004  
        Loss from continuing operations     (23,611 )     (15,004 )
        Other income (expense):        
        Warrant liability fair value adjustment     1,567       146  
        Derivative liabilities fair value adjustment     25,229       —  
        Interest (expense) income, net     (9,853 )     1,405  
        Foreign currency transaction (loss) gain     (14 )     554  
        Other income, net     34       1,594  
        Total other income     16,963       3,699  
        Loss from continuing operations before income taxes     (6,648 )     (11,305 )
        Income tax benefit     2,513       —  
        Net loss from continuing operations     (4,135 )     (11,305 )
        Net loss from discontinued operations, net of tax     (12,104 )     (17,385 )
        Net loss     (16,239 )     (28,690 )
        Net loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Net loss attributable to common stockholders   $ (17,130 )   $ (28,543 )
                 
        Weighted average shares of common stock outstanding – basic and diluted     155,933       139,705  
        Net loss per share from continuing operations – basic and diluted   $ (0.03 )   $ (0.08 )
        Net loss per share from discontinued operations – basic and diluted   $ (0.08 )   $ (0.12 )
        Net loss per share attributable to common stockholders – basic and diluted   $ (0.11 )   $ (0.20 )
                 
        Other comprehensive income (loss):        
        Net loss   $ (16,239 )   $ (28,690 )
        Foreign currency translation adjustments     26,065       (26,044 )
        Total comprehensive income (loss)     9,826       (54,734 )
        Comprehensive loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Comprehensive income (loss) attributable to common stockholders   $ 8,935     $ (54,587 )
         
         
            Three months ended March 31,
              2025       2024  
        Cash flows from operating activities:        
        Net loss   $ (16,239 )   $ (28,690 )
        Adjustments to reconcile net loss to cash used in operating activities:        
        Share-based compensation expense     3,939       3,551  
        Depreciation and amortization     14,678       2,211  
        Change in fair value of derivative liabilities     (25,229 )     —  
        Gain on sale of property and equipment     (5,675 )     —  
        Accretion of discount on long-term debt     4,640       —  
        Reduction in the carrying amount of right-of-use assets     1,689       277  
        Warrant liability fair value adjustment     (1,567 )     (146 )
        Deferred income taxes     (995 )     —  
        Share of net loss of equity method investee     425       156  
        Foreign currency transaction net unrealized gain     251       (1,359 )
        Other     1,311       —  
        Changes in assets and liabilities:        
        Inventory     (58,483 )     —  
        Advances to suppliers and other current assets     (358 )     2,852  
        Trade accounts receivable     (18,005 )     —  
        Government grants receivable     (13,393 )     —  
        Accounts payable, accrued liabilities and other     56,827       4,930  
        Deferred revenue     11,370       —  
        Net cash used in operating activities     (44,814 )     (16,218 )
        Cash flows from investing activities:        
        Proceeds from the return of property and equipment deposits     1,202       19,021  
        Purchases of property and equipment     (29,141 )     (21,455 )
        Proceeds from the sale of property and equipment     50,000       —  
        Net cash provided by (used in) investing activities     22,061       (2,434 )
        Cash flows from financing activities:        
        Debt fees paid     (3,760 )     —  
        Net cash used in financing activities     (3,760 )     —  
        Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash     959       (4,324 )
        Net decrease in cash, cash equivalents, and restricted cash     (25,554 )     (22,976 )
        Cash, cash equivalents, and restricted cash at beginning of period     76,645       275,742  
        Cash, cash equivalents, and restricted cash at end of period   $ 51,091     $ 252,766  
         

        A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41e3f5da-8114-4e43-9b08-944982bb0e1d

      The MIL Network –

  • MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

    Operating Progress: Recent Highlights

    • Increased activity within the Katapult app marketplace
      • ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
      • Applications grew ~59% year-over-year in the first quarter
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
      • 57.4% of gross originations for the first quarter of 2025 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
      • KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
      • Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
    • Made strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
      • Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

    First Quarter 2025 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
    • Total revenue was $71.9 million, an increase of 10.6%
    • Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses2, which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
    • Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
    • Adjusted net loss2 was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
    • Adjusted EBITDA2 was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA2 of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

    Second Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

    • 25% to 30% year-over-year increase in gross originations
    • 17% to 20% year-over-year increase in revenue
    • Approximately breakeven Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

    • We expect gross originations to grow at least 20%

    This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

    Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

    Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 64.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. 

    First Quarter 2025 Financial Highlights:

    • Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
    • Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year. 
    • Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year. 
    • Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year. 
    • Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. 
    • Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024. 
    • Non-GAAP net income1 was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024. 
    • Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024. 
    • Non-GAAP diluted earnings per ADS2 were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    “Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.” 

    “This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

    First Quarter 2025 Financial Results

    Total Revenues

    Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

    Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

    Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

    Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

    Costs of Revenues

    Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

    Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

    The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

    Gross Profit and Gross Profit Margin

    Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

    Research and Development Expenses

    Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

    Sales and Marketing Expenses

    Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

    General and Administrative Expenses

    General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

    Operating (Loss)/Income

    Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

    Other Income, Net

    Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

    Net (Loss)/Income and (Loss)/Earnings Per ADS

    Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

    Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    Cash Balance

    As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

    Share Repurchase Program

    On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

    Guidance for the Second Quarter of 2025

    For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

    Conference Call Information.

    Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

    Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

    Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

    The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    About Non-GAAP Financial Measures

    To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

     
    XUNLEI LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
     
      March 31, Dec 31,
      2025 2024
      US$ US$
    Assets    
         
    Current assets:    
    Cash and cash equivalents 163,136   177,329  
    Short-term investments 111,436   110,209  
    Accounts receivable, net 40,034   32,662  
    Inventories 1,024   1,255  
    Due from related parties 30,482   31,519  
    Prepayments and other current assets 15,464   10,058  
    Total current assets 361,576   363,032  
         
    Non-current assets:    
    Restricted cash 218   218  
    Long-term investments 31,049   30,599  
    Deferred tax assets 10,720   10,528  
    Property and equipment, net 54,631   55,430  
    Intangible assets, net 8,416   8,310  
    Long-term prepayments and other assets 18,718   5,334  
    Operating lease assets 532   450  
    Total assets 485,860   473,901  
         
    Liabilities    
    Current liabilities:    
    Accounts payable 24,900   22,964  
    Due to related parties, current 17   17  
    Contract liabilities, current portion 41,253   39,936  
    Lease liabilities 331   253  
    Income tax payable 10,466   9,386  
    Accrued liabilities and other payables 61,242   52,093  
    Short-term bank borrowings and current portion of long-term bank borrowings 697   2,087  
    Total current liabilities 138,906   126,736  
         
    Non-current liabilities:    
    Contract liabilities, non-current portion 588   458  
    Lease liabilities, non-current portion 174   161  
    Deferred tax liabilities 1,090   1,154  
    Bank borrowings, non-current portion 27,166   27,127  
    Other long-term payables 711   480  
    Total liabilities 168,635   156,116  
         
    Equity    
    Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025) 78   77  
    Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively) 16   16  
    Additional paid-in-capital 477,350   477,244  
    Statutory reserves 8,718   8,718  
    Accumulated other comprehensive loss (21,412 ) (21,694 )
    Accumulated deficits (147,105 ) (146,305 )
    Total Xunlei Limited’s shareholders’ equity 317,645   318,056  
    Non-controlling interests (420 ) (271 )
    Total liabilities and shareholders’ equity 485,860   473,901  
    XUNLEI LIMITED
    Unaudited Condensed Consolidated Statements of (Loss)/Income
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
    Revenues, net of rebates and discounts 88,764   84,302   80,359  
    Business taxes and surcharges (310 ) (313 ) (379 )
    Net revenues 88,454   83,989   79,980  
    Costs of revenues (44,350 ) (40,416 ) (37,139 )
    Gross profit 44,104   43,573   42,841  
           
    Operating expenses      
    Research and development expenses (18,743 ) (18,716 ) (17,642 )
    Sales and marketing expenses (15,522 ) (12,461 ) (10,061 )
    General and administrative expenses (11,791 ) (12,102 ) (11,132 )
    Credit loss write-back/(expenses), net 65   (75 ) 26  
    Impairment of goodwill –   (20,748 ) –  
    Total operating expenses (45,991 ) (64,102 ) (38,809 )
           
    Operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Interest income 1,072   1,173   1,221  
    Interest expense (220 ) (139 ) (242 )
    Other income, net 1,234   1,541   290  
    Income/(loss) before income taxes 199   (17,954 ) 5,301  
    Income tax (expense)/benefit (1,145 ) 8,083   (1,663 )
    Net (loss)/income (946 ) (9,871 ) 3,638  
           
    Less: net loss attributable to non-controlling interest (146 ) (97 ) (1 )
    Net (loss)/income attributable to common shareholders (800 ) (9,774 ) 3,639  
           
    (Loss)/earnings per share for common shares      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    (Loss)/earnings per ADS      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  
           
           
           
    XUNLEI LIMITED
    Reconciliation of GAAP and Non-GAAP Results
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
           
    GAAP operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP operating (loss)/income (829 ) 609   4,933  
           
    GAAP net (loss)/income (946 ) (9,871 ) 3,638  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP net income 112   11,267   4,539  
           
    GAAP (loss)/earnings per share for common shares:      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    GAAP (loss)/earnings per ADS:      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Non-GAAP earnings per share for common shares:      
    Basic 0.0008   0.0362   0.0140  
    Diluted 0.0008   0.0362   0.0140  
           
    Non-GAAP earnings per ADS:      
    Basic 0.0040   0.1810   0.0700  
    Diluted 0.0040   0.1810   0.0700  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  


    CONTACT:
    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    __________________________
    1 Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
    2 Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

    The MIL Network –

  • MIL-OSI: T1 Energy Take Steps to Bring Investment to G2_Austin Solar Cell Project

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this morning that the Company has entered into a Heads of Agreement to pursue an investment in the planned G2_Austin 5 GW solar cell manufacturing facility. The non-binding agreement was signed this week at a ceremony in Riyadh hosted by the Saudi Ministry of Investment (“MISA”) to commemorate the Trump administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

    “We wish to extend our sincerest appreciation to the Saudi Ministry of Investment for hosting our delegation. We are honored to sign this landmark agreement which is intended to bring in strategic capital to support America’s advanced manufacturing sector,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “The U.S. needs to establish a domestic solar manufacturing supply chain, and T1 is at the forefront of that mission with our world-class operating G1_Dallas facility and planned G2_Austin project. This agreement is a positive step towards an investment to accelerate our development plans and our strategy to become a U.S. solar energy leader built on domestic content and leading-edge technology.”

    Representatives from T1 and our Saudi partner, Manaar Gulf Saudi Arabia Ltd., signed the agreement on May 13th at a ceremony in Riyadh welcoming a U.S. delegation from the Trump administration and U.S. industrial partners to the Kingdom. The event promoted Gulf Corporation Council investment in America to support the ‘America First’ agenda.

    “T1 is grateful to be part of a larger conversation to reshore American manufacturing through cooperative efforts with our overseas industrial partners,” added Daniel Barcelo. “With this agreement in place, our teams will be working to secure this capital and advance T1’s mission to bring investment, jobs, and key supply chains to America. As this relationship develops, we are also pleased to examine complementary opportunities to invest in the Kingdom’s solar manufacturing sector.”

    About T1 Energy

    T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

    To learn more about T1, please visit www.T1energy.com and follow us on social media.

    Investor contact:

    Jeffrey Spittel
    EVP, Investor Relations and Corporate Development
    jeffrey.spittel@T1energy.com
    Tel: +1 409 599 5706

    Media contact:

    Russell Gold
    EVP, Strategic Communications
    russell.gold@T1energy.com
    Tel: +1 214 616 9715

    Cautionary Statement Concerning Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: a potential investment in G2 Austin; the Company’s ability to bring in strategic capital to support America’s advanced manufacturing sector; the Company being at the forefront of the development of domestic solar manufacturing supply chains; the Company’s development plans and strategy to become a U.S. solar energy leader built on domestic content and leading-edge technology; the investment by the Gulf Corporation Council in America to support the ‘America First’ agenda; T1’s participation in the reshoring of American manufacturing; the Company’s mission to bring investment, jobs and key supply chains to America; and any complementary opportunities that T1 may explore with respect to investments in the Kingdom’s solar manufacturing sector. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

    T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

    The MIL Network –

  • MIL-OSI: Barnwell Industries, Inc. Reports Results for its Second Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, May 15, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its second quarter ended March 31, 2025. For the quarter, the Company had revenue from continuing operations of $3,569,000 and a net loss from continuing operations of $1,538,000 or $0.15 per share. In the prior year quarter ended March 31, 2024, the Company reported quarterly revenue from continuing operations of $4,678,000 and a net loss from continuing operations of $1,306,000 or $0.13 per share.

    The net loss from continuing operations for the three months ended March 31, 2025, was due to an increase of $906,000, 72%, in general and administrative expenses due to $978,000 in new expenses related to both a shareholder consent solicitation and a proxy contest as compared to the same period in the prior year. Additionally, the loss was due to a decrease of $500,000 in our land investment segment operating results, before non-controlling interests’ share of such profits, due to the Kukio Resort Land Development Partnerships’ sale of two lots in the prior quarter period, whereas no lots were sold in the current quarter period.

    Non-Cash Impairment, Oil and Gas Production

    The net loss from continuing operations for the three months ended March 31, 2025 included a ceiling test impairment of $52,000 as compared to a $1,677,000 ceiling test impairment in the prior year period, a $1,625,000 decrease. Additionally, oil and natural gas depletion in the current year period decreased $589,000 as compared to the second quarter in the prior year due to a lower depletion rate due to prior years’ write downs and decreased production. Oil, natural gas and natural gas liquids production decreased 14%, 24% and 13%, respectively, during the three months ended March 31, 2025, compared to the prior year’s quarter.

    Sale of our Water Drilling Subsidiary

    During the three months ended March 31, 2025, the Company completed the sale of its wholly-owned subsidiary, Water Resources International, Inc. (“Water Resources”) for $1,050,000. Water Resources drilled water wells and water pumping systems in Hawaii and represented our contract drilling segment. As a result of the sale, the Company has reclassified the results of its contract drilling business as discontinued operations for all periods presented. Having previously sold assets held by this segment, the Company recorded a loss of $193,000 on the sale of Water Resources in the quarter ended March 31, 2025.

    Proxy Contest, Expenses Increase

    The aforementioned consent solicitation and proxy contest are currently on going and costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by these matters beyond March 31, 2025. The Company is unable to estimate the amount of such future costs as the matter as such costs will depend upon the future actions to be taken, which are yet to be determined.

    Due to these proxy contest costs, incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, non-core oil and natural gas property sales and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships, however, no probable timing or amounts of such funding have yet been secured.

    Summary and Outlook

    Craig D. Hopkins, CEO, stated, “Our current proxy contest has negatively impacted the Company’s liquidity and hindered its investment and growth opportunities. The completed sale of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell should be positioned to invest more in operations. The Company ended the quarter with a working capital deficit of $57,000, including $1,432,000 in cash and cash equivalents.

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    COMPARATIVE OPERATING RESULTS
    (Unaudited)
     
        Three months ended   Six months ended
        March 31,   March 31,
          2025       2024       2025       2024  
                     
    Revenues   $ 3,569,000     $ 4,678,000     $ 7,503,000     $ 9,840,000  
                     
    Net loss from continuing operations attributable to Barnwell Industries, Inc.   $ (1,538,000 )   $ (1,306,000 )   $ (3,136,000 )   $ (1,656,000 )
    Net earnings (loss) from discontinued operations     331,000       (466,000 )     12,000       (780,000 )
    Net loss attributable to Barnwell Industries, Inc.   $ (1,207,000 )   $ (1,772,000 )   $ (3,124,000 )   $ (2,436,000 )
                     
    Basic and diluted net (loss) earnings per share:                
    Net loss from continuing operations attributable to Barnwell Industries, Inc.   $ (0.15 )   $ (0.13 )   $ (0.31 )   $ (0.16 )
    Net earnings (loss) from discontinued operations     0.03       (0.05 )     –       (0.08 )
    Net loss attributable to Barnwell Industries, Inc.   $ (0.12 )   $ (0.18 )   $ (0.31 )   $ (0.24 )
                     
    Weighted-average shares and              
    equivalent shares outstanding:            
    Basic and diluted     10,053,534       10,019,172       10,050,319       10,007,905  
                     
    CONTACT: Craig D. Hopkins
      Chief Executive Officer and President
      Phone: (403) 531-1560
      Email:info@bocl.ca

    The MIL Network –

  • MIL-OSI: Tradoor Unveils ‘Fastest DEX on TON’ Following $3.2m in Financing

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 15, 2025 (GLOBE NEWSWIRE) — Tradoor, the first triple Perps, Options, and SocialFi DEX on The Open Network (TON), has announced $3.2 million in total funding to bring CEX-grade trading to Telegram. The rounds were led by TON Ventures and Kenetic Capital, with participation from Sigil Fund, Protagonist, VentureSouq, T Fund, TONX, Re7 Capital, and BitsLab. The financing also includes a $1.5 million token purchase commitment, which will support Tradoor’s roadmap to deliver high-frequency trading on TON, and an upcoming ‘Turbo Rewards’ trade to earn campaign.

    Tradoor introduces groundbreaking features such as Turbo Mode and Turbo Accounts, which dramatically enhance trading speed and user experience. Turbo Mode enables transactions at 10,000 TPS with confirmation times as fast as 50 milliseconds. Turbo Accounts allow seamless one-click trades and multi-chain deposits from networks such as Ethereum, BNB Smart Chain, or Solana, and ensure zero price slippage for unmatched trading efficiency.

    “Think of Tradoor as ‘Hyperliquid in your pocket’, on Telegram,” said core contributor Balal Khan. “With Turbo Mode, users enjoy instant trades at speeds 600x faster than before, fully onchain on TON, with the lowest gas fees on the network. Users can open a Turbo Account in just one step, no KYC required, and start trading with a single click. The Price Lock mechanism guarantees zero slippage, making your trading efficient and worry-free.”

    Tradoor is set to launch token swap functionality and innovative AI-powered features, including text-to-trade, which lets users execute trades via text commands, and a social copy trading product, allowing users to replicate the trades of top-performing community traders.

    The “Turbo Rewards” trade to earn campaign will offer reward trading activity in the form of $DOOR points – Tradoor’s in-app reward – with points awarded for trading volume.

    Jehan Chu of Kenetic Capital commented, “Tradoor’s integration on Telegram brings CEX-grade trading into the hands of hundreds of millions of users. With its innovative Turbo Mode, we believe Tradoor is uniquely positioned to introduce high-frequency trading into TON’s rapidly growing ecosystem.”

    Telegram, already a prominent global messaging platform, continues to gain significant traction within the crypto community. TON, its underlying blockchain ecosystem, has 42 million activated wallets and supports a wide array of decentralized applications — further amplifying Tradoor’s potential reach and impact.

    Tradoor’s new multi-collateral pool now includes support for tgBTC, which could provide liquidity providers with attractive double-digit yields on USDT, Toncoin, tgUSD, and Bitcoin. tgBTC functions as a tokenized version of Bitcoin within the Telegram and TON ecosystems, designed to enable users to access DeFi benefits while retaining exposure to Bitcoin.

    Since its launch in Q3 2024, Tradoor has reached several key milestones, including over $400 million in trading volume, 360,000 total active users, and a record-breaking $49 million in daily trading volume — the highest on TON to date. The platform has also earned industry recognition, winning both the Open League 6 contest organized by TON Society and the TON Code Summer Asia Hackathon.

    About Tradoor

    Tradoor is the first triple Perps + Options + SocialFi decentralized protocol on TON, a fast and self-custodial all-in-one trading tool for Telegram and Web App users. It’s unique ‘Turbo Mode’ offers one-click confirmations and a high throughput of 10K TPS, 50ms execution time, with the lowest gas fees on TON. Users experience zero price slippage with the Price Lock guarantee and fair pricing with the AI-enhanced Liquidity Shield. Turbo Accounts enhance usability with one-click trades and multi-chain deposit support.

    Website: tradoor.io｜Mini App｜User Guide｜Twitter/X｜Telegram News

    For media enquiries, please contact Wei Wei Lim: limweiwei@tradoor.io

    Disclaimer: This is a paid post and is provided by Tradoor. 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.

    Photos accompanying this announcement are available at :

    https://www.globenewswire.com/NewsRoom/AttachmentNg/cc26ef7a-0bf7-4b0e-aa66-0d302f74fb2d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ed9a600-ca64-4a4d-8c44-be94ba86841a

    The MIL Network –

  • MIL-OSI: KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, May 15, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Business and Financial Highlights for the First Quarter 2025

    • Gross transaction value (GTV)1 was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580.3 billion (US$80.0 billion), an increase of 28.1% year-over-year. GTV of new home transactions was RMB232.2 billion (US$32.0 billion), an increase of 53.0% year-over-year.
    • Net revenues were RMB23.3 billion (US$3.2 billion), an increase of 42.4% year-over-year.
    • Net income was RMB855 million (US$118 million), an increase of 97.9% year-over-year. Adjusted net income2 was RMB1,393 million (US$192 million), relatively flat year-over-year.
    • Number of stores was 56,849 as of March 31, 2025, a 28.6% increase from one year ago. Number of active stores3 was 55,210 as of March 31, 2025, a 29.6% increase from one year ago.
    • Number of agents was 550,290 as of March 31, 2025, a 24.3% increase from one year ago. Number of active agents4 was 490,862 as of March 31, 2025, a 23.0% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 44.5 million in the first quarter of 2025, compared to 47.7 million in the same period of 2024.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter, with our total transaction value increasing by 34.0% year-over-year and net revenues rising by 42.4%. Our housing transaction services continue to significantly outperform the market. Our platform continually empowers more industry partners, with the numbers of active stores and agents increasing notably by 29.6% and 23.0% year-over-year, respectively, and with improvements in both agent and store efficiency. Our home renovation and furnishing services saw steady revenue growth, achieving a record high in contribution margin, with initial progress in improving customer experience and operational efficiency. The home rental services managed over 500,000 units by the end of the first quarter, with ongoing improvements in operational capabilities. We are also advancing our AI applications, deploying multiple intelligent tools on both the C-end and B-end, enhancing customer experience and boosting service efficiency.”

    “Looking ahead, we are confident in the long-term development of our Company under the ‘One Body, Three Wings’ strategy and will continue to invest firmly in AI applications. At the same time, we will be more prudent in other types of investments this year, focusing on the return on investment to strengthen the foundation for safe operations and ensure that shareholders who support the Company’s long-term vision can benefit from our sustainable development,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the first quarter, the market performance was very stable, continuing the positive impact resulting from the policies implemented in September last year. National new home sales remained relatively flat year-over-year in the first quarter, better than the substantial year-over-year decline in the same period last year, and the existing home market remained at a high level in activity.

    For performance in the first quarter, our net revenues reached RMB23.3 billion, up 42.4% year-over-year. Net revenues from existing home transaction services reached RMB6.9 billion in Q1, up 20.0% year-over-year. Net revenues from new home transaction services reached RMB8.1 billion in Q1, up 64.2% year-over-year. Net revenues from non-housing transaction services grew by 46.2% year-over-year, accounted for 35.9% of total net revenues. Among these, net revenues from home rental services reached a record high of RMB5.1 billion, up 93.8% year-over-year. Our operational efficiency further improved. The operating expenses in the first quarter were RMB4.2 billion, down 31.3% quarter-over-quarter. The profitability also improved. The net income in the first quarter reached RMB855 million, up 97.9% year-on-year. The adjusted net income reached RMB1,393 million.

    With robust cash reserves, we continued to reward our shareholders who have grown with us. In the first quarter, we allocated approximately US$139 million to share repurchases, and the repurchased shares accounted for approximately 0.6% of the Company’s total issued shares at the end of 2024.

    We will continue to support long-term business development by fully backing our ‘One Body, Three Wings’ strategic initiatives and actively exploring the AI technology.”

    First Quarter 2025 Financial Results

    Net Revenues

    Net revenues increased by 42.4% to RMB23.3 billion (US$3.2 billion) in the first quarter of 2025 from RMB16.4 billion in the same period of 2024, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 34.0% to RMB843.7 billion (US$116.3 billion) in the first quarter of 2025 from RMB629.9 billion in the same period of 2024, primarily attributable to the sustained growth of existing home transaction market and the Company’s enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion) in the first quarter of 2025, increased by 20.0% from RMB5.7 billion in the same period of 2024. GTV of existing home transactions increased by 28.1% to RMB580.3 billion (US$80.0 billion) in the first quarter of 2025 from RMB453.2 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a) a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis, and b) a lower proportion of GTV from existing home rental transaction services as of total existing home transaction services, which has a higher commission rate than existing home sales transaction services.

      Among that, (i) commission revenue was RMB5.6 billion (US$0.8 billion) in the first quarter of 2025, increased by 20.5% from RMB4.6 billion in the same period of 2024, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 23.6% to RMB221.4 billion (US$30.5 billion) in the first quarter of 2025 from RMB179.2 billion in the same period of 2024; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 17.6% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.1 billion in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 31.0% to RMB358.9 billion (US$49.5 billion) in the first quarter of 2025 from RMB274.0 billion in the same period of 2024, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 64.2% to RMB8.1 billion (US$1.1 billion) in the first quarter of 2025 from RMB4.9 billion in the same period of 2024, primarily due to the increase of GTV of new home transactions of 53.0% to RMB232.2 billion (US$32.0 billion) in the first quarter of 2025 from RMB151.8 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 58.3% to RMB192.0 billion (US$26.5 billion) in the first quarter of 2025 from RMB121.3 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand increased by 32.1% to RMB40.3 billion (US$5.5 billion) in the first quarter of 2025 from RMB30.5 billion in the same period of 2024.
    • Net revenues from home renovation and furnishing increased by 22.3% to RMB2.9 billion (US$0.4 billion) in the first quarter of 2025 from RMB2.4 billion in the same period of 2024, primarily attributable to the increase in home renovation orders referred by home transaction services.
    • Net revenues from home rental services increased by 93.8% to RMB5.1 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.6 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB350 million (US$48 million) in the first quarter of 2025, compared to RMB700 million in the same period of 2024.

    Cost of Revenues

    Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in the first quarter of 2025 from RMB12.3 billion in the same period of 2024.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 66.6% to RMB5.7 billion (US$0.8 billion) in the first quarter of 2025, from RMB3.4 billion in the same period of 2024, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 33.1% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB3.6 billion in the same period of 2024, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 18.8% to RMB2.0 billion (US$0.3 billion) in the first quarter of 2025 from RMB1.7 billion in the same period of 2024, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 91.3% to RMB4.7 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.5 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 4.6% to RMB717 million (US$99 million) in the first quarter of 2025 from RMB685 million in the same period of 2024, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.5 billion (US$0.1 billion) in the first quarter of 2025 from RMB0.4 billion in the same period of 2024, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 17.0% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB4.1 billion in the same period of 2024. Gross margin decreased to 20.7% in the first quarter of 2025 from 25.2% in the same period of 2024, primarily due to a) a lower proportion of net revenues from existing home transaction services with a relatively higher contribution margin than other revenues streams, and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses were RMB4.2 billion (US$0.6 billion) in the first quarter of 2025, compared to RMB4.1 billion in the same period of 2024.

    • General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the first quarter of 2025, compared with RMB2.0 billion in the same period of 2024, mainly due to the decrease in share-based compensation expenses.
    • Sales and marketing expenses increased by 9.2% to RMB1.8 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.6 billion in the same period of 2024, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 24.9% to RMB584 million (US$80 million) in the first quarter of 2025 from RMB467 million in the same period of 2024, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB591 million (US$81million) in the first quarter of 2025, compared to RMB12 million in the same period of 2024. Operating margin was 2.5% in the first quarter of 2025, compared to 0.1% in the same period of 2024, primarily due to the improved operating leverage, compared to the same period of 2024.

    Adjusted income from operations6 was RMB1,148 million (US$158 million) in the first quarter of 2025, compared to RMB960 million in the same period of 2024. Adjusted operating margin7 was 4.9% in the first quarter of 2025, compared to 5.9% in the same period of 2024. Adjusted EBITDA8 was RMB1,842 million (US$254 million) in the first quarter of 2025, compared to RMB1,666 million in the same period of 2024.

    Net Income

    Net income was RMB855 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income was RMB1,393 million (US$192 million) in the first quarter of 2025, relatively flat compared to RMB1,392 million in the same period of 2024.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB856 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,393 million (US$192 million) in the first quarter of 2025, compared to RMB1,392 million in the same period of 2024.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in the first quarter of 2025, respectively, compared to RMB0.38 and RMB0.37 in the same period of 2024, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.24 (US$0.17) and RMB1.19 (US$0.16) in the first quarter of 2025, respectively, compared to RMB1.21 and RMB1.18 in the same period of 2024, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of March 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB54.8 billion (US$7.6 billion).

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of March 31, 2025, the Company in aggregate has purchased approximately 116.6 million ADSs (representing approximately 349.9 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,764.8 million under this share repurchase program since its launch.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing/Hong Kong Time on Thursday, May 15, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10046740-j8h7g6.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10046741-h6g53.html

    A replay of the conference call will be accessible through May 22, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10046740
    Replay PIN (Chinese simultaneous interpretation line): 10046741
       

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

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please visit: https://investors.ke.com.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   11,442,965   12,772,700   1,760,125
    Restricted cash   8,858,449   10,145,685   1,398,113
    Short-term investments   41,317,700   31,876,941   4,392,760
    Financing receivables, net of allowance for credit losses of RMB147,330 and RMB162,302 as of December 31, 2024 and March 31, 2025, respectively   2,835,527   2,073,051   285,674
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,643,867 as of December 31, 2024 and March 31, 2025, respectively   5,497,989   5,139,299   708,214
    Amounts due from and prepayments to related parties   379,218   390,196   53,770
    Loan receivables from related parties   18,797   194,086   26,746
    Prepayments, receivables and other assets   6,252,700   7,573,610   1,043,672
    Total current assets   76,603,345   70,165,568   9,669,074
    Non-current assets            
    Property, plant and equipment, net   2,400,211   2,427,395   334,504
    Right-of-use assets   23,366,879   23,536,212   3,243,377
    Long-term investments, net   23,790,106   27,618,510   3,805,932
    Intangible assets, net   857,635   823,140   113,432
    Goodwill   4,777,420   4,777,420   658,346
    Long-term loan receivables from related parties   131,410   19,360   2,668
    Other non-current assets   1,222,277   1,244,856   171,546
    Total non-current assets   56,545,938   60,446,893   8,329,805
    TOTAL ASSETS   133,149,283   130,612,461   17,998,879
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   9,492,629   7,868,788   1,084,348
    Amounts due to related parties   391,446   427,753   58,946
    Employee compensation and welfare payable   8,414,472   5,226,229   720,194
    Customer deposits payable   6,078,623   7,452,000   1,026,913
    Income taxes payable   1,028,735   823,746   113,515
    Short-term borrowings   288,280   182,010   25,082
    Lease liabilities current portion   13,729,701   13,579,265   1,871,273
    Contract liabilities and deferred revenue   6,051,867   6,583,215   907,191
    Accrued expenses and other current liabilities   7,268,505   10,618,658   1,463,290
    Total current liabilities   52,744,258   52,761,664   7,270,752
    Non-current liabilities            
    Deferred tax liabilities   317,697   317,697   43,780
    Lease liabilities non-current portion   8,636,770   8,579,296   1,182,259
    Other non-current liabilities   2,563   2,465   340
    Total non-current liabilities   8,957,030   8,899,458   1,226,379
    TOTAL LIABILITIES   61,701,288   61,661,122   8,497,131
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1) as of December 31, 2024; 3,477,710,889 Class A ordinary shares issued and 3,346,161,732 Class A ordinary shares outstanding(1) as of March 31, 2025; and 145,413,446 and 144,042,476 Class B ordinary shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)   461     460     63  
    Treasury shares   (949,410 )   (462,581 )   (63,745 )
    Additional paid-in capital   72,460,562     68,618,103     9,455,827  
    Statutory reserves   926,972     926,972     127,740  
    Accumulated other comprehensive income   609,112     616,892     85,010  
    Accumulated deficit   (1,723,881 )   (868,114 )   (119,629 )
    Total KE Holdings Inc. shareholders’ equity   71,323,816     68,831,732     9,485,266  
    Non-controlling interests   124,179     119,607     16,482  
    TOTAL SHAREHOLDERS’ EQUITY   71,447,995     68,951,339     9,501,748  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   133,149,283     130,612,461     17,998,879  

    (1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net revenues          
    Existing home transaction services 5,727,030     6,870,407     946,767  
    New home transaction services 4,916,515     8,074,995     1,112,764  
    Home renovation and furnishing 2,408,848     2,945,443     405,893  
    Home rental services 2,625,203     5,087,776     701,114  
    Emerging and other services 699,718     349,726     48,194  
    Total net revenues 16,377,314     23,328,347     3,214,732  
    Cost of revenues          
    Commission-split (3,418,179 )   (5,693,140 )   (784,536 )
    Commission and compensation-internal (3,620,949 )   (4,818,277 )   (663,976 )
    Cost of home renovation and furnishing (1,671,718 )   (1,985,956 )   (273,672 )
    Cost of home rental services (2,480,497 )   (4,746,056 )   (654,024 )
    Cost related to stores (685,047 )   (716,809 )   (98,779 )
    Others (378,838 )   (547,217 )   (75,408 )
    Total cost of revenues(1) (12,255,228 )   (18,507,455 )   (2,550,395 )
    Gross profit 4,122,086     4,820,892     664,337  
    Operating expenses          
    Sales and marketing expenses(1) (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses(1) (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses(1) (467,300 )   (583,610 )   (80,424 )
    Total operating expenses (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations 11,854     590,565     81,382  
    Interest income, net 309,675     268,568     37,010  
    Share of results of equity investees (4,086 )   7,345     1,012  
    Fair value changes in investments, net 7,765     110,486     15,225  
    Impairment loss for equity investments accounted for using measurement alternative (6,147 )   –     –  
    Foreign currency exchange loss (17,748 )   (39,633 )   (5,462 )
    Other income, net 537,638     445,447     61,384  
    Income before income tax expense 838,951     1,382,778     190,551  
    Income tax expense (406,829 )   (527,455 )   (72,685 )
    Net income 432,122     855,323     117,866  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Net income attributable to KE Holdings Inc. 431,774     855,767     117,927  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
               
    Net income 432,122     855,323     117,866  
    Currency translation adjustments 36,335     (23,695 )   (3,265 )
    Unrealized gains on available-for-sale investments, net of reclassification 25,331     31,475     4,337  
    Total comprehensive income 493,788     863,103     118,938  
    Comprehensive loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Comprehensive income attributable to KE Holdings Inc. 493,440     863,547     118,999  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 493,440     863,547     118,999  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted          
    —Basic 3,439,606,429   3,362,716,016   3,362,716,016
    —Diluted 3,541,861,506   3,522,002,071   3,522,002,071
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.13   0.25   0.03
    —Diluted 0.12   0.24   0.03
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    (1) Includes share-based compensation expenses as follows:
    Cost of revenues 124,433   109,558   15,097
    Sales and marketing expenses 47,303   45,295   6,242
    General and administrative expenses 577,134   331,203   45,641
    Research and development expenses 44,510   41,113   5,666
               
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Income from operations 11,854     590,565     81,382  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Adjusted income from operations 959,527     1,147,617     158,146  
               
    Net income 432,122     855,323     117,866  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Adjusted net income 1,392,217     1,392,797     191,932  
               
    Net income 432,122     855,323     117,866  
    Income tax expense 406,829     527,455     72,685  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets 158,506     35,171     4,847  
    Depreciation of property, plant and equipment 165,169     178,254     24,564  
    Interest income, net (309,675 )   (268,568 )   (37,010 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Adjusted EBITDA 1,665,669     1,841,720     253,795  
               
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,391,862     1,393,234     191,992  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.83   0.48   0.07
    —Diluted 0.81   0.46   0.06
               
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 1.21   1.24   0.17
    —Diluted 1.18   1.19   0.16
               
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (All amounts in thousands)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net cash used in operating activities (2,108,532 )   (3,965,271 )   (546,429 )
    Net cash provided by investing activities 1,290,426     6,285,669     866,188  
    Net cash provided by (used in) financing activities (252,538 )   261,073     35,977  
    Effect of exchange rate change on cash, cash equivalents and restricted cash (3,505 )   35,500     4,892  
    Net increase (decrease) in cash and cash equivalents and restricted cash (1,074,149 )   2,616,971     360,628  
    Cash, cash equivalents and restricted cash at the beginning of the period 25,857,461     20,301,414     2,797,610  
    Cash, cash equivalents and restricted cash at the end of the period 24,783,312     22,918,385     3,158,238  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
        RMB   RMB   US$
    Existing home transaction services            
    Net revenues   5,727,030     6,870,407     946,767  
    Commission and compensation   (3,180,925 )   (4,252,291 )   (585,981 )
    Contribution   2,546,105     2,618,116     360,786  
    New home transaction services            
    Net revenues   4,916,515     8,074,995     1,112,764  
    Commission and compensation   (3,821,103 )   (6,185,772 )   (852,422 )
    Contribution   1,095,412     1,889,223     260,342  
    Home renovation and furnishing            
    Net revenues   2,408,848     2,945,443     405,893  
    Material costs, commission and compensation   (1,671,718 )   (1,985,956 )   (273,672 )
    Contribution   737,130     959,487     132,221  
    Home rental services            
    Net revenues   2,625,203     5,087,776     701,114  
    Property leasing costs, commission and compensation   (2,480,497 )   (4,746,056 )   (654,024 )
    Contribution   144,706     341,720     47,090  
    Emerging and other services            
    Net revenues   699,718     349,726     48,194  
    Commission and compensation   (37,100 )   (73,354 )   (10,109 )
    Contribution   662,618     276,372     38,085  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
        RMB   RMB   US$
    Reconciliation of profit            
    Cost related to stores   (685,047 )   (716,809 )   (98,779 )
    Other costs   (378,838 )   (547,217 )   (75,408 )
    Amounts not allocated to segment:            
    Sales and marketing expenses   (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses   (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses   (467,300 )   (583,610 )   (80,424 )
    Total operating expenses   (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations   11,854     590,565     81,382  
     

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,593 as of March 31, 2024.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 399,159 as of March 31, 2024.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network –

  • MIL-OSI: BEN Expands into Hospitality with AI Concierge

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., May 15, 2025 (GLOBE NEWSWIRE) — What happens when an AI innovator enters one of the world’s most service-driven industries? For BEN, it enters a new vertical—reimagining hospitality with personalized, intelligent AI. That journey begins at one of Eastern Europe’s top luxury hotels, delivering a next-generation guest experience that blends high-touch service with human-like intelligence.

    Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI), an innovator in AI-powered customer engagement, announced it has entered into a formal agreement with Seven Visions Resort & Places, The Dvin (The Dvin), to develop and deploy BEN’s expert Concierge AI Agent at the iconic Yerevan destination. This collaboration signifies BEN’s entry into the hospitality sector, which the parties believe will establish a new standard for AI-enhanced luxury guest experiences on a larger scale.

    A Two-Phase Pilot Initiative Designed for Impact

    The collaboration will begin with a two-phase pilot initiative, starting with a 24/7 Concierge AI Agent and following with a Reservation AI Agent. Both are powered by BEN’s modular iSKYE platform, allowing clients to deploy high-impact use cases quickly and scale across the guest journey. 

    With this initiative, BEN enters the hospitality industry, offering secure, guest-first AI tailored for high-touch customer experience, marking a strategic expansion into a new vertical.

    A Setting Built for Innovation

    “Introducing AI at this level isn’t just about adopting new technology—it’s about redefining luxury,” said Dvin owner Artak Tovmasyan, who also holds a 30% stake in a cybersecurity firm serving over 85% of Dubai’s hotels. “We chose BEN for their secure, guest-first platform—designed with trust, speed, and world-class execution in mind.”

    “This is an opportunity to demonstrate the versatility of BEN’s AI platform in a setting where service excellence is paramount,” said Paul Chang, CEO of Brand Engagement Network.

    For more information about BEN, visit www.beninc.ai.

    About Seven Visions Resort & Places, The Dvin
    Seven Visions Resort & Places, The Dvin stands as Armenia’s crown jewel — a historical and cultural entertainment destination where timeless heritage meets bold innovation. Globally recognized with 15 international awards and several Guinness nominations, it stands as a symbol of excellence on the world stage — including titles such as World’s Leading Hotel Dining & Entertainment Experience 2023 and 2024, World’s Best New MICE Hotel 2023, as well as multiple awards as Europe’s and Armenia’s Leading Hotel. Seven Visions plays a key role in making Armenia a top MICE destination for meetings, incentives, conferences, and exhibitions worldwide. Its mission is clear: to place Armenia on the global touristic map. The resort features 153 artfully appointed rooms and suites, providing guests with unparalleled comfort and an immersive stay. At the heart of Seven Visions Resort & Places lies The Dvin Music Hall — the largest ceremony venue in the region, having hosted weddings, prestigious events, and prominent guests. The One & Only Theatre, home to the world’s only ceiling-stage, redefines live entertainment with an immersive experience. Hayrik Restaurant by Seven Visions elevates Armenian cuisine, blending tradition with modern techniques and global influences in a warm, welcoming atmosphere. For a unique entertainment experience, the Stage Gastro Show Club pairs fine cuisine with live acrobatic performances, creating a memorable sensory experience. Relaxation flows seamlessly at The Pool, a breathtaking infinity pool designed for inspiration and serenity. Guests can also focus on wellness at Body & Soul Fitness Center, featuring advanced training equipment, a tennis court, and a Cross Fit zone. For business meetings, Hartak Meeting Places offers 12 high-tech venues ideal for conferences, networking events, expos, summits, and exclusive gatherings. The resort also houses ARTaments in Future Tower, a premium business center where only market-leading companies rent exclusive office spaces. Finally, N7 Beach Club, located 1,111 meters above sea level and enclosed by a one-glass facade, boasts the 4th biggest infinity pool of its kind in the world, making it one of the most iconic aquatic experiences globally. And this is just the beginning — with visionary new projects on the horizon, including a world-class casino and an opulent, internationally acclaimed spa, Seven Visions Resort & Places, The Dvin continues to shape the future of hospitality, culture, and global tourism.
    Learn more at 7visionshotels.com.

    About Brand Engagement Network Inc. (BEN)
    Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI) innovates in AI-powered customer engagement by delivering safe, intelligent, scalable solutions. Its proprietary Enterprise Language Model (ELM™) and Retrieval-Augmented Generation (RAG™) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based and on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement.
    Learn more at www.beninc.ai.

    Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

    There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.

    Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.

    Media Contact 
    Amy Rouyer
    P: 503-367-7596
    E: amy@beninc.ai

    Investor Relations
    Susan Xu
    P: 778-323-0959
    E: sxu@allianceadvisors.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c4acfcc4-228d-4129-803b-0a67ff1bf6b6

    The MIL Network –

  • MIL-OSI Economics: OEUK news Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report 15 May 2025

    Source: Offshore Energy UK

    Headline: OEUK news

    Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report

    15 May 2025

    In its 2025 Offshore Wind Insight, Offshore Energies UK (OEUK) warns that without action to address price inflation, capital cost and UK supply chain competitiveness, the UK will fail to meet the government’s Clean Power 2030 (CP30) target of between 43 and 51 GW of installed offshore wind capacity.

    The UK has the capacity to become a major exporter of wind energy, but if it is to meet CP2030 objectives the September wind allocation round (AR7) will have to be the biggest ever with more than 8GW of new licences awarded.

    As the halt to Hornsea 4 wind farm last week shows, cost inflation, finance costs and market outlook make investment in offshore wind all the more challenging, putting additional pressure on CP30 delivery.

    North Sea oil and gas have provided the primary source of energy for more than 50 years and the UK will continue to need homegrown oil and gas as part of an integrated energy mix for years to come alongside the build out of renewables. As the focus on decarbonising the economy gains momentum, electricity is expected to dominate the future low carbon energy mix. Much of this will be generated by offshore wind installations fixed to the seabed as well as floating offshore wind (FOW) structures but unless the pace of change quickens, the UK stands to achieve only 35GW by 2030, short of the CP30 target.

    In 2024, the National Energy System Operator (NESO) published the Clean Power 2030 (CP30) report, setting out recommendations to the UK government on the design of a clean power grid by 2030. With a goal to accelerate progress to net zero by eliminating emissions that currently come from electricity generation, CP30 also aims to ensure that heating, transport and industry sectors are powered by electricity.

    The plan sees a huge build out of renewables including 43-50 Gigawatts (GW) of offshore wind, 27-29 GW of onshore wind, and 45-47 GW of solar power. Noting all renewables play important roles in delivering a clean power grid, whereby Britain will generate enough clean power to meet 95% of total annual electricity demand by 2030, NESO highlighted the critical role of offshore wind.

    OEUK’s Wind & Renewables Manager, Thibaut Cheret says:

    “Meeting the government’s 2030 target of 43 and 51 GW of installed offshore wind capacity means securing £15bn of private investment in offshore wind each and every year between now and 2030. The government’s next Contract for Difference auction in Allocation Round 7 (AR7), which incentivises new low carbon electricity generating projects, will need to secure historic levels of renewable energy procurement. AR7 needs to clear a record 8.4GW of offshore wind capacity to maintain the course toward CP30.”

    “With the flexibility to supply oil and gas installations or the national grid, Floating Offshore Wind (FOW) will become a critical tool for delivering CP30 and beyond. Offshore wind leasing rounds released by Innovation and Targeted Oil and Gas (INTOG) under the auspices of Crown Estate Scotland are helping decarbonise offshore oil and gas production whilst accelerating deployment of the first floating offshore wind project at commercial scale.

    “As Floating Offshore Wind projects will have access to windier areas in deeper waters around the UK, it is set to become the growth engine beyond 2030 with investment in FOW likely to overtake fixed-bottom wind in 2033. More than 50 years oil and gas experience means that our UK supply chain is well equipped to capture a sizeable stake of the floating wind market, but a significant portion of the spend required is beyond the reach of many UK companies, which highlights the need for strategic investment in innovation, skills and infrastructure. Getting this right means the UK can become a market leader in wind power generation and play a major part in delivering a homegrown energy transition.”

    Wind power remains a key component of the UK’s energy system, its share for UK’s electricity amounting to 29.5% in 2024. Of that, offshore wind contributed 17.2% of total electricity generation. Its ability to outperform onshore wind generation relative to installed capacity is down to newer, larger turbines installed off the coast of Britain, where wind speeds are often stronger for longer and efficiency is likely to be higher. This makes offshore wind one of the most attractive of the renewable energy technologies.

    Key report recommendations:

    • Development plans should be front-loaded to meet CP 2030 – The UK is not on track to meet CP 2030 target so Allocation Round 7 (AR7) needs to be the most ambitious auction round yet. It will need to secure 8.4 GW of new offshore wind capacity if the UK is to stay on course for CP30.
    • Timely delivery of transmission infrastructure will be essential– Rebuilding the National Grid electricity transmission grid will be a massive task. A grid investment programme of £58bn will be required to support 50 GW offshore wind by 2030.
    • Investment in UK energy should be to the long-term benefit of the UK economy– £65bn will be invested in UK offshore wind over the next five years – this has the potential to transform the growth outlook for the UK. The forthcoming UK industrial strategy should make developing a competitive homegrown energy supply chain equipped to make the most of these opportunities one of its key objectives.
    • Energy security is as important as a predominantly renewables-based power system-There should be a focus on homegrown energy, making the most of UK resources. There will be a continued role for gas-fired power generation to balance the grid. This should see the progressive deployment of gas with CCS and in due course hydrogen-fuelled power generation. Interconnectivity will help. A North Sea integrated grid can save £37bn/yr and cut wholesale prices by a fifth and would avoid system duplication.

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    MIL OSI Economics –

  • MIL-OSI Europe: Ireland’s Competitiveness Confirmed – Minister Peter Burke

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    15th May 2025

    The Minister for Enterprise, Trade and Employment, Peter Burke, has welcomed the publication of Re-estimating Ireland’s International Competitiveness Performance, the latest bulletin by the National Competitiveness and Productivity Council (NCPC).

    Minister Burke said:

     “This analysis marks a very welcome contribution by the Council and confirms that the Irish economy is internationally competitive. However, we cannot become complacent, and there remains work to do in many areas. The Council’s findings will make a valuable contribution in the preparation of the Action Plan on Competitiveness and Productivity.”

    “Despite our strong international performance, we are also aware that there are challenges, and it is important that we do not take our current strengths for granted. This is reflected in the decision taken by Cabinet to expedite delivery of the Action Plan, which will play a key role in addressing these challenges and safeguarding our competitiveness performance into the future.”

    This Bulletin explores how Ireland’s performance in the IMD World Competitiveness Ranking 2024 is affected when selected indicators are rescaled using Modified Gross National Income (GNI*) in place of Gross Domestic Product (GDP). 

    The findings show that Ireland’s competitiveness performance remains strong with this adjustment. In fact, it rises by one position in the ranking, with improvements in three of the four pillars. The analysis explores how Ireland’s competitiveness profile changes when key metrics are recalibrated to better reflect the scale of the domestic economy.

    The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. In the 2024 IMD results, Ireland was ranked 4th overall. The analysis included in this Bulletin involves replicating the IMD methodology from the ground up, in order to facilitate the substitution of GNI* for GDP for Ireland. 

    Key findings from the Bulletin include:

    • Ireland’s competitiveness ranking improves by one place when GDP-based indicators are adjusted using GNI*, with notable gains in Economic Performance (up seven places) and Infrastructure (up two places). Business Efficiency is unchanged, while Government Efficiency declines slightly, reflecting a more constrained fiscal profile when public finance metrics are expressed over a smaller income base.
    • The analysis underscores the importance of context-sensitive benchmarking, especially when using international indices to inform national policy. This Bulletin highlights the need to interpret international indices critically, understanding their underlying assumptions, and where necessary, supplementing them with alternative analyses that better capture national circumstances.

    NOTES TO EDITORS

    The National Competitiveness and Productivity Council (NCPC) was established in 1997 (then the National Competitiveness Council) to report to the Taoiseach, through the Minister for Enterprise, Trade and Employment, on key competitiveness issues facing the Irish economy.   In 2019, the NCPC was designated as Ireland’s National Productivity Board. 

     As part of its work, the NCPC makes recommendations on policy actions required to enhance Ireland’s competitive position. The NCPC publishes three main research outputs:

    • The Competitiveness Scorecard benchmarks Ireland against international competitors on areas of competitiveness and productivity. This is published every three years (and was last published in 2024).
    • The Competitiveness Challenge is an annual publication in which the NCPC makes recommendations for Government on key challenges to Ireland’s international competitiveness.
    • NCPC Bulletins are short and focused research notes, examining specific topics within the sphere of competitiveness and productivity. The NCPC releases multiple Bulletins each year. These short pieces often feed into the NCPC’s main Challenges report.

     The members of the Council are:

    Dr. Frances Ruane      Chair, National Competitiveness and Productivity Council

    Dr. Laura Bambrick    Head of Social Policy & Employment Affairs, ICTU

    Edel Clancy                Group Director of Corporate Affairs, Musgrave Group

    Kevin Sherry               Interim Chief Executive, Enterprise Ireland 

    Ciaran Conlon             Director of Public Policy, Microsoft Ireland

    Luiz de Mello             Director of Country Studies, Economics Department, OECD

    Maeve Dineen             Chair of Ireland’s Financial Services and Pensions Ombudsman

    Brian McHugh            Chairperson, Competition and Consumer Protection Commission

    Gary Tobin                 Assistant Secretary, Department of Enterprise, Trade and Employment

    Michael Lohan            Chief Executive, IDA Ireland

    Liam Madden             Independent Consultant, Semiconductor Industry

    Neil McDonnell          Chief Executive, ISME 

    Bernadette McGahon  Director of Innovation Services, Industry Research & Development Group 

    Danny McCoy             Chief Executive, IBEC

    Michael Taft               Research Officer, SIPTU

    Representatives from the Departments of An Taoiseach; Agriculture, Food and the Marine; Environment, Climate and Communications; Further and Higher Education, Research, Innovation and Science; Social Protection; Finance; Housing, Local Government and Heritage; Justice; Public Expenditure and Reform; Tourism, Culture, Arts, Gaeltacht, Sport and Media, Children, Equality, Disability, Integration and Youth, and Transport attend Council meetings in an advisory capacity.

    Research, Analysis and Secretariat from the Department of Enterprise, Trade and Employment:

    Dr. Dermot Coates      

    Rory Mulholland                    

    Dr. Keith Fitzgerald

    Pádraig O’Sullivan                 

    Erika Valiukaite

    Jordan O’Donoghue

    Patrick Connolly

    ENDS

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    MIL OSI Europe News –

  • MIL-OSI Europe: EIB and the Luxembourg Space Agency join forces to enhance solutions for European Space for Finance

    Source: European Investment Bank

    • EIB and Luxembourg Space Agency (LSA) to support expanded use of satellite information in the financial domain
    • The new Research and Development Pilot programme will be led by the LSA with the support of the EIB
    • The partnership aims at bolstering European strategic autonomy of space data related to financial transactions

    The European Investment Bank (EIB) and the Luxembourg Space Agency (LSA) announced today a collaboration to enhance the integration of European space applications in the financial sector, ultimately benefitting industries such as investment banking and insurance. Leveraging Europe’s strengths in Earth Observation and navigation applications, the Space for Finance initiative aims to improve financial services’ reporting and sustainability efforts through innovative satellite-based solutions. For example, satellites can regularly collect data about the environment and climate, helping companies track how their sites are performing, predict and manage risks, and easily compare results across different locations and businesses.

    As part of this collaboration, the R&D Pilot Programme will explore the full potential of using satellite imagery and other space data for project monitoring and impact assessment using concrete pilot projects. This will pave the way for launching a call for projects aimed at industry players. This initiative, signed today in Luxembourg, aims to enhance the integration of satellite data into financial practices, ultimately benefiting sectors such as investment banking and insurance.

    EIB Vice President Robert de Groot stated, “Space is no longer just about exploration, it is increasingly about innovation that drives real-world solutions. Our partnership with the Luxembourg Space Agency allows us to use the power of satellite data to enhance financial monitoring and drive sustainable development.  Together, we will explore and redefine how space applications can enhance the European strategic autonomy and support the financial sector in creating a more resilient and forward-thinking economy.”

    Through this collaboration, the EIB reinforces its ongoing efforts to bolster the competitiveness of the European space sector, with a specific emphasis on Luxembourg’s growing role in the commercial space arena. LSA has been instrumental in promoting the space industry in Luxembourg, providing support to new and existing businesses, developing human resources, and facilitating access to financial solutions. Working closely with financial intermediaries, such as the EIB, could accelerate the development of Space for Finance solutions, facilitating their market uptake.

    “The space sector drives innovation and economic growth in Luxembourg and across Europe, and it’s also key to our security in a fast-changing world. By working with the European Investment Bank, we are showing our commitment to using space technologies to benefit society and the financial sector. This partnership reflects our goal to support innovation and ensure that space activities in Europe are sustainable, secure, and competitive—for the good of everyone.” emphasizes Lex Delles, Minister of the Economy, SME, Energy and Tourism.

    Moreover, this collaboration underscores the importance of setting security standards and protocols for space data in the domain of finance. Both parties recognize that safeguarding the strategic autonomy of European financial transactions is crucial as they advance their efforts in utilizing space for finance technologies.

    The partnership will facilitate the development of new services driven by satellite data. By working together, the EIB and LSA aim to set new practices in the utilization of space technologies, driving growth and ensuring that Europe continues to lead in the development of space applications for finance.

    Background information   

    EIB Group

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.    

    High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here. 

    About LSA

    Established in 2018 by the Ministry of the Economy, and placed under its authority, with the goal of developing the national space sector, the Luxembourg Space Agency fosters new and existing companies, develops human resources, facilitates access to funding and provides support for academic research. The agency implements the national space economic development strategy, manages national space research and development programs, and leads the SpaceResources.lu initiative. The LSA also represents Luxembourg within the European Space Agency, as well as the space related programs of the European Union and the United Nations.

    MIL OSI Europe News –

  • MIL-OSI Europe: Spain: ICF, EIB and CEB join forces to mobilise up to €400 million investment in social infrastructure in Catalonia

    Source: European Investment Bank

    • Institut Català de Finances (ICF) has signed a €100 million loan with the European Investment Bank (EIB) and a €50 million loan with the Council of Europe Development Bank (CEB).
    • The loans will support projects to develop care homes, day centres and assisted living facilities for the elderly, people with disabilities and other vulnerable groups in the region.
    • These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million in investment for social infrastructure projects.
    • The EIB loan is backed by InvestEU, an EU flagship programme to mobilise public and private sector investment to support EU policy goals.

    ICF, the public development bank of the Government of Catalonia, has signed a €100 million loan with the EIB to promote the construction and rehabilitation of social infrastructures in Catalonia, Spain. This is the first tranche of a loan approved for a total value of €150 million. ICF has also signed a €50 million loan with the CEB with the same aim. These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million investment for social infrastructure projects in the region.

    The loans will support the construction, refurbishment and improvement of care homes, day centres and assisted living facilities supporting the elderly, people with disabilities and other vulnerable groups across Catalonia. The financing provided by the three financial institutions is expected to support the creation of approximately 7.500 new residential care places in Catalonia. All funded projects must meet European sustainable building standards, specifically nearly-zero energy building (NZEB) requirements.

    María Serrano, EIB’s Head of Division Public Sector in Spain, remarked, “The EIB continues to strengthen its commitment to social infrastructure to meet the most pressing needs of Europe’s people. This financing agreement with the ICF will help to strengthen and expand the range of care facilities for elderly and dependent individuals in line with the highest standards of quality and sustainability, for the benefit of all”.

    As emphasised by Maria Sigüenza, the CEB’s Country Manager for Spain, “We are pleased to expand our ongoing partnership with ICF. This new loan reflects the CEB’s strong commitment to social inclusion and the reduction of inequality in Spain. Moreover, it exemplifies the importance of cooperation and joint action among multilateral development banks, such as the CEB and EIB, in building stronger communities and delivering high-impact social projects.”

    Vanessa Servera, CEO of the ICF, described the agreement as “a new success story in public-private cooperation,” emphasising that “the EIB and the CEB are providing the financial resources, we are taking on the management and financial risk, and it will be public entities and other actors that will launch the projects and investments the Catalan social services network needs to meet today’s and tomorrow’s challenges.”

    The agreement with ICF contributes to the EIB Group’s strategic priority of reinforcing Europe’s social infrastructure. This is one of the Group’s eight priorities set out in its Strategic Roadmap for the years 2024-2027.

    The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027.

    As the social development bank for Europe, investing in social infrastructure is the CEB’s main mission, as emphasised by its Strategic Framework 2023-2027. By signing the agreement with ICF, the CEB continues to respond flexibly to evolving social development and inclusion challenges in Spain.

    Background information

    ICF

    ICF has been the public promotional bank in Catalonia for 40 years, and in that period it has financed 37,000 clients for a total of €16 billion. Its main mission is to promote the financing of companies and entities in order to contribute to the growth, innovation and sustainability of the Catalan economy. ICF acts as a complement to the private sector, offering a wide range of financing solutions focused on loans, guarantees and investment in venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB), which brings together a large number of the public promotional banks and financial entities operating in Europe.

    EIB

    The ElB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.

    CEB

    The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Covid fraud investigations to be led by Insolvency Service

    Source: United Kingdom – Executive Government & Departments

    Press release

    Covid fraud investigations to be led by Insolvency Service

    Insolvency Service to take over NATIS’s ongoing covid fraud investigations

    DBT – COVID FRAUD INVESTIGATIONS TO BE LED BY INSOLVENCY SERVICE

    • Insolvency Service to take over NATIS’s ongoing covid fraud investigations
    • Decision comes after review of previous government contracts proved taxpayers’ money was not being spent efficiently
    • Government focussed on reducing waste in the public sector and recovering public money lost through pandemic-related fraud

    The Insolvency Service will take over NATIS’s viable investigation cases of Covid-19 financial support fraud in a bid to recoup taxpayers’ money lost to fraudsters.

    Following a review of National Investigation Service (NATIS) performance to ensure the state works for people – it showed that public money was not being spent effectively – which is why all ongoing viable cases will be transferred from the organisation to the Insolvency Service over the coming months.

    This is the latest move as part of the government’s Plan for Change to reduce waste in the public sector and reform institutions so they protect taxpayers money, and make the public sector more efficient and effective.

    The decision to appoint NATIS – an agency based in Thurrock Council – was taken under the previous government and has cost the taxpayer approximately £38.5 million. Despite this, NATIS has only secured 14 convictions with the overall amount recovered by NATIS remaining unclear.

    Within months of coming to power, this Government kicked off a review into their performance, to ensure public money is spent properly and not wasted. This investigation has revealed problems with NATIS governance and how recoveries are reported. As a result the government has asked The Government Internal Audit Agency (GIAA) to conduct an additional audit of NATIS to determine and report accurate recovery figures.

    Following this review, the department has taken decisive action to transfer cases to the Insolvency Service – who have a proven track record of effectively tackling fraud – giving taxpayers’ money the best possible value.

    Whilst over £46bn has been issued by lenders to support businesses, there have been over 100,000 cases of loss to fraud and error. This measure will ensure the continuation of ongoing investigations and expedite the recovery of millions estimated to be lost due to covid-era fraud.

    Business and Trade Minister Gareth Thomas said:

    Since coming to office, we have been clear that this government will protect taxpayers’ cash and remove unnecessary waste and inefficiency within the public sector.

    Today’s decision to transfer cases to the Insolvency Service will ensure lost funds from covid-era fraud are recovered more quickly and effectively, so they can be reinvested back into the economy and our public services, as part of our Plan for Change.

    The Insolvency Service will be taking responsibility for NATIS casework, helping to conclude investigations to continue the important work to claw back money for the public. 

    The Insolvency Service has a proven track record tackling fraud and misconduct connected to covid support schemes since 2020 using its powers to investigate trading companies, prosecute criminal offences, disqualify directors and impose bankruptcy restrictions. 

    By the end of March 2025, they had secured more than 2,000 director disqualifications as well as 62 criminal convictions, helping to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Insolvency Service to take on the work of the National Investigation Service

    Source: United Kingdom – Executive Government & Departments

    Press release

    Insolvency Service to take on the work of the National Investigation Service

    Move will see transfer of casework relating to COVID-19 loan fraud

    Today the Department for Business and Trade has announced its intention to conclude its contract with the National Investigation Service (NATIS) and transfer existing casework, relating to COVID-19 Bounce Back Loan fraud, to the Insolvency Service.

    In response, Alec Pybus, Interim Chief Executive of the Insolvency Service said:  

    We welcome this decision by the Department of Business and Trade.  

    The Insolvency Service is well placed to take on these investigations as part of our ongoing and successful work tackling fraudulent use of COVID-19 loans. 

    We are working with our colleagues at the Department of Business and Trade and at Thurrock Council to deliver a smooth and swift transition of ongoing cases, and any potential transfer of staff.

    To date, the Insolvency Service has obtained disqualifications against 2,167 directors, bankruptcy restrictions against 343 individuals and successfully prosecuted 54 individuals in respect of COVID-19 financial support scheme misconduct.  

    The Agency has also helped to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse. 

    The Agency already has plans to deliver further enforcement outcomes and financial recoveries in 2025/26, and will now work at pace to take on viable casework from NATIS in support of the UK Government’s drive to hold to account those who fraudulently claimed support during the pandemic.

    Further information

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Speech by SCED at APEC MRT Meeting discussion session on Connectivity through Multilateral Trading System (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “Connectivity through Multilateral Trading System” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 15):

         Good afternoon, Chair, WTO Director-General (Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala), and colleagues.

         The recent upheaval caused by one economy’s unilateral tariff measures on all other economies poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape today.

         We are pleased to note the substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect. This development marks a pivotal step towards fostering stability in global trade and reinforces our shared commitment to advancing constructive economic relations within the APEC region and beyond. Continued collaboration under this framework will undoubtedly contribute to inclusive growth and a rules-based multilateral trading system.

         Hong Kong, China (HKC), as one of the freest economies in the world, reaffirms our unwavering commitment to free trade principles and the WTO-centred multilateral trading system. We firmly believe that sustainable solutions to trade disputes can only be achieved through constructive dialogue, adherence to internationally agreed rules, and a shared pursuit of equitable outcomes. We call upon all members to unite in defending the open, predictable and inclusive character of global trade.

         As the WTO commemorates its 30th anniversary this year, it is deeply disheartening to witness one of its founding members attempting to rip the organisation apart, after years of unilateral action in crippling its dispute settlement function. While reforms are indeed necessary to keep the decades-old organisation relevant amid evolving global challenges, aggressive and erratic trade actions that create economic chaos only serve to escalate tensions and instability.

         As a free port, HKC has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. We remain committed to engaging in constructive dialogues to enhance the WTO’s functionality, resilience and effectiveness. At this critical time, we call on APEC member economies who cherish the multilateral trading system to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.

         Looking ahead to the 14th Ministerial Conference (MC14) which is less than a year away, with the rapidly evolving situation, telling what lies ahead until then may seem elusive. Nevertheless, HKC remains hopeful and determined to achieve tangible and positive outcomes at MC14 – many of which are in fact long overdue. Beyond the dispute settlement reform, our priorities include bringing into force the Agreement on Fisheries Subsidies and concluding the second wave of the fisheries subsidies negotiations, both of which are still so near, yet so far. We must strive to finish the unfinished business at MC13 to incorporate the plurilateral Investment Facilitation for Development (IFD) Agreement into the WTO legal architecture. In this regard, we fully support the APEC Statement in support of the WTO Joint Statement Initiative on IFD, championed by Korea, which would send a strong political signal of APEC’s commitment to the swift and successful integration of this landmark agreement into the WTO framework.

         We also stand by finding a permanent solution to, or at least securing an extension of the WTO e-commerce moratorium, and support the early incorporation of the Agreement on Electronic Commerce into the WTO legal framework, which will provide the much needed clarity and stability for e-commerce business worldwide. We strongly encourage APEC member economies to intensify collaborative efforts to achieve these goals by MC14. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.

         Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SCED urges APEC member economies to unite in defending rules-based multilateral trading system (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Commerce and Economic Development, Mr Algernon Yau, stressed the importance of upholding the rules-based multilateral trading system at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, Korea, today (May 15).
     
         Speaking at the session entitled “Connectivity through Multilateral Trading System”, Mr Yau said that the recent upheaval caused by unilateral tariff measures poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape. The substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect, marked a pivotal step towards fostering stability in global trade and reinforces the shared commitment to advancing constructive economic relations within the APEC region and beyond.
     
         He pointed out that, as a free port, Hong Kong has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. Hong Kong also remains committed to engaging in constructive dialogues to enhance the World Trade Organization (WTO)’s functionality, resilience and effectiveness.
     
         Mr Yau called upon member economies to unite in defending the open, predictable and inclusive character of global trade and to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.
     
         Meanwhile, Mr Yau encouraged member economies to intensify collaborative efforts to finish the unfinished business at the 13th WTO Ministerial Conference, such as bringing into force the Agreement on Fisheries Subsidies, and incorporating the plurilateral Investment Facilitation for Development Agreement into the WTO legal architecture. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.
     
         At another discussion session entitled “AI Innovation for Trade Facilitation”, Mr Yau said that digitalisation, coupled with AI, has been quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders these days.
     
         He noted that Hong Kong is keen to embrace the transformative power of AI in trade. For instance, innovative technologies such as AI-powered tools have been adopted to ensure effective enforcement controls while streamlining customs clearance procedures. The final phase of the Trade Single Window will establish a highly automated cargo risk assessment engine to expedite clearance using AI.
     
         Mr Yau said that while there are a number of ongoing discussions in international forums to discuss AI development, including rules setting and governance, there is much room for collaboration among member economies on AI in trade. He added that in the current era with rising protectionism and unilateralism, it has become even more important for APEC to showcase to the world that regional economic co-operation in the area of AI matters and can bring benefits to the people of the entire region. He added that Hong Kong is ready to contribute and collaborate with fellow member economies to harness AI for trade and to drive high-quality growth across the region.
     
         On the margins of the MRT Meeting today, Mr Yau met with the China International Trade Representative and Vice Minister of Commerce, Mr Li Chenggang; the Deputy Minister for Trade of Korea, Mr Park Jong-won; as well as the Minister for Trade and Investment of New Zealand, Mr Todd McClay, separately to exchange views on various issues of mutual concern.
     
         Mr Yau also paid a courtesy call on the Governor of Jeju Special Self-Governing Province, Mr Oh Young Hun, yesterday (May 14) to give him an update on the latest developments of Hong Kong and exchange views on promoting closer bilateral relations.
     
         Mr Yau will continue to join the MRT Meeting tomorrow (May 16).

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: President Meloni’s statement on America’s Cup in Naples

    Source: Government of Italy (English)

    I am proud to announce that, for the first time in history, the America’s Cup will be held in Italy.

    In 2027, Naples will be the host city for the 38th edition of the world’s most famous and prestigious sailing competition, a global event involving millions of enthusiasts and representing a unique blend of tradition, technological innovation, engineering excellence and competitive spirit.

    I wish to thank Minister for Sport and Youth Andrea Abodi, Minister of Economy and Finance Giancarlo Giorgetti, Mayor of Naples Gaetano Manfredi, Sport e Salute S.p.A., and all those who have worked, with passion and determination, to achieve this great result.

    The choice of the Parthenopean capital will contribute to strengthening the renewed leading role of the South of Italy, which in recent years has been able to rediscover its dynamism and pride, recording GDP growth and employment levels above the national average.

    The America’s Cup being organised in Naples will also allow for an acceleration of the substantial redevelopment and regeneration plan launched by the Government to transform the city’s Bagnoli area into a modern tourism, seaside and commercial hub.

    The choice of Italy fills us with pride, as it is recognition of our Nation’s very identity. Indeed, without the sea, we would not be what we are. The sea is history, identity and culture, but is also an irreplaceable part of our production and economic system, thanks to our position of leadership in the boating, shipbuilding, shipowning and cruise industries as well as in many other areas linked to the blue economy.

    We look forward to welcoming the America’s Cup. Italy will be up to this challenge, and will once again show the world what it is capable of.

    [Courtesy translation]

    MIL OSI Europe News –

  • MIL-OSI China: China’s financial policy package injects cash and confidence to economy

    Source: People’s Republic of China – State Council News

    BEIJING, May 15 — A 0.5 percentage-point reduction in the reserve requirement ratio (RRR) for eligible financial institutions takes effect Thursday, with the move expected to inject roughly 1 trillion yuan (about 139 billion U.S. dollars) of long-term liquidity into China’s financial market.

    The RRR cut, the first such move since the start of this year, came after the seven-day reverse repos rate cut by 0.1 percentage point by the Chinese central bank, which already took effect on May 8.

    The reduction in RRR and reverse repos rate, along with expanding re-lending facilities and sci-tech innovation bonds issuance, were among a raft of supportive measures announced last week by monetary and financial regulatory bodies, as the world’s second-largest economy steps up efforts to stabilize markets and sustain economic recovery amid external headwinds.

    Analysts believe this package of supportive financial policies, by boosting liquidity supplies and reducing borrowing costs for both businesses and residents, will create a favorable financial environment for stabilizing market expectations and make an impact on consumption growth and economic restructuring.

    GROWING LIQUIDITY SUPPORT

    These supportive policies are in line with the guiding principles unveiled at a meeting of the Political Bureau of the Central Committee of the Communist Party of China in April, which called for efforts to accelerate the implementation of more proactive and effective macro policies and make full use of a more proactive fiscal policy and a moderately loose monetary policy.

    Maintaining ample liquidity through measures such as the RRR cut can provide sufficient resources for financial institutions and support lending to the real economy, while the reduction in interest rates and innovation in structural monetary policy tools will help stimulate effective domestic demand, a view broadly shared by experts.

    “A 0.5 percentage-point cut in the RRR will effectively meet the market’s demand for long-term liquidity,” said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited.

    Also starting Thursday, the RRR for auto financing and financial leasing companies is slashed by 5 percentage points to zero percent, with the cut expected to increase the credit supply capacity of these two types of institutions in their respective fields.

    Dong said that this notable RRR cut targeting auto financing and financial leasing companies has drawn much market attention because of their anticipated impact on boosting car consumption and equipment upgrade investment.

    REDUCED BORROWING COSTS

    China’s central bank governor Pan Gongsheng said last week that the seven-day reverse repos rate cut is expected to result in the loan prime rate (LPR), a market-based benchmark lending rate, dropping by 0.1 percentage point.

    Effective on May 8, the interest rates on personal housing provident fund loans were also lowered by 0.25 percentage points. Meanwhile, the rate of re-lending, a structural monetary tool via which the central bank provides loans to financial institutions, was also lowered by 0.25 percentage points starting from May 7, with the cut aiming to guide financial institutions to enhance financial support for the nation’s key strategies and development fields as well as weak links.

    Chen Wenjing, director of policy research at the China Index Academy, said that the reduction in the interest rate for personal housing provident fund loans is expected to further alleviate the pressure on residents to purchase houses and boost home purchase demand. “With more supporting policies gradually being implemented, housing demand is expected to be further strengthened, which will help shore up the real estate market.”

    Based on the central bank’s announcements last week, the total re-lending facility quota, including increased quota and newly established quota, will reach 1.1 trillion yuan for the areas spanning agriculture, private firms, sci-tech innovation, services consumption and elderly care.

    Analysts say the adjustment and optimization of the structural monetary policy tools are in line with the nation’s economic restructuring efforts and are geared toward promoting consumption and sci-tech innovation, with all these recent supportive policies helping boost market confidence amid external uncertainties.

    Wang Qing, chief macro analyst of Golden Credit Rating, believed that there is still room for further easing in China’s moderately loose monetary policy going forward, which will continue to provide key support for effectively hedging against external shocks and maintaining the economy’s stable growth.

    MIL OSI China News –

  • MIL-OSI: ZA Miner Simplifies Passive Income Through Secure and Sustainable Cloud Mining

    Source: GlobeNewswire (MIL-OSI)

     
    Image by ZA Miner

    LONDON, May 15, 2025 (GLOBE NEWSWIRE) — In response to the growing global interest in passive income and cryptocurrency, ZA Miner has officially launched its advanced cloud mining platform, designed to make crypto earnings accessible, sustainable, and secure for users of all experience levels.

    Founded in 2020, ZA Miner combines advanced mining technology with renewable energy sources like solar and wind. The platform’s fully automated system allows users to start earning in three simple steps: create an account, choose a contract, and receive daily payouts. Mining outputs are processed every 24 hours, providing a truly passive income experience.

    “We built ZA Miner to make cryptocurrency mining simple, profitable, and environmentally responsible,” said a spokesperson for ZA Miner. “By eliminating barriers like expensive hardware and technical setup, and by powering our operations with solar and wind energy, we’ve created a future-focused solution for individuals looking to grow their income sustainably.”

    Eco-Friendly and Secure Cloud Mining

    ZA Miner stands out by fully powering its operations using renewable energy, including solar panels and large-scale wind turbines. This not only significantly reduces the platform’s carbon footprint but also contributes to a growing global movement toward green blockchain technology.

    In addition to environmental sustainability, security is a top priority. The platform uses offline cold wallets to protect user funds, combined with McAfee® SECURE and Cloudflare® SECURE protections to defend against cyber threats. This layered security approach ensures that users can mine with peace of mind.

    Flexible Investment Options

    ZA Miner offers multiple contract plans to suit different budgets and financial goals. Whether users are looking for a small investment or planning to scale, they can select a package that fits their needs and begin generating passive income immediately.

    Key Features:

    • Daily Payouts: Automated 24-hour mining rewards.
    • Clean Energy Mining: 100% powered by solar and wind energy.
    • Strong Security: Cold wallet storage and advanced online protection.
    • Expert Team: Run by experienced blockchain and IT professionals.
    • Simple Start: No hardware or technical skills required.

    Start earning passive crypto income today. Visit www.zaminer.com to create your free account and explore cloud mining plans that fit your goals.

     
    Unlock after-sleep income with ZA Miner

    About ZA Miner

    ZA Miner is a UK-based cloud mining platform founded in 2020. It provides secure, automated mining services powered by renewable energy. The platform offers flexible plans, daily earnings, and strong security features, making passive crypto income accessible to everyone.

    Media Contact:
    SHEIKH, Anisah Fatema
    ZA FUNDINGS LTD
    info@zaminer.com
    https://www.zaminer.com/

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/eb271397-79b4-49e2-aa75-afb642cffa70
    https://www.globenewswire.com/NewsRoom/AttachmentNg/3805be67-6d77-4109-8327-b2ba9777a026

    The MIL Network –

  • MIL-OSI: Aurora Mobile to Report First Quarter 2025 Financial Results on May 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2025 before the open of U.S. markets on Thursday, May 29, 2025.

    Aurora Mobile’s management will host an earnings conference call on Thursday, May 29, 2025 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).

    All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI47c63565ef284b3784a50da74dc4a38e

    A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI United Kingdom: End unfair council tax debt for domestic abuse survivors

    Source: Scottish Greens

    15 May 2025 Finance

    Greens call for scrapping of domestic abuse survivors council tax debt

    More in Finance

    Scottish Green MSP Ross Greer has urged MSPs to support his call that no domestic abuse survivors be forced to pay off their abuser’s council tax debts.

    Greer has lodged an amendment to the Housing Bill which would require Ministers to review the impact of the current system on domestic abuse survivors.

    Because of how the current legal liability arrangements work, where a survivor of domestic abuse has lived with their abuser, they are often responsible for the abuser’s debt. Researchers and organisations supporting abuse survivors have found examples where this debt is used as a means of ongoing control and financial abuse.

    Groups who have called for the removal of coerced debt include Scottish Women’s Aid, Aberlour and Financially Included, who recently published a joint report on the issue.

    Mr Greer said: 

    “Coerced debt is a form of abuse and financial violence that is being used against people in often very desperate situations. It is used to punish and control victims and survivors and to make them responsible for their abusers.

    “Council Tax debt causes a huge amount of stress and anxiety for thousands of people across Scotland. Some of those worst affected are survivors of domestic abuse who are being forced to pay off their abuser’s debts.

    “This is a problem overwhelmingly affecting women with children, with every penny they are forced to pay effectively being a tax for surviving their abuse. Cancelling it and changing the rules around joint liability is clearly the right thing to do.

    “I hope that MSPs from all parties will support my proposal and that we can move quickly to provide some relief and support for people who are trying to rebuild their lives.”

    MIL OSI United Kingdom –

  • MIL-OSI: Konsolidator launches FP&A project to fully automate Cash Flow forecasting

    Source: GlobeNewswire (MIL-OSI)

    Press release no. 2-2025
    Copenhagen, May 15, 2025

    Konsolidator launches FP&A project to fully automate Cash Flow forecasting 

    Konsolidator announces the launch of a new Financial Planning & Analysis (FP&A) project aimed at delivering automated predictive forecasting for finance teams in corporate groups. The new tool is a significant step in Konsolidator’s 2025–2027 Resilient Growth strategy, broadening the company’s financial software suite.

    Fits well into Konsolidator’s existing platform

    With cloud ERP adoption and access to real-time financial data, the timing is right to bring automated predictive forecasting into the financial operations of corporate groups. The new tool will integrate into Konsolidator’s core offering, enabling finance teams to take greater control of budgeting and forecasting using the financial data within the platform. This includes offering automated cash flow forecasting, a pain point for many CFOs. Cash flow forecasting at a group level is one of the most complex and essential things to get right. The future CFO won’t just report the past; they will be enabled to predict the future.

    Data accessibility has evolved significantly in the finance functions with the adoption of cloud technology, especially ERP systems.  AI’s ability to analyze complex and large data sets makes predictive forecasting an obvious choice for CFO’s.

    New Head of FP&A will lead the development

    Konsolidator has appointed Frederik Meinertsen as Head of FP&A, a newly established role that marks a significant step in the company’s 2027 strategy, Resilient Growth. Frederik Meinertsen brings two decades of experience in the financial and technology sector, having worked in management consulting and led teams of FP&A specialists. As Head of FP&A, he will be responsible for developing, testing, and launching the new product.

    Frederik Meinertsen, Head of FP&A at Konsolidator, says, “Forecasting cash flows and doing proper consolidation are complex tasks. Making seamless solutions available to group finance on the same platform is not only logical, but it will also enable the utilization of Business Intelligence and AI at a whole new level.“

    2025-2027 strategy: Broader product offerings

    The FP&A tool is part of Konsolidator’s broader Build, Buy, Partner approach, one of four strategic pillars of the Resilient Growth strategy.

    “This is a logical next step for Konsolidator,” says Claus Finderup Grove, CEO at Konsolidator. “Our customers have been asking for a more advanced way to budget and forecast. With the data already flowing through our platform and Frederik leading the development, we’re now in a strong position to deliver a tool that does exactly that. By way of this development, Konsolidator elevates our product offering to not only provide reliable but also predictive financial data.”

    Additional details, including the product name and pricing model, will be announced closer to the launch. Finance teams and partners interested in early access or beta participation are encouraged to contact Konsolidator directly.

    Contacts

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachment

    The MIL Network –

  • MIL-OSI USA: Congressman Crow Meets with Local Health Providers to Discuss Impact of Republicans’ Medicaid Cuts

    Source: United States House of Representatives – Congressman Jason Crow (CO-06)

    AURORA — Today, Congressman Jason Crow (D-CO-06) held a roundtable with providers at Aurora Mental Health to discuss how congressional Republicans’ proposed cuts to Medicaid would hurt those seeking mental health services in our community. 

    “We should not be balancing the federal budget on the backs of working Americans. That’s why today I met with local health care providers to discuss how Republicans’ proposed cuts to Medicaid would hurt our community,” said Congressman Crow. “They shared just how drastically this would impact folks seeking mental health services. I will continue to fight against these harmful and reckless cuts.”

    The Republican House budget resolution passed by the U.S. House of Representatives instructs the House Energy and Commerce Committee to cut at least $880 billion in costs over the next decade. To make those types of steep cuts, Republicans are weighing billions of dollars in cuts to Medicaid, which would threaten health care coverage for 80 million Americans. Republicans are considering these cuts to Medicaid to offer “lucrative tax cuts to corporations and wealthier Americans,” according to the Associated Press.

    One in four Coloradans—1.69 million people—get their health care through Medicaid, including children, pregnant women, elderly, and the disabled. In Colorado’s Sixth Congressional District, 115,000 residents get their health care through Medicaid, according to the Colorado Department of Health Care Policy and Financing.

    Congressman Crow has been strongly opposed to cuts that would impact Colorado’s working families, including cuts to Medicaid.

    MIL OSI USA News –

  • MIL-OSI: Futu to Report First Quarter 2025 Financial Results on May 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 15, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the first quarter ended March 31, 2025, before U.S. markets open on May 29, 2025.

    Futu’s management will hold an earnings conference call on Thursday, May 29, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

    Please note that all participants will need to pre-register for the conference call, using the link

    https://register-conf.media-server.com/register/BIb0180ca92acc4f49b995ccdec654eeb4.

    It will automatically lead to the registration page of “Futu Holdings Ltd First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

    About Futu Holdings Limited

    Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

    Investor Contact

    Investor Relations
    Futu Holdings Limited
    ir@futuholdings.com

    The MIL Network –

  • MIL-OSI: Independent Audit from Hacken Confirms MEXC’s Strong Security Standards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 15, 2025 (GLOBE NEWSWIRE) — As part of a systematic approach to ensuring the security, transparency and sustainability of its platform, MEXC, a leading global cryptocurrency exchange, regularly undergoes both technical and financial audits. One of the latest steps in this direction included the successful completion of a security audit by Hacken, a leading Web3 cybersecurity firm. The audit found no critical or high-risk vulnerabilities in the MEXC mobile application and confirmed that previously identified minor issues were fully addressed.

    Key Takeaways:

    • No critical or high-risk vulnerabilities were identified.
    • All minor issues flagged during the audit were promptly resolved.
    • The platform demonstrates adherence to robust security protocols and architecture.

    The audit conducted under the comprehensive Hacken’s pentest methodology framework assessed all possible vulnerabilities of the MEXC app to attacks from malicious actors and exploitation. Hacken confirmed that MEXC’s existing security measures provide comprehensive protection against known threat vectors.

    The audit also reviewed the platform’s operational architecture, emphasizing a balance between usability and security. Specifically, Hacken highlighted the MEXC app’s user-centric design and simplified navigation, which significantly improve the trading experience for both beginners and experienced traders. Special attention was given to the app’s infrastructure around trading execution, data handling, and fund transfer mechanisms.

    MEXC has already addressed and resolved all low-risk vulnerabilities and risks that were flagged by the audit to strengthen the app’s resilience and improve the overall user security and trading experience. The prompt resolution highlights the exchange’s transparency towards its users and commitment to protecting its ecosystem from emerging threats.

    Commenting on the audit, MEXC COO Tracy Jin stated:

    “External, independent verification is an essential part of maintaining user trust and ensuring accountability. We thank Hacken for their work and continue to prioritize transparency and security, as we scale our services globally.”

    Security and transparency remain key priorities for MEXC. In addition to successful technical audits, the exchange regularly confirms its financial stability through regular independently verified Proof of Reserves reports. This data is available to users and partners and meets industry standards for openness and control over user assets.

    The full security audit report by Hacken is available at LINK.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    For more information, visit: MEXC Website｜X｜Telegram｜How to Sign Up on MEXC
    For media inquiries, please contact MEXC PR Manager Lucia Hu: lucia.hu@mexc.com

    About Hacken
    Hacken is a trusted blockchain security auditor on a mission to make Web3 a safer place.

    With a team of 60+ certified engineers, it provides solutions covering all aspects of blockchain security, such as smart contract & protocol audits, bug bounties, and security assessments.

    Hacken has been raising the bar for blockchain security, working with more than 1,500 Web3 projects since its inception in 2017.

    For more information, visit: Hacken Website｜X｜LinkedIn
    Source

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. 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/122cdb2b-842a-4007-9a18-fd537963a67d

    The MIL Network –

  • MIL-OSI Australia: Fatal crash – Kulgera

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is currently investigating a single vehicle fatal crash that occurred in Kulgera this morning.

    Around 11:40am, the Joint Emergency Services Communication Centre received reports that a vehicle had rolled on its side along the Stuart Highway approximately 3 kilometres from Kulgera.

    Emergency services deployed from Alice Springs and Marla and the two vehicle occupants, a male and a female, were located deceased at the scene.

    The Stuart Highway is now closed in both directions and police urge road users to avoid the area where possible.

    Major Crash Investigation Unit have carriage and investigations are ongoing. 

    The number of lives lost on Territory roads now stands at 14.

    MIL OSI News –

  • MIL-OSI New Zealand: Universities – AUT LAUNCHES IMPACT-FOCUSED $5 MILLION INNOVATION FUND

    Source: AUT

    AUT today launches the AUT Innovation Fund with an allocation of $5 million to invest into spinout companies and impact initiatives.  
     
    Managed by AUT Ventures, the fund will empower some of Aotearoa New Zealand’s most innovative minds to commercialise research and transform it into real-world solutions.  
     
    Vice-Chancellor Damon Salesa says that growing research impact is a key focus, and the AUT Innovation Fund extends the way that AUT Ventures supports innovation and research commercialisation. “The AUT Innovation Fund is more than just a financial instrument. It’s a signal — to our researchers, our partners, and our country — that AUT is ready to lead. Ready to invest. Ready to go first.”
     
    AUT Ventures Chief Executive Michael Fielding says the fund is about accelerating commercialisation, as well as linking research to industry. “It’s a game-changer. The fund lets us back promising ideas and teams at a very early stage, committing support to innovators before they’re ready to seek investment from the angel and VC community. But it’s also going to give us new ways to connect with organisations outside the university.”  
     
    The fund is being launched with investments into Dot Ingredients and CONICAL.  
     
    Motion Capital is the lead investor in the $350k early funding round in Dot Ingredients, alongside Climate Venture Capital Fund and the AUT Innovation Fund. Formerly known as Spherelose, Dot is the brainchild of Associate Professor Jack Chen, who developed a new way to make critical ingredients for everyday products like soaps, detergents and cosmetics, but using wood pulp instead of petrochemicals or palm oil. Based in laboratories at AUT, the company is currently participating in the Aurora Climate Lab accelerator programme run by Creative HQ, while scaling production and developing new applications.
     
    $110,000 will be invested into CONICAL to support the upcoming launch of its indie role-playing game, Faeborne. Launched out of AUT in 2016 by alumnus Alejandro Davila and entirely staffed by AUT graduates, CONICAL quickly gained headlines through the success of its Green Fairy TV series. After earning a reputation for developing cutting edge virtual reality exhibits and activations for businesses across New Zealand and worldwide, Faeborne marks a return to the company’s fairy fantasy origins. Faeborne is a fast-paced, story-driven co-op game centred around the conflict between two fairy sisters in the fantasy realm of Lamparis, and is slated for a multi-platform launch in late 2025.
     
    AUT Ventures has appointed Craigs Investment Partners, a leading New Zealand investment manager, to manage the fund’s assets until they’re invested into new innovations. The income generated under Craig’s management will provide grants to AUT researchers to help kickstart new collaborations with businesses, government and NGOs, expanding the pipeline of future commercialisation opportunities.  
     
    AUT’s Innovation Fund will be launched at city campus by Minister for Science, Technology and Innovation, the Hon. Dr Shane Reti today.  

    MIL OSI New Zealand News –